Any current/future new fundraising through debt or equity?

The company has two major capex programs planned: ₹151 crores for capacity enhancement at Hargaon and ₹147 crores for a multi-feed distillery at Rosa, totaling close to ₹300 crores over the next 2 years. They expect to borrow around ₹100 crores for the Hargaon project, but actual borrowing will depend on cash flow and liquidation of inventory. The company aims to not increase overall borrowings significantly as they have repayments of ₹95 to ₹111 crores annually over the next 2-3 years. They are focused on reducing debt and enhancing financial flexibility through prudent financial management r

Any current/future capex/capital investment/strategic investment?

Capex at Hargaon plant: INR 151 crores to increase crushing capacity from 10,000 to 13,000 TCD and reduce steam consumption from 42% to ~31-32%, improving bagasse saving by ~4.5%. Completion expected by 2025-2026 with benefits starting Nov 2025. Rosa multi-feed distillery plant: INR 147 crores investment, capacity 100 KLPD; awaiting government approval expected by September 2024. Plant to start operations by end of FY 2025-26. This will enable use of molasses and grain feedstock. Total capex over next 2-3 years is approximately INR 300 crores, aiming for ~25-27% ROCE. Focus on prudent finan

Future growth expectations in sales/revenue/volumes?

Crushing volume for sugar season '23-'24 was 534 lakh quintals, down 11% from '22-'23 (602 lakh quintals). For the upcoming season '24-'25, production is expected to be similar or slightly higher, with improved crushing at Hargaon (expected 200 lakh quintals), Hata (115 lakh quintals), and Rosa (+ growth), Seohara expected to be slightly higher despite past floods. Capex of around INR 300 crores over the next 2-3 years aimed at expanding capacity: - Hargaon crushing capacity increase from 10,000 to 13,000 TCD with improved steam efficiency. - Rosa multi-feed distillery addition of 100

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects sustainable EBITDA of around INR 300 crores annually under current policies. Planned capex of approximately INR 300 crores over the next 2-3 years (Hargaon and Rosa plants) aims to enhance crushing capacity and efficiency. Hargaon expansion project (INR 151 crores) targets increasing crushing capacity from 10,000 to 13,000 TCD, reducing steam consumption from 42% to 31-32%, yielding higher bagasse savings. Rosa multi-feed distillery project (INR 147 crores), pending government clearance, will add 100 KLPD ethanol capacity, enabling use of molasses and grains. Expected ROCE

Current/ Expected Orderbook/ Pending Orders?

For ethanol supply to OMC, Avadh Sugar & Energy has received orders for 3.64 crore liters for Q1 and Q2 of FY25. They have supplied 3.42 crore liters in Q1 and Q2 (about 95% fulfillment), with the remaining quantity deferred to Q3 and Q4. Orders in hand for Q3 and Q4 also stand at 3.64 crore liters. Orders are contingent on availability of molasses feedstock, which is currently limited due to production of lower-yield C molasses. Overall, Avadh has restricted tenders based on available molasses inventory up to October 2024. The company is working on retrofitting distilleries for multi-feedstoc

Avadh Sugar & Energy LtdQ4 FY24Agricultural Food & other Products

Avadh Sugar & Energy Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹803.65P/E: 23.9Market Cap: ₹1.6K CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Crushing volume for sugar season '23-'24 was 534 lakh quintals, down 11% from '22-'23 (602 lakh quintals).
For the upcoming season '24-'25, production is expected to be similar or slightly higher, with improved crushing at Hargaon (expected 200 lakh quintals), Hata (115 lakh quintals), and Rosa (+ growth), Seohara expected to be slightly higher despite past floods.
Capex of around INR 300 crores over the next 2-3 years aimed at expanding capacity:
- Hargaon crushing capacity increase from 10,000 to 13,000 TCD with improved steam efficiency.
- Rosa multi-feed distillery addition of 100 KLPD ethanol capacity, increasing total ethanol capacity from 325 to 425 KLPD.
Expected EBITDA sustainable at INR 300 crores.
ROCE from new projects targeted at ~25-27%, up from 15-17%.
Revenue growth linked to higher crushing, better efficiencies, and expanded ethanol production capacity.

Margin guidance

Category 3

The company expects sustainable EBITDA of around INR 300 crores annually under current policies.
Planned capex of approximately INR 300 crores over the next 2-3 years (Hargaon and Rosa plants) aims to enhance crushing capacity and efficiency.
Hargaon expansion project (INR 151 crores) targets increasing crushing capacity from 10,000 to 13,000 TCD, reducing steam consumption from 42% to 31-32%, yielding higher bagasse savings.
Rosa multi-feed distillery project (INR 147 crores), pending government clearance, will add 100 KLPD ethanol capacity, enabling use of molasses and grains.
Expected ROCE on new projects is around 24-27%, significantly higher than current 15-17%.
These projects are expected to add approx. INR 72-75 crores in annual EBITDA.
Government subsidies on bio-gas extraction from press mud offer additional revenue streams.
Overall, enhanced operational efficiency and diversified product mix indicate steady growth in profits and EPS over the next 2 to 3 years.

See what Avadh Sugar & Energy Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has two major capex programs planned: ₹151 crores for capacity enhancement at Hargaon and ₹147 crores for a multi-feed distillery at Rosa, totaling close to ₹300 crores over the next 2 years.
They expect to borrow around ₹100 crores for the Hargaon project, but actual borrowing will depend on cash flow and liquidation of inventory.
The company aims to not increase overall borrowings significantly as they have repayments of ₹95 to ₹111 crores annually over the next 2-3 years.
They are focused on reducing debt and enhancing financial flexibility through prudent financial management rather than relying on debt-driven expansion.
No explicit mention of equity fundraising was made in the provided transcript; the emphasis is on sustainable growth and possible debt-taking contingent on circumstances.

Order book

For ethanol supply to OMC, Avadh Sugar & Energy has received orders for 3.64 crore liters for Q1 and Q2 of FY25.
They have supplied 3.42 crore liters in Q1 and Q2 (about 95% fulfillment), with the remaining quantity deferred to Q3 and Q4.
Orders in hand for Q3 and Q4 also stand at 3.64 crore liters.
Orders are contingent on availability of molasses feedstock, which is currently limited due to production of lower-yield C molasses.
Overall, Avadh has restricted tenders based on available molasses inventory up to October 2024.
The company is working on retrofitting distilleries for multi-feedstock (including maize) use to stabilize ethanol production and fulfill orderbook in future quarters.

See what Avadh Sugar & Energy Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex at Hargaon plant: INR 151 crores to increase crushing capacity from 10,000 to 13,000 TCD and reduce steam consumption from 42% to ~31-32%, improving bagasse saving by ~4.5%. Completion expected by 2025-2026 with benefits starting Nov 2025.
Rosa multi-feed distillery plant: INR 147 crores investment, capacity 100 KLPD; awaiting government approval expected by September 2024. Plant to start operations by end of FY 2025-26. This will enable use of molasses and grain feedstock.
Total capex over next 2-3 years is approximately INR 300 crores, aiming for ~25-27% ROCE.
Focus on prudent financial management: may borrow around INR 100 crores for Hargaon project but overall debt expected to be stable due to repayments.
Also exploring new technology for biogas/CNG from sugarcane press mud; currently in feasibility and study stage with potential projects involving Balrampur and Dhampur Sugar.

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Avadh Sugar & Energy Ltd Q4 FY24 Earnings Call Analysis

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