Sayaji Industries announces Q3FY19 results

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Revenue from operations of Rs. 449.4 cr v/s Rs. 438.7 cr

Sayaji Industries Limited [BSE Code: 540728] a pioneer in the corn wet milling business and one of the largest exporters in the starch industry has announced its financial result for the nine months ended December 31, 2018 (9MFY19).

For 9MFY19, the profit before exceptional items & tax was higher by 121.9% at Rs. 9.1 cr compared to Rs. 4.1 cr in the corresponding period of last year. The net profit stood at Rs. 24.7 cr (including exceptional gain of Rs. 21.1 cr from Sayaji Sethness Limited stake sale) against Rs. 2.4 cr in the corresponding period of last year. Revenue from Operations for nine months was at Rs. 449.4 cr against Rs. 438.7 cr last year. EBIDTA stood at Rs. 24.2 cr with the margin at 5.4% as compared to Rs. 18.9 cr with the margin at 4.3% in the same period last year; up by 107 bps.

For the third quarter ended December 31, 2018 (Q3FY19), Company’s Net Profit stood at Rs. 1.1 cr against Rs. 1.3 cr in Q3FY18. Revenue from Operations was at Rs. 154.8 cr as compared to Rs. 142.9 cr in the previous corresponding quarter.

Commenting on the results of the company, Priyam Mehta, CMD, Sayaji Industries Ltd. said, “The period under review has witnessed unprecedented increase in the maize prices resulting in severe pressure on the margins. However, our wide product portfolio coupled with our robust client base has enable us to counter this challenge to a large extent.

In addition to this, we are aggressively focusing on evolving our business model towards value added derivative products and are aggregating relevant growth levers in fulfilling our long term objectives.”

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