Sugar mill companies made a huge profit jump of 78% in the financial year 2022-23. This means they earned a lot more money from October 2022 to September 2023. The reason behind this record-breaking profit is the increase in sugar prices, which gave the companies more money from their sales.
The part of the sugar-making process that produces ethanol also did well in the same year. This was because ethanol sold at good prices in the global market, and the local currency, the rupee, became less valuable compared to the dollar.
The total sales of the sugar industry went up by 29% compared to the previous year, reaching Rs304 billion in the financial year 2023. This increase happened because the industry sold 249,000 tons of sugar abroad, and the prices of sugar inside the country went up by 28%.
In January 2023, the government allowed the export of 250,000 tons of sugar, with the condition that the money earned in dollars had to be brought back to the country within 60 days. The sugar industry followed this rule and exported 249,000 tons. This increased the supply of sugar in the local market, causing the prices to go up from Rs88/kg in October 2022 to Rs166/kg in September 2023. However, these prices have now dropped to Rs147/kg.
The prices of sugar on the global market also went up from $18.30 cents/lb in October 2022 to $26.60 cents/lb in September 2023, a 45% increase. Now, they are at $21.40 cents/lb. According to a report, the profit margins for the sugar industry improved from 15% to 18% in the financial year 2023. This improvement happened because the companies were able to keep more money from their sales.
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