KESAR ENTERPRISES LTD.: Sugar Production Up, Despite Lower Yield; Ethanol Blending Target Incentivized

In the 89th Annual General Meeting of KESAR ENTERPRISES LTD., the Chairman announced that sugar production for the season 2023-24 was 330 Lakh Tons, a slight increase from the previous season. The sugar recovery is higher, with Maharashtra leading the production, followed by Uttar Pradesh and Karnataka. Despite a marginal decrease in sugarcane production due to lower yield, sugar production has increased by around 6 L MT. The Indian Sugar Mills Association has requested the government to allow export of 10 lakh tonne of sugar in the 2023-24 season, but the Government has ruled it out. The Centre is considering a revision in ethanol prices for the upcoming season to incentivize production and achieve a 20 percent blending target by 2025-26. Ethanol blending in India has reached 13.3 percent by July of the current season 2023-24. KESAR ENTERPRISES LTD.'s Sugar Division has crushed 94.24 lakh quintals of sugarcane in the season 2023-24, with an overall sugar recovery of 10.81%. The sugar production was 10.18 lakh quintals, a reduction from the previous season due to lower yield and higher cane price payments based on State Advisory Price (SAP).