True Green Bio Energy Reports Q2 Profit Growth, Commences Ethanol Plant Operations
True Green Bio Energy Limited reported a 124% increase in Q2 profit to Rs 85.57 lakhs, despite an 80.75% decrease in total income to Rs 310.97 lakhs. The company commenced operations at its new 300 KLPD grain-based ethanol plant in Ahmedabad, Gujarat. It raised Rs 212.5 crores through equity share allotment and identified ethanol manufacturing as a separate business segment, generating Rs 233.56 lakhs in revenue. The yarn segment contributed Rs 73.43 lakhs. Total assets stood at Rs 40,358.48 lakhs with total equity of Rs 12,802.04 lakhs.
*this image is generated using AI for illustrative purposes only.
True Green Bio Energy Limited (formerly CIL Nova Petrochemicals Ltd.) has reported an increase in profit for the quarter ended September 30, alongside the commencement of operations at its new ethanol plant. The company's financial results and operational updates indicate growth and expansion.
Financial Performance
True Green Bio Energy saw a rise in its quarterly profit, reporting Rs 85.57 lakhs for Q2, compared to Rs 38.18 lakhs in the same period last year. This represents a year-on-year growth of approximately 124%. The company's total income for the quarter stood at Rs 310.97 lakhs.
Key Financial Highlights
| Particulars (in lakhs) | Q2 Current | Q2 Previous | % Change |
|---|---|---|---|
| Total Income | 310.97 | 1615.46 | -80.75% |
| Profit | 85.57 | 38.18 | +124.12% |
| EPS (Basic & Diluted) | 0.07 | 0.14 | -50.00% |
Despite the increase in profit, the total income saw a decline compared to the same quarter last year. This could be attributed to various factors, including the company's transition into new business segments.
Operational Highlights
A major development for True Green Bio Energy is the commencement of commercial operations at its new 300 KLPD (Kilo Liters Per Day) grain-based ethanol plant in Ahmedabad, Gujarat. This marks a step in the company's expansion into the ethanol manufacturing sector, potentially opening up new revenue streams and market opportunities.
Capital Raising
During the quarter, True Green Bio Energy raised Rs 212.5 crores through equity share allotment. The company allotted 30,35,714 equity shares at a price of Rs 70 per share, amounting to Rs 21,24,99,980. This capital infusion may support the company's growth initiatives and operational expansion.
Segment Performance
The company has identified ethanol manufacturing as a separate business segment, reflecting its strategic shift. For the quarter:
- Ethanol segment revenue: Rs 233.56 lakhs
- Yarn segment revenue: Rs 73.43 lakhs
This segmentation indicates True Green Bio Energy's diversified approach to its business operations.
Balance Sheet
As of September 30, True Green Bio Energy reported:
- Total Assets: Rs 40,358.48 lakhs
- Total Equity: Rs 12,802.04 lakhs
True Green Bio Energy's Q2 results demonstrate a company in transition, with profit growth and strategic moves into the ethanol sector. The commencement of the new ethanol plant operations and capital raising efforts position the company for potential future growth. However, investors should note the decline in total income and monitor how the company leverages its new ethanol manufacturing capabilities in the coming quarters.
Historical Stock Returns for True Green Bio Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.97% | -5.23% | -11.02% | -14.00% | -22.16% | +947.37% |
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