Pursuant to Regulation 30 & 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Annual report of SBEC Sugar Limited for the financial year 2024-25.
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SBEC Sugar Limited has filed its 31st Annual Report for FY 2024-25 with BSE. The company swung to a standalone loss of Rs. 11.79 crore, reversing the Rs. 4.65 crore profit in FY24, as finance costs jumped 69% to Rs. 36.93 crore while revenue from operations fell 3.5% to Rs. 621.09 crore. Sugar production declined from 15.26 to 13.82 lakh quintals and recovery dropped from 11.34% to 10.72%. No dividend was declared due to the loss, and both wholly-owned subsidiaries (SBEC Bioenergy and SBEC Stockholding) also posted losses. A major regulatory development: the Supreme Court on March 4, 2025 directed the promoter group to make an open offer to acquire 26% of equity from public shareholders within three months, with 10% per annum interest payable. The statutory auditor's report contains a qualified opinion on cane dues interest, valuation, and a related party's negative net worth.
Shareholders may receive an open offer from promoters following the Supreme Court order, which could provide a floor for the stock price. However, the sharp swing to loss, rising interest burden, qualified auditor opinion, and weak operational metrics signal near-term financial stress, even though the company projects a return to profitability from FY 2025-26 onwards.