Ethanol Specialist Praj Industries Reports A Dip In Incomes In Q1

Praj Industries is one of the leading bioenergy companies in India involved in the production of biofuels like ethanol. It is based at Pune in Maharashtra.

Pune-based bioenergy company Praj Industries, in its latest financial report, reported a 26 percent decline in incomes from Q1 compared to the Q4 of FY23. The report claimed that while it reported a total income of Rs 10,039 million in Q4 of FY23, its income during the Q1 of FY24 (consolidated unaudited) came down to Rs 7,367 million, leading a decline of 26.6 percent.

On a year-on-year (YoY) basis, the ethanol specialist company registered a growth. The data claimed that while the total income in Q1 of FY23 stood at Rs 7,319 million, it witnessed a marginal increase and touched Rs 7,367 million. 

Regarding the net profit, the report said that while on a QoQ basis, its net profit decreased by 33.43 percent from Rs 88.106 crore to Rs 58.65 crore. However, on a YoY basis, its net profit increased by around 42 percent from Rs 41.2 crore (Q4 FY23) to Rs 58 crore (Q1 FY24). 

The biofuel promoter company also reduced YoY expenses from Rs 4,767 million (Q1 FY23) to Rs 4,429 million in Q1 FY24. Although on a QoQ basis too it witnessed a decrease in its expenses from Rs 5,937 million in Q1 FY23 to 4,429 million in Q1 FY24. 

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