Ponni Sugars Expands through Jaggery Unit Acquisition

Ponni Sugars (Erode) Ltd won the bid for a 50 TCD jaggery unit, with Canara Bank taking their bid of 46 million rupees. This acquisition signals Ponni Sugars' entry into the jaggery market, expanding its product base from sugar and power generation. The acquisition is in line with the company's growth strategy, possibly increasing its revenue and market presence. This growth follows Ponni Sugars' steady financial performance, with FY24 revenue at ₹421 crore and good profitability margins of 10-12% from FY21-FY24. The company's solid financials, with a net worth of ₹261 crore as of March 31, 2024, underpin this expansion plan.

 

Source: Company Announcement