Avadh & Magadh Sugar Report Q3 & 9MFY25 Results: Mixed Performance Amid Industry Challenges

Avadh & Magadh Sugar Report Q3 & 9MFY25 Results: Mixed Performance Amid Industry Challenges

By Nishang Narayan

Published on February 16, 2025

The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) and Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) took on record the unaudited financial results for the quarter and nine months ended December 31, 2024.

Financial Highlights:

Avadh Sugar & Energy Limited (ASEL)

Q3FY25:

  • Total Income: ₹619 Cr (Q3FY24: ₹595 Cr)
  • EBITDA: ₹38 Cr (Q3FY24: ₹59 Cr)
  • PAT: ₹7 Cr (Q3FY24: ₹22 Cr)

9MFY25:

  • Total Income: ₹1,961 Cr (9MFY24: ₹2,076 Cr)
  • EBITDA: ₹131 Cr (9MFY24: ₹211 Cr)
  • PAT: ₹16 Cr (9MFY24: ₹73 Cr)

Magadh Sugar & Energy Limited (MSEL)

Q3FY25:

  • Total Income: ₹285 Cr (Q3FY24: ₹219 Cr)
  • EBITDA: ₹40 Cr (Q3FY24: ₹62 Cr)
  • PAT: ₹21 Cr (Q3FY24: ₹39 Cr)

9MFY25:

  • Total Income: ₹969 Cr (9MFY24: ₹810 Cr)
  • EBITDA: ₹97 Cr (9MFY24: ₹134 Cr)
  • PAT: ₹38 Cr (9MFY24: ₹70 Cr)

Management Commentary:

C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd:

“The sugar season 2024-25 has presented a mixed outlook, with challenges such as lower cane yields and lower recovery in key states like Uttar Pradesh, Maharashtra, and Karnataka affecting production. Despite these setbacks, we remain optimistic about long-term growth. However, rising production costs and stagnant ethanol prices call for timely policy adjustments.

At Avadh, we are focused on sustainable expansion, and with the upcoming completion of our crushing enhancement at the Hargaon unit for the 2025-26 season, we expect further value creation.”

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C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd:

“The industry is facing a decline in production due to lower cane availability and recovery, along with a shift toward ethanol. Despite these challenges, our ability to adapt and invest in expansion positions us well for long-term growth.

At Magadh, we are committed to sustainability and are enhancing our crushing capacity and implementing steam-saving measures at our Narkatiaganj unit, which is now operational for the 2024-25 crushing season. With the right policy support, the sugar industry can continue to play a crucial role in India's economy.”

About Avadh Sugar & Energy Limited

  • CIN: L15122UP2015PLC069635
  • Specializes in sugar, spirits, ethanol, cogeneration, and by-products of sugar manufacturing.
  • Operates four sugar mills in Uttar Pradesh: Hargaon, Seohara, Hata, and Rosa, with a total crushing capacity of 34,800 TCD.
  • Two distilleries at Hargaon and Seohara with a combined ethanol capacity of 325 KLPD.
  • Cogeneration facility generating 74 MW power.

About Magadh Sugar & Energy Limited

  • CIN: L15122UP2015PLC069632
  • Engaged in sugar manufacturing, ethanol production, and power generation.
  • Operates three sugar mills in Bihar: Narkatiaganj, Sidhwalia, and Hasanpur, with a total crushing capacity of 21,500 TCD.
  • Two distilleries at Narkatiaganj and Sidhwalia with a combined ethanol capacity of 155 KLPD.
  • Cogeneration facility generating 38 MW power.

India’s ₹1 Lakh Crore Branded Residences Market Takes Centre Stage at TBRS 2.0

India’s ₹1 Lakh Crore Branded Residences Market Takes Centre Stage at TBRS 2.0

By Manu Vardhan Kannan

Published on August 12, 2026

India’s branded residences market is entering a new phase, with the sector’s estimated ₹1 lakh crore (about USD 10.5 billion) gross development value set to take centre stage at TBRS 2.0, The Branded Residences Summit, in Mumbai.

The second edition of the summit will take place on 7 and 8 October 2026 at JW Marriott Mumbai Sahar, bringing together 250 curated delegates, 50+ Indian and global speakers and 19 sessions. The event will also feature the inaugural Branded Residences Awards and the launch of the third edition of the NOESIS branded residences market report.

According to NOESIS, India's branded residences market map currently includes 43 directly brand-licensed projects. Of these, 7 have been delivered, 19 are under construction and 17 have been announced. Further announcements are expected during 2026, while more than 20 additional projects are currently in early feasibility, product planning or brand selection. The category has also moved beyond traditional markets such as Mumbai and NCR. Tier-1 and tier-2 cities and leisure destinations including Goa, Alibaug, Karjat, Igatpuri, Kasauli, Coorg and Rishikesh are now part of the growing branded residences landscape.

“Developers across India are seeing what the right brand does for visibility, buyer confidence and sales momentum,” said Nandivardhan Jain, Founder & CEO, NOESIS Hotel Advisors, the owner-focused advisory firm behind the summit. “The opportunity is not in adding a name to a project. It is in choosing a brand that fits the location and the buyer and keeping the financial model, the product promise and the resident experience aligned.”

The growing interest is also being seen among institutional investors and organised funds. Well-planned branded developments can offer stronger price realisation, faster sales and more predictable cash flows when the product, pricing and positioning are properly aligned. At the same time, investors continue to assess fundamentals such as buyer depth, achievable pricing and delivery capability.

Another important area is the long-term relationship between developers, brands and residents. The licence relationship generally covers development, marketing and sales, while the operating relationship can later move to the residents’ association and continue for several years. This makes decisions around fees, service standards, renewal and exit terms important from the beginning rather than after handover. A well-structured arrangement can help the brand continue adding value to the resident experience and resale positioning even after the final unit is sold.

TBRS was established in 2025 as India’s first dedicated platform for branded residences. Its first edition was held at the Jio World Convention Centre, Mumbai on 26 September 2025, bringing developers, global hospitality and lifestyle brands, investors, family offices and advisors together. TBRS 2.0 will expand into a two-day programme with a developer-first approach covering feasibility, underwriting, brand selection, legal structure, sales and operations in the order a project typically develops. The programme will also include a closed-door developers’ masterclass, an expanded global speaker faculty and the inaugural Branded Residences Awards.

Among the international speakers travelling to Mumbai from Singapore, the UAE and the United Kingdom are Daniel von Barloewen (Senior Vice President, Accor One Living & Head of Global Mixed-Use Development, Accor), Gabriel Gn (Global Development Head, Banyan Group), Ramzy Fenianos (Chief Development Officer, Asia Pacific, Radisson Hotel Group), James Snelgar and Jagdish Johal (YOO, London) and Fabio Calorio (Senior Vice President – Brand, Pininfarina).

They will be joined by Indian hospitality and real estate leaders including Anil Chadha (Managing Director, ITC Hotels Limited), Atul Chordia (Chairman, Panchshil Realty), Suma Venkatesh (EVP – Real Estate & Development, IHCL), Zubin Saxena (Senior Vice President, Regional Head South Asia, Hilton), Nikhil Sharma (Managing Director & COO, South Asia, Radisson Hotel Group), Jaideep Dang (Head of Development, IHG Hotels & Resorts), Kalpesh Mehta (Founder & Managing Director, Tribeca Developers), Navdeep Sardana (Chairman, Whiteland Corporation) and Yukti Nagpal (Director, Gulshan Group), along with further leaders from Oberoi, IHCL–Taj, Marriott International, Hyatt, Olive Hospitality, Sarovar and Mahindra Holidays.

“I said at last year’s summit that India was a key market to watch. Twelve months on, it is one of the key markets to be in. The depth of developer interest, buyer demand, the quality of projects coming forward and the seriousness of the conversations at TBRS convinced me to return. India is a focus area for us as we look at the next decade of branded living,” said Daniel von Barloewen, who is returning to the summit for the second consecutive year.

The summit comes at a time when branded residences are bringing together real estate, hospitality and capital, with each stakeholder having different priorities. Developers are focused on returns and sales velocity, brands on product quality and protecting their names, buyers on delivery and long-term value, while investors look for predictable cash flows.

TBRS 2.0 will focus on these areas through discussions around feasibility, underwriting, legal structures and operating plans that can continue to work after handover.

“It took India close to a decade to deliver its first seven branded residences. Thirty-six more are already under construction or announced,” said Jain. “The sector can learn fast, from global experience and from the projects taking shape here. The time to settle product, brand, capital and contracts is at the planning table, while every decision can still be changed.”

NOESIS is also encouraging developers to attend with cross-functional leadership teams rather than sending a single representative. Since a branded residences project can affect apartment planning, construction costs, common areas, service charges and contractual commitments, promoters, finance, sales, design, projects and legal teams all play a role.

With the sector expanding across established cities as well as emerging and leisure destinations, TBRS 2.0 aims to bring these different stakeholders together around the decisions that can shape the next phase of branded residences in India.


Mahindra Group Announces Strategic Focus on Holidays and Lifespaces

Mahindra Group Announces Strategic Focus on Holidays and Lifespaces

By Manu Vardhan Kannan

Published on August 12, 2026

Mahindra Group has announced a dedicated strategic focus on its Holidays and Lifespaces sectors, with an aim to accelerate growth and create stronger operational synergies between the two businesses.

The move comes as several of the Group’s businesses have recorded strong growth over the last five years. The Group identified these businesses as its “Growth Gems”, with several already surpassing the expected 5X growth during the period.

Mahindra Lifespaces has been one of the standout businesses within this group. Since FY20, its residential pre-sales have grown 5X, from around ₹700 crore to around ₹3,500 crore.

The business has also seen a sharp rise in its gross development value (GDV), increasing from ₹8,000 crore to ₹50,000 crore in the last three years. This puts the business on track to achieve 14X pre-sales growth during this decade. Its Industrial segment has also performed strongly, while the overall business has moved from losses to profits of around ₹300 crore in the previous financial year.

Meanwhile, Mahindra Holidays has continued to expand its position in the hospitality sector. With more than 3 lakh vacation ownership members, the business remains a leader in the segment and has added more than 1,700 rooms. The company is now moving beyond vacation ownership and expanding into leisure hospitality, with an ambition to become one of India's leading hospitality players. It recently launched Mahindra Signature Resorts, marking its entry into luxury hospitality.

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Dr. Anish Shah, Group CEO & MD, Mahindra Group, said, "Both Holidays and Lifespaces businesses have tremendous potential. As we move into the next phase of growth, we have been evaluating how to harness the synergies between them to further strengthen the growth trajectory. In this context, we are pleased to announce a dedicated strategic focus on Holidays and Lifespaces sectors aimed at accelerating growth and realising operational synergies across these identified Growth Gems.”

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As part of the new structure, Amit Sinha, the current MD & CEO of MLDL, will be appointed as CEO-Holidays and Lifespaces Sector, from a future date to be determined. Sinha will move into the new role once a new CEO is appointed at Mahindra Lifespaces. The leadership and reporting arrangements for the relevant businesses will be aligned as part of the implementation of the new sector structure.

The new focus is expected to bring the two businesses closer together as Mahindra Group looks to build on their existing momentum and unlock further growth opportunities across real estate, leisure and hospitality.


WelcomHeritage Signs New Hospitality Project in Jawai Rajasthan

WelcomHeritage Signs New Hospitality Project in Jawai Rajasthan

By Manu Vardhan Kannan

Published on August 12, 2026

WelcomHeritage, a joint venture between ITC Hotels Ltd. and Jodhana Heritage Resorts Pvt. Ltd., has signed a new hospitality project in Jawai, Rajasthan, with Mr Dushyant Malhotra, Director, Diya Global Fusion LLP.

The project adds to Jawai’s growing hospitality landscape as the destination continues to attract interest for its luxury and experiential tourism potential. Known for its leopard habitat, rugged granite landscapes and wilderness experiences, Jawai is emerging as an important destination for travellers looking for a different side of Rajasthan.

The agreement was facilitated by The AstraLuxe Advisory, a growing luxury hospitality advisory firm in India, under the leadership of Mr Devendra Thakur, Founder, The AstraLuxe Advisory. The firm helped bring the project stakeholders together and facilitated the brand association between WelcomHeritage and Diya Global Fusion LLP.

Commenting on the development, Mr Devendra Thakur, Founder, The AstraLuxe Advisory, said: "Jawai is rapidly emerging as one of India's most compelling luxury experiential destinations, and we are delighted to have facilitated this association between WelcomHeritage and Diya Global Fusion LLP. We look forward to seeing this development evolve into a distinctive hospitality offering for Jawai."

Mr Dushyant Malhotra, Director, Diya Global Fusion LLP, also expressed confidence in the partnership and the project's potential to support the region's growing hospitality ecosystem. The association with WelcomHeritage is expected to introduce a heritage-inspired hospitality experience to Jawai while further adding to the destination’s position on India's luxury and experiential travel map. 

The project is now moving through the next stages of planning and development and is targeting an opening by the end of 2027.

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