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.

Sterling Expands Kumaon Circuit with Sterling Lake View Sattal

Sterling Expands Kumaon Circuit with Sterling Lake View Sattal

By Manu Vardhan Kannan

Published on August 29, 2026

Sterling Holiday Resorts has expanded its presence in Uttarakhand with the launch of Sterling Lake View Sattal, adding another destination to its growing Kumaon circuit.  The new 24-room resort brings Sterling's portfolio to 12 resorts in Uttarakhand and 80 resorts across India. Located close to Sattal Lake, the property is set within the quieter lake-and-forest landscape of Kumaon.

Sattal is known for its cluster of seven freshwater lakes, surrounded by forested hills and rich biodiversity. The destination is also popular for its birdlife and offers a slower and more peaceful travel experience compared with some of the region's better-known hill destinations.

Designed around its surroundings, Sterling Lake View Sattal features lake-facing rooms and an intimate setting suited to families, couples and nature enthusiasts. Guests can explore the area through birdwatching, forest walks and other outdoor experiences connected to the landscape.

The resort's location also makes it a convenient base for exploring Bhimtal, Nainital, Kainchi Dham and Naukuchiatal, allowing travellers to discover several parts of the Kumaon region from one stay.

Building a Connected Kumaon Circuit

The Sattal launch reflects Sterling's Destination Architect philosophy, which focuses on understanding what makes each destination special and developing experiences around it, rather than simply adding individual properties.

Speaking on the launch, Vikram Lalvani, Managing Director & CEO, Sterling Holiday Resorts, said:

"We increasingly look at expansion through the lens of a Destination Architect. The question is not simply where we can add another hotel, but what is distinctive about a destination, what experiences can be built around it, and how it connects with the larger journeys of our guests.

Sattal is a good example. Its seven lakes, forests and rich biodiversity give it an identity quite different from the more established hill destinations of Kumaon. Sterling Lake View Sattal allows us to bring that character alive through nature, birding and slower travel, while connecting it naturally with Bhimtal, Nainital, Kainchi Dham and the wider Kumaon region.

A resort gives us presence in a destination; a connected circuit gives us relevance across a region. Our ambition is to keep connecting established destinations with emerging micro-markets and give travellers more compelling ways to discover India."

Sterling's network in Uttarakhand already covers destinations linked to mountains, forests, wildlife, rivers, wellness, pilgrimage, adventure and lakes. With Sattal, the company adds another lake-and-forest destination to this network.

The wider Kumaon circuit brings together the hill appeal of Nainital, the lakes of Bhimtal, Sattal and Naukuchiatal, the spiritual importance of Kainchi Dham and the surrounding forests and mountain landscapes.

A Stay Built Around Sattal

Sterling's approach at the property is centred on making the destination itself an important part of the guest experience. Its lakes, forests, birdlife, local culture and slower pace form the backdrop for the stay.

Guests can take part in nature-led experiences around the resort, while Sattal Bistro, the in-house restaurant, adds to the experience with Sterling's signature warmth and hospitality.

Commenting on the association, Abhijit Agrawal, Partner, Arthouse Hotels LLP, said:

"Sattal has retained a sense of tranquillity that is increasingly rare in the more established hill destinations, and that is precisely what we wanted this resort to preserve. Our association with Sterling brings together the property's unique lake-side setting with the reach and operating expertise of an established hospitality brand. We believe this partnership will help introduce more travellers to Sattal while building the resort as a distinctive nature-led stay in the Kumaon region."

The launch of Sterling Lake View Sattal marks another step in the company's expansion strategy, moving from individual properties towards a network of connected destinations that can offer travellers more ways to explore a region.


8fold by LaRiSa Launches New Hotel on Amritsar Heritage Walk

8fold by LaRiSa Launches New Hotel on Amritsar Heritage Walk

By Manu Vardhan Kannan

Published on August 28, 2026

LaRiSa Hotels & Resorts has announced the launch of 8fold by LaRiSa, Amritsar Heritage Walk, marking the 8fold brand’s first hotel in Punjab. The new property brings the brand’s approach of mindful and uncomplicated hospitality to one of Amritsar’s most well-known heritage areas.

The hotel is located within Amritsar’s Heritage Walk precinct, placing guests along the same lanes that generations of pilgrims have travelled while visiting the Golden Temple. The property is also within walking distance of the Golden Temple, Jallianwala Bagh, the market lanes and the Partition Museum.

8fold by LaRiSa, Shimla has been welcoming travellers in North India for nine years. With its Amritsar opening, the brand now welcomes guests visiting Punjab and adds another destination to its growing presence.

Designed for families and groups travelling together, the hotel offers room categories suited to different travel needs. Its in-house restaurant takes inspiration from Amritsar’s food culture, with kulcha at the centre of a menu built around the city’s local flavours.

The idea behind the property is simple, to give travellers a comfortable place to return to after exploring the city on foot and a convenient base to begin again the next morning.

“Amritsar has always meant something to travellers, long before hotels even came into the picture; people have been walking these same lanes to the Golden Temple for generations. With 8fold, we wanted a stay that respects that rhythm rather than getting in its way: somewhere simple to return to at the end of the day”, Priya Thakur, Founder & Director, LaRiSa Hotels and Resorts

8fold Locations:

  • Shimla: 8fold by LaRiSa, Shimla

  • Jibhi: 8fold by LaRiSa, Jibhi

  • Bhimtal: 8fold-Pinecrest by LaRiSa, Bhimtal

  • Goa: 8fold by LaRiSa, Siolim

  • Uttar Pradesh: 8fold by LaRiSa, Basti 

With the launch of 8fold by LaRiSa, Amritsar Heritage Walk, LaRiSa continues to expand its presence across North India while keeping its focus on simple, comfortable and location-led stays.


Cygnett Expands Cozzet into Odisha with 50-Room Gopalpur Beach Hotel

Cygnett Expands Cozzet into Odisha with 50-Room Gopalpur Beach Hotel

By Manu Vardhan Kannan

Published on August 27, 2026

Cygnett Hotels & Resorts is expanding its presence in Odisha with the signing of Cozzet VICASA Gopalpur, a 50-room brownfield hotel located around 800 metres from Gopalpur Sea Beach. The property is scheduled to open in March 2027, with several rooms offering sea views.

The signing supports Cygnett’s plans to grow through brownfield conversions and asset-light management opportunities across Tier II, Tier III and emerging micro-markets. The move comes as domestic travel continues to grow and more travellers look for professionally managed accommodation beyond major cities.

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According to HVS ANAROCK's India Hospitality Industry Overview 2025, Tier III and IV markets accounted for 44% of hotel keys signed and 55% of properties signed during 2025, highlighting the growing role of emerging destinations in India’s hospitality sector.

Located along Odisha’s southern coastline, Gopalpur is developing as a coastal leisure destination, combining beach tourism and weekend travel with access to the region’s natural and cultural attractions. The upcoming hotel is expected to cater to leisure travellers, families, weekend guests, weddings and small corporate groups.

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Commenting on the signing, Mr. Sarbendra Sarkar, Founder & Managing Director, Cygnett Hotels & Resorts, said, “India's hospitality growth is increasingly being driven by emerging cities, pilgrimage centres and leisure micro-markets. Gopalpur fits strongly into this strategy. Through brownfield conversions such as Cozzet Vicasa Gopalpur, we can bring quality existing assets into a professional brand, distribution and operating ecosystem while creating long-term value for hotel owners.”

A Contemporary Coastal Stay

Cozzet VICASA Gopalpur will feature 50 guest rooms, including sea-view rooms, along with approximately 2,500 sq. ft. of banquet and event space that can accommodate around 180–200 guests. The hotel will also feature a rooftop restaurant serving regional delicacies and global cuisine in a relaxed coastal setting, adding to its appeal for both leisure and social gatherings.

Cozzet’s Smart, Safe & Sensible Approach

Positioned in the value-driven hospitality segment, Cozzet by Cygnett follows its “Smart, Safe & Sensible” hospitality philosophy. The brand focuses on clean and comfortable rooms, modern amenities and dependable service at an accessible price point.

With branded economy accommodation still having relatively low penetration across India, Cygnett sees considerable potential for organised hotel brands in emerging cities and destinations. Cozzet by Cygnett currently has a development pipeline of more than 600 keys, with hotels at different stages of development and pre-opening across destinations including Noida, Ayodhya, Amritsar, Jaipur and Arunachal Pradesh.

The Gopalpur signing further strengthens Cygnett’s plans to build a scalable network across regional business centres, pilgrimage destinations, coastal leisure markets and other emerging micro-markets where demand for quality branded accommodation continues to grow.

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