Madhusudan has been awarded with Sahitya academy award for Mahakavya on Gulabrao maharaj. He has 45 books to his credit and has recently translated the Jnaneshwari of Sant Dnyaneshwar into 9000 Sanskrit verses. Prof. Penna has about 17 awards and honors. He was honoured with honorary D.Litt by National Sanskrit University, Tirupati, AP for his unique contribution in Indian Philosophy. The Tirumala peetham established by Bhagavad Ramanujacharya in the 10th century has conferred Shastraratnakara on him.