11th May, 2023

National Stock Exchange of India Limited BSE Limited

Listing Department, Exchange Plaza, The Corporate Relationship Department
5th Floor, Plot No. C/1, G Block, 1st Floor, New Trading Wing,
Bandra Kurla Complex, Bandra (E) Rotunda Building, Phiroze Jeejeebhoy Tower,
Mumbai- 400051 Dalal Street, Fort,
Mumbai- 400001
Scrip Code: BALRAMCHIN Scrip Code: 500038

Dear Sir/ Madam,

Sub: Investor Presentation

Please find attached herewith, Investor Presentation in relation to the Financial Results of the
Company for the Quarter and Year ended 31st March, 2023, declared on 11th May, 2023.

This is for your information and record.

Thanking you,
Yours faithfully,
For Balrampur Chini Mills Limited
MANOJ Digitally signed by
MANOJ AGARWAL

AGARWAL Date: 2023.05.11

15:34:38 +05'30'

Manoj Agarwal
(Company Secretary and Compliance Officer)
Balrampur Chini
Mills Limited

Q4FY23 Results
Analysts Presentation
11th May 2023
“STRETCH”
Graduating the Company from one level to another
 Certain statements made in this document may constitute forward-
looking statements. These forward-looking statements are subject to
certain risks and uncertainties like government actions, local political
or economic developments, agricultural policies, climatic conditions,
technological risks, and many other factors that could cause our
Safe Harbour actual results to differ materially from those contemplated by the
relevant forward-looking statements. Balrampur Chini Mills Limited
will not be in any way responsible for any action taken based on
such statements and undertakes no obligation to publicly update
these forward-looking statements to reflect subsequent events or
circumstances.

2
Conference Call Details

Timing 12:00 noon IST on Friday, May 12, 2023

Conference dial-in Primary number: +91 22 6280 1141 / 7115 8042

Toll free Number Singapore: 800 101 2045

Hong Kong: 800 964 448

USA: 1 866 746 2133

UK: 0 808 101 1573

3
Table of Contents

1 Message from the Chairman and Managing Director 5

2 Brief perspective about our company 6-8

This presentation comprises of eight parts

1 Q4 performance in numbers 9-14

2 The performance of our principal business 15-31

3 Treasury management 32-37

4 Global and Indian sugar sector overview 38-47

5 The strategic direction of our company 48-49

6 ESG and enhanced stakeholder value 50-56

7 Shareholding pattern & Top 10 Shareholders list 57-58

8 Key factors to watch out 59

4
 " Company was able to deliver satisfactory results in Q4FY23 as compared to subdued performance in 9MFY23.
A message from Legacy effect of last year’s lower crushing volume and delayed start of current season coupled with untimely rains
impacted our 9MFY23 results. However, we achieved better capacity utilization across segments which helped us
the Chairman report satisfactory results in Q4FY23.
and Managing Cane crushing during the quarter was higher owing to higher cane area and better yield at farm level. During the
Director quarter Company diverted ~11% cane towards syrup route and ~65% towards B-heavy route which resulted in
higher sugar sacrifice and thereby net lower sugar recovery.
Commenting on the After two consecutive years of subdued crushing, we registered increased crushing during the season. This
performance for Q4FY23, achievement is a result of the hard work and dedication of our teams on the ground, who have been working
Mr. Vivek Saraogi, tirelessly with farmers to improve the cane quality.
Chairman and Managing
Crushing at all our mills have completed and we have ended the season with more than 15% higher crushing. We
Director, Balrampur
are hopeful of further increase in cane crushing by 10% in the next season, if not more, subject to weather
Chini Mills Limited, said: conditions.
Distillery segment also performed well during the quarter and with expanded capacity being operating at full
capacity now we are hopeful of achieving the target of ~34-35 cr BL in the next financial year.
Further Company has embarked on enhancing cane crushing capacity at its Kumbhi unit from 8000 TCD to 10000
TCD which will be entirely funded through internal accruals.
During FY2023 Company has invested more than ` 1100 crs in capex (` 466 crs through debt and balance through
internal accruals) which is expected to result in better performance going ahead.
We remain committed to creating value for all our stakeholders through prudent investment and capital allocation
plans. Keeping this commitment, an interim dividend of Rs. 2.50 per Equity Share of Re. 1 each was paid during the
year. Additionally, we commenced our 6th consecutive buy-back of equity shares on November 16, 2022, as per the
announcement made by the Board on November 9, 2022. The Company has bought back a total of 22,90,755 equity
shares, upto 31st March, 2023. The said buy-back is open till 15th May 2023”
5
A Brief perspective about our company
BCML – A multi-product integrated Company with manufacturing capability of Sugar, Ethanol and Co-Generation

10
manufacturing units in
close proximity
Among the Principle
largest business sugar
integrated sugar + distillery
companies
80000 *
Aggregate cane
crushing capacity (TCD)
UTTAR
PRADESH
1050
Kumbhi Rs. 7984.23 cr.
Tulsipur Aggregate distillery 42.90%
Gularia market
capacity (KLPD)
Balrampur capitalization promoter
Maizapur shareholding
Mankapur as on 31st
Rauzagaon Babhnan March 2023
Haidergarh
Akbarpur 175.7
Aggregate Saleable
co-generation capacity
FACTORY LOCATIONS * 2000 TCD expansion under implementation
(MW) 6
5 Year Historical Financial Performance
Segmental Revenues (Rs. Cr.) * Segmental PBIT (Rs. Cr.)
Sugar Distillery Others
Sugar Distillery Others 11 10
3 5
24
22 20
12
842 1164
566 1001 13
8 264
323 344 382
496

261

4,423 4,352 4,263 4,339

3,822
389
338 329 296
238

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
• Revenues includes inter segment revenues

Revenue from distillery segment contributed ~21% of overall revenues in FY23 as compared to 11% in FY19
Going forward distillery segment is expected to contribute around 35% of overall revenues
Distillery segment contributed ~51% of PBIT in FY23
Company is focusing on increasing the share of revenue / profit from distillery segment

7
5 Year Historical Financial Performance (contd.)
EBITDA (Rs. cr) EBITDA Margin (%) TCI (Rs. cr) TCI Margin (%)
565
689 682 714 700 511
502
469
13.2%
16.1% 512
14.4% 14.8% 14.4% 10.6% 10.6%
9.8% 269
11.0%
5.8%

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

Sustainable profitability on the back of structural changes in the industry

* EBIT / Avg. Capital

Capital Employed (Rs. Crs) Net Worth (Rs. Crs) EBITDA/Net Block^^ Employed where Capital
Employed is sum of
ROCE * (%) RONW ** (%) Long Term Borrowings +
27.9% 32.0%
Deferred Tax Liabilities +
21.8% 21.6% Tangible Net-worth
20.7% ** PAT / Avg. Net-worth
12.6%
9.9% 48.47% where Net-worth
23.4% 41.99% 44.70% 42.80%
19.5% 19.7% excludes Capital
Reserve &
2,482 2,789 2,921 3,034 3,562 2,030 2,317 2,511 2,705 2,822 19.72%
Amalgamation Reserve

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 ^^ excluding CWIP
8
➢ PART ONE

Q4 performance
in numbers

9
This is what we achieved in Q4 FY23 (standalone numbers)

252.35 404.17 12.33

Rs. cr. of total Rs. cr. of EBITDA
Rs. earnings
comprehensive
per share
income (TCI)

Rs. 285.10 cr. in the Rs. 331.04 cr. in the Rs. 14.16 in the
corresponding quarter, corresponding quarter, corresponding quarter,
Q4 FY22 Q4 FY22 Q4 FY22

75.77% 23.78% 0.45%

% revenues from sugar % revenues from distillery % revenues from others
79.05% in the corresponding 20.41% in the corresponding 0.54% in the corresponding
quarter, Q4 FY22 quarter, Q4 FY22 quarter, Q4 FY22

10
Financial performance (standalone numbers)
Q4 FY23 Q4 FY22 Change FY23 FY22 Change FY21 FY20 FY19
(Rs. Cr) (Rs. Cr) (%)
Particulars (Rs. Cr.) (Rs. Cr.) (%) (Rs. Cr.) (Rs. Cr) (Rs. Cr)

1491.52 1279.61 16.6% Revenue from Operations 4665.86 4846.03 -3.7% 4811.66 4741.29 4285.78
404.17 331.04 22.1% EBITDA 512.33 699.70 -26.8% 713.83 681.97 689.07
27.1% 25.9% - EBITDA Margin (%) 11.0% 14.4% - 14.8% 14.4% 16.1%
40.17 28.41 41.4% Depreciation & amortization 129.50 113.86 13.7% 111.88 101.42 95.85
21.14 7.78 171.7% Finance Costs 48.65 30.87 57.6% 39.30 64.17 40.94
- 52.74 - Exceptional income - 52.74 - - - -
359.35 359.34 0.0% Profit Before Tax 396.96 655.62 -39.5% 596.11 554.93 595.03
24.1% 28.1% - PBT Margin (%) 8.5% 13.5% - 12.4% 11.7% 13.9%

108.55 70.39 54.2% Tax 121.44 140.96 -13.9% 126.34 45.65 24.39

1.56 (3.86) - Other Comprehensive Income (6.22) (3.62) - (0.56) (7.01) (5.14)
252.35 285.09 -11.5% Total Comprehensive Income 269.31 511.04 -47.3% 469.21 502.27 565.50
12.33 14.16 - EPS (Rs.) 13.51 24.86 - 22.01 22.98 24.98
Footnote:
• Seasonal nature of the industry.
• Lower cane availability in the sugar season 2020-21 & 2021-22 owing to weather conditions / pest attack on crop.
• Higher cane availability in the sugar season 2022-23 owing to increased cane area along with higher yield at farm level.
• The Company is actively working on varietal re-balancing of cane / disease management activities.

Outcome: In view of the aggressive diversion of cane towards B-heavy molasses route and Syrup route resulting in sacrifice of sugar for
production of Ethanol, sugar inventory is moderating which in turn is supporting the domestic sugar prices.
11
Performance highlight (standalone numbers)
Rs. in Crs
Revenue, EBIDTA & EBIDTA Margins
6000.00

5000.00
4000.00
3000.00 14.4% 14.8% 14.4% 11.0% 25.9% 27.1%
16.1%
2000.00
1000.00

0.00
FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23
Revenue 4285.78 4741.29 4811.66 4846.03 4665.86 1279.61 1491.52
EBITDA 689.07 681.97 713.83 699.70 512.33 331.04 404.17

16.6% increase in revenue in Q4FY23 as compared to Q4FY22 is primarily due to higher exports and higher distillery volumes along with better realizations.

22.3% TCI (Rs cr) TCI Margin (%)

Sugar being a seasonal
16.9%
13.2% industry, it is recommended
10.6% that the performance of the
10.6% 5.8% 9.8%
Company be evaluated on
annual basis and not on
285.1 252.4 565.5 502.3
511.0 269.3 469.2 quarterly basis.

Q4FY22 Q4FY23 FY22 FY23 FY19 FY20 FY21

TCI - Total Comprehensive Income

12
 Q4 performance (standalone numbers) explained
Q4FY23 Q4FY22 Variance Key Reasons
(Rs. Cr) (Rs. Cr) (%)

Higher distillery volumes coupled with higher realizations in

Revenue from operations 1491.53 1279.61 16.6%
both sugar & distillery

Mainly owing to sale of scrap and gain on sale of highly liquid

Other income 16.49 11.76 40.2%
investments

Cost of materials consumed 2204.15 2090.68 5.4% In line with increased cane crushing

Changes in inventories of finished goods, by-

(1365.32) (1362.20) 0.2% -
products and work-in-progress

Employee benefits expense 101.01 88.92 13.6% Impact of increment

Higher interest rates &

Finance costs 21.14 7.78 171.7% Deployment of internal accruals into project resulting in
higher working capital deployment to fund operations

Depreciation and amortization expense 40.17 28.41 41.4% Impact of capex

Mainly owing to levy of regulatory fee on molasses (` 7.86

Other expenses 147.51 131.17 12.5%
crs)

Tax expense 108.55 70.39 54.2% Increased provision for Deferred tax

Other comprehensive income 1.55 (3.86) - -

13
 Consolidated Financial Performance
Revenue (Rs. Cr) TCI * (Rs. Cr)
570.7
512.5 479.2 461.0
4,741.3 4,811.7 4,846.0 4,665.9
4,285.8
277.9 256.0
236.6
1,279.6 1,491.5

FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23

FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23

EPS (Rs.)
PBT (Rs. Cr)
25.21 23.44 22.48 22.44
601.78 568.06 609.18 598.72
408.31 13.94 12.51
364.20 11.79
304.46

FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23 FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23

Note:
• Consolidated results of the Company for the year ended 31 st March 2023 includes results of one Associate of the Company viz. Auxilo Finserve Pvt. Ltd.
• During Q4FY22, Company sold its entire Investment in Visual Percept Solar Projects Pvt. Ltd.
• Company’s share in Auxilo Finserve Pvt. Ltd. as on 31st March 2023 stands at 43.93%.

* TCI - Total Comprehensive Income 14

➢ PART TWO

The
performance
of our
principal
businesses
15
“Attractively
Business placed”- Management’s
Overview Sugar overarching 5 messages for Q4FY22

75.77 1522.31 1173.41

% of Company’s Rs. cr. revenues cr. revenues in
revenues, in Q4 FY 23 Q4 FY 22
Q4 FY23

29.73% increase
16
Policy intervention from Government
▪ FRP: Fair & Remunerative Price (FRP) of sugarcane for the sugar season 2022-23 was revised to ₹305 per quintal from ₹290 per
quintal in the previous season (linked to a basic recovery of 10.25%).
▪ SAP: State Advised Price (SAP) of sugarcane for the sugar season 2022-23 remained unchanged. In sugar season 2021-22
the state of Uttar Pradesh increased the SAP by Rs. 25 to Rs. 350 per quintal for early variety of cane, revised after a period of 4
years.
▪ MSP: Minimum Selling Price (MSP) of sugar was first fixed at Rs. 29 per kg in June 2018 and later increased to Rs. 31 per kg in
February 2019. MSP is the ex-factory price (excluding GST and transportation charges) below which no mill can sale sugar in
India. However, the prevailing selling price of sugar is much above the MSP.
▪ Stock Holding: Along with MSP, stock holding limits on mills regulates the supply of sugar in domestic market which in turn
provides stability to the domestic prices.
▪ Export: Export of sugar continues to attract zero customs duty. Export quota for sugar season 2022-23 announced for 6.1
million metric tonnes.

▪ Import: A higher customs duty continues on import of sugar.

▪ Soft Loans: Soft loans through banks for encouraging new distillery capacities or the augmentation of existing capacities, which
facilitate higher ethanol production and reduces surplus sugar by diversion through B-heavy molasses and cane juice/sugar syrup
to ethanol.
▪ Taxes: A lower GST of 5% on ethanol.
The above interventions by both the Central Government and the State Government reflects a clear shift in the mind-set of
policy makers which augurs well for the industry
Still some measures need to be taken to enable the industry to become self-sufficient viz. increase in MSP and higher prices
of Ethanol from Syrup/Juice to encourage capex and allow mills to have desired level of returns on investments
17
 This is whatofour
Economics Sugarcane
sugar business
vs Other
achieved
Crops

Crops Relative Gross Returns over A2+FL cost with respect to sugarcane Source:
CACP Report –
2020-21 2021-22 2022-23
Sugarcane 2022-23;
Kharif 2022-23;
Sugarcane 100 100 100 Rabi 2023-23
Cotton + Wheat 50 45 53
In addition to being 2nd most
Paddy + Wheat 47 51 49 remunerative crop after
Paddy + Paddy 31 39 35 wheat, sugarcane has the
advantage of being a sturdy
Soybean + Wheat 37 34 39
crop, has an assured buyer,
Soybean + Gram 28 20 24 gets the assured price and
does not have any middleman
Returns from sugarcane continues to be very high as compared to other crops between farmers and mills 18
This is what sugar business achieved
➢ 1.12% decrease in sugar sales volume in Q4 FY23 (compared with Q4 FY22)
➢ 4.87% increase in blended sugar realizations in Q4 FY23 (compared with Q4 FY22)
➢ Bottomline: Lower domestic sugar volumes off-set by higher export sales coupled with higher
realizations

Cane diversion

64.9% 67.9%
Cane diverted for Cane diverted for
B-heavy Ethanol in B-heavy Ethanol in
Inventory size Inventory valuation Q4 FY23 Q4FY22

15.85
51.18 53.27 33.71 34.22
Lac quintals, Lac quintals,
sugar inventory,
Rs./ kg, value of Rs./ kg, value of 11.2% Nil
sugar inventory, sugar inventory, sugar inventory, Cane diverted for Cane diverted for
as on 31st Dec.
31st Mar. as on 31st Mar. as on 31st March as on 31st March Syrup Ethanol in Syrup Ethanol in
2022
2023 2022 2023 2022 Q4 FY23 Q4Y22
19
 Performance Overview – Sugar
Q4 Q4
Financial data U.O.M. Change Change FY21 FY20 FY19
FY23 FY22 FY23 FY22
(%) (%)
Segment
(Rs. Cr) 1522.31 1173.41 29.73% 4338.57 4262.98 1.77% 4351.68 4423.26 3822.44
Revenues *
Segment PBIT (Rs. Cr) 313.80 229.26 36.88% 238.49 296.30 - 329.47 389.04 338.41
PBIT % % 20.6% 19.5% - 5.5% 6.9% - 7.6% 8.8% 8.9%

Q4 Q4
* Includes U.O.M. Change Change FY21 FY20 FY19
FY23 FY22 FY23 FY22
(%) (%)

Financial
assistance from
Government on
exports has been
(Rs. Cr) - - - - 72.76 - 136.77 272.25 49.31
accounted
under “Other
Operating
Revenues

India has been exporting sugar without any financial assistance from Government of India since sugar season 2021-22

20
 Business Overview: Sugar - Operational numbers
Sugar Recovery (%)
Sugarcane Crushed (lac quintals) (post B-heavy diversion)
1103.62 1020.30 1032.61 *
885.42 936.63
11.58 11.44
10.63 10.27 10.38 10.49 10.67
582.56 629.15

FY19 FY20 FY21 FY22 FY23 Q4 Q4

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY22 FY23
FY22 FY23
Pre-diversion (B-heavy) sugar recovery (%)
* Lower cane availability owing to weather conditions / pest attack on crop 11.58 11.93 11.77 11.55 11.51 11.74 11.80

Sugar Production (lac quintals) Cane diverted towards B-heavy molasses & Syrup route (lac qtls.)
(post B-heavy & Syrup diversion) 675.56 613.41 702.08
127.81 116.73 109.79 327.00 395.41 478.48
90.96 88.33 61.13 59.62 -

FY19 FY20 FY21 FY22 FY23 Q4FY22 Q4FY23

FY19 FY20 FY21 FY22 FY23 Q4 Q4 Cane diverted towards B-heavy molasses route (%)
FY22 FY23
- 32.0% 65.4% 69.3% 65.8% 67.9% 64.9%
Sugar Sacrifice (under B-heavy route) (lac quintals)
Cane diverted towards Syrup route (%) resulting in Nil sugar production
- 5.10 11.73 11.27 9.64 7.29 6.07
- - - - 9.2% - 11.2%

Sales * (lac quintals) Average blended realization of sugar

115.30 120.53 113.26 (Rs./kg.) *
102.63 90.38
29.55 30.34 32.01 34.71 35.97 34.52 36.21
24.56 24.28

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY22 FY23 FY22 FY23
* Includes export * Excluding Government assistance on exports 21
 Movement in Sugar Costs & Valuation (Rs./qtl. of sugar)
Q4FY23 Q4FY22
Sugar inventory
3,440 3,371 3,499 3,422
as on 31st Mar.
2,969 3,116 2023 stood at
51.18 lac
Cane Cost Cost of Production Sugar Inventory Cane Cost Cost of Production Sugar Inventory quintals
Valuation Valuation
Cane Crushed * (lac qtls.) – 558.84 (including WIP)
Cane Crushed (lac qtls.) – 582.56
Sugar Produced (lac qtls.) – 59.62 Sugar Produced (lac qtls.) – 61.13
valued at an
average rate of
FY23 FY22 Rs. 33.71 per kg
as compared to
3,552 3,576
53.27 lac
3,343 3,371 3,436 3,422
quintals as on
31st Mar. 2022
Cane Cost Cost of Production Sugar Inventory Cane Cost Cost of Sugar Inventory valued at an
Valuation Production Valuation average rate of
Cane Crushed * (lac qtls.) – 850.85
Sugar Produced (lac qtls.) – 88.33 Cane Crushed (lac qtls.) – 885.42 Rs. 34.22 per kg
Sugar Produced (lac qtls.) – 90.96

Note: * Cane crushed excludes quantity diverted

❖ Cost of production (including cane cost) is net of credit for bagasse, molasses. syrup and pressmud towards syrup:
Q4FY23 - 70.31 lac qtls.
❖ Sugar inventory being valued at lower of net realizable value (NRV) or FY23 - 85.79 lac qlts
cumulative year to date costing

22
This is the
whatoutlook
our sugar
of sugar
business
business
achieved
➢ Expectation of better cane availability in next season for the Company

➢ Improvement in varietal balance which will lead to enhanced sugar recoveries

➢ With depleting inventory, domestic sugar realization to improve

➢ Export quota allocated for sugar season 2022-23 has been despatched / swapped.

➢ Asset modernization and upgradation completed in November/December 2022 expected to be fully

utilized from 2023-24 onward

➢ Company has embarked on expansion of crushing capacity at one of its plant by 2000 TCD.

23
Business
Business Overview
overview: -Distillery
Sugar
Distillery revenues

477.78
Rs. cr. Q4FY 23

302.82
Rs. cr. Q4FY 22
57.78% higher
23.78
Distillery PBIT % of revenues,
Q4, FY23

83.97
Rs. cr. Q4FY 23

104.87
Rs. cr. Q4FY 22
19.93% lower

24
 Trend in Ethanol Supply fulfilling the domestic demand
Ethanol Procurement by OMC’s (in crore litres) 12.0%
Blending in Petrol achieved %
10.02%
5.0% 5.1% 8.0%
3.5% 4.2%
2.33%
1.53% 2.1% 173 290 434 600
38 111 67 151 189
67
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 **
** OMC have finalized tenders for 518.35 crore litres out of which 513.66 crore litres has been contracted and 220.31 crore litres has been delivered till 23rd
April 2023 resulting in Pan India Ethanol blending of 11.61%. Targeted blending for 2022-23 is 12.0%

Price fixed by Government (Rs./BL) 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23*/

C-route Ethanol 39.00 40.85 43.46 43.75 45.69 46.66 49.41

B-route Ethanol - - 52.43 54.27 57.61 59.08 60.73
Juice-/Syrup route Ethanol - - 59.19 59.48 62.65 63.45 65.61
*/ Prices for 2022-23 are effective from December 2022 and are valid till 31st October 2023

Central Government approved the National Policy on Biofuels to achieve 20% blending of Ethanol in petrol. Key benefits highlighted by the government include:
Take care of surplus sugar (target to sacrifice ~6 million tonnes of sugar by 2025-26)
Employment generation

Reduce import dependency of fuels (savings of ~$4 billion forex i.e. more than Rs. 30,000 crs.)
Health benefits
Cleaner environment through E20 fuel Carbon Monoxide emissions will be 50% lower in two-wheelers
and 30% lower in four-wheelers. Hydrocarbon emissions will be 20% lower in both Municipal Solid Waste Management
Additional income to farmers, Infrastructural investment in rural areas

In January 2021, the target of achieving 20% Ethanol-blending with petrol was preponed to 2025. For the same, the country will need to produce ~1016 crore litres of Ethanol

E20 fuel at ~100 retail outlets has been launched to fast track the 20% blending percentage.
25
Road-map for Ethanol Blending in India 2025-26
= total

Distillation Capacity Ethanol Demand Ethanol available for fuel

(in million ltrs) (in million ltrs) (in million ltrs)

9880 10160
14300 15000 12880 13500
11750 9880
9750 8280 6980
8190 7400 7070 6660 5480
6840 7100 7000 4230 5920 6280 4370 4380 4660
4500 3880 3320
3500 2930 1730
2080
2580 2600 3000 1920 2670 1230
7600 6840 420 1070
5190 6250 7250 7300 1660 5350 6000 6600 160 4250 4900 5500 5500
4260 4500 2570 4000 4400 2900 3300
1570
19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26
Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol

Ethanol available for other uses Ethanol Blend (%) Sugar Diversion / Grain Usage for Ethanol
(in million ltrs) Country already achieved 10% Ethanol blend (MMT)
ahead of the target Sugar diversion for 21-22 is on expected lines
3340
2900 3000
2700 2800 20 20
2500 2600 15
10 12
2000 8.5 8.9 9.2
1500 1600 1700 1800 1900 5 4.5 15.7 17.2
1500 2.7
1.1 2.4 9.6
0.5 9.3 10.5 11.1 10.8 6.7 7.3
1000 1100 1100 1100 1100 1100 1340 7.4 7.6 4.2 4.7 6.5 7
4.5 2.0 3.4 4 5.3
0.8
19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26
Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol

Source: Report of the Expert Committee, NITI Aayog | Ministry of Petroleum and Natural Gas 26
Performance of distillery business
➢ 50.2% higher sales volumes (compared to Q4FY22) owing to capacity expansion as well as
production of Ethanol from sugar syrup
➢ 6.5% higher realizations (compared to Q4FY22)

Alcohol Stock B-heavy Molasses

Stock Ethanol Sale (B-heavy)

2.27 0.60 24.20 21.74 2.37 4.42

Cr BL
inventory,
Cr BL
inventory, lac qtl. lac qtl. Cr BL Cr BL Ethanol Sales (Grains)
as at 31st Mar. as at 31st Mar. as at 31st Mar. as at 31st Mar. in Q4 FY23 in Q4 FY22
2023 2022 2023 2022
Nil N.A.
Cr BL Cr BL
C-heavy Molasses in Q4 FY23 in Q4 FY22
Syrup Stock Ethanol Sale (Syrup route)
Stock

0.43 N.A. 4.88 6.72 4.33 N.A.

lac qtl. lac qtl. Cr BL Cr BL
lac qtl. lac qtl.
as at 31st Mar. as at 31st Mar. in Q4 FY23 in Q4 FY22
as at 31st Mar. as at 31st Mar.
2023 2022 2023 2022

27
 Business Overview – Distillery
Q4 Q4
Financial data U.O.M. Change FY23 FY22 Change FY21 FY20 FY19
FY23 FY22
(%) (%)

Segment Revenues * (Rs. Cr) 477.78 302.82 57.8% 1163.98 1001.41 16.2% 841.52 566.38 495.82
Segment PBIT (Rs. Cr) 83.97 104.87 -19.9% 261.30 382.36 -31.6% 344.09 264.19 322.87
PBIT % % 17.6% 34.6% - 22.5% 38.2% - 40.9% 46.7% 65.1%

Transfer price of B- 1090 1030

Rs./qtl. 1090 1030 5.8% 5.8% 700 700 N.A.
heavy molasses w.e.f Dec-22 w.e.f Oct-21

Transfer price of Syrup Rs./qtl. 1663 N.A. - 1709 N.A. - N.A. N.A. N.A.
Notes:
* Includes Freight
reimbursement on the (Rs. Cr) 13.03 13.67 30.09 32.61 22.44 12.28 5.37
sale of Ethanol
Transport charges incurred
on sales booked on the
(Rs. Cr) 18.95 18.74 46.45 50.35 40.89 25.78 21.15
expense side of the P/L
account
Net freight expenses (Rs. Cr) 5.91 5.07 16.36 17.74 18.45 13.50 15.78
Incidence of net freight
expenses per/BL of (Rs./BL) 0.87 1.08 0.96 1.13 1.27 1.24 1.46
ethanol despatch

Status of Ethanol contracts by the Company for the Ethanol Year 2022-23
Syrup route Ethanol Total B-heavy Ethanol Total Grain route Ethanol Total
C-heavy Ethanol Total
(Cr. BL) (Cr. BL) (Cr. BL)
(Cr. BL)
Contracted volume 8.79 Contracted volume 12.34 Contracted volume 0.25 Contracted volume 5.37

28
 Business Overview – Distillery - Operational numbers
Total Production * (Cr BL) Ethanol Production from B-heavy Ethanol Production from Syrup &
21.49 molasses route (Cr BL) Grain route (Cr BL)
17.06 16.31 13.30
11.21 7.08
12.76 10.18 5.78
10.66 9.49
5.24 3.58 4.26
2.60
- - - - - -

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY22 FY23 FY22 FY23 FY22 FY23

Total Sales * (Cr BL) Ethanol Sales from B-heavy molasses Ethanol Sales from Syrup & Grain route
route (Cr BL) (Cr BL) 5.40
19.79
16.52 17.65 14.59 4.33

11.94 11.04
11.10 9.59
7.70
5.13 4.42
2.56 2.37
- - - - - -

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY22 FY23 FY22 FY23
FY22 FY23

Average Blended Realization – Alcohol Average Realization – B-heavy Ethanol Average Blended Realization – Syrup & Grain
(Including ENA / Others) (Rs./BL) ** (Rs./BL) ** (Rs./BL)

53.38 55.30 55.17 58.76 64.75 65.61

41.29 44.69 48.35 54.27 55.53 58.13 59.53 59.08 60.73

- - - - - -

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY22 FY23 FY22 FY23 FY22 FY23

• Includes ENA & Other products We are focusing on Syrup & B-heavy route Ethanol over
** Does not include relief amount / freight from sales 29
C-heavy route Ethanol
This is the
whatoutlook
our sugar
of distillery
business business
achieved
➢ Encouraging long-term government policy on increasing the use of ethanol in India’s vehicular fuel mix
➢ Profitable foundation for sustainable growth
➢ Increased distillation capacity from 560 KLPD to 1050 KLPD.
➢ Projected increase from ~21% of the company’s revenues in FY23 to ~35% by FY2023-24
➢ Ethanol business to have increased contribution to top-line
➢ Government has recently announced ethanol prices under the EBP Programme for ESY 2022-23, as under:
Period C-route B-route Syrup Damaged Grains Surplus Rice

Dec 22 - Oct 23 (ESY 2022-23) 49.41 60.73 65.61 55.54 58.50

Dec 21 - Nov 22 (ESY 2021-22) 47.84 60.57 65.05 55.26 58.31

(including incentive
w.e.f. 1st June,22) (1.18) (1.49) (1.60) (2.34) (1.44)

% change
(in ESY 2022-23 5.89% 2.79% 3.40% 4.95% 2.87%
w.r.t. ESY 2021-22)

➢ OMC’s have floated tenders for ESY 2022-23 for 600 cr BL as compared to 455.57 cr BL in ESY 2021-22
➢ Against the same OMC’s have finalized LOI for 518.35 crore BL out of which 513.66 crore BL has been contracted
➢ Ethanol prices are announced annually by the Central Government based on a formula, which factors in the price of sugar
and FRP of sugarcane to calculate ethanol procurement prices. Ethanol prices are delinked from crude or petrol prices.
30
 Business overview: Cogeneration
Power sales (Cr units) Average Realization
Production (Cr units) (Rs. per unit)
66.38
104.97
52.61 4.94
90.24
80.65
72.72 71.87 42.63
3.30 3.42 3.30 3.44
34.93 3.06 3.17
31.69
42.28 41.72 21.09 19.16

FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4 FY19 FY20 FY21 FY22 FY23 Q4 Q4
FY22 FY23 FY22 FY23 FY22 FY23

As at 31st March 2023 stock of bagasse stood at 3.88 lac MT as compared to 2.67 lac MT as
on 31st March 2022
Transfer price of bagasse currently stands at Rs. 1800/MT as compared to Rs 1400/MT earlier.

UPERC had reduced the tariff for power w.e.f. 1st April 2019 which resulted in lower revenue and
profit.
The same is being contested and presently the case is lying with Hon’ble High Court at Allahabad.
Next date for hearing is yet to be fixed.
Owing to reduced power tariff, Company has decided to operate Cogen plants for lower number of
days during off-season and sell surplus bagasse.

31
➢ PART THREE

Treasury
management

32
Factors influencing our treasury management

• Our product mix (to manufacture sugar or produce ethanol)

• To sell sugar within India or export

• The government’s allocation of sugar sale quota to the company

• The terms of trade related to sales

• The cost of debt on the company’s books / external credit rating

33
Major Working Capital Components / Long Term Debt
Cane price payable Long Term Debt Short Term Debt [excluding current
(Rs. Cr.) (including current maturities) maturities of long term debt]
(Rs. Cr.) (Rs. Cr.)
1,395
606 1,264
617 1,059
524 891 960
496
446
376 363

228 * 257
216
FY19 FY20 FY21 FY22 FY23

Debt reduced/moderated over the years

Increase in FY22 owing to speedy cane price
FY19 FY20 FY21 FY22 FY23 payments
FY19 FY20 FY21 FY22 FY23
Increase in FY23 owing to deployment of internal
* No overdue Borrowings increased to fund capex accruals into project

Debtors
Inventories
(Rs. Cr.)
(Rs. Cr.)
450
2,316 2,295 2,378 2,319
2,201

239 245

137 125

FY19 FY20 FY21 FY22 FY23

FY19 FY20 FY21 FY22 FY23

Increase in distillery volumes will lead to better

debtors management as the cycle is ~30 days 34
 Cash Flow Analysis – (standalone)
Rs. Cr

Sl. no. Particulars FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23

1 Profit before tax 595.03 554.93 596.11 655.61 396.97

Cash generated from / (used) in operating

2 activities
(523.01) 849.61 649.21 694.65 452.91

3 Net cash (used) in investing activities (159.20) (304.71) (81.13) (309.38) (858.75)

Net cash (used) / generated in financing

4 activities
681.88 (545.52) (569.12) (385.39) 405.83

Cash & Cash equivalents as on the reporting

5 date
2.12 1.49 0.45 0.32 0.31

Note:
In March 2018, sugar inventory was valued at Rs. 26.80 per kg whereas the cost of production was Rs. 31.08 per kg.
During June 2018, Central Government introduced the concept of Minimum Selling Price (MSP) of sugar.
This policy change/intervention resulted in sustainable revenues and profit while negating variations and induced cyclicality.

35
Treasury management update

• Long-term credit rating re-affirmed at AA+ (Stable)

and the short-term rating at A1+ by CRISIL

As of 31st March 2023, long term borrowings of the Company stands at Rs. 617.38 crores which
carries low interest rate of ~4.1%-8.9%. Repayment obligation towards long-term borrowings is as under:

Yearly repayment schedule as per terms of sanction (` in crores)

229.00
186.08
134.80
59.00
8.50
FY2023-24 FY2024-25 FY 2025-26 FY 2026-27 FY 2027-28

During FY2023, Company availed Long Term borrowings of Rs. 326 crores for the capex in the Distillery segment
which is eligible for 50% interest subvention
In addition, Rs. 140 crores via NCD was raised to fund the capex in the sugar segment

36
Share buyback

5 40.40
Number of successive
Lakh maximum shares
at maximum price,
360.00
share buybacks
in five years
6th (size of the sixth share
buyback)
Rs. per share,
maximum price of
Buy-back approved by sixth share buyback
the Board in its
meeting held on 9th
November 2022 & is
currently under 145.44
42.90% progress * Rs. cr. Maximum
% shareholding of outflow in the sixth
promoter share buyback,
* Company has bought back excluding taxes
as at 31.03.23
2290755 equity shares till
10th May 2023

37
➢ PART FOUR

Global &
Indian Sugar
Sector
Overview

38
 The company’s sugar
prospects are influenced by
trends in the global and
domestic sugar markets

39
 TheSugar
Global Global Scenario
Production Outlook
( metric million tonnes)

Total Global production at 173.5 MMT Total Global production estimated at 177.3 MMT

In Brazil higher sugar mix along with reduction in gasoline prices by Petrobras has resulted in higher sugar production.
Thailand have produced more sugar in 2022-23 whereas lower production seen in India, China, EU & UK.
40
 Factors influencing global sugar industry trends
1 Global oil prices
Million tonnes,
2 Government policies catalyzing the shift between sugar to
ethanol
173.5 global sugar
production, 2021-
Brazil (22-23):
• Energy taxes were reduced in
22 Brazil which brought the Ethanol
parity down.
3 Climatic impact on sugar production in Brazil, India, EU & • Govt. also reduced gas oil price to
Thailand, among the largest sugar producers in the world fight inflation.
Million tonnes
• All these are forcing millers to go
177.3 (estimated), global
sugar production,
for max sugar production.
4 Global sugar consumption 2022-23
Production Outlook (23-24):
• Brazil production expected to go
Global sugar Balance Sheet, 2021-22 Global sugar Balance Sheet, 2022- Conclusions up to ~37-38 million tonnes
23 (Estimated) (in million tonnes) • Thailand facing competition from
(in million tones) Stable global sugar inventory Casava along with impact of dry
Opening 95.3 Opening 95.0 weather conditions
Production 173.5 Production 177.3 Possibility of firm sugar realizations • Impact of possible El Nino
Consumption 173.8 Consumption 175.7
Closing 95.0 Closing 96.6 Attractive export from India
Global Consumption Outlook:
Global Price Outlook: • Increase in consumption will
• The global Raw Sugar (Mar-23 contract) price traded in the range of ~19-22 c/lb during Q4FY23 help check the inventory as
quarter there are availability concern
Downside on NY11 raw sugar price seems to be limited while on the upside it is expected to on one hand along with
remain strong with upward bias. declining production. 41
• Brazilian currency value to play an important role on the prices.
India’s sugar inventory is
correcting downwards

42
Domestic Sugar Balance Sheet
( metric million tonnes)

Sugar Season 2021-22 Sugar Season 2022-23 (Estimated)

27.4 28.0
35.8 32.8

11.1 6.1
8.2 7.0 5.7
5.5
*

SS 22 Opening Production Domestic Exports SS 22 Closing SS 23 Opening Production Domestic Exports SS 23 Closing
Consumption Consumption

* Opening stock for 2022-23 has been recently re-stated by Government

Managed demand/supply, robust ethanol blending policies, robust exports.

Moderating the sugar inventory and supporting the domestic sugar prices

43
Outcome of the declining national sugar inventory

Increased
Superior
profitability
prospects for
Strong sugar of the
integrated
realisations sugar
sugar
business
companies

44
 India: Has emerged as world’s Largest Sugar Producing Country
State-Wise Sugar India's Sugar Export
India's Sugar Production Production (MMT)
(MMT)
Net of sugar sacrifice Others 11.10
35.80 18% 5.80 7.20 6.10
32.48 33.16 31.20 32.80 Maharashtra
27.41 32%
3.80
0.46
Karnataka SS
SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 SS22-23
18% 2022-23 (Est.)

SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 SS22-23 Financial 8.3 10.48 6.0*/ Nil Nil
(Est.) Assistance
UP (Rs./kg)
Sugar Sacrifice (MMT) 0.82.0 3.5 3.9
32% */ revised to Rs. 4/kg w.e.f. 20.05.2021
Through B-heavy/Juice/Syrup route

Sugarcane Acreage Sugarcane Yield

➢ Sugarcane farming in India is among the (000’ Hectare) per Hectare
(tonnes)
largest agro-based sector, employing over
5 crore sugarcane growers and over 5 lakh 5,502 5,583
81.7 82.7
5,288
workers.
5,042 75.3 76.0
4,841
➢ The country has a potential to export sugar 71.1
to several countries.
SS17-18 SS18-19 SS19-20 SS20-21 SS21-22
SS17-18 SS18-19 SS19-20 SS20-21 SS21-22
% of cane diverted for: SS 17-18 SS18-19 SS 19-20 SS 20-21 SS 21-22
Gur, Khandsari 20.4% 24.7% 26.4% 25.0%` 22.8%
& Others . 45
India: World’s Largest Sugar Consumer
India's Sugar Consumption
India's Sugar Consumption
(MMT) Direct Bulk B2B
Households 35% Consumers 65%
27.40 28.00
26.50
25.39 25.50 25.30

SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 SS22-23 Per capita consumption in India as compared to global average
(Est.) is at ~19.5 kilograms per year of 23.5 kilograms

Steady & sustainable demand opportunity: Sugar consumption in moderation is a source of carbohydrate and
instant energy and is considered good for health and is part of a
healthy diet as per nutritionists.
Sugar consumption in India is expected to grow. Key demand
drivers include GDP growth, rising disposable income, increasing In India, consumption of sweets is synonymous with expression of
demand for processed foods through modern retail, etc.
love, fun, happiness & celebration.
46
Current Sugar Sector Scenario: Man-Induced Sugar Cycle No Longer Prevails

Improvement
in sugarcane
yield / recovery

Setting standard floor price for sugar i.e.

Robust Ethanol Prudent Minimum Selling Price (MSP)
blending Government
programme policy O
U Addressing excess sugar through conversion
T into Ethanol and Exports
Key
C
factors O
M
Diversion of Remunerative prices for Ethanol
excess cane / Rational cane E
sugar towards pricing
Ethanol
Government polices supporting all
stakeholders
Minimum Sale
Price (MSP) for
sugar

Structural improvement in the performance of the sugar industry 47

47
➢ PART FIVE

The strategic
direction of our
company
48
Moving towards next orbit

Creating value
Expansion
for all
into Robust and stakeholders
Strong integrated Ethanol Sustainable
business model Financial
performance

➢ Successfully completed five consecutive

➢ Emerging as a key growth Buy-Backs along with dividends leading to
driver for the Company net payout to shareholders for Rs. 1177
going forward crores (excluding distribution taxes Rs. 144
➢ Helping in successfully ➢ Rapid growth from Distillery ➢ Structural shift in the sector crores) in last 6 years till FY22
navigating the sugar cycles segment enabling to deliver strong
➢ Announced 6th consecutive buy-back which
with diversifying revenue profitability on a sustainable
➢ Track record of timely is in progress
streams basis
completion of projects ➢ Paid divided of Rs. 50.84 crores in FY23
➢ Proven track record for ➢ Strong Balance Sheet with
value creation ability to invest in growth ➢ Actively working on ESG front
opportunities 49
➢ PART SIX

ESG and
enhanced
stakeholder value

50
Our ESG vision

To retain our position as one of

the “greenest” companies in
India’s sugar sector

The relevance of same to Company’s business

The nature of our energy We are engaged in a social A sustainable business can
products: business, marked by be only built through a
engagements with around stable and robust
Ethanol helps moderate air
5.5 Lakh farmers; as a Governance Framework.
pollution while co-
generation presents a result, our influence goes
cleaner alternative over right down to the
fossil-fuel-derived energy grassroots and supports
income growth.

51
Our ESG Framework
Environmental Social Governance
Our environment approach has been Our Company takes a holistic
Our Governance policies are framed
woven around the elements of Plan- approach to sustainable value
on the basis of transparency,
Mitigate-Adapt-Resilience. creation for all its stakeholders by
accountability, fairness and ethical
nurturing its long-standing
standards
relationships and building new ones

Large workforce with passionate & Structure & Oversight -

Resilience towards climate • Majority of Directors are Independent
change – A commitment to experienced working culture.
Directors
• Reduce energy intensity. • Diversified Board with two women Directors.
• Reduce greenhouse gas Investment in training and • Audit Committee and NRC comprising of all
emissions. digitalisation to enhance Non-Executive Directors.
• Protection of bio-diversity. efficiency. • Independent Directors Chair Audit, NRC,
• Moderate carbon footprint Risk and Stakeholders Committees
Employee health & wellness and • ESG Committee constituted
intensity in our operations.
safety. Governance Policies -
Adoption of 4Rs, i.e. – • Code of Conduct
• Replace Deepened relationship with vendors • Whistle Blower Policy
• Reuse as well as primary customers. • Anti-Bribery Policy
• Recycle • Environment-Health-and-Safety (EHS)
• Reduce Policy
Community - The company engaged • Business Responsibility Policy
We achieved zero liquid • Cyber Security and IT Policy
with the community around its
discharge target in all our • Risk Management Policy
manufacturing locations with • Corporate Social Responsibility Policy
distilleries and are now the objective to widen the circle • Succession Policy
targeting zero water drawal in of prosperity. • Prevention of Sexual Harassment Policy
sugar units.
Represents a platform leading to secure, scalable and sustainable long-term growth. 52
Our ESG Achievements

Total effluents Improvement Steam consumption No. of trees planted

(Ltrs/MT)) Improvement
(per MT of cane) Improvement
(units)

0.44
196.16 186.98 1,84,354
177.45 0.43
151.20 1,50,137
0.42

0.41
45,700 50,298

SS 20 SS 21 SS 22 SS 23 FY 20 FY 21 FY 22 FY 23 FY 20 FY 21 FY 22 FY 23

Ground water drawal Loss Time Injury Frequency Rate

Improvement
Particulate matter emission from (in litres/MT of cane) (LTIFR)
Improvement
boiler (Mg/ Nm3) Improvement
1.09
1.02
218

80.70 178
158 0.71
76.64 124 0.53
68.51 68.32

SS 20 SS 21 SS 22 SS 23 FY 20 FY 21 FY 22 (revised) FY 23 FY 20 FY 21 FY 22 FY 23

On path of further improvement and greater contribution to society 53

 Socially Conscious Corporate Citizen
750+ Solar street lights
CSR spend (Rs. Cr) installed

35+ ponds cleaned,

10.93 10.68 11.20 11.95 renovated and
recharged
2.93 More than 12 lac
individuals benefitted
COMMUNITY
FY19 FY20 FY21 FY22 FY23 DEVELOPMENT

HEALTH
EMPOWERMENT ENVIRONMENT EDUCATION
AGRICULTURE

50,000+ students impacted 65,000+ patients benefited

6500+ Farming Equipment 184,000+ trees planted
1000+ women empowered Distributed
15+ schools covered for 10+ Government healthcare
Infrastructure support facilities supported
More than 50% increase in
Farmers Income 10+ Toilets constructed
Smart classes developed in
Above data are from Social Impact Assessment Report issued in May 2023 by an independent external agency
5+ schools
In January 2023, the Company has won two National Level CSR Awards. The 7th ICSI National CSR Awards for Medium Category from The Institute of Company Secretaries and Golden
Peacock National Award for CSR from the Institute of Directors. These coveted awards recognize the contributions made by the Company for community development and long-term 54
sustainability.
Our governance framework

Strategic
Focus on de- Investment in
guidance from
risking coupled digitalisation,
experienced
with controlled processes and
and diversified
growth systems
Board of
Directors

55
Board of Directors

Vivek Saraogi – Chairman and Managing Director

➢ An eminent industrialist, is a veteran in the sugar industry and has been one of the youngest president of the Indian Sugar Mills Association.
➢ Former committee member of FICCI & the Indian Chamber of Commerce in Kolkata.
➢ Under his stewardship and able leadership, the Company has grown leaps and bounds through organic and inorganic means enabling the Company to emerge as a
leader in the Indian sugar industry.
➢ Mr. Saraogi is a Commerce Graduate from St. Xavier's College, Kolkata.

Dinesh Kumar Mittal (Retd. IAS) – Lead Independent Director Veena Hingarh – Independent Director
➢ Director in South-Asian Management Technologies FZC, Dubai and South
➢ Director in reputed companies like Bharti Airtel, Max Financial Services,
Asian Management Technologies Foundation, a National State Board of
Trident etc.
Accountancy (USA) accredited institution.
➢ Former Secretary of Department of Financial Services and Ministry of
➢ Has over 20 years of result-oriented consultancy and corporate training
Corporate Affairs.
experience.
➢ M.Sc. (Physics) with specialization in electronics from the University of
➢ FCA (ICAI), ACA (ICEAW), CS, Certified Information System Auditor &
Allahabad and a former Gold Medalist I.A.S. Officer of 1977 Batch.
Masters in Science.

Krishnava Dutt – Independent Director Mamta Binani – Independent Director

➢ Managing Partner of Argus Partners and Director in reputed companies like ➢ Chairperson of Merchant Chamber of Commerce- Legal Affairs Council and
Tata Metaliks, TRF Limited, etc. Co-Chair of the Restructuring Committee of Stressed Assets of Indian
➢ He has been identified by India Business Law Journal as one of India’s top Chamber of Commerce and Director in many listed companies.
100 lawyers. ➢ Former National President of the Institute of Company Secretaries of India
➢ His experience encompasses the entire repertoire of corporate practice (ICSI) for the year 2016.
including mergers and acquisitions, private equity, banking & finance projects. ➢ A law graduate and topper in CS examinations, she is the first registered
Insolvency professional in the Country.

Naresh Dayal (Retd. IAS) – Non-executive Director Praveen Gupta – Whole-time Director
➢ Worked with the Government of India for 37 years in various positions at the
➢ Experience spans more than 40 years and is associated with the Company
state and national levels.
since 2008.
➢ As Secretary, Ministry of Health and Family Welfare, he was responsible, for
➢ MBA from IIM Kolkata after completing Mechanical Engineering from Delhi
all policies & programmes in the realms of Public Health.
College of Engineering.
➢ Masters’ degree in Arts from University of Delhi and in Professional Studies,
➢ Leads CTT to build technical excellence around engineering process functions.
Agriculture from University of Cornell, USA.

56
 Shareholding Pattern

Promoter Group Holding Foreign Holding Domestic Mutual Funds

42.42% 42.42% 42.42% 42.43% 42.90%
17.00% 16.22% 16.40%
15.84%
14.50% 14.14%
15.33% 15.28%
14.72%
14.44%

Mar,22 June,22 Sept,22 Dec,22 Mar,23 Mar,22 June,22 Sept,22 Dec.,22 Mar,23 Mar,22 June,22 Sept,22 Dec,22 Mar,23

Qualified Institutional Buyers Resident Individuals Others

3.63% 18.96%
3.32% 6.68%
18.63% 5.85% 6.02%
2.85% 5.28%
2.23% 18.03% 4.80%
2.21%
17.15% 17.33%

Mar,22 June,22 Sept,22 Dec,22 Mar,23 Mar,22 June,22 Sept,22 Dec,22 Mar,23 Mar,22 June,22 Sept,22 Dec,22 Mar,23

57
Top 10 Non-Promoter Shareholding as on 31st Marchch 2023
Shareholder % Shareholding

NIPPON LIFE INDIA TRUSTEE LTD-A/C (Nippon India Small Cap Fund) 4.63%
KOTAK SMALL CAP FUND 2.39%
MAX LIFE INSURANCE CO. LTD A/C-PARTICIPATING FUND 2.31%
ABU DHABI INVESTMENT AUTHORITY – MONSOON 1.82%
GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY 1.68%
AZIM PREMJI TRUST 1.25%
ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C- ADITYA BIRLA PURE
VALUE FUND 1.13%
HSBC SMALL CAP FUND 1.13%
HDFC TRUSTEE CO. LTD. A/C – HDFC DIVIDEND YIELD FUND 1.11%
KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. 0.99%

58
Key factors to watch out

* State Advised Price (SAP) (for the State of U.P.) of sugarcane for the sugar season 2023-24

* Ethanol prices for ESY 2023-24

* Indian Export Policy going forward

* Occurrence of El Nino

59
 About Balrampur Chini Mills Limited
Contact Us CIN: L15421WB1975PLC030118
Balrampur Chini Mills Limited (BCML) is one of the largest
integrated sugar companies in India. The allied businesses of the
For further information contact: Company comprise distillery operations and cogeneration of
power. The Company presently has ten sugar factories located in
Pramod Patwari Uttar Pradesh (India) having an aggregate sugarcane crushing
Chief Financial Officer capacity of 80,000 TCD (2,000 TCD expansion under
Balrampur Chini Mills Limited implementation), distillery and co-generation operations of 1050
Tel : +91 33 2287 4749 KLPD and 175.7 MW (Saleable) respectively.
Email: [email protected] BCML is one of the most efficient integrated sugar producers in
the country. The Company has grown its capacity by well-planned
Anoop Poojari capacity expansion projects and the acquisition of existing
CDR India companies.
Tel: +91 98330 90434/ 98330 10478
Email: [email protected]
[email protected]

For more information on the Company, please log on to

www.chini.com

Registered Office: FMC Fortuna, 2nd Floor, 234/3A, A. J. C. Bose Road, Kolkata 700020. 31
60
Thank You

61