balrampur chini mills ltd (crd1) meet/100038_20131031.pdf · large capacities focus on value...
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Tit
le
Sli
de
No
Pe
rfo
rma
nce
Hig
hli
gh
ts
4
Ma
na
ge
me
nt’
s M
ess
ag
e
5
Co
mp
an
y H
igh
lig
hts
6
Se
cto
r P
ers
pe
ctiv
es
8
Fin
an
cia
l O
ve
rvie
w
9
Se
gm
en
tal
Ov
erv
iew
1
0
2
Larg
e C
ap
aci
tie
s
Focu
s o
n V
alu
e
Ma
xim
iza
tio
n
Ma
na
ge
me
nt
exp
ert
ize
Op
era
tio
na
l e
ffic
ien
cie
s
Su
ga
rca
ne
cru
shin
g c
ap
aci
ty a
t 7
9,0
00
TC
D,
Dis
till
ery
an
d C
o-g
en
era
tio
n
op
era
tio
ns
of
32
0 K
LPD
an
d 1
26
MW
(S
ale
ab
le)
resp
ect
ive
ly
On
e o
f th
e p
ion
ee
rs o
f In
teg
rate
d B
usi
ne
ss M
od
el
in I
nd
ia t
ha
t
sta
bil
ize
s re
ven
ue
str
ea
ms
alo
ng
wit
h p
rov
idin
g a
he
dg
e a
ga
inst
th
e s
ug
ar
cycl
e
Str
on
g m
an
ag
em
en
t te
am
wit
h y
ea
rs o
f su
ga
r in
du
stry
exp
eri
en
ce
Late
st t
ech
no
log
y i
mp
lem
en
ted
to
ach
ieve
hig
he
st o
pe
rati
on
al re
sult
s a
nd
leve
rag
e i
nte
r-p
lan
t sy
ne
rgie
s to
ma
xim
ize
by
-pro
du
ct u
tili
zati
on
3
qN
et
Re
ven
ue
st
oo
d a
t ` 5
,68
3.0
mil
lio
n a
s co
mp
are
d t
o `
8,8
82
.2 m
illi
on
in
Q2
FY
13
qE
BIT
DA
sto
od
at ` (
63
0.8
) m
illi
on
qN
et
Pro
fit
sto
od
at
` (
1,2
21
.1)
mil
lio
n
qD
ilu
ted
EP
S a
t ` (
4.9
8)
pe
r sh
are
Q2
FY
20
14
hig
hli
gh
ts v
/s Q
2 F
Y2
01
3
4 q
Ne
t R
eve
nu
e s
too
d a
t ` 1
2,7
42
.5 m
illi
on
as
com
pa
red
to
` 1
5,8
01
.8 m
illi
on
in
H1
FY
13
qE
BIT
DA
sto
od
at ` (
16
2.4
) m
illi
on
qN
et
Pro
fit
sto
od
at
` (
1,3
55
.0)
mil
lio
n
qD
ilu
ted
EP
S a
t ` (
5.5
3)
pe
r sh
are
H1
FY
20
14
hig
hli
gh
ts v
/s H
1 F
Y2
01
3
Co
mm
en
tin
g o
n t
he
pe
rfo
rma
nce
fo
r Q
2 &
H1
FY
20
14
, M
r. V
ive
k S
ara
og
i, M
an
ag
ing
Dir
ect
or,
Ba
lra
mp
ur
Ch
ini
Mil
ls L
imit
ed
(B
CM
L),
said
:
“The
cu
rre
nt
sug
ar
sce
na
rio
re
ma
ins
cha
lle
ng
ing
. T
he
ke
y c
on
cern
cu
rre
ntl
y i
s th
e l
ow
er
sug
ar
rea
liza
tio
n a
nd
un
cert
ain
ca
ne
pri
ces
resu
ltin
g i
n n
eg
ati
ve
ea
rnin
gs.
Th
ere
ha
ve
be
en
ce
rta
in p
osi
tive
s fo
r th
e s
ect
or
in t
he
re
cen
t
pa
st i
ncl
ud
ing
pa
rtia
l d
e-c
on
tro
l o
f th
e s
ug
ar
sect
or,
an
d p
urc
ha
se o
f e
tha
no
l b
y o
il m
ark
eti
ng
co
mp
an
ies
at
ma
rke
t d
rive
n p
rice
s, w
hic
h h
ave
be
en
ove
rsh
ad
ow
ed
by s
kew
ed
ca
ne
pri
ces.
As
the
ne
w s
ug
ar
sea
son
co
mm
en
ces,
we
are
ho
pe
ful
of
the
ra
tio
na
liza
tio
n o
f th
e S
AP
pri
ce m
ech
an
ism
be
ing
con
sid
ere
d a
ctiv
ely
esp
eci
all
y t
ak
ing
co
gn
iza
nce
of
inve
rse
mo
ve
me
nt
of
sug
arc
an
e c
ost
viz
-a-v
iz s
ug
ar
pri
ce
rea
liza
tio
n.
Talk
ing
ab
ou
t th
e s
eg
me
nta
l p
erf
orm
an
ce,
reve
nu
es
ha
ve
re
ma
ine
d m
ute
d c
on
sid
eri
ng
th
is i
s th
e n
on
-pro
du
ctio
n
qu
art
er
for
the
C
om
pa
ny.
T
he
su
ga
r se
gm
en
t re
gis
tere
d
low
er
vo
lum
es
at
low
er
rea
liza
tio
n
ow
ing
to
th
e
da
mp
en
ed
su
ga
r p
rice
s in
th
e d
om
est
ic m
ark
ets
.”
5
qD
uri
ng
th
e q
ua
rte
r, H
on
’ble
BIF
R a
pp
rove
d th
e m
erg
er
of
Kh
ali
lab
ad
Su
ga
r M
ills
Pv
t. L
td (
KS
MP
L) w
ith
Ba
lra
mp
ur
Ch
ini
Mil
ls L
td (
BC
ML)
un
de
r th
e M
od
ifie
d D
raft
Re
ha
bil
ita
tio
n S
che
me
üT
he
me
mb
ers
of
KS
MP
L, w
ho
se n
am
es
wil
l a
pp
ea
r in
th
e R
eg
iste
r o
f M
em
be
rs a
s o
n O
cto
be
r 3
0,
20
13
wil
l b
e a
llo
tte
d 1
eq
uit
y s
ha
re o
f R
e.
1 e
ach
in
BC
ML
cre
dit
ed
as
full
y p
aid
up
fo
r e
very
20
sha
res
of `
10
ea
ch h
eld
by
th
em
in
KS
MP
L
üK
SM
PL
is s
itu
ate
d a
t K
ha
lila
ba
d,
U.P
., w
hic
h i
s in
clo
se p
roxi
mit
y o
f th
e e
xist
ing
Ba
bh
na
n u
nit
of
BC
ML;
co
nse
qu
en
tly t
he
pro
po
sed
me
rge
r sh
all
re
sult
in
va
rio
us
loca
tio
na
l a
nd
in
ter-
pla
nt
syn
erg
ies
üB
en
efi
ts
sha
ll
als
o
acc
rue
o
n
acc
ou
nt
of
bro
ug
ht
forw
ard
b
usi
ne
ss
loss
es
an
d
un
ab
sorb
ed
de
pre
cia
tio
no
f K
SM
PL
as
pe
r In
com
e T
ax
Act
, 1
96
1
üK
SM
PL
is l
oca
ted
in
a c
an
e r
ich
are
a –
exi
stin
g c
rush
ing
ca
pa
city
of
2,5
00
TC
D h
as
po
ten
tia
l fo
r
incr
ea
se i
n f
utu
re
6
qIn
th
e u
pco
min
g s
ug
ar
sea
son
20
13
- 1
4,
BC
ML
exp
ect
s to
cru
sh a
pp
roxi
ma
tely
5%
low
er
suga
rca
ne
as
com
pa
red
to
th
e p
revio
us
suga
r se
aso
n 2
01
2 –
13
qT
he
Co
mp
an
y’s
bro
wn
fie
ld e
xp
an
sio
n o
f th
e c
o-g
en
era
tio
n f
aci
lity
at
Ku
mb
hi
is p
rog
ress
ing
we
ll a
nd
th
e
faci
lity
is
exp
ect
ed
to
co
mm
en
ce o
pe
rati
on
s b
y Q
4 F
Y1
4
üC
ap
aci
ty t
o b
e e
xpa
nd
ed
by
12
.7 M
W
üC
ap
ex
to t
he
tu
ne
of ` 5
9 c
rore
, to
be
fu
nd
ed
by
ru
pe
e t
erm
lo
an
of `
36
cro
re
qA
s o
n 3
0 S
ep
tem
be
r 2
01
3,
üT
he
Co
mp
an
y’s
Lo
ng
Te
rm D
eb
t st
oo
d a
t `
33
4.8
cro
re
üW
ork
ing
Ca
pit
al
bo
rro
win
gs
at `
9
17
.8 c
rore
7
qS
uga
r p
rod
uct
ion
in
th
e c
ou
ntr
y in
20
12
-13
sto
od
at
25
.14
mil
lio
n t
on
ne
s (m
t),
wh
ile
co
nsu
mp
tio
n w
as
est
ima
ted
at
22
.8 m
t.
üT
he
in
du
stry
wil
l st
art
th
e n
ew
cru
shin
g s
ea
son
wit
h a
n o
pe
nin
g i
nve
nto
ry b
ala
nce
of
8.8
mt.
as
com
pa
red
to
6.5
mt
at
the
be
gin
nin
g o
f th
e p
rev
iou
s se
aso
n
üE
xpe
cte
d p
rod
uct
ion
fo
r th
e s
ug
ar
sea
son
20
13
– 1
4 i
s 2
5 m
t.
üU
tta
r P
rad
esh
lik
ely
to
pro
du
ce a
rou
nd
7.5
mil
lio
n t
on
ne
s in
th
e c
urr
en
t se
aso
n a
s a
ga
inst
7.7
mil
lio
n t
on
ne
s in
th
e p
rev
iou
s se
aso
n
qS
AP
pri
ces
for
the
fo
rth
com
ing
su
ga
r se
aso
n l
ike
ly t
o b
e a
nn
ou
nce
d s
oo
n
üT
he
in
du
stry
pla
yers
ha
ve p
rese
nte
d t
he
ir c
ase
fo
r a
ra
tio
na
l S
AP
me
cha
nis
m f
or
can
e t
ha
t is
ali
gn
ed
wit
h t
he
su
ga
r p
rice
re
ali
zati
on
üC
urr
en
t ca
ne
arr
ea
rs d
ue
to
th
e f
arm
ers
sta
nd
at ` 3
,20
0 c
rore
wit
h U
P h
av
ing
th
e l
arg
est
arr
ea
rs
of ` 2
,20
0 c
rore
8
Sta
tem
en
t o
f P
rofi
t &
Lo
ss
( ` m
illi
on
) Q
2 F
Y1
4
Q2
FY
13
% Y
-o-Y
Gro
wth
H
1 F
Y1
4
H1
FY
13
% Y
-o-Y
Gro
wth
Ne
t O
pe
rati
ng
Re
ven
ue
5
,68
3.0
8
,88
2.2
(3
6.0
2%
) 1
2,7
42
.5
15
,80
1.8
(1
9.3
6%
)
EB
ITD
A
(63
0.8
) 1
,20
6.6
-
(16
2.4
) 1
,77
8.5
-
EB
ITD
A M
arg
in (
%)
(11
.10
%)
13
.58
%
(1.2
7%
) 1
1.2
6%
De
pre
cia
tio
n
27
4.9
2
75
.6
(0.2
5%
) 5
49
.9
54
9.5
0
.07
%
Inte
rest
3
35
.2
42
1.0
(2
0.3
8%
) 7
41
.7
95
6.2
(2
2.4
3%
)
Pro
fit
Be
fore
Ta
x (1
,20
1.6
) 5
65
.9
- (1
,33
5.5
) 3
85
.4
-
Pro
fit
Aft
er
Tax
(1,2
21
.1)
48
8.8
-
(1,3
55
.0)
30
8.3
-
Pro
fit
Aft
er
Tax
Ma
rgin
(%
) (2
1.4
9%
) 5
.50
%
(10
.63
%)
1.9
5%
Dil
ute
d E
PS
(`
) (4
.98
) 2
.00
(5
.53
) 1
.26
9
10
( ` m
illi
on
)
Se
gm
en
t
Re
ve
nu
es
% c
on
trib
uti
on
to R
ev
en
ue
s P
BIT
% c
on
trib
uti
on
to P
BIT
Q2
FY
20
14
5
,03
4.5
8
5.9
5%
(9
75
.9)
-
Q2
FY
20
13
8
,24
3.2
9
1.2
0%
7
49
.4
-
% S
hif
t (3
8.9
3%
) -
H1
FY
20
14
1
1,0
71
.2
82
.56
%
(1,4
18
.6)
-
H1
FY
20
13
1
4,0
62
.4
86
.75
%
52
1.7
-
% S
hif
t (2
1.2
7%
) -
qV
olu
me
s re
ma
ine
d m
ute
d a
t lo
we
r re
ali
zati
on
s re
sult
ing
in
mo
de
rati
on
in
pe
rfo
rma
nce
fo
r th
e s
eg
me
nt
üIn
Q2
FY
14
su
ga
r sa
les
sto
od
at
15
.7 l
ak
h q
uin
tals
as
ag
ain
st 2
3.9
8 l
ak
h q
uin
tals
in
Q2
FY
13
üR
ea
liza
tio
n w
as
low
er
ow
ing
to
su
pp
ly e
xce
ed
ing
de
ma
nd
qLo
we
r m
ark
et
pri
ces
ne
cess
ita
ted
fu
rth
er
inve
nto
ry w
rite
-do
wn
imp
act
ing
pro
fits
qA
so
nS
ep
tem
be
r3
0,
20
13
sug
ar
inve
nto
ryst
oo
da
t2
7la
kh
qu
inta
lsa
nd
isva
lue
da
t`
30
.20
pe
rk
g
12
31
.51
84
6.2
9
81
0.5
2
-
-
0
20
0
40
0
60
0
80
0
10
00
12
00
14
00
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Ca
ne
Cru
she
d (
Lak
h Q
uin
tals
)
11
5.4
7
80
.72
77
.18
--
0
20
40
60
80
10
0
12
0
14
0
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Pro
du
ctio
n (
Lak
h Q
uin
tals
)
9.3
89
.54
9.5
2
--
0.0
0
2.0
0
4.0
0
6.0
0
8.0
0
10
.00
12
.00
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Re
cov
ery
(%
)
29
.70
28
.74
33
.01
34
.32
30
.98
24
.00
26
.00
28
.00
30
.00
32
.00
34
.00
36
.00
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Av
g. R
ea
liza
tio
n –
Fre
e S
ug
ar
(`p
er
kg)
11 *
FY
20
11
wa
s fo
r a
pe
rio
d o
f 1
8 m
on
ths
12
( ` m
illi
on
)
Se
gm
en
t
Re
ve
nu
es
% c
on
trib
uti
on
to R
ev
en
ue
s P
BIT
% c
on
trib
uti
on
to P
BIT
Q2
FY
20
14
6
20
.8
10
.60
%
25
8.1
-
Q2
FY
20
13
5
90
.8
6.5
4%
2
32
.3
-
% S
hif
t 5
.08
%
11
.11
%
H1
FY
20
14
1
,18
4.1
8
.83
%
53
0.1
-
H1
FY
20
13
1
,12
4.5
6
.94
%
46
1.4
-
% S
hif
t 5
.30
%
14
.89
%
qD
uri
ng
th
e
qu
art
er,
th
ou
gh
th
e
sale
s vo
lum
es
we
re
low
er
bu
t h
igh
er
rea
liza
tio
n
as
com
pa
red
to
th
e
corr
esp
on
din
g q
ua
rte
r p
rev
iou
s ye
ar
resu
ltin
g i
n i
mp
rove
d t
op
-lin
e a
nd
bo
tto
m-l
ine
fo
r th
e b
usi
ne
ss d
ivis
ion
üR
S,
EN
A a
nd
SD
S s
ale
s vo
lum
es
for
Q2
FY
14
sto
od
at
14
,30
5 K
L a
s co
mp
are
d t
o 1
1,2
16
KL
in c
orr
esp
on
din
g
pe
rio
d p
rev
iou
s ye
ar;
Fo
r e
tha
no
l, t
he
sa
les
sto
od
at
4,5
57
KL
as
com
pa
red
to
10
,12
2 K
L in
Q2
FY
12
üQ
2 F
Y1
3 b
len
de
d r
ea
liza
tio
ns
we
re h
igh
er
at `
32
.07
pe
r B
L a
s co
mp
are
d t
o `
27
.55
pe
r B
L in
Q2
FY
13
70
86
0
55
78
5
67
66
6
12
85
36
73
9
0
10
00
0
20
00
0
30
00
0
40
00
0
50
00
0
60
00
0
70
00
0
80
00
0
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Pro
du
ctio
n (
KL)
63
17
9
54
71
7
66
21
7
21
33
81
88
62
0
10
00
0
20
00
0
30
00
0
40
00
0
50
00
0
60
00
0
70
00
0
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Tota
l Sa
les
(KL)
25
.10
26
.70
28
.00
27
.55
32
.07
0.0
0
5.0
0
10
.00
15
.00
20
.00
25
.00
30
.00
35
.00
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Ble
nd
ed
Re
ali
zati
on
s (`
pe
r B
L)
*F
Y 2
01
1 w
as
for
a p
eri
od
of
18
mo
nth
s
14
16
0
16
53
1
18
54
3
39
89
66
5
0
50
00
10
00
0
15
00
0
20
00
0
FY 2
01
1FY
20
12
FY 2
01
3Q
2 F
Y2
01
3Q
2 F
Y2
01
4
Eth
an
ol p
rod
uct
ion
(K
L)
13
14
( ` m
illi
on
)
Se
gm
en
t
Re
ve
nu
es
% c
on
trib
uti
on
to R
ev
en
ue
s P
BIT
% c
on
trib
uti
on
to P
BIT
Q2
FY
20
14
2
00
.2
3.4
2%
(4
2.8
) -
Q2
FY
20
13
2
03
.7
2.2
5%
(4
.5)
-
% S
hif
t (1
.72
%)
-
H1
FY
20
14
1
,13
9.5
8
.50
%
52
0.9
-
H1
FY
20
13
1
,00
2.6
6
.18
%
44
1.2
-
% S
hif
t 1
3.6
5%
1
8.0
6%
qT
his
be
ing
th
e n
on
-pro
du
ctio
n q
ua
rte
r,
low
er
ava
ila
bil
ity
of
ba
ga
sse
co
up
led
wit
h p
lan
t sh
ut
do
wn
for
reg
ula
r re
pa
irs
resu
lte
d i
n l
ow
leve
l o
f o
pe
rati
on
s fo
r th
e s
eg
me
nt
10
15
4
73
93
74
89
46
7.6
38
9.8
0
20
00
40
00
60
00
80
00
10
00
0
12
00
0
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Tota
l Po
we
r G
en
era
tio
n (
Lak
h u
nit
s)
63
12
46
76
53
86
38
43
24
0
10
00
20
00
30
00
40
00
50
00
60
00
70
00
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Po
we
r sa
les
fro
m B
ag
ass
e (
Lak
h u
nit
s)
3.9
94
.02
4.0
5
4.1
3
4.2
5
3.8
0
3.9
0
4.0
0
4.1
0
4.2
0
4.3
0
FY
20
11
FY
20
12
FY
20
13
Q2
FY
20
13
Q2
FY
20
14
Re
ali
zati
on
fro
m B
ag
ass
e B
ase
d S
ale
s(`
pe
r
un
it)
15 *
FY
20
11
wa
s fo
r a
pe
rio
d o
f 1
8 m
on
ths
Ab
ou
t B
alr
am
pu
r C
hin
i M
ills
Lim
ite
d
Ba
lra
mp
ur
Ch
ini
Mil
ls L
imit
ed
(B
CM
L) i
s o
ne
of
the
la
rge
st i
nte
gra
ted
su
ga
r co
mp
an
ies
in I
nd
ia.
Th
e a
llie
d
bu
sin
ess
es
of
the
Co
mp
an
y c
om
pri
se d
isti
lle
ry o
pe
rati
on
s, c
og
en
era
tio
n o
f p
ow
er
an
d m
an
ufa
ctu
rin
g o
f
bio
-co
mp
ost
. T
he
Co
mp
an
y p
rese
ntl
y h
as
ele
ve
n s
ug
ar
fact
ori
es
loca
ted
in
Utt
ar
Pra
de
sh (
Ind
ia)
ha
vin
g
an
ag
gre
ga
te s
uga
rca
ne
cru
shin
g c
ap
aci
ty o
f 7
9,0
00
TC
D,
dis
till
ery
an
d c
o-g
en
era
tio
n o
pe
rati
on
s o
f 3
20
KLP
D a
nd
12
6 M
W (
Sa
lea
ble
) re
spe
ctiv
ely
.
BC
ML
is o
ne
of
the
mo
st e
ffic
ien
t in
teg
rate
d s
ug
ar
pro
du
cers
in
th
e c
ou
ntr
y. T
he
Co
mp
an
y h
as
gro
wn
its
cap
aci
ty b
y w
ell
-pla
nn
ed
ca
pa
city
exp
an
sio
n p
roje
cts
an
d t
he
acq
uis
itio
n o
f e
xist
ing
co
mp
an
ies
ove
r
rece
nt
yea
rs.
For
mo
re in
form
ati
on
on
th
e C
om
pa
ny,
ple
ase
lo
g o
n t
o w
ww
.ch
ini.
com
. F
or
furt
he
r in
form
ati
on
co
nta
ct:
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ho
r S
ha
h /
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mo
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ur
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