Slides
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Q4 & FY25 Results Presentation 15th May 2025 “STRETCH” Deepening competence. Widening horizon.
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Safe Harbour 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 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
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Conference Call Details Q4 & FY2025 Earnings Conference Call To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: 12:00 noon. IST on 16th May, 2025 + 91 22 6280 1141 + 91 22 7115 8042 Primary dial-in numberPre-registrationTime 3
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4 Q4 & FY25 Performance
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A message from the Chairman and Managing Director “The sugar segment delivered a strong performance in the quarter under review, driven by improved margins. In the distillery segment, results were adversely impacted due to government’s decision not to increase the ethanol prices for juice and B-heavy ethanol. Sugar cane crushing in the quarter was 1.4% lower than in the same period last year. Gross sugar recovery before diversion remained lower by ~40 basis points due to unfavourable weather conditions. It is worth noting that our decline in sugar recovery was one of the lowest among the factories in the Eastern UP. The export quota of 1 million ton for the current season has bolstered the domestic sugar prices up to a level of Rs.41/kg which is also the average cost of production of sugar in the country. For the 2024-25 ethanol year, while the government has allowed diversion of sugarcane juice and BH molasses for ethanol production but gave no price increase, which is deviation from the government's previous practice of linking ethanol price hikes to FRP/sugar prices has made diversion of sugar for ethanol unremunerative. In the long term, this will pose a challenge to the government’s plan to go upto E30 by 2030. The progress of our 80,000 tons capacity PLA project remains on track with a capital cost of ₹ 2850 crores (gross) or ₹ 1750 crores (net of capital subsidy announced by the U.P. State Government). The Uttar Pradesh government’s pioneering bioplastics policy strengthens the viability of our PLA project by providing an attractive incentive framework. Over the years, our integrated operations have successfully kept pace with industry headwinds and adapted to the evolving dynamics of the industry. The upcoming PLA bioplastic project fits seamlessly into our core philosophy of getting the most value out of every stick of cane. This transformative project strengthens our ties to agriculture, advances our sustainability goals and is a natural evolution of our business model. We believe it is well positioned to add significant value while promoting environmentally friendly initiative for the future.” 5 Commenting on the performance for Q4 & FY25, Mr. Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills Limited, said:
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Consolidated Financial Performance 6TCI - Total Comprehensive Income 5,593.74 5,415.38 FY24 FY25 Revenue (Rs. Cr.) 289.36 311.70 20.2% 20.7% Q4 FY24 Q4 FY25 PBT (Rs. cr) PBT Margin (%) 10.08 11.35 Q4 FY24 Q4 FY25 Basic EPS (Rs.) 26.49 21.65 FY24 FY25 Basic EPS (Rs.) 742.21 562.25 13.3% 10.4% FY24 FY25 PBT (Rs. cr) PBT Margin (%) 208.71 225.43 14.6% 15.0% Q4 FY24 Q4 FY25 TCI (Rs. cr) TCI Margin (%) 542.55 438.84 9.7% 8.1% FY24 FY25 TCI (Rs. cr) TCI Margin (%) Note: • Consolidated results of the Company for the quarter/year ended 31st March 2025 includes Share of Profit of Associate of the Company viz. Auxilo Finserve Pvt. Ltd. (AFPL). It also includes Gain on deemed disposal of Investment in AFPL as per details below: Sugar being a seasonal industry, it is recommended that the performance of the Company be evaluated on annual basis. 1,434.26 1,503.68 Q4 FY24 Q4 FY25 Revenue (Rs. Cr.) Q4FY25 Q4FY24 FY25 FY24 0.06 - 56.66 105.92 Company’s share in AFPL as on 31st March 2025 stands at 30.47%
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Standalone Financial Performance 7TCI - Total Comprehensive Income 5,593.74 5,415.38 FY24 FY25 Revenue (Rs. Cr.) 344.72 365.24 24.0% 24.3% Q4 FY24 Q4 FY25 EBITDA (Rs. cr) EBITDA Margin (%) 786.17 704.24 14.1% 13.0% FY24 FY25 EBITDA (Rs. cr) EBITDA Margin (%) Sugar being a seasonal industry, it is recommended that the performance of the Company be evaluated on annual basis. 202.70 216.35 14.1% 14.4% Q4 FY24 Q4 FY25 TCI (Rs. cr) TCI Margin (%) 441.34 345.87 7.9% 6.4% FY24 FY25 TCI (Rs. cr) TCI Margin (%) 610.19 470.40 10.9% 8.7% FY24 FY25 PBT (Rs. cr) PBT Margin (%) 1,434.26 1,503.68 Q4 FY24 Q4 FY25 Revenue (Rs. Cr.) 281.46 301.08 19.6% 20.0% Q4 FY24 Q4 FY25 PBT (Rs. cr) PBT Margin (%)
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Q4 FY25 Standalone Performance Review 8 Q4 FY24 (Rs. Crs.) Q4 FY25 (Rs. Crs.) Variance (%) Key Reasons Revenue from operations 1434.26 1503.68 4.8% Due to higher volume in distillery segment and increased realizations in both sugar and distillery Other income 4.30 9.42 119.1% Mainly on account of Profit on sale of property, plant and equipment Cost of materials consumed 2525.05 2367.31 (6.3)% Owing to lower cane crushing in the quarter Purchases of Stock -in-Trade - 0.58 - - Changes in inventories of finished goods, stock-in-trade, by-products and work-in- progress (1708.61) (1499.26) (12.3)% - Employee benefits expense 107.72 113.29 5.2% Owing to impact of increment. Finance costs 24.99 30.45 21.9% Higher working capital requirement and higher rate of interest Depreciation and amortization expense 42.58 43.13 1.3% Impact of capex Other expenses 165.38 156.52 (5.4)% Partly on account of lower operations Tax expense 84.14 81.06 (3.7)% - Other comprehensive income (net) 5.38 (3.67) - Impact of actuarial valuation
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9 Business Performance
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Sugar 10
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Sugar Segment – Financial Performance 11 ● 11.3% and 0.5% decrease in sugar sales volume in Q4FY25 & FY25 (compared with Q4FY24 & FY24). ● 5.9% and 2.8% increase in sugar realizations in Q4FY25 & FY25 (compared with Q4FY24 & FY24) Stock of Sugar inventory (including WIP) stood at 71.43 lac quintals valued at Rs. 35.42/kg as compared to 68.63 lac quintals valued at Rs. 34.22/kg in previous year 1,310.89 1,447.32 Q4 FY24 Q4 FY25 Revenue (Rs. Cr.) 4,697.31 4,897.41 FY24 FY25 Revenue (Rs. Cr.) 233.07 270.96 17.8% 18.7% Q4 FY24 Q4 FY25 PBIT (Rs. cr) PBIT Margin (%) 38.22 40.47 Q4 FY24 Q4 FY25 Average realization of sugar (Rs./kg) 38.00 39.06 FY24 FY25 Average realization of sugar (Rs./kg)419.69 467.61 8.9% 9.5% FY24 FY25 PBIT (Rs. cr) PBIT Margin (%) 22.49 19.95 Q4 FY24 Q4 FY25 Total Sugar Sales (lac quintals) 94.72 94.22 FY24 FY25 Total Sugar Sales (lac quintals)
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Sugar Segment – Operational Performance (1 of 2) 12 * Net of diversion towards Syrup & B-heavy route. Sugar recovery was also impacted during this season on account of agro climatic conditions. 621.05 612.33 Q4 FY24 Q4 FY25 Sugarcane crushed (lac quintals) 1,084.52 1,033.99 FY24 FY25 Sugarcane crushed (lac quintals) 68.16 59.79 Q4 FY24 Q4 FY25 Sugar Production (lac quintals) 112.18 97.07 FY24 FY25 Sugar Production (lac quintals) 11.73 11.32 FY24 FY25 Sugar Recovery Pre-sacrifice (%)10.34 9.39 FY24 FY25 Net Sugar Recovery (%) * 10.98 9.76 Q4 FY24 Q4 FY25 Net Sugar Recovery (%) * 12.08 11.68 Q4 FY24 Q4 FY25 Sugar Recovery Pre-sacrifice (%)
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Sugar Segment – Operational Performance (2 of 2) 13 308.65 290.18 Q4 FY24 Q4 FY25 Sugarcane diverted towards B-heavy route (lac quintals) 600.37 547.33 FY24 FY25 Sugarcane diverted towards B-heavy route (lac quintals) 1.97 7.71 FY24 FY25 Sugar sacrifice under Syrup route (lac quintals) 5.60 12.02 FY24 FY25 Sugar sacrifice under Syrup route (lac quintals) 4.87 4.04 Q4 FY24 Q4 FY25 Sugar sacrifice under B- heavy route (lac quintals) 9.42 7.99 FY24 FY25 Sugar sacrifice under B- heavy route (lac quintals) 16.08 65.67 Q4 FY24 Q4 FY25 Sugarcane diverted towards Syrup route (lac quintals) 47.69 105.91 FY24 FY25 Sugarcane diverted towards Syrup route (lac quintals)
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Distillery & Co-generation 14
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Distillery Segment – Financial Performance 15 * Includes ENA & other products ** Does not include freight from sales 412.85 530.05 Q4 FY24 Q4 FY25 Revenue (Rs. Cr.) 1,689.01 1,430.01 FY24 FY25 Revenue (Rs. Cr.) 97.23 86.80 23.6% 16.4% Q4 FY24 Q4 FY25 PBIT (Rs. cr) PBIT Margin (%) 57.73 60.21 Q4 FY24 Q4 FY25 Average blended realization (including ENA & Other Products) ** (Rs./BL) 57.53 57.86 FY24 FY25 Average blended realization (including ENA & Other Products) ** (Rs./BL) 326.24 192.31 19.3% 13.4% FY24 FY25 PBIT (Rs. cr) PBIT Margin (%) 6.66 8.52 Q4 FY24 Q4 FY25 Sales * (Cr BL) 27.07 23.44 FY24 FY25 Sales * (Cr BL)
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Distillery Segment – Operational Performance (1 of 2) 16 5.12 2.32 15.88 7.20 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Production from B-heavy molasses route (Cr BL) 3.90 2.07 14.38 8.08 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Sales from B-heavy molasses route (Cr BL) 1.47 5.62 4.09 8.37 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Production from Syrup route (Cr BL) 1.76 5.62 5.72 8.16 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Sales from Syrup route (Cr BL) 0.88 - 4.57 1.73 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Production from Grain route (Cr BL) 0.11 - 3.79 2.50 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Sales from Grain route (Cr BL)
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Distillery Segment – Operational Performance (2 of 2) 17 9.76 20.82 31st Mar. 2024 31st Mar. 2025 Stock of B-heavy molasses (lac quintal) 3.15 1.44 31st Mar. 2024 31st Mar. 2025 Stock of Alcohol (Cr BL) 0.86 0.89 2.79 2.85 Q4 FY24 Q4 FY25 FY24 FY25 ENA & Other Products Production (Cr BL) 0.75 0.83 2.76 2.94 Q4 FY24 Q4 FY25 FY24 FY25 ENA & Other Products Sales (Cr BL) 0.37 0.08 0.67 1.61 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Production from C- heavy molasses route (Cr BL) 0.15 - 0.42 1.78 Q4 FY24 Q4 FY25 FY24 FY25 Ethanol Sales from C-heavy molasses route (Cr BL) Transfer Price: FY23 FY24 FY 25 B-heavy molasses (Rs./quintal) 1,090 w.e.f Dec-22 1,090 1,150 w.e.f Oct-24 Syrup (Rs./quintal) 1,709 1,707 1,614 12.95 13.84 31st Mar. 2024 31st Mar. 2025 Stock of C-heavy molasses (lac quintal) - 0.13 31st Mar. 2024 31st Mar. 2025 Stock of Syrup (lac quintal) 3.15 3.17 31st Mar. 2024 31st Mar. 2025 Stock of Grains (lac quintal)
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Update on distillery business 18 192.94 131.77 12.78 659.20 996.69 Syrup route B-heavy route C-heavy route Grains Total Total Allocation (Cr BL) (till Cycle-3) Ethanol prices under the EBP Programme for ESY 2024-25 are as under: Sl. No. Ethanol Year C-route B-route Syrup DFG SFG Maize 1 ESY 2023-24: (Nov-23 - Oct-24) 56.28 60.73 65.61 64.00 58.50 71.86 2 ESY 2024-25: (Nov-24 - Oct-25) 57.97 60.73 65.61 64.00 58.50 71.86 Price of Ethanol under various feed-stock (Rs./BL) The government has also allowed 52 lakh tonnes of FCI rice to be sold at ₹22.50 per kg to ethanol distilleries under the EBP programme. Out of the above allocation of 996.7 crore liters, 369.54 crore liters has been supplied which has resulted in ~18.36% Ethanol blending till 31st March 2025.
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Co-generation – Performance 19 Note: Quantity variance because of seasonality 44.08 40.75 Q4 FY24 Q4 FY25 Power Generated (Cr Units) 89.77 81.81 FY24 FY25 Power Generated (Cr Units) 2.86 4.81 31st Mar. 2024 31st Mar. 2025 Stock of Bagasse (lac MT) 20.62 18.19 Q4 FY24 Q4 FY25 Power Exported (Cr Units) 40.76 37.17 FY24 FY25 Power Exported * (Cr Units) 4.01 3.96 Q4 FY24 Q4 FY25 Average Realization (Rs./Unit) 3.97 4.35 FY24 FY25 Average Realization (Rs./Unit) * Includes ~0.7 crore units purchased and sold in FY25
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Polylactic Acid 20
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Poly Lactic Acid (PLA) Project – Financial Update 21 Gross Capex ~ Rs. 2850 crores Net capex: ~ Rs. 1750 crores post expected capital subsidy as per U.P. Govt. Scheme Capacity: 80,000 TPA (optimized from 75,000) Revenue: ~ Rs. 2000 crores at full capacity EBITDA Margin: targeting around 35% Project commissioning: Q3FY27 Higher capex to lay the foundation for enduring operational excellence through out the life cycle Funding proposed • ₹ 1650 crores debt • ₹ 1200 crores from internal accruals Reason for higher capex • Modifications in equipment design to optimize opex, enhance efficiency • Driven by higher capacity Benefits of higher investment : • Lower conversion cost • Improved profitability
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Poly Lactic Acid (PLA) Project – Current status 22 INVESTMENT Gross – Rs. 2850 crs Net of capital subsidy ~Rs. 1750 crs CAPACITY 80,000 t/a ❑ Entire land for the Project has been acquired ❑ Contracts for foreign technology partners viz. Sulzer and Alpine has been executed ❑ EPCM contract executed with Jacobs Solutions ❑ Other contracts for Long Lead Items have been executed ❑ Till 30th April 2025 Company has spent ~Rs. 800 crores ❑ Environment Clearance (EC) has been received from MoEF&CC ❑ CTE (consent to establish) has been received ❑ Other consents required for the Project is underway/applied for ❑ Building fermentation and R&D lab at site ❑ PLA import for analysis and product development by compounders and converters has begun ❑ Warehouse and system set-up completed ❑ Construction activities have begun
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Poly Lactic Acid (PLA) Project – Financial Update (contd.) 23 Uttar Pradesh State Government announced Bio Plastic Industrial Policy 2024 On 4th October,2024. Under this Policy, companies investing ₹1,000 crore or more in bioplastic manufacturing are eligible for the following incentives: • 50% capital subsidy over a period of 7 years on the eligible investment • 5% interest subvention for a period of 7 years • 100% SGST (net) reimbursement for a period of 10 years • Exemption on electricity duty for a period of 10 years • Stamp duty exemption on land purchased after 4th October 2024 • Incentive should not exceed 200% of the eligible investment. This policy is a pivotal step towards a greener future
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Treasury Management Update 24 Long-term credit rating affirmed by CRISIL stands at AA+ with Stable outlook. Short-term credit rating affirmed by CRISIL stands at A1+. Company has also obtained second rating from India Ratings. India Ratings has assigned Long-term rating of “IND AA+/Stable” and Short-term rating of “IND A1+”. As of 31st March 2025, long term borrowings of the Company stands as follows: For existing business: Rs. 186.50 crores For PLA : Rs. 395.00 crores 89.00 89.00 8.50 FY 2025-26 FY 2026-27 FY 2027-28 Yearly repayment schedule of loan taken for existing business (` in crores) During FY25, the Company ▪ Availed long-term debt of ₹ 395.00 crores for capex in the PLA segment (eligible for interest subvention @5% for seven years under the U.P. Bioplastic Industrial Policy, 2024). ▪ Repaid ₹ 274.80 crores, including the prepayment of NCDs amounting to ₹140 crores. For PLA business, repayment of term loan to commence from Q3 FY 29 payable in 20 equated quarterly installments
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Standalone Cash Flow Analysis 25 Sl. no. Particulars FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 1 Profit before tax 554.93 596.11 655.61 396.97 610.19 470.40 2 Cash generated from operating activities 849.61 649.21 694.65 452.91 177.83 425.16 3 Net cash (used in) investing activities (304.71) (81.13) (309.38) (858.75) (224.78) (880.43) 4 Net cash (used) / generated from financing activities (545.52) (569.12) (385.39) 405.83 46.97 455.31 5 Cash & Cash equivalents as on the reporting date 1.49 0.45 0.32 0.31 0.32 0.36 Rs. Cr
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26 Global & Indian Sugar Sector Overview
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Global production is forecasted at 188.5 MMT in 2025-26 with higher production from Brazil, India & Thailand. 27 ( metric million tonnes) Total Global production estimated at 188.5 MMT 40.10 26.00 10.00 16.60 11.00 82.90 CS Brazil India Thailand EU & UK China Rest of the World Total Global production at 186.6 MMT 42.00 30.00 11.50 16.90 11.00 77.10 CS Brazil India Thailand EU & UK China Rest of the World Assuming sugar sacrifice of ~3.5 MMT Assuming sugar sacrifice of ~3.5 MMT Global Sugar Production Outlook 2025-26 (Projected)2024-25 (Estimated)
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186.6 188.5 Factors influencing global sugar industry trends 28 Million tonnes, global sugar production, 2024-25 (Estimated) Conclusion Rising global sugar inventory Million tonnes, global sugar production, 2025-26 (Projected) Global sugar Balance Sheet, 2024-25 (Estimated) (in million tones) Global sugar Balance Sheet, 2025-26 (Projected) (in million tonnes) Opening 105.7 Production 188.5 Consumption 182.5 Closing 111.7 Weather & Production (24-25): • Brazil - Lower sugarcane availability along with lower sugar yields resulted in lower sugar production. • EU & UK – Reduced beet planting, disease outbreaks and lower sucrose content lead to lower sugar production. Global Consumption Outlook (25-26): • Consumption is expected to increase by ~1.2%. Production Outlook (25-26): • Brazil: Higher cane area along with lower mix of ethanol likely to result in higher sugar production to ~42 MMT • Thailand: Favourable weather conditions and high cane prices may lead to higher sugar production to ~11.5 MMT. • EU & UK: Production is expected to remain stable Global Price Outlook: ⚫ The global Raw Sugar price traded in the range of ~17.13-23.42 c/lb between April 2024-9th May 2025. ⚫ Brazilian currency value to also play an important role on the prices. Opening 99.5 Production 186.6 Consumption 180.4 Closing 105.7 Global oil prices Government policies catalyzing the shift between sugar to ethanol Erratic Climatic pattern Global sugar consumption
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Domestic Sugar Balance Sheet 29 ( metric million tonnes) 5.50 32.00 29.00 0.50 8.00 Op. Prod. Cons. Exp. Cl. 23-24 8.00 26.00 28.00 0.80 5.20 Op. Prod. Cons. Exp. Cl. 24-25 (Estimated) 5.20 30.00 29.00 ? 6.20 Op. Prod. Cons. Exp. Cl. 25-26 (Projected) Assuming sugar sacrifice of ~3.5 MMT Net of sugar sacrifice of ~3.5 MMT (Estimated) Net of sugar sacrifice of ~2.0 MMT
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India: World’s Largest Sugar Consumer 30 25.30 26.50 27.40 27.85 29.05 28.00 29.00 SS19-20 SS20-21 SS21-22 SS22-23 SS23-24 ** SS24-25 (Est.) SS25-26 (Proj.) India's Sugar Consumption (MMT) Per capita consumption in India is at ~20 kilograms per year as compared to global average of ~23.5 kilograms India's Sugar Consumption Bulk B2B Consumers 65% Direct Households 35% CAGR 2.3% 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. In India, consumption of sweets is synonymous with expression of love, fun, happiness & celebration. ⚫ Steady & sustainable demand opportunity: ⚫ Sugar consumption in India is expected to grow. Key demand drivers include GDP growth, rising disposable income, increasing demand for processed foods through modern retail, etc. ** General elections during April-May 2024 enhanced sugar demand in the sugar season 2023-24.
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Update on Auxilo Finserve Private Limited – An Associate of BCML 31 30.5 30.5 8.4 9.5 5.2 6.3 7.9 1.7 Elme Advisors LLP Balrampur Chini Mills Limited ICICI Bank Limited Tata Capital Growth Fund II Trifecta Leaders Fund I Xponentia Jade Inclusions Ltd. Others Equity Shareholding Pattern as on 31st March 25 (%) * * Assuming 1 CCPS is converted into 1 Equity Share of Auxilo As on 31st March 2025, Net-worth of Auxilo stands at ~ Rs. 1393.17 Crores Balrampur Chini Mills Limited holds 30.47% in Equity share capital No. of Shares In Crs 16.53 Average Cost per share Rs./share 10.59 Investment Amount Rs. Crs. 175.00 Particulars FY 2024-25 FY 2023-24 Revenue from operations 528.1 356.7 Profit for the year 111.9 69.2 Total Comprehensive Income 111.8 69.0 Basic EPS (Face value of Rs. 10 each) 2.13 1.58 Diluted EPS (Face value of Rs. 10 each) 2.11 1.56 Extract of profitability (Rs. Cr except EPS) Interest income Rs. 478 crs Finance costs Rs. 282 crs Total income Rs. 544 crs Total expense Rs. 394 crs Financial highlights FY 25 Share Capital raised from external investors (during Apr-24 to Mar-25) No. of CCPS In Crs 5.15 Price per CCPS Rs./share 58.04 Aggregate Value Rs. Crs. ~299.05 GNPA 0.52% NNPA 0.08% CRAR 29.99% Potential upside in Investment ~Rs. 784 crores (Rs. 58.04/share – Rs. 10.59/share) assuming recent CCPS issue price.
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Key Events to Watch Out 32 ❑ State Advised Price (SAP) of sugarcane in Uttar Pradesh for sugar season 2025-26 ❑ Revision in Minimum Selling Price (MSP) of sugar ❑ Revision in Ethanol prices for Juice & B-heavy route ❑ Export policy for the ensuing sugar season 2025-26
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Contact Us 33 About Balrampur Chini Mills Limited CIN: L15421WB1975PLC030118 Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar companies in India. The allied businesses of the Company comprise distillery operations and cogeneration of power. The Company presently has ten sugar factories located in Uttar Pradesh (India) having an aggregate sugarcane crushing capacity of 80,000 TCD, distillery and co- generation operations of 1050 KLPD and 175.7 MW (Saleable) respectively. BCML is also in process of setting up India’s 1st Poly Lactic Acid (PLA) plant of 80,000 TPA capacity. BCML is one of the most efficient integrated sugar producers in the country. The Company has grown its capacity by well- planned capacity expansion projects and the acquisition of existing companies. For further information contact: Pramod Patwari Chief Financial Officer Balrampur Chini Mills Limited Tel : +91 33 2287 4749 Email: pramod.patwari@bcml.in 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. A blue letter f Description automatically generated Linkedin logo vector, Linkedin symbol, Linkedin icon free vector 18910809 Vector Art at Vecteezy Youtube - Free social media icons Instagram Icon Transparent Vector Anoop Poojari / Jenny Rose Kunnappally CDR India Tel: +91 98330 90434 / 86899 72124 Email: anoop@cdr-india.com / jenny@cdr-india.com
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34 Thank You