Balrampur Chini Mills Ltd · NSE:BALRAMCHIN
Balrampur Chini Mills — Q3 FY2024 Earnings Presentation
33 slides from Balrampur Chini Mills's earnings presentation, Feb 8, 2024
Slide 1: Results Presentation filing letter to stock exchanges
8th February, 2024 National Stock Exchange of India Limited BSE Limited Listing Department, Exchange Plaza, The Corporate Relationship Department 5th Floor, Plot No. C/1, G Block, Bandra 1st Floor, New Trading Wing, Kurla Complex, Bandra (E), Mumbai- 400051 Rotunda Building, Phiroze Jeejeebhoy Tower
Slide 2: Q3FY24 Results Presentation
Balrampur Chini Mills Limited Q3FY24 Results Presentation 8th February 2024 “STRETCH” Building a larger, more sustainable and more governance-driven Company
Slide 3: 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
Slide 4: Conference Call Details
Conference Call Details Timing 12:00 noon IST on Friday, February 9, 2024 Conference dial-in Primary number: +91 22 6280 1141 / 7115 8042 3
Slide 5: Table of Contents
Table of Contents Message from the Chairman and Managing Director 5 Brief perspective about our company 6 This presentation comprises of Q3FY24 performance in numbers 7-10 The performance of our principal businesses 11-23 Treasury management 24-25 Global and Indian sugar sector overview 26-29 Board
Slide 6: A message from the Chairman and Managing Director
“We have delivered healthy results during the quarter under review on the back of increased volumes and realizations A message from across all the segments. the Chairman This quarter has showcased the benefits of our sustained engagement with the farming community. The successful collaboration over
Slide 7: A Brief perspective about our company
A Brief perspective about our company BCML – A multi-product integrated Company with manufacturing capability of Sugar, Ethanol and Co-Generation 10 manufacturing units, Among the all in Uttar Pradesh, in largest Principle close proximity integrated business sugar sugar + distillery companies 80000
Slide 8: Q3FY24 performance in numbers
➢ PART ONE Q3FY24 performance in numbers 7
Slide 9: Consolidated Financial Performance
Consolidated Financial Performance Basic EPS (Rs.) Revenue (Rs. Cr.) PBT (Rs. cr) TCI (Rs. cr) PBT Margin (%) TCI Margin (%) 16.41 4,159.5 8.0% 3,174.3 452.9 7.5% 10.9% 10.0% 4.7% 1.4% 0.7% 4.53 1,230.4 6.5% 981.2 63.5 123.2 333.9 92.2 1.46 2.27 44.1 46.3 21.9 9M 9M Q3 Q3 FY23 FY24 FY23 FY24 9M 9M Q
Slide 10: Standalone Financial Performance
Standalone Financial Performance Revenue (Rs. Cr.) EBITDA (Rs. cr) PBT (Rs. cr) TCI (Rs. cr) EBITDA Margin (%) PBT Margin (%) TCI Margin (%) 4,159.5 441.5 328.7 3,174.3 10.6% 238.6 9.2% 7.9% 6.7% 5.7% 4.5% 5.0% 8.1% 6.2% 981.2 1,230.4 108.2 113.4 61.1 82.8 17.0 61.2 3.4% 79.7 37.6 44.4 1.2% 0.5% 9M
Slide 11: Q3FY24 performance (standalone numbers) explained
Q3FY24 performance (standalone numbers) explained Q3FY23 Q3FY24 Variance Key Reasons (Rs. Crs.) (Rs. Crs.) (%) Revenue from operations 981.16 1230.39 25.4% Higher volume and higher realization in all the segments Other income 20.07 19.30 -3.8% - Cost of materials consumed 944.72 1228.97 30.1% Owing
Slide 12: The performance of our principal businesses
➢ PART TWO The performance of our principal businesses 11
Slide 13: Business Overview Sugar
“Attractively Business placed”- Management’s Overview Sugar overarching 5 messages for Q4FY22 81.96% 1160.96 965.70 % of Company’s Rs. cr. revenues Rs. cr. revenues revenues, in Q3 FY24 in Q3 FY23 Q3FY24 20.2% increase in revenues 12
Slide 14: Policy intervention from Government
Policy intervention from Government ▪ FRP: Fair & Remunerative Price (FRP) of sugarcane for the sugar season 2023-24 has been revised to ₹315 per quintal from ₹305 per quintal in the previous season (linked to a basic recovery of 10.25%). ▪ SAP: State Advised Price (SAP) of sugarcane for the sugar s
Slide 15: Business Overview - Sugar
Business Overview - Sugar Sugar Revenue (Rs. Cr.) Sugar Sales (lac quintals) Average realization of sugar Segment PBIT (Rs. cr) (Rs./kg) 3,386.4 72.23 2,816.3 66.10 39.38 186.6 7.3% 37.94 6.6% 36.46 5.5% 35.88 965.7 1,161.0 -2.7% 70.6 76.1 20.26 22.82 -75.3 9M 9M Q3 Q3 9M 9M Q3 Q3 FY23 FY24 FY23 FY2
Slide 16: Business Overview – Sugar – Operational numbers
Business Overview – Sugar – Operational numbers Sugarcane crushed (lac quintals) Sugar Recovery (%) * Sugar Recovery Pre-sacrifice Sugar Production (lac 9.35 (%) quintals) 9.34 9.50 9.27 463.5 11.00 11.27 10.95 11.03 44.02 307.5 323.8 30.27 261.3 28.71 24.22 9M 9M Q3 Q3 9M 9M Q3 Q3 9M 9M Q3 Q3 9M 9M
Slide 17: Business Overview – Sugar – Operational numbers (contd.)
Business Overview – Sugar – Operational numbers (contd.) Sugarcane diverted towards B- Sugarcane diverted towards Sugar sacrifice under B-heavy Sugar sacrifice under Syrup heavy route (lac quintals) Syrup route (lac quintals) route (lac quintals) route (lac quintals) 31.61 3.66 291.71 4.54 208.11 20
Slide 18: Movement in Sugar Costs, Inventory & Valuation
Movement in Sugar Costs, Inventory & Valuation FY22 FY23 (Rs./quintal) (Rs./quintal) 3,576 3,436 3,422 3,552 3,343 3,371 Sugar Inventory (including WIP) Cane Cost Cost of Sugar Inventory Cane Cost Cost of Sugar Inventory Production Valuation Production Valuation (lac quintals) Cane Crushed (lac qtls
Slide 19: Business Overview - Distillery
Business Business Overview overview: -Distillery Sugar Distillery revenues 250.49 Rs. cr. Q3 FY24 158.22 Rs. cr. Q3 FY23 58.3% higher revenues 17.68 Distillery PBIT % of revenues, Q3 FY24 35.10 Rs. cr. Q3 FY24 5.93 Rs. cr. Q3 FY23 491.9% higher PBIT 18
Slide 20: Business Overview - Distillery
Business Overview - Distillery Distillery Revenue (Rs. Cr.) Total Sales * (Cr BL) Average blended realization Segment PBIT (Rs. cr) 1,276.2 (including ENA & Others) ** Segment PBIT Margin (%) 20.41 (Rs./BL) 177.3 229.0 686.2 12.09 25.8% 18.0% 14.0% 53.09 57.46 56.49 52.07 3.8% 158.2 250.5 2.79 4.19
Slide 21: Business Overview – Distillery – Operational numbers
Business Overview – Distillery – Operational numbers Ethanol Production from B-heavy Ethanol Production from Syrup Ethanol Production from Grain Total Production * (Cr BL) route (Cr BL) route (Cr BL) molasses route (Cr BL) 10.76 2.62 3.69 19.30 8.61 0.94 0.94 1.50 0.37 0.37 0.33 1.02 1.45 11.99 9MFY
Slide 22: Business Overview – Distillery – Operational numbers (contd.)
Business Overview – Distillery – Operational numbers (contd.) Ethanol Production from C-heavy ENA & Other Products Production Stock of Alcohol molasses route (Cr BL) (Cr BL) (Cr BL) 0.34 0.30 1.74 1.92 0.06 0.05 0.61 0.33 9MFY23 9MFY24 Q3FY23 Q3FY24 9MFY23 9MFY24 Q3FY23 Q3FY24 0.49 1.12 Ethanol Sale
Slide 23: Update on distillery business
This is what Update on distillery our sugarbusiness business achieved ➢ Comparative Ethanol prices under the EBP Programme are as under: Our Ethanol update ESY 2022-23 Supply (Cr BL) 12.79 Sl. Period Price of Ethanol under various feed-stock (Rs./BL) 7.83 3.69 No. Ethanol Year C-route B-route Syrup
Slide 24: Business Overview – Co-generation
Business Overview – Co-generation Co-generated Power Co-generated Power Sales Average Realization Production (Cr Units) (Cr Units) (Rs./Unit) Stock of Bagasse (lac MT) 45.7 20.1 3.93 3.39 3.86 30.2 3.41 12.5 22.0 10.5 1.82 18.7 8.9 1.32 31st Dec. 2022 31st Dec. 2023 9MFY23 9MFY24 Q3FY23 Q3FY24 9MFY2
Slide 25: Treasury management
➢ PART THREE Treasury management 24
Slide 26: Treasury management update
Treasury management update Long Term Debt (including current maturities) • Long-term credit rating re-affirmed at AA+ with Stable outlook (Rs. Cr.) and the short-term rating at A1+ by CRISIL 617.4 500.6 506.8 445.9 375.8 362.5 257.0 As of 31st December 2023, long term borrowings of the Company stand
Slide 27: Global & Indian Sugar Sector Overview
➢ PART FOUR Global & Indian Sugar Sector Overview The company’s sugar prospects are influenced by trends in the global and domestic sugar markets 26
Slide 28: The Global Sugar Scenario
TheSugar Global Global Scenario Production Outlook ( metric million tonnes) Total Global production at 178.5 MMT Total Global production estimated at 179.5 MMT Global production is forecasted at 179.5 MMT with higher production in Brazil and EU & EK and lower production from Thailand and India. 27
Slide 29: Factors influencing global sugar industry trends
Factors influencing global sugar industry trends 1 Global oil prices Million tonnes, Weather / Acreage 2 Government policies catalyzing the shift between sugar to ethanol 178.5 global sugar production, 2022- • Favorable weather and increased 23 area are expected to result in additional sugarcane ava
Slide 30: Domestic Sugar Balance Sheet
Domestic Sugar Balance Sheet ( metric million tonnes) Sugar Season 2022-23 Sugar Season 2023-24 (Estimated) 32.80 31.50 27.85 28.70 7.00 6.40 8.35 5.55 5.55 Opening Stock Production Domestic Consumption Exports Closing Stock Opening Stock Production Domestic Consumption Closing Stock Managed demand/
Slide 31: Board of Directors
Board of Directors Vivek Saraogi - Chairman and Managing Director Dr. Indu Bhushan (Retd. IAS) – Independent 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. ➢ Served as the Chief Executive Offic
Slide 32: Update on Auxilo Finserve Private Limited – An Associate of the Company
Update on Auxilo Finserve Private Limited – An Associate of the Company Equity Shareholding Pattern (%) * • Investment by 3 PE investors and existing shareholder ICICI Bank • 1st Tranche of ₹ 285 Cr received on 19th July 2023 33.72 33.72 • 2nd Tranche of ₹ 185 Cr received on 20th December 2023 9.32
Slide 33: Contact Us
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. Th
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