Balrampur Chini Mills Ltd · NSE:BALRAMCHIN
Balrampur Chini Mills — Investor Presentation (June 2026)
66 slides from Balrampur Chini Mills's investor presentation, Jun 20, 2026
Slide 1: Corporate Presentation filing letter to exchanges
20th June, 2026 National Stock Exchange of India Limited BSE Limited Listing Department, The Corporate Relationship Department, ‘Exchange Plaza’, C/1, G Block, Bandra 1st Floor, New Trading Wing, Rotunda Kurla Complex, Bandra (E), Building, Phiroze Jeejeebhoy Towers, Mumbai 400051 Dalal Street, Fort
Slide 2: Stretch. Deepening Competence. Widening Horizons. Corporate Presentation
STRETCH . Deepening Competence. Widening Horizons. Corporate Presentation June 20, 2026
Slide 3: Safe Harbour
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, technologica
Slide 4: Table of Contents
Table of Contents 4-8 Company Overview Company’s Diversification to Bioplastic 9 - 19 – Poly Lactic Acid (PLA) Historic Trend – 5 Years Financial & 20 - 33 Operational Data Historic Trend – 5 Years Financial 34 - 38 Data - Company as a whole 39 - 44 Treasury Management 45 - 57 ESG & Enhanced Stakeho
Slide 5: Company Overview (1 of 2)
Company Overview (1 of 2) 10 5 10 80,000 288.47 Aggregate Installed co-generation capacity (MW) Number of Number of Number of Aggregate cane crushing (175.7 MW saleable capacity ) sugar units distillery units co-generation units capacity (TCD) 1,050 250 6,271 689 741 (TPD) Aggregate distillery Poly
Slide 6: Company Overview (2 of 2)
Company Overview (2 of 2) A multi-product integrated Company with manufacturing capability of Sugar, Ethanol and Bioplastic (Polylactic Acid)* Installed FACTORY LOCATIONS Sugar Crushing Distillery Agro PLA* BCML Units Cogen (tonnes of cane/ day) (kL/ day) (MT) (TPD) (MW) UTTAR Balrampur 12,500 (Refi
Slide 7: Journey of BCML over Decades
Journey of BCML over Decades 1975-1989 1990-1999 2000-2014 2015-2024 2024 - onwards Structural transformation Sugar Business – Decadal Future Growth Growth & Expansion Phase Integrated Growth Phase of sugar and distillery Foundation Years Opportunity divisions 1975: Began operations at the Balrampur
Slide 8: Board of Directors
Board of Directors Vivek Saraogi Avantika Saraogi Dr. Indu Bhushan Chandra Kishore Mishra CHAIRMAN AND MANAGING DIRECTOR EXECUTIVE DIRECTOR (RETD. IAS) (RETD. IAS) LEAD INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR • An eminent Industrialist, is a veteran in the • Young pioneer in world of sugarcane • S
Slide 9: Board of Directors
Board of Directors Veena Hingarh Mamta Binani Praveen Gupta INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR WHOLE-TIME DIRECTOR • Director in South-Asian Management Technologies FZC, Dubai and South Asian • Chairperson of Merchant Chamber of • Experience spans more than 43 years and is Management Technolo
Slide 10: Company's Diversification to Bioplastic – Poly Lactic Acid (PLA)
COMPANY’S DIVERSIFICATION TO BIOPLASTIC – Poly Lactic Acid (PLA) BCML | Investor Presentation 9
Slide 11: The Writing is on the Wall
The Writing is on the Wall THE GLOBAL CARBON CYCLE IN BILLION TONS The Global Carbon Budget's projections for 2025 estimate that carbon dioxide (CO2) emissions from fossil fuels will reach a new all-time high of 38.1 billion tons, an increase of 1.1% over 2024. OUR CURRENT ECONOMIC MODEL IS NOT ENVI
Slide 12: What Could 2050 Look Like?
What Could 2050 Look Like? GLOBAL CARBON DEMAND FOR CHEMICALS AND DERIVED MATERIALS In 2020 and Scenario for 2050 (in million tonnes of embedded carbon) KEY MESSAGE: Even replacing ALL carbon in the polymer and chemical industry will be possible requiring a manageable ~2.5% of all biomass of planet
Slide 13: Economics of Fossil-based Carbon vs. Bio-based Carbon
Economics of Fossil-based Carbon vs. Bio-based Carbon Key message: Bio-based carbon is inherently more cost-effective than fossil-based carbon for plastics, making it a promising and sustainable solution for the future. Head Crude Sugar Per Kg INR ` 70 * ` 41 Conversion (Kg RM per 1.9 1.7 kg plastic
Slide 14: How Bioplastic is an Active Measure
How Bioplastic is an Active Measure Classification Of Bioplastics BIOPLASTICS HELP TO REDUCE GHG EMISSIONS AND PLASTIC POLLUTION Bioplastics fit in as an active measure? • Bioplastics can be “biobased” • Bioplastics can be “biodegradable” • PLA is easy to chemically recycle BCML | Investor Presentat
Slide 15: BioE3 Policy: An Era of Bio-Revolution
BioE3 Policy: An Era of Bio-Revolution Government has introduced BioE3 Policy in August 2024 to promote bio-manufacturing and support the shift to sustainable, bio-based economy. BIOENERGY & BIOFUEL • The BioE3 Policy will facilitate sustainable and efficient 1 Bioethanol, 2G Ethanol CBG, utilizatio
Slide 16: The Place of PLA Within Biopolymers
The Place of PLA Within Biopolymers Starch PLA PHA PBS/PBSA PBAT Blends KEY MESSAGE: Thermostability 0 ++ +++ +++ +++ PLA is the lowest cost biopolymer Film-forming ++ -- ++ ++ ++ with a great hardness and great transparency. Hardness 0 +++ - 0 - PLA has clear advantages in chemical recycling. Mecha
Slide 17: BCML – PLA (bio-polymer) Project
BCML – PLA (bio-polymer) Project A STRATEGIC DECISION Diversifying goals align with the Make in India Initiative and Swachh Bharat Abhiyan. The market for sustainable products is growing and our initiative is to meet eco- friendly standards and create a new ecosystem for the Sugar Industry. Future o
Slide 18: Overview on Poly Lactic Acid (PLA)
Overview on Poly Lactic Acid (PLA) THE KEY PROPERTIES OF PLA projected PLA market 1.46 Value of the global PLA 11.8% growth from 2024 to USD Bn market, 2025 2034 Crystallinity In its versatility, PLA can be amorphous and transparent or if triggered crystalline and heat resistant. This is supported b
Slide 19: PLA: A Progressive Solution
PLA: A Progressive Solution WHAT MAKES PLA A FUTURISTIC ALTERNATIVE TO CONVENTIONAL PLASTIC Biodegradability PLA is compostable and can break down in industrial composting Ease of PLA is easy to process in various manufacturing techniques. For facilities. This reduces environmental impact and waste
Slide 20: Popular PLA Applications
Popular PLA Applications MEDICAL OTHER FOAMED PACKAGING 3D PRINTING TEXTILES DEVICES APPLICATIONS APPLICATIONS Packaging PLA is used in 3D PLA can be spun PLA is used to make PLA is also used in PLA can be foamed PLA is used to make printing for a into fibers to create a variety of medical various p
Slide 21: Historic Trend: 5 Years Financial & Operational Data
HISTORIC TREND: 5 YEARS FINANCIAL & OPERATIONAL DATA BCML | Investor Presentation 20
Slide 22: Sugar Business
SUGAR BUSINESS BCML | Investor Presentation 21
Slide 23: Policy Intervention From Government
Policy Intervention From Government FRP Fair & Remunerative Price (FRP) of sugarcane for the sugar season 2025-26 has been revised to ₹355 per quintal from ₹340 per quintal in the previous season (linked to a basic recovery of 10.25%). FRP for sugar The interventions by both the Central Government s
Slide 24: Sugar Segment
Sugar Segment FINANCIAL NUMBERS Revenue (Rs. Cr.) PBIT (Rs. cr) PBIT Margin (%) Sugar Sales (lac quintals) Average blended realization of sugar (Rs./kg) 5,507.2 514.7 102.6 100.6 40.7 4,897.4 38.0 39.1 4,697.3 467.6 94.7 94.2 90.4 36.0 4,263.0 4,338.6 34.7 419.7 296.3 238.5 6.9% 5.5% 8.9% 9.5% 9.3%
Slide 25: Sugar Segment
Sugar Segment OPERATIONAL NUMBERS (1 OF 2) Sugarcane crushed Net Sugar Recovery (%) * Sugar Recovery Pre-sacrifice (%) Sugar Production (lac quintals) (lac quintals) 10.34 112.2 1,084.5 10.27 11.73 1,034.0 1,031.6 11.55 11.55 11.32 9.43 9.39 11.23 9.28 97.1 95.7 $ 936.6 885.4 91.0 88.3 FY22 FY23 FY2
Slide 26: Sugar Segment
Sugar Segment OPERATIONAL NUMBERS (2 OF 2) Sugarcane diverted towards Sugarcane diverted towards Syrup Sugar sacrifice under B-heavy route Sugar sacrifice under B-heavy route (lac quintals) route (lac quintals) (lac quintals) Syrup route (lac quintals) 11.3 613.4 616.3 105.9 107.1 12.4 600.4 12.0 57
Slide 27: Distillery & Co-generation Business
DISTILLERY & CO-GENERATION BUSINESS BCML | Investor Presentation 26
Slide 28: Trend in Ethanol Supply Fulfilling the Domestic Demand
Trend in Ethanol Supply Fulfilling the Domestic Demand ** data upto early May 2026 Ethanol Procurement by OMC’s (in crore litres) Blending in Petrol achieved % 19.2% 10.2% 12.0% 14.6% 20.0% 1,003.0 1.5% 3.5% 2.1% 8.0% 707.4 2.3% 4.2% 5.0% 5.1% 434.0 506.4 515.0 38.0 67.4 111.0 66.5 150.5 188.5 173.0
Slide 29: Comparative Analysis: Water usage, crop productivity & Ethanol correlation
Comparative Analysis: Water usage, crop productivity & Ethanol correlation TOTAL WATER REQUIREMENT AND PRODUCTIVITY OF SUGARCANE AND COMPETING CROPS AND ITS CORRELATION WITH ETHANOL PRODUCTION Total Water Productivity of Crop per unit Ethanol Quantity of Ethanol Productivity of Ethanol per unit Crop
Slide 30: Greenhouse Emissions From Ethanol Produced From Various Feed-stocks
Greenhouse Emissions From Ethanol Produced From Various Feed-stocks CO2 Emissions (KG CO2 eq/ GJ Fuel) (1) Cereal Beet Wheat Corn Sugarcane 0 10 20 30 40 50 60 70 80 90 100 Maximum Minimum The Greenhouse gas emitted from Ethanol produced from various feed-stocks shows that Ethanol produced from suga
Slide 31: Distillery Segment
Distillery Segment FINANCIAL NUMBERS Distillery Revenue (Rs. Cr.) Segment PBIT (Rs. Cr.) Alcohol Sales* (Cr BL) Average blended realization (including ENA & Other Products) ** Segment PBIT Margin (%) 27.1 (Rs./BL) 26.6 1,689.0 1,721.0 382.4 23.4 60.2 1,430.0 57.5 57.9 55.3 326.2 19.8 53.4 1,164.0 17
Slide 32: Distillery Segment
Distillery Segment OPERATIONAL NUMBERS (1 OF 2) Alcohol Production* (Cr BL) Ethanol Production from B-heavy Ethanol Production from Syrup route Ethanol Production from Grain route molasses route (Cr BL) (Cr BL) (Cr BL) 28.0 4.6 4.7 27.0 8.4 8.4 15.9 13.3 6.7 11.2 9.7 21.8 7.2 4.1 1.7 21.5 0.4 - - 16
Slide 33: Distillery Segment
Distillery Segment OPERATIONAL NUMBERS (2 OF 2) Ethanol Production from C-heavy Ethanol Sales from C-heavy molasses ENA & Other Products Production ENA & Other Products Sales (Cr BL) molasses route (Cr BL) route (Cr BL) (Cr BL) 2.9 1.8 2.7 2.8 2.7 1.6 2.8 2.8 2.9 2.9 1.2 1.2 1.2 2.0 1.1 1.8 0.7 0.6
Slide 34: Cogeneration Business
Cogeneration Business OPERATIONAL NUMBERS Co-generated Power Production (Cr Units) Co-generated Power Sales (Cr Units) Average Realization (Rs./Unit) 89.8 4.6 4.4 81.8 82.8 4.0 72.7 71.9 3.3 3.4 40.8 34.9 37.2 36.7 31.7 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 On ex
Slide 35: Historic Trend: 5 Years Financial Data – Company as a Whole
HISTORIC TREND: 5 YEARS FINANCIAL DATA – COMPANY AS A WHOLE BCML | Investor Presentation 34
Slide 36: Consolidated Financial Numbers
Consolidated Financial Numbers Revenue (Rs. Cr.) PBT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) Basic EPS (Rs.) 742.2 542.6 6,271.2 26.49 5,593.7 5,415.4 598.7 461.0 22.44 438.8 21.65 4,846.0 4,665.9 562.3 560.2 380.4 18.74 408.3 277.9 13.94 12.4% 8.7% 13.3% 10.4% 8.9% 9.5% 6.0% 9.7% 8.1% 6
Slide 37: Standalone Financial Numbers (1 of 3)
Standalone Financial Numbers (1 of 3) Segmental Revenues (Rs. Cr.)* Segmental PBIT (Rs. Cr.) 5507 515 FY26 1721 FY26 203 24 -17 14 3 4897 468 FY25 1430 192 - FY25 - 20 5 4697 420 FY24 1689 - FY24 326 24 - 13 4339 FY23 1164 238 - FY23 261 24 - 13 4263 FY22 1001 296 - 382 20 FY22 - 10 Sugar Distillery
Slide 38: Standalone Financial Numbers (2 of 3)
Standalone Financial Numbers (2 of 3) Revenue (Rs. Cr.) EBITDA (Rs. cr) EBITDA Margin (%) PBT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) 655.6 6,271.2 786.2 610.2 511.0 5,593.7 741.3 5,415.4 699.7 704.2 523.7 441.3 4,846.0 4,665.9 470.4 512.3 397.0 345.9 349.0 269.3 14.4% 11.0% 14.1% 13.0%
Slide 39: Standalone Financial Numbers (3 of 3)
Standalone Financial Numbers (3 of 3) Capital Employed (Rs. Crs) ROCE * (%) Net Worth (Rs. Crs) RONW ** (%) EBITDA/Net Block (%)^^ 42.8% 3,839 3,528 3,227 29.8% 5,142 2,822 28.5% 2,705 26.6% 4,349 3,878 19.7% 3,562 3,034 20.7% 12.6% 17.2% 11.8% 11.2% 19.7% 9.9% 14.3% 10.2% 9.4% FY22 FY23 FY24 FY25 F
Slide 40: Treasury Management
TREASURY MANAGEMENT BCML | Investor Presentation 39
Slide 41: Factors Influencing BCML's Treasury Management
Factors Influencing BCML’s Treasury Management BCML’s product mix (to manufacture sugar or produce ethanol) To sell sugar within India or export The government’s allocation of sugar sale quota The terms of trade related to sales The cost of debt on the company’s books / external credit rating BCML |
Slide 42: Major Working Capital Components / Long Term Debt
Major Working Capital Components / Long Term Debt Cane price dues (Rs. Cr.) Long Term Debt Short Term Debt [excluding current maturities of (on the Balance Sheet date) (including current maturities) (Rs. Cr.) long term debt] (Rs. Cr.) 216 228 210 2,172 188 191 1,001 2,048 1,547 617 582 1,264 461 960
Slide 43: Standalone Cash Flow Extract
Standalone Cash Flow Extract Rs. Cr Sl. no. Particulars FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 1 Profit before tax 655.61 396.97 610.19 470.40 523.69 2 Cash generated from operating activities 694.65 452.91 177.83 425.16 599.47 3 Net cash (used in) investing activities (309.38) (858.75) (224.7
Slide 44: Dividend & Share Buy-back Track Record
Dividend & Share Buy-back Track Record Sl. no. Particulars FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY26 1 Dividend (%) 250% 250% 250% 300% 300% 350% 2 Dividend (Rs./share) 2.50 2.50 2.50 3.00 3.00 3.50 3 Dividend Payout (Rs. Crs.) 52.50 51.01 50.84 60.52 60.57 70.68 Buy-back Payout (including t
Slide 45: Treasury Management Update
Treasury Management Update Long-term credit rating by CRISIL stands at AA+ with Stable outlook. Short-term credit rating re-affirmed by CRISIL stands at A1+. During FY26, the Company: Company has also obtained second rating from India Ratings. Long-term rating from India Ratings stands at “IND AA+/S
Slide 46: ESG & Enhanced Stakeholder Value
ESG & ENHANCED STAKEHOLDER VALUE BCML | Investor Presentation 45
Slide 47: BCML's ESG Overview
BCML’s ESG Overview COMPANY’S VISION BCML’s ESG Framework To retain our position as one of the “greenest” companies in India’s sugar sector A platform leading to secure, scalable and sustainable long-term growth Our Sustainable Products Basket: Ethanol helps moderate air pollution while co-generatio
Slide 48: Our ESG Achievements
Our ESG Achievements Total effluents # Steam consumption Particulate matter emission from boiler (Ltrs/Mt of cane) (as a % of cane) (Mg/ Nm3) 177.45 172.34 68.51 71.69 67.71 165.91 42.00 42.16 63.22 59.62 156.59 40.92 151.32 39.21 38.09 SS 22 SS 23 SS 24 SS 25 SS 26 SS 22 SS 23 SS24 SS25 SS26 SS 22
Slide 49: Socially Conscious Corporate Citizen (1 of 2)
Socially Conscious Corporate Citizen (1 of 2) CORPORATE SOCIAL RESPONSIBILITY ✓ Quality Education CSR spend (Rs. Cr) ✓ Sustainable Livelihood 12.91 11.95 11.20 ✓ Rural Development and Transformation 9.84 7.41 ✓ Environment Sustainability ✓ Quality Healthcare FY22 FY23 FY24 FY25 FY26 BCML | Investor
Slide 50: Socially Conscious Corporate Citizen (2 of 2)
Socially Conscious Corporate Citizen (2 of 2) CORPORATE SOCIAL RESPONSIBILITY QUALITY EDUCATION SUSTAINABLE LIVELIHOOD RURAL DEVELOPMENT ENVIRONMENT QUALITY HEALTHCARE AND SUSTAINABILITY 33 Schools covered 200+ Women were 5,204 farmers TRANSFORMATION 1 ANM Centers for infrastructural provided with s
Slide 51: How We Moderated Our Carbon Footprint
How We Moderated Our Carbon Footprint BCML’s total GHG emissions for FY 2024-25 was 0.76 million Emissions Released tCO2e and the GHG emissions reduction for direct emissions was ~2.5 million tCO2e through SCOPE 1 SCOPE 2 SCOPE 3 Total Emissions use of biomass over fossil fuel to Emissions Emissions
Slide 52: Deep Dive Into Scope 3 Emissions
Deep Dive Into Scope 3 Emissions BCML’s commitment to a comprehensive environmental strategy includes the extensive tracking and management of Scope 3 emissions, which encompass upstream and downstream activities Under upstream emissions, we Accountability accounted for the purchase of goods and ser
Slide 53: Life Cycle Assessment (LCA) of Sugar, Ethanol and Sugarcane
Life Cycle Assessment (LCA) of Sugar, Ethanol and Sugarcane Given below is the extract of the environment impact on climate change for producing 1 kg of sugar, which has negative emission of -1.656 kg CO2 e & -1.529 kg CO2 e (cradle to gate) and 1 kg of ethanol having a negative emission of – 2.544
Slide 54: BCML's Governance Framework
BCML’s Governance Framework BCML’s Core Governance Principles Focus on de-risking coupled with controlled growth ACCOUNTABILITY TRANSPARENCY INTEGRITY ENVIRONMENT AND SOCIAL REGULATORY COMPLIANCES RESPONSIBILITY Strategic guidance from experienced Investment in and diversified digitalisation, proces
Slide 55: Awards
Awards LACP Spotlight Award, 2024 in the Silver Category for our Integrated Winner in Environment Annual Report FY 2023-24 [2024] Protection category at the The Eastern India Great Indian ESG Indian CSR Award - Best Ground Water Conservation Third edition of the BCC&I Leadership Award- Organization
Slide 56: Awards
Awards Padmashree awarded to (Late) Smt. MEENAKSHI SARAOGI National Energy Conservation Golden Peacock Lifetime Achievement Award to Padmashree (Late) Award presented by President Award for SMT. MEENAKSHI SARAOGI by the Uttar Pradesh of India [2024] Corporate government received by Ms. Avantika Sara
Slide 57: Certifications
Certifications ISO Certification: The Company’ has received prestigious ISO 14001:2015 (Environmental Management System) and ISO 45001:2018 (Occupational Health and Safety Management System) certifications Bonsucro Compliance: Balrampur Chini Mills demonstrated the operation of a management system t
Slide 58: Market Snapshot
Market Snapshot Key Market Statistics As on 08-May-2026 BSE/NSE Ticker 500038 / BALRAMCHIN SHAREHOLDING PATTERN* CMP (Rs.) 522.75 Market Cap (Rs. Crore) 10,556.96 Others, 3.91% Number of outstanding shares (Crore) 20.20 Resident Face Value (Rs.) 1.00 Individuals, 52-week High / Low (Rs.) 627.80 / 39
Slide 59: Global & Indian Sugar Sector Overview
GLOBAL & INDIAN SUGAR SECTOR OVERVIEW
Slide 60: Global Sugar Production Outlook
Global Sugar Production Outlook 2024-2025 ( metric million tonnes) 2025-2026 (Estimated) ( metric million tonnes) CS Brazil 40.2 CS Brazil 40.4 After sugar sacrifice of Assuming sugar India 26.1 India 28.0 sacrifice of ~3.0 MMT ~3.4 MMT Thailand 11.0 Thailand 11.4 EU & UK 17.8 EU & UK 17.0 China 11.
Slide 61: Factors Influencing Global Sugar Industry Trends
Factors Influencing Global Sugar Industry Trends 1 Global oil prices Weather & Production (25-26): • Brazil – Production is at par with previous year despite climate-induced volatility and complex outlook driven by Government policies catalyzing the shift between sugar recovery. 2 to ethanol • EU &
Slide 62: Domestic Sugar Balance Sheet
Domestic Sugar Balance Sheet SS 24-25 SS 25-26 (Estimated) 29.00 28.70 26.10 28.00 7.90 5.00 5.00 4.30 Op. Prod. Cons. + Exp. Cl. Op. Prod. Cons. + Exp. Cl. Net of sugar sacrifice of ~3.4 MMT (Estimated) Assuming sugar sacrifice of ~3.0 MMT SS = Sugar Season On 14.11.25 Govt. announced export quota
Slide 63: India: World's Largest Sugar Consumer
India: World’s Largest Sugar Consumer India's Sugar Consumption (MMT) Last 10 years A steady & sustainable CAGR 0.93% demand opportunity 25.61 25.39 25.50 25.30 26.56 27.33 27.85 29.00 28.10 24.80 24.56 SS14-15 SS15-16 SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 SS22-23 SS23-24 ** Sugar consumpt
Slide 64: About Balrampur Chini Mills Limited
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
Slide 65: Need More Insights?
Need More Insights? Please log on to www.chini.com for more information about the company. For further information contact: REGISTERED OFFICE PRAMOD PATWARI FMC Fortuna, 2nd Floor, Chief Financial Officer 234/3A, A. J. C. Bose Road, Balrampur Chini Mills Limited Kolkata 700020. +91 33 2287 4749 pram
Slide 66: Thank You
® P Balrampur Chini Mills Limited THANK YOU
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