Balrampur Chini Mills Ltd share Price Today

Balrampur Chini (BCML) is the second largest sugar company with sugar crushing capacity of 78000 TCD, distillery capacity of 1050 KLD & co-generation capacity of 175.7 MW. It completed its distillery capex in December 2022, which has taken its total distillery capacity to 1050 KLD (35 crore litre).

• BCML has changed sugarcane variety in more than 50% of catchment area. This would reduce dependence on Co-0238 and improve yield and recovery

Reported strong results with 22% growth in operating profit.

• Revenue witnessed growth of 16.6% led by ethanol sales growth of 57.8%
• EBITDA was up 22% at ₹ 403.9 crore, with margins at 27.1%
• Higher interest & income tax resulted in PAT growth of mere 5.8% to ₹ 254.4

Sugar company Balrampur Chini Mills announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

• Revenue from Operations for Q4FY24 was Rs 1,434.26 crores as against Rs 1,491.53 crores in the corresponding quarter of the last year, representing a decrease of 3.8%
• EBITDA (excluding Other Income) for Q4FY24 was Rs 344.72 crores as against Rs 403.89 crores in the corresponding quarter of the last year, representing a decrease of 14.6%
• Total Comprehensive Income for Q4FY24 was Rs 208.71 crores as against Rs 255.96 crores in the corresponding quarter of the last year, representing a decrease of 18.5%.

Standalone:

• Revenue from Operations for Q4FY24 was Rs 1,434.26 crores as against Rs 1,491.53 crores in the corresponding quarter of the last year, representing a decrease of 3.8%
• EBITDA (excluding Other Income) for Q4FY24 was Rs 344.72 crores as against Rs 404.18 crores in the corresponding quarter of the last year, representing a decrease of 14.7%
• Total Comprehensive Income for Q4FY24 was Rs 202.70 crores as against Rs 252.35 crores in the corresponding quarter of the last year, representing a decrease of 19.7%.

FY24 Financial Highlights:

Consolidated:

• Revenue from Operations for FY24 was Rs 5,593.74 crores as against Rs 4,665.86 crores in FY23, representing an increase of 19.9%
• EBITDA (excluding Other Income) for FY24 was Rs 786.17 crores as against Rs 512.04 crores in FY23, representing an increase of 53.5%
• Total Comprehensive Income for FY24 was Rs 542.55 crores as against Rs 277.90 crores in FY23, representing an increase of 95.2%.

Standalone:

• Revenue from Operations for FY24 was Rs 5,593.74 crores as against Rs 4,665.86 crores in FY23, representing an increase of 19.9%
• EBITDA (excluding Other Income) for FY24 was Rs 786.17 crores as against Rs 512.33 crores in FY23, representing an increase of 53.5%
• Total Comprehensive Income for FY24 was Rs 441.34 crores as against Rs 269.31 crores in FY23, representing an increase of 63.9%.

Commenting on the performance for Q4FY24, Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills (BCML), said: “We delivered robust results during the year aided by strong volumes and realizations both in sugar and distillery segment.

During the year ended March 2024, sugarcane crushing was higher by ~16% and sugar production increased by ~27%. This increase is attributed to various cane development activities and varietal rebalancing undertaken by the Company and lower sugar diversion due to changes in the Ethanol policy. It has moderated the impact of increase of Rs.20 per quintal in SAP and helped to contain the carrying cost of inventory of sugar. The Company carried forward higher inventory of 68.6 lakh quintals as of March 31, 2024 valued at Rs.34.22/kg. (last year 51.2 lakh quintal valued at Rs.33.71/kg.).

For the ensuing season, IMD is forecasting a normal monsoon which will aid to better yields. Lower diversion of cane towards Gur- Khandsari and better yield should translate to higher cane availability in U.P. In contrast, lower cane is expected in Maharashtra and Karnataka due to lower acreage.

On the distillery front sales were higher by ~37% to 27.1 cr BL during the year. There has been no change in the Ethanol price under juice/syrup route and B-heavy route unlike in the past despite increase in FRP.

Expected sugar inventory at ~8.85 MMT as on 30th September 2024 in the country along with expected production of 31 MMT (pre-diversion) for the SS 24-25 and domestic consumption of around 29.5 MT provides enough headroom to the Government to carry on the blending programme under Juice & Bheavy route. In the past, we have seen that closing stock of 5.5 /6.00 MMT has been considered sufficient.

On the PLA Project, we have contracted with renowned global technology providers, setting the stage for the development of India's first integrated sugar-to-PLA bioplastics facility, projecting a new avenue for growth and market leadership.

At BCML, our commitment to sustainable value creation extends to optimizing every aspect of our operations, ensuring maximum value extraction from each stick of cane. Leveraging our integrated operations and strong financial health, we remain dedicated to deepening our relationships with the farming community and enhancing operational efficiencies. The introduction of the PLA project diversifies our product range and aligns with global environmental goals by offering a environment friendly alternative to traditional plastics.”

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