Balrampur Chini Mills Limited

rs,

st Floor, New Trading Wing, Rotunda Kurla Complex, Bandra (E), Building, Phiroze Jeejeebhoy Towers, Mumbai 400051. Dalal Street, Fort, Mumbai- 400001. Symbol: BALRAMCHIN Scrip Code: 500038 Dea

10.4%

e as a result of lower Pol% in cane, which is now picking up. Cane crushing during the quarter was 10.4% higher than during the same period last year; however, sugar recovery remained lower by around 48 b

48 bps

0.4% higher than during the same period last year; however, sugar recovery remained lower by around 48 bps due to adverse weather conditions. Notably, our decline in recovery was the lowest among mills in e

1 million

ns. Notably, our decline in recovery was the lowest among mills in eastern UP. The export quota of 1 million tonnes for the ongoing season has strengthened the domestic sugar prices, which are expected to rem

11.5%

implement a price increase for BH and Juice based Ethanol, commensurate with the increase in FRP by 11.5% over the last two years, has also contributed to the distillery’s under performance. Progress of o

₹2000 crore

roject by offering an attractive incentive framework. The Board had previously approved a capex of ₹2000 crores for the PLA Project on 18th February, 2024, based on conceptual planning. The revised capex now st

₹ 2850

e PLA Project on 18th February, 2024, based on conceptual planning. The revised capex now stands at ₹ 2850 (gross) and ₹ 1750 crores (net of expected capital subsidy as announced by the U.P. Government). Thi

₹ 1750 crore

th February, 2024, based on conceptual planning. The revised capex now stands at ₹ 2850 (gross) and ₹ 1750 crores (net of expected capital subsidy as announced by the U.P. Government). This higher investment is d

7.5%

r.) PBT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) 1,230.4 1,192.2 123.2 89.0 7.5% 10.0% 92.3 72.4 7.5% 6.1% Basic EPS (Rs.) 4.53 3.49 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25

10.0%

BT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) 1,230.4 1,192.2 123.2 89.0 7.5% 10.0% 92.3 72.4 7.5% 6.1% Basic EPS (Rs.) 4.53 3.49 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY

6.1%

TCI (Rs. cr) TCI Margin (%) 1,230.4 1,192.2 123.2 89.0 7.5% 10.0% 92.3 72.4 7.5% 6.1% Basic EPS (Rs.) 4.53 3.49 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 F

10.9%

1 250.6 213.4 10.30 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 10.9% 6.4% 8.0% 5.5% Sugar being a seasonal industry, it is recommended that the performance of the C

“cr) TCI Margin (%) 113.4 9.2% 123.8 10.4% 82.8 79.9 6.7% 6.7% 61.2 5.0% 64.6 5.4% Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue (Rs.”

“cr) TCI Margin (%) 441.5 339.0 328.7 10.6% 8.7% 7.9% 169.3 4.3% 238.7 5.7% 129.5 3.3% 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 Sugar being a seasonal industry, it is recommended that the performance of the Company be evaluated on annual basis.”

“TCI - Total Comprehensive Income 7 Q3 FY25 Standalone Performance Review Q3 FY24 (Rs.”

“cr) PBIT Margin (%) 1,161.0 1,269.9 76.1 6.6% 120.4 9.5% Total Sugar Sales (lac quintals) Average realization of sugar (Rs./kg) 22.82 23.33 39.4 38.6 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue (Rs.”

“cr) PBIT Margin (%) Sales * (Cr BL) 250.49 211.42 35.1 14.0% Q3 FY24 Q3 FY25 Q3 FY24 -8.5 -4.0% Q3 FY25 Average blended realization (including ENA & Other Products) ** (Rs./BL) 56.5 58.0 4.2 3.5 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue (Rs.”

“2024 0.03 0.08 0.27 0.63 0.59 B-heavy molasses (Rs./quintal) 1,090 w.e.f Dec-22 Q3 FY24 Q3 FY25 9M FY24 9M FY25 Q3 FY24 Q3 FY25 9M FY24 9M FY25 Syrup (Rs./quintal) 1,709”

“19 Sl.No.Ethanol YearC-routeB-routeSyrupDFGSFGMaize1ESY 2023-24: (Nov-23 - Oct-24)56.28 60.73 65.61 64.00 58.50 71.86 2ESY 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) Co-generation – Performance Power Generated Power Exported (Cr Units) (Cr Units) Average Realization (Rs./Unit) 22.0 22.2 10.5 10.0 3.86 3.71 Stock of Bagasse (lac MT) 1.8 2.4 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 31st Dec.”

“2024 Power Generated Power Exported * (Cr Units) (Cr Units) Average Realization (Rs./Unit) 45.7 40.4 20.1 19.0 3.93 4.71 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 * Includes ~0.7 crore units purchased and sold in 9M FY25”

“Quantity variance because of seasonality 20 Polylactic Acid 21 Poly Lactic Acid (PLA) Project – Financial Update Gross Capex ~ 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”

Note

3

Transfer Price

1

Benefits of higher investment

1

Global Price Outlook

1

Global Consumption Outlook

1

For further information contact

1

Note

• Consolidated results of the Company for the period ended 31st December 2024 includes results of Associate of the Company viz. Auxilo Finserve Pvt. Ltd. • Company’s share in Auxilo Finserve Pvt. Ltd. As on 31st December 2024 stands at 30.48% TCI - Total Comprehensive Income 6 Standalone Financial Performance Revenue (Rs. Cr.) 1,230.4 1,192.2 EBITDA (Rs. cr) EBITDA Margin (%) PBT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) 113.4 9.2% 123.8 10.4% 82.8 79.9 6.7% 6.7% 61.2 5.0% 64.6 5.4% Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue (Rs. Cr.) 4,159.5 3,911.7 EBITDA (Rs. cr) EBITDA Margin (%) PBT (Rs. cr) PBT Margin (%) TCI (Rs. cr) TCI Margin (%) 441.5 339.0 328.7 10.6% 8.7% 7.9% 169.3 4.3% 238.7 5.7% 129.5 3.3% 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 Sugar being a seasonal industry, it is recommended that the performance of the Company be evaluated on annual basis. TCI - Total Comprehensive Income 7 Q3 FY25 Standalone Performance

Note

I. Cost of production (including cane cost) is net of credit for bagasse, molasses and pressmud II. Sugar inventory being valued at lower of net realizable value (NRV) or cumulative year to date costing 31st Dec, 2023 31st Dec, 2024 *Cost of production as calculated above is excluding the cane crush under sugar syrup route: 9M FY24 - 31.61 lac qtls. 9M FY25 - 40.25 lac qtls. 14 Distillery & Co-generation 15 Distillery Segment – Financial Performance Revenue (Rs. Cr.) PBIT (Rs. cr) PBIT Margin (%) Sales * (Cr BL) 250.49 211.42 35.1 14.0% Q3 FY24 Q3 FY25 Q3 FY24 -8.5 -4.0% Q3 FY25 Average blended realization (including ENA & Other Products) ** (Rs./BL) 56.5 58.0 4.2 3.5 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Revenue (Rs. Cr.) 1,276.16 899.96 PBIT (Rs. cr) PBIT Margin (%) Sales * (Cr BL) 229.0 105.5 20.4 14.9 17.9% 11.7% Average blended realization (including ENA & Other Products) ** (Rs./BL) 57.5 56.5 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 * Includes ENA & other product

Transfer Price

FY23 FY24 9M FY 24 9M FY 25 1,090 1,707 1,090 1,893 1,150 w.e.f Oct-24 2,030 18 Update on distillery business Ethanol prices under the EBP Programme for ESY 2024-25 are as under: Total Allocation (Cr BL) (till Cycle-2) 930.3 592.9 195.6 132.3 9.4 Syrup route B-heavy route C-heavy route Grains Total The tender under Cycle 3 for ESY 2024-25 has been floated for 124 crore liters ethanol from rice and C Heavy molasses out of which 164 crore liters (159 crore liters under Rice route & 5 crore liters under C-heavy route) has been tendered by the distilleries. The government has also allowed 24 lakh tonnes of FCI rice to be sold at ₹22.50 per kg to ethanol distilleries under the EBP programme. 19 Sl.No.Ethanol YearC-routeB-routeSyrupDFGSFGMaize1ESY 2023-24: (Nov-23 - Oct-24)56.28 60.73 65.61 64.00 58.50 71.86 2ESY 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) Co-generation – Performance Power Generated Power Exported (Cr Units

Note

Quantity variance because of seasonality 20 Polylactic Acid 21 Poly Lactic Acid (PLA) Project – Financial Update 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 22 Poly Lactic Acid (PLA) Project – Current status ❑ 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 ❑ Vendors for Long Lead Items have been finalized ❑ Till 31st December 2024 Company has spent ~Rs. 685 crores ❑ Environment Clearance (EC) has been received from MoEF&CC ❑ CTE (consent to establish) has been received in Jan-25 ❑ Other consents required for the Project is underway ❑ 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 INVESTMENT Gross – Rs. 2850 crs Net of capital subsidy ~Rs. 1750 crs CAPACITY 80,000 t/a 23 Poly Lactic Acid (PLA) Project – Financial Update (contd.) Uttar Pradesh State Government announced Bio Plastic Industrial Policy 2024 O

Global Price Outlook

⚫ The global Raw Sugar price traded in the range of ~17.57-23.42 c/lb between April-Jan 2025. ⚫ Brazilian currency value to also play an important role on the prices. Weather & Production (24-25): • Brazil - Adverse weather conditions with higher mix towards Ethanol have resulted in lower sugar production. EU & UK – Expanded beet plantings leading to higher sugar production. • 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 ~11.7 MMT. EU & UK: Reduced beet planting, disease outbreaks and lower sucrose content could lead to lower sugar production to ~ 16.9 MMT • •