BALRAMCHIN

BALRAMPUR CHINI MILLS LIMITED CIN - L 15421WB1975PLC030118 REGO. OFF. : "FMC FORTUNA" 2ND FLOOR, 234/3A, A. J. C. BOSE ROAD, KOLKATA-700 020 PHONE : 2287-4749 •FAX: (033) 2283-4487 • Email : bcml@bcml.in • www.chini.com 9th August, 2021 National Stock Exchange of India Limited BSE Limited Listing Department, Exchange Plaza, The Corporate Relationship Department 5th Floor, Plot No. C/1, G Block, 1st Floor, New Trading Wing, Bandra Kurla Complex, Bandra (E) Rotunda Building, Phiroze Jeejeebhoy Tower, Mumbai-400051 Dalal Street, Fort, Mumbai-400001 Scrip Code: BALRAMCHIN Scrip Code: 500038 Dear Sir/ Madam, Sub: Results Presentation Please find attached Results Presentation in relation to the Financial Results of the Company for the Quarter ended 30th June, 2021, declared on 9th August, 2021. This is for your information and record. Thanking you, Yours faithfully, For Bair ur Chini Mills Limited arwal y Secretary and Compliance Officer) FACTORIES : BALRAMPUR • BABHNAN • TULSIPUR • HAIDERGARH • AKBARPUR • MANKAPUR • RAUZAGAON • KUMBHI • GULARIA • MAIZAPUR Balrampur Chini Mills Limited Q1FY22 Results Investors Presentation 9th August 2021 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 Safe Harbour cause our 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 Conference Call Details Timing 12:00 noon IST on Tuesday, August 10, 2021 Conference dial-in Primary number: +91 22 6280 1141 / 7115 8042 Toll free Number Singapore: 800 101 2045 Hong Kong: 800 964 448 USA: 1 866 746 2133 UK: 0 808 101 1573 3 Table of Contents Industry Company Q1 FY22 Annexures Overview Overview Results Update 6 17 32 48 4 Management’s “The results for the quarter were muted owing to subdued prices and lower off-take of sugar (as the government fixed a lower domestic sale quota for the quarter). In addition, adverse weather conditions Message and red rot disease impacted the sugarcane yields, resulting in lower cane. This is a one-off case where the sugar season had a short run and we are hopeful to catch up in the ensuing season. We are aggressively undertaking cane development activities in our command area, which in the future would lead to improved recovery and enhanced cane availability for our units. Commenting on the performance for The Board of Directors has approved the 5th consecutive buy-back of equity shares of the Company for an aggregate amount not exceeding Rs. 215.25 crores under the ‘Open Market Through Stock Q1FY22, Mr. Vivek Saraogi, Managing Exchanges’ route in line with the policy for distribution of profits to the shareholders. In the past Director, Balrampur Chini Mills promoters had always participated in the buy back. But under the proposed buy back , promoters for Limited, said: the first time would not be participating .Post successful completion of this buy-back, promoter's stake in the company would rise . The Board has also accorded its approval to proposals for expansion of distillery unit at Balrampur from 160 KLPD to 330 KLPD and distillery unit at Gularia from 160 KLPD to 200 KLPD. With the distillery unit at Maizapur already under implementation, our total capacity will reach to 1050 KLPD by November, 2022 resulting in almost 35 crores of distillation capacity on an annual basis. Consequently, we would be doubling our distillation capacity via cane juice and B-heavy diversion route, thereby diverting surplus sugar. In addition, the Board has also approved modernization of sugar plants at some locations along with setting up of refinery at the sugar plants. This will enable us to sweat our assets better and crush a higher quantum of cane in a reduced time frame. This will also ensure higher availability of feed stock (B-heavy molasses and sugar cane juice) for our increasing ethanol capacity and thus, help us achieve economies of scale. As indicated earlier, we are further strengthening the Ethanol business of the Company, enthused by the pro-active and forward looking steps initiated by the GOI. Assured off-take, along with a clear pricing mechanism has been a game changer. This will also enable us to produce only that much sugar which we can sell in the domestic market and the excess will get converted into Ethanol. This, in turn, will help us as well as the sector to become self-sustainable.” 5 GloTbhale S uGgalro Pbroadul cStiocn eOnutaloorkio ( metric million tonnes) 2021-22 2020-21 31.5 38.5 73.6 65.35 Total Total 172.5 31.0 169.0 30.9 9.9 10.75 10.5 16.0 7.8 15.7 CS Brazil India Thailand EU China Rest of the World CS Brazil India Thailand EU China Rest of the World Brazil has been passing through one of its worst droughts in 90 years, which is expected to result in significant lower production 7 GloTbhale S uGgalro Bbalaanlc eS Scheeent ario ( metric million tonnes) 2021-22 (E) 2020-21 (E) 169.0 173.8 172.5 175.0 92.8 90.3 97.6 92.8 Opening Production Consumption Closing Opening Production Consumption Closing Rising freight rates, historic drought in Brazil, recent frost, weakness of the USD are likely to limit global trade flows and strengthen sugar prices . The downside on NY11 raw sugar price seems to be limited while on the upside expect the price to remain strong with upward bias from its current level of ~18.5 c/lb. 8 India: World’s Second Largest Sugar Producing Country State-Wise Sugar India's Sugar Export India's Sugar Production Production (MMT) (MMT) 6.80 5.80 6.00 Net of sugar sacrifice Others 3.80 17% 32.48 33.16 30.90 31.00 27.41 Maharashtra 0.46 20.28 34% 0.05 Karnataka 14% SS SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 2020-21 (Est.) (Proj.)* *Yet to be announced Financial 8.3 10.48 6.0*/ yet SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 SS21-22 (Est.) (Proj.) Assistance to be UP (Rs./kg) announced Sugar Sacrifice (MMT) 0.8 2.1 3.4 35% Through B-heavy/Juice */ revised to Rs. 4/kg i.e.. 20.05.2021 Sugarcane Acreage Sugarcane Yield (000’ Hectare) per Hectare  Sugarcane farming in India is among the (tonnes) largest agro-based sector, employing over 5,502 5 crore sugarcane growers directly & 81.5 75.3 5,042 71.1 69.8 4,945 61.3 4,841 indirectly and over 5 lakh workers as well. 4,645  The country has a potential to export sugar to several countries. SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 (Est.) SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 (Est.) % of cane diverted for: SS16-17 SS 17-18 SS18-19 SS 19-20(E) Gur, Khandsari 36.1% 20.4% 24.7% 20.3% & Others . 9 India: World’s Largest Sugar Consumer India's Sugar Consumption India's Sugar Consumption Direct Bulk B2B (MMT) Households 35% Consumers 65% 26.50 26.00 25.39 25.50 25.30 24.56 Per capita consumption in India is at 19 kilograms per year SS16-17 SS17-18 SS18-19 SS19-20 SS20-21 SS20-21 as compared to global average of 23 kilograms (Est.) (Proj.) Steady & sustainable demand opportunity: Sugar consumption in moderation is a source of carbohydrate and Sugar consumption in India is expected to grow. instant energy and is considered good for health and is part of a Key demand drivers include GDP growth, rising healthy diet as per nutritionists. disposable income, increasing demand for In India, consumption of sweets is synonymous with expression of processed foods through modern retail, etc. love, fun, happiness & celebration. 10 Domestic Sugar Balance Sheet ( metric million tonnes) Sugar Season 2020-21 (Estimated) Sugar Season 2021-22 (Projected) 26.0 30.9 26.5 31.0 6.8 10.7 8.8 6.0 8.8 7.3 SS 21 Opening Production Domestic Exports SS 21 Closing SS 22 Opening Production Domestic Exports SS 22 Closing Consumption Consumption  Managed demand/supply, financial support to address surplus sugar through exports, robust ethanol blending policies.  Moderating the sugar inventory and also supporting the domestic sugar prices 11 Classical Indian Sugar Sector Cycle Natural Induced Cyclicality Cyclicality (due to cane arrears) Issues of Induced Cyclicality Higher sugar Decline in production sugar prices Higher Lower Erratic supply Profitability sugarcane production High cane arrears High sugarcane Improved arrears High cost of profitability Low Sugarcane Production arrears Decline in area Unstable pricing Lower sugar under cultivation trend availability Lower sugarcane Increase production sugar prices Lower Unattractive industry sugarcane for investment production 12 Current Sugar Sector Scenario: Man-Induced Sugar Cycle No Longer Prevails Improvement in sugarcane yield / recovery Setting standard floor price for sugar i.e. Robust Ethanol Prudent Minimum Selling Price (MSP) blending Government programme policy O U Addressing excess sugar production through Key T conversion into Ethanol and Exports C factors O Diversion of M Remunerative prices for Ethanol excess cane E Rational cane production pricing towards Ethanol Government polices supporting all stakeholders Minimum Support Price (MSP) for sugar Moderate cyclicality leading to structural improvement in the performance of the sugar industry 13 13 Policy intervention from Govt. on Sugar / Ethanol-  Fair & Remunerative Price (FRP) of sugarcane for the sugar  A higher customs duty continues on import of sugar. season 2020-21 was revised to Rs. 285 per quintal from  Export of sugar continues to attract zero customs duty. Rs.275 per quintal in the previous year (linked to a basic recovery of 10%).  Soft loans through banks for encouraging the new distillery capacities or augmentation of existing capacities, which would  State Advised Price (SAP) of sugarcane for the state of Uttar facilitate higher ethanol production and reduce the surplus sugar Pradesh remained unchanged at Rs 315 per quintal for last 4 through diversion of B-heavy molasses and direct cane juice/sugar years. syrup to ethanol.  Minimum Selling Price (MSP) of sugar was first fixed at Rs.  The pricing methodology for ethanol remained unchanged. Ethanol 29 per kg in June 2018 and later increased to Rs. 31 per kg in prices are announced annually by the Central Government based on February 2019. MSP is the ex-factory price (excluding GST a formula, which factored the price of sugar and FRP of sugarcane to and transportation charges) below which no mill can sell calculate ethanol procurement prices. Ethanol prices are delinked sugar in India. Due to surplus sugar scenario, the MSP from crude or petrol prices. environment is expected to continue. The Group of Ministers’ recommendation to revise the MSP from Rs.31 to Rs.33 per  The Central Government announced differential and attractive prices for ethanol produced from damaged/surplus food grains, broken rice kg is awaiting Cabinet approval. and maize.  Along with MSP, stock holding limits on mills regulates the supply of sugar in domestic market which in return supports  A lower GST of 5% on ethanol. the local prices.  The export quota of 6 MMT of sugar from India was announced for the sugar season 2020-21, with a competitive WTO-compliant financial assistance. Recent interventions by both the Central Government and the State Government reflects a clear shift in the mind-set of policy makers which augurs well for the industry 14 Rising Fuel Ethanol Supply to meet huge Demand in India Ethanol Procurement by OMC’s (in crore litres) Blending in Petrol achieved % 8.5% 5.0% 5.1% 4.2% 3.5% 1.53% 2.33% 2.1% 151 189 173 325 38 67 111 67 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21(E) * * OMC have finalized tenders for 346.52 crore litres out of which 318.10 crore litres has been contracted till date Price fixed by Government 2016-17 2017-18 2018-19 2019-20 2020-21 (Rs./BL) C-route Ethanol 39.00 40.85 43.46 43.75 45.69 B-route Ethanol - - 52.43 54.27 57.61 Juice-route Ethanol - - 59.19 59.48 62.65  Central Government approved the National Policy on Biofuels to achieve 20% blending of Ethanol in petrol by 2030. Key benefits highlighted by the government include:  Reduce dependence on exports of sugar (target to sacrifice ~6 million tonnes of sugar)  Employment generation  Reduce import dependency of fuels (savings of ~$4 billion i.e. Rs. 30,000 crs.)  Health benefits  Cleaner environment through E20 fuel Carbon Monoxide emissions will be 50% lower in two-  Municipal Solid Waste Management wheelers and 30% lower in four-wheelers. Hydrocarbon emissions will be 20% lower in both  Additional income to farmers, Infrastructural investment in rural areas  In January 2021, the target of achieving 20% Ethanol-blending with petrol was preponed to 2025. For the same, the country will need to produce ~1000 crore litres of Ethanol  In June 2021 Central Government announced that from April 2023 blending upto 20% to be implemented so as to reach E20 by April 2025. 15 Road-map for Ethanol Blending in India 2025-26 Distillation Capacity Ethanol Demand Ethanol available for fuel (in million ltrs) (in million ltrs) (in million ltrs) 14300 15000 12880 13500 9880 10160 11750 9880 9750 8280 6980 6840 7100 8190 4500 7000 7400 4230 5920 7070 3880 6280 6660 4370 5480 4380 4660 3500 2930 3320 2080 2580 2600 3000 1920 2670 1730 1230 1070 4260 4500 5190 6250 7250 7300 7600 1660 4000 4400 5350 6000 6600 6840 160 420 4250 4900 5500 5500 2570 2900 3300 1570 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Ethanol available for other uses Ethanol Blend (%) Sugar Diversion / Grain Usage for Ethanol (in million ltrs) (MMT) 3340 2500 2600 2700 2800 2900 3000 15 20 20 22.2 24.2 10 12 14.9 1500 1500 1600 1700 1800 1900 2000 5 8 1 . . 5 1 2.4 2.7 4.5 8.9 9.2 5 6.7 9.7 11.3 9.6 15.7 17.2 1000 1100 1100 1100 1100 1100 1340 4 0 . . 5 5 7.4 7.6 9.3 10.5 11.1 10.8 4 0 . . 2 8 1 4 . . 9 8 6 3 .7 7 4 .3 5.3 6.5 7 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 19/20 20/21 21/22 22/23 23/24 24/25 25/26 Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Sugar Based Ethanol Grain Based Ethanol Source: Report of the Expert Committee, NITI Aayog | Ministry of Petroleum and Natural Gas 16 Board of Directors Vivek Saraogi – Managing Director Sumit Mazumder – Chairman & Independent  Former President of the Indian Sugar Mills Association Director  Former committee member of FICCI & the Indian Chamber of Commerce in Kolkata  Executive Chairman and Managing Director of TIL Limited  Under his stewardship, the Company has grown rapidly through  Former President of Confederation of Indian Industries (CII) organic and inorganic means enabling BCML emerge as a leader in  MBA from Sam Houston State University (USA) the Indian sugar industry  Mr Saraogi is a Commerce Graduate Dinesh Kumar Mittal (Retd. IAS) – Lead Independent Director Veena Hingarh – Independent Director  Director in reputed companies like Bharti Airtel, Max Financial Services,  Director in South-Asian Management Technologies FZC, Dubai, TIL Limited Trident etc. and South Asian Management Technologies Foundation, a National State  Former Secretary of Department of Financial Services and Ministry of Board of Accountancy (USA) accredited institution Corporate Affairs  Has over 20 years of result-oriented consultancy and corporate training  M.Sc. (Physics) with specialization in electronics from the University of experience Allahabad and a former Gold Medalist I.A.S. Officer of 1977 Batch  CA, CS, Certified Information System Auditor & Masters in Science Krishnava Dutt – Independent Director Mamta Binani – Independent Director  Managing Partner of Argus Partners and Director in reputed companies like  Chairperson of Merchant Chamber of Commerce- Legal Affairs Council and Tata Metaliks, Tata Steel BSL Limited, etc. Co-Chair of the Restructuring Committee of Stressed Assets of Indian Chamber of Commerce and Director in many listed companies.  He has been identified by India Business Law Journal as one of India’s top 100 lawyers.  Former National President of the Institute of Company Secretaries of India (ICSI) for the year 2016  His experience encompasses the entire repertoire of corporate practice including mergers and acquisitions, private equity, banking & finance projects  A law graduate and topper in CS examinations, she is the first registered Insolvency professional in the Country. Naresh Dayal (Retd. IAS) – Non-executive Director Dr. Arvind Krishna Saxena – Whole-time Director  Worked with the Government of India for 37 years in various positions at the  Experience spans more than 39 years and is associated with the Company state and national levels since 2002  As Secretary, Ministry of Health and Family Welfare, he was responsible, for  Held prestigious positions in various organizations & has also been associated all policies & programmes in the realms of Public Health. with scientific and research  Masters’ degree in Arts from University of Delhi and in Professional Studies,  M.Sc. and a Ph.D. (Botany) with a specialization in industrial mycology, bio- Agriculture from University of Cornell, USA. composting, mushroom production and processing from Horst, Holland 18 Manufacturing facilities & capacities at a glance BCML – A multi-product integrated Company with manufacturing capability of Sugar, Ethanol and Co-Generation 10 Post Existing Proposed Units expansion Capacities Expansion capacity manufacturing units in close proximity Sugar (TCD) 76500 - 76500 Saleable Cogen (MW) 168.7 - 168.7 76,500 Distillery (KLPD) 520 530 1050 Aggregate cane crushing capacity (TCD) UTTAR PRADESH 520 Kumbhi Tulsipur Aggregate distillery Gularia capacity (KLPD) Balrampur Maizapur Mankapur Rauzagaon Babhnan Haidergarh 168.7 Akbarpur Saleable co-generation capacity (MW) FACTORY LOCATIONS 19 The Balrampur Way: The Stretch Way of Life Grow Vision through diversified products - Sweating existing assets Cane Development - Drive Operational Efficiencies Engagement with farmers Capabilities - Capture the potential for downstream value - Calibrated approach to Capex Operational Efficiencies Distillery Expansion Profitability Management Enablers Execution Capabilities Stronger organizational controls 20 Our Strategy Our businesses Focused & Complementary SUGAR ETHANOL CO-GEN AGRI-INPUTS Portfolio Our differentiated capabilities The Balrampur way of execution Management Stakeholder Operational Innovation Prudent Capital Stewardship Management Efficiency Allocation Our winning aspiration India’s leading sugar and energy company Value Creation for Environment, Investors, Lenders, Customers and Employees 19 21 Pro-active Mix Ongoing migration towards the more value-accretive segments such as Ethanol Product mix • Sacrificing Sugar for B-Heavy Ethanol • Converting sugarcane juice to Ethanol • Informed choices on top-line • Grain based Ethanol • Multiple mix drivers • Blended outcome contributes Customer mix Segment mix to margin expansion • B2B space with • Increasing cash rich OMCs share of having payment Ethanol in cycle of ~30 Revenues days and Profits 22 22 Our Competitive Advantage • Providing holistic support to farmers Lean Balance Location • Enhancing cross-functional High internal Sheet; efficiencies advantage; East controls; • Strengthening the financials Consistently U.P. (8 plants out • Being environmentally Focus on rewarding the of 10) fetching responsible Automation shareholders better realization Focus on achieving better access to resources through stronger Fully integrated Large skilled community relations model; workforce; Economies of Diversified Scale Board Rated AA (Positive) both by CRISIL & ICRA; Low debt; Gearing at 0.13 23 Moving towards next orbit Creating value Expansion for all into Robust and stakeholders Ethanol Sustainable Strong integrated Financial business model performance  Emerging as a key growth driver for the  Successfully completed four Company going consecutive Buy-Backs over four forward years along with dividends leading  Helping in  Structural shift in the to net payout to shareholders of successfully  Rapid growth from sector enabling to Rs. 910.79 crores (excluding navigating the sugar Distillery segment deliver strong distribution taxes) in last 5 years cycles with profitability on a diversifying revenue  Track record of timely sustainable basis  Announced consecutive 5th buy- streams completion of projects back on 9th August, 2021  Strong Balance Sheet  Proven track record with ability to invest in  Actively working on ESG front 24 for value creation growth opportunities ESG Vision at the core of our Growth Aspirations Environmental Social Governance Our environment approach has been Our Business transformation is Our governance platform woven around the elements of Plan- accelerated by a passionate team mix comprises a strategic clarity on the Mitigate-Adapt-Resilience. that reconciles youth and experience. way we intend to do business. Structure & Oversight - Large workforce with passionate & Resilience towards climate • Diversified Board with two women experienced working culture. change – A commitment to Directors. • Reduce energy intensity. • Audit Committee & Nomination & • Reduce greenhouse gas Investment in training to Remuneration Committee emissions. enhance efficiency. comprising all Non-Executive • Protection of bio-diversity. Directors. • Moderate carbon footprint • Risk Management Policy. Employee health & wellness. intensity in our operations. • Succession Policy. Transparency & Reporting - Adoption of 4Rs, i.e. – • Material Event Policy. • Replace Deepened relationship with vendors • Related Party Transactions. • Reuse as well as primary customers. • Quarterly Corporate Governance • Recycle Report. • Reduce Community - The company engaged Code & Values – with the community around its • Whistle Blower Policy. We achieved zero waste to manufacturing locations with • Anti Bribery. landfill and zero effluent the objective to widen the circle • Code of Conduct for Insider Trading. discharge targets. of prosperity. • Code of Fair Disclosure. We are on path of continuing growth with enhanced ESG activities addressing the requirements of society. 25 Our ESG Achievements Water effluents emission Non hazardous waste (cubic metres) (Kgs/MT) Water re-cycled (in cubic metres) Improvement Improvement Improvement 4.56 5,67,813 19,16,984 18,47,527 18,26,927 4,44,314 4,70,054 4,88,298 3.42 3.32 15,66,960 2.85 2.77 13,85,679 57,241 FY 17 FY 18 FY 19 FY 20 FY 21* * Lower sugarcane crushing resulted in lower re-cycling of water FY 17 FY 18 FY 19 FY 20 FY 21 FY 17 FY 18 FY 19 FY 20 FY 21 Ground water drawal Steam consumption No. of trees/saplings planted (in litres/MT of cane) (per MT of cane) (units) Improvement Improvement Improvement 0.46 380 0.45 50,298 45,700 252 232 218 0.44 0.44 178 0.43 16,002 11,980 10,625 FY 17 FY 18 FY 19 FY 20 FY 21 FY 17 FY 18 FY 19 FY 20 FY 21 FY 17 FY 18 FY 19 FY 20 FY 21 On path of further improvement and greater contribution to society 26 Socially Conscious Corporate Citizen 5 Year CSR spend (Rs. Cr) 10.93 10.68 10.34 3.97 2.93 0.44 FY17 FY18 FY19 FY20 FY21* FY22 (E) *Company’s mandatory target under CSR spend was Rs. 9.67 crores HEALTH & COMMUNITY EMPOWERMENT ENVIRONMENT EDUCATION AGRICULTURE DEVELOPMENT 1050 women trained in 75,000+ students Heath check-up and 3500+ farming 44 acres land retail assistance reached support for 25,936 equipment distributed afforested in 119 individuals villages 55 Schools 706 women earning 37.8% increase in supported for Community interventions ₹10,850/month farmer income 150,000+ trees planted improving for 270,000 persons infrastructure 27 Technology Innovation for benefit of Farmers “ ” Launched on 9th July 2021 an app named Balram for the benefit of farmers community Empowering 600,000+ sugarcane farmers in Uttar Empowering 600,000+ sugarcane farmers in Uttar Pradesh – helping them achieve maximum production at Pradesh –helping them achieve maximum production at lowest costs lowest costs Raising agri competencies through knowledge transfer Fertilizer Calculator, Weather Updates, P&L Simulator Bringing relevant farm and non-farm services close to farmer's doorstep – Instant access to Cane Field Staff (CFA)/CDO, Info on Availability of Agri- Inputs, Online Mill Parchi, Handbook Can be downloaded from Google Play Store 28 Road-map for capex upto November 2022 Distillery Capacity (KLPD ) 170 40 1050 Post this 320 expansion; the 520 Company’s distillation capacity Existing Maizapur (Greenfield) Balrampur (Expansion) Gularia (Expansion) Post expansion would be ~35 cr litres Estimated Capex Rs. Crs. 425 190 15 630 Proposed Funding: -Term Loan Rs. Crs. 220 140 - 360 -Internal accruals Rs. Crs. 205 50 15 270 Out of the 5 distilleries; Expected Commercial Month/ Nov-22 Nov-22 Nov-21 - 2 will be Production Year compatible to run on Feed-stock Juice/Grain Juice/B-Molasses B-molasses/C-molasses - sugarcane Expected pay-back Years ~3.75 ~2.15 ~1.15 - juice/syrup In addition to above, the Board of Directors in their meeting held on 9th August 2021 has approved the following: • Modernization & Setting up of Refinery at Balrampur • Modernization at Babhnan & Rauzagaon • De-bottlenecking & efficiency improvement at Mankapur • Setting up of refinery at Kumbhi Total capex for the same is estimated at Rs. 363 crs, out of which Rs.140 crs is proposed to be borrowed from banks and balance from internal accruals. For further details please refer the fillings with Stock Exchanges Converting by-product to Wealth - Focus on Ethanol to generate sustainable profitability 29 Robust and Sustainable Financial Performance on back of structural changes Segmental Revenues (Rs. Cr.) * Segmental PBIT (Rs. Cr.) Sugar Distillery Co-Generation Sugar Distillery Co-Generation 438 55 48 450 826 179 531 549 616 332 468 261 341 172 317 4,513 4,468 4,164 3,822 108 344 278 166 139 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 *Revenues includes inter segment revenues The above has been prepared by excluding Revenues/PBIT of “Others” Segment, being negligible Revenue from distillery segment contributed 14% to overall revenues in FY21 as compared to 7% in FY18 Going forward distillery segment is expected to contribute between 35% to 40% to overall revenues Distillery segment contributed 50% to PBIT in FY21 compared to 26% in FY18 We are focusing on increasing the share of revenue / profit from non-sugar segment 30 Robust and Sustainable Financial Performance on back of structural changes EBITDA (Rs cr) EBITDA Margin (%) TCI (Rs cr) TCI Margin (%) 565 714 689 682 502 469 13.2% 16.1% 452 14.4% 14.8% 10.6% 9.8% 217 10.3% 4.9% FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 Healthy profitability on the back of structural changes in the industry Return Ratios Return on Capital Employed * Return on Net worth ** EBITDA/Net Block 47.0% 44.3% 41.7% • EBIT / Avg. Capital Employed where Capital Employed is sum of Total 31.0% 31.7% Borrowings and Net-worth 23.1% 18.8% 19.4% 14.3% 15.2% 15.9% ** Total Comprehensive Income / Avg. 12.3% Net-worth where Net-worth excludes Capital Reserve & Amalgamation Reserve FY18 FY19 FY20 FY21 31 Performance Highlights (Consolidated) Revenue (Rs. Cr) 4,811.66 4,741.29 4,285.78 1,430.34 1,140.44 Q1 FY22 Q1 FY21 FY21 FY20 FY19 TCI (Rs. Cr) 570.68 512.46 479.23 137.65 76.60 Q1 FY22 Q1 FY21 FY21 FY20 FY19 33 TCI - Total Comprehensive Income Financial Overview - Consolidated Results Q1 FY22 Q1 FY21 FY21 FY20 FY19 Change Particulars (Rs. Cr) (Rs. Cr) (Rs. Cr) (Rs. Cr) (Rs. Cr) (%) Revenue from 1140.44 1430.34 -20.3% 4811.66 4741.29 4285.78 Operations 101.91 183.26 -44.4% Profit Before Tax 609.18 568.06 601.79 24.99 44.17 -43.4% Tax 129.39 48.70 25.97 Other (0.33) (1.44) - Comprehensive (0.56) (6.90) (5.14) Income Total 76.60 137.65 -44.4% Comprehensive 479.23 512.46 570.68 Income 3.66 6.32 - EPS (Rs.) 22.48 23.44 25.21 Note: Consolidated results of the Company includes results of two Associates of the Company viz. Visual Percept Solar Projects Pvt. Ltd. and Auxilo Finserve Pvt. Ltd. wherein Company’s share as on 30th June, 2021 stands at 45.00% and 44.70% respectively 34 Performance Highlights (Standalone) 4,811.7 4,741.3 4,285.8 1,430.3 1,140.4 14.8% 14.4% 16.1% 15.2% 713.8 682.0 689.1 11.8% 134.0 217.5 Q1FY22 Q1FY21 FY21 FY20 FY19 Revenue EBITDA EBITDA margin % 20.3% decrease in revenues in Q1FY22 as compared to Q1FY21 due to lower domestic sugar sale quota & lower physical exports EBITDA was lower by 38.3% in Q1FY22 as compared to Q1FY21 due to higher cost of production because of extremely low level of cane crushing TCI (Rs cr) TCI Margin (%) 566 Sugar being a seasonal industry, it is recommended that 502 469 the performance of the Company be seen on annual 9.3% 13.2% basis and not on quarterly basis. 6.4% 10.6% 9.8% 133 73 Q1FY22 Q1FY21 FY21 FY20 FY19 TCI decreased by 45.4% in Q1FY22 as compared to Q1FY21 due to lower margin on account of lower crushing resulting in higher cost of production TCI - Total Comprehensive Income 35 Highlights Company diverted ~80% sugarcane to B-heavy molasses during Q1FY22 as compared to 52.0% during Q1FY21. • Lower dependence on financially assisted exports • Will reduce working capital requirements The credit rating agencies viz. CRISIL and ICRA have reaffirmed the credit ratings for both long- term and short-term as AA and A1+ respectively. However, the Outlook on the long-term rating was revised from Stable to Positive in the month of April, 2021 As of 30th June 2021, long term borrowings of the Company stands at Rs.339.26 crores which carries low interest rate of ~3.65-5.00%(net of interest subvention). Repayment obligation towards long-term borrowings is as under: Yearly repayment schedule as per terms of sanction (` in crores) 105.58 105.58 82.30 45.80 FY2021-22 # FY2022-23 FY2023-24 FY2024-25 # For the balance period of the year 36 Financial Overview - Standalone Results Q1 FY22 Q1 FY21 FY21 FY20 FY19 Change Particulars (Rs. Cr) (Rs. Cr) (Rs. Cr) (Rs. Cr) (Rs. Cr) (%) 1140.44 1430.34 -20.3% 4811.66 4741.29 4285.78 Revenue from Operations 134.03 217.45 -38.3% 713.83 681.97 689.07 EBITDA 11.75% 15.20% - EBITDA Margin (%) 14.84% 14.38% 16.08% 29.31 27.80 5.4% Depreciation 111.88 101.42 95.85 13.11 15.61 -16.0% Finance Costs 39.30 64.17 40.94 96.83 177.37 -45.4% 596.11 554.93 595.03 Profit Before Tax 8.51% 12.40% - PBT Margin (%) 12.4% 11.7% 13.88% 23.80 42.80 -44.4% Tax 126.34 45.65 24.39 Other Comprehensive (0.33) (1.43) - (0.56) (7.01) (5.14) Income 72.70 133.14 -45.4% Total Comprehensive Income 469.22 502.27 565.50 3.48 6.12 - EPS (Rs.) 22.01 22.98 24.98 Notes: Revenue includes sales on 13.00 134.58 -90.3% 139.75 548.53 354.13 account of Exports under MAEQ (Rs. Cr.) Other Operating Income 48.22 56.17 -14.2% includes Export assistance 136.77 272.25 49.31 (Rs. Cr.) In view of aggressive diversion of cane towards B-heavy molasses route to sacrifice sugar by converting into Ethanol, dependence on physical export of sugar is getting reduced. 37 Financial Overview - Standalone Results – reasons for variations Q1FY22 Q1FY21 Variance Key Reasons (Rs. Cr) (Rs. Cr) (%) Lower sales in sugar (due to lower quota) and in Revenue from operations 1140.44 1430.34 -20.3% Cogen segment Other income 5.21 3.33 56.5% - Cost of materials consumed 192.52 670.89 -71.3% Lower cane crushing during the quarter Changes in inventories of finished goods, 659.49 404.54 63.0% Impact of inventory valuation by-products and work-in-progress Employee benefits expense 65.62 64.19 2.2% - Lower borrowings owing to faster conversion into cash Finance costs 13.11 15.61 -16.0% due to increasing Ethanol volume and impact of lower interest rates Depreciation 29.31 27.80 5.4% Owing to addition in fixed assets Other expenses 88.78 73.26 21.2% Because of lower level of operations Tax expense 23.80 42.80 -44.4% - Other comprehensive income (0.33) (1.43) -76.9% Impact of actuarial valuation / Return on plan assets Crushing for the season was lower on account of lower cane availability which impacted the results for the quarter. Off-season expenses (including factory overheads) have hit the P&L Account instead of getting embedded with inventory. 38 Segmental Overview – Sugar Financial data U.O.M. Q1FY22 Q1FY21 Change FY21 FY20 FY19 (%) Segment Revenues * (Rs. Cr) 943.26 1341.12 -29.7% 4468.07 4513.11 3821.59 Segment PBIT (Rs. Cr) 14.38 94.95 -84.9% 277.84 344.22 166.17 PBIT % % 1.52% 7.08% - 6.22% 7.63% 4.35% Change * Includes U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 (%) Revenue from physical export (Rs. Cr) 13.00 134.58 -90.3% 139.75 548.53 354.13 of sugar under MAEQ Financial assistance from Government on exports has been accounted under “Other (Rs. Cr) 48.22 */ 56.17 -14.2% 136.77 272.25 49.31 Operating Revenues” Foot Note: • Seasonal nature of the industry. • Lower cane availability is one-off scenario. • Company is actively working on cane development / disease management activities. • With sacrifice of sugar due to conversion into Ethanol, there is a corresponding sacrifice of potential profit on sacrificed sugar which ultimately gets converted into profitability of distillery segment. */ Company has already fulfilled all its export obligation under MAEQ. However, owing to part of physical exports completed in July, 39 financial assistance of ~Rs. 12.82 cr (net) will be booked in next quarter. Segmental Overview – Sugar … contd. Change Operational data U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 (%) Sugarcane Crushed * lac qtls. 43.32 200.76 -78.4% 1032.61 1020.30 1103.62 Cane diverted towards B-heavy molasses lac qtls. 34.60 104.38 -66.9% 675.56 327.00 - Cane diverted towards B-heavy molasses % 79.9% 52.0% - 65.4% 32.0% - Sugar Recovery (pre B-heavy diversion) % 11.27% 11.07% 20 bps 11.77% 11.93% 11.58% Sugar Recovery (post B-heavy diversion) % 12.69% 11.90% 79 bps 10.63% ** 11.44% 11.58% Sugar Produced (net of sacrifice) lac qtls. 4.88 22.22 -78.0% 109.79 116.73 127.81 Sugar Sacrificed lac qtls. 0.62 1.64 -62.2% 11.73 5.10 - Domestic Sales lac qtls. 23.71 30.22 -21.5% 107.68 94.46 98.63 Exports Sales lac qtls. 0.40 5.44 -92.6% 5.58 26.07 16.67 Total Sugar Sales lac qtls. 24.11 35.66 -32.4% 113.26 120.53 115.30 Average Realization of Sugar for Domestic Sale Rs./kg 33.23 31.85 4.3% 32.37 32.91 30.96 Average Exports Realization (excluding Rs./kg 32.50 */ 25.04 29.8% 25.16 21.05 21.24 Govt. Assistance) Sugar Realization - Blended Rs./kg 33.22 30.83 7.8% 32.01 30.34 29.55 Sugar inventory as on 30th June 2021 was 45.74 lac quintals valued at an average rate of Rs. 31.40 per kg as against 55.03 lac quintals as on 30th June 2020 valued at an average rate of Rs. 29.93 per kg. In-spite of no change in sugarcane price ,cost of production has gone up because of higher diversion of cane to B-heavy molasses route, which resulted in lower sugar production *Lower cane availability during the season 2020-21 owing to weather conditions and red rot disease. **Lower recovery (post diversion) is due to high percentage of sugar sacrifice. 40 */ Excludes transport expense for physical exports. Quarterly Movement in Sugar Costing & Valuation (Rs./qtl. of sugar) Q1FY21 12MFY21 3,202 3,128 3,128 3,056 3,042 3,042 Cane Cost Cost of Production Sugar Inventory Cane Cost Cost of Production Sugar Inventory Valuation Valuation Cane Crushed (lac qtls.) – 200.76 Cane Crushed (lac qtls.) – 1032.61 Sugar Produced (lac qtls.) – 22.22 Sugar Produced (lac qtls.) – 109.79 Q1FY22 4,273 3,157 3,140 Cane Cost Cost of Production Sugar Inventory Valuation Cane Crushed (lac qtls.) – 43.32 Sugar Produced (lac qtls.) – 4.88 • Note: * Cost of production (including cane cost) is net of credit for bagasse, molasses and It is suggested that performance should be seen on pressmud. annual basis and not on quarterly basis because of *Sugar inventory is valued at lower of net realizable value (NRV) or cumulative year to date the seasonal nature of the industry. 41 costing Segmental Overview – Sugar … contd. Sugar Recovery (%) Sugarcane Crushed (lac quintals) (post B-heavy diversion) 1,103.62 1020.30 1032.61 927.83 11.58 11.44 794.65 11.27 11.07 10.84 10.66 10.63 200.76 43.32 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 Pre-diversion sugar recovery (%) 10.66 10.84 11.58 11.93 11.77 11.90 12.69 Average Realization of Sugar for Domestic Sale Sugar Production (lac quintals) (Rs. per kg) (post B-heavy diversion) 127.81 35.9 116.73 35.56 109.79 100.56 84.7 33.23 32.91 32.37 31.85 22.22 30.96 4.88 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 Sugar Sacrifice (lac quintals) - - - 5.10 11.73 1.64 0.62 42 Segmental Overview – Distillery Financial data U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 Change (%) Segment Revenues (Rs. Cr) 267.23 223.26 19.7% 825.51 549.09 467.70 Segment PBIT (Rs. Cr) 117.75 95.86 22.8% 341.06 261.46 316.53 PBIT % % 44.1% 42.9% - 41.3% 47.6% 67.7% Notes: Segment Revenues includes freight reimbursement on sale of (Rs. Cr) 7.06 6.13 15.2% 22.44 12.28 5.37 Ethanol * * Transport charges incurred on sales has been booked (Rs. Cr) 12.54 10.72 17.0% 40.89 25.78 21.15 expense side of the P/L Net freight expense (Rs. Cr) 5.48 4.59 19.4% 18.45 13.50 15.78 Incidence of net freight expenses per/BL of ethanol (Rs./BL) 1.27 1.15 10.5% 1.27 1.24 1.46 despatch Status of Ethanol contracts by the Company for the Ethanol Year 2020-21 B-heavy Ethanol Q1 Q2 Q3 Q4 Total C-heavy Ethanol Q1 Q2 Q3 Q4 Total Molasses Rs/MT (Cr. BL) (Dec-Feb) (Mar-May) (Estimated) (Projected) (Cr. BL) (Dec-Feb) (Mar-May) (Estimated) (Projected) Transfer Price Contracted 2.83 3.74 3.38 3.38 13.34 Contracted 0.38 0.27 0.27 0.27 1.19 C-heavy 3500 Supplied / 2.74 3.90 3.86 2.44 12.94 Supplied / 0.35 0.24 0.27 0.27 1.13 B-heavy 7000 To be supplied To be supplied % Supplied 96.8% 104.3% 114.2% 72.2% 97.0% % Supplied 92.1% 88.9% 100.0% 100.0% 95.0% 43 Segmental Overview – Distillery … contd. Change Operational data U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 (%) Ethanol Production from B-heavy route molasses Cr. BL 3.83 3.23 18.6% 10.18 3.58 - Ethanol Production from C-heavy route molasses Cr. BL 0.25 1.08 -76.9% 4.84 7.99 10.29 Total Ethanol Production Cr. BL 4.08 4.31 -5.3% 15.02 11.57 10.29 Total Alcohol Production (including Ethanol, ENA & Others) Cr. BL 4.48 4.67 -4.1% 17.06 12.76 10.66 Ethanol Sales from B-heavy route molasses Cr. BL 4.11 3.10 32.6% 9.59 2.56 - Ethanol Sales from C-heavy route molasses Cr. BL 0.21 0.90 -76.7% 4.94 8.37 10.79 Total Ethanol Sales Cr. BL 4.32 4.00 8.0% 14.53 10.93 10.79 Sale of ENA / Sanitizer Cr. BL 0.49 0.34 44.1% 1.99 1.01 0.31 Total Alcohol Sales (including Ethanol, ENA & Others) Cr. BL 4.81 4.34 10.8% 16.52 11.94 11.10 Average Ethanol Realization from B-heavy route Rs. /BL 57.61 54.27 6.2% 55.53 54.27 - Average Ethanol Realization from C-heavy route Rs. /BL 45.69 43.75 4.4% 43.92 43.49 41.68 Ethanol Realization – Blended Rs. /BL 57.03 51.91 9.9% 51.58 46.01 41.68 Average Realization of ENA / Sanitizer Rs. / BL 24.07 26.54 -9.3% 24.78 30.39 27.92 Alcohol Realization – Blended Rs. /BL 53.70 49.90 7.6% 48.35 44.69 41.29 (including Ethanol, ENA & Others) Stock of B-heavy molasses lac qtls. 12.84 6.01 113.6% 21.96 9.37 - Stock of C-heavy molasses lac qtls. 4.62 17.84 -74.1% 6.73 18.13 21.76 Stock of B-heavy Ethanol Cr. BL. 1.28 1.14 12.2% 1.58 1.02 - Stock of C-heavy Ethanol Cr. BL. 0.14 0.41 -65.8% 0.11 0.23 0.63 We are focusing on B-heavy Ethanol over C-heavy 44 Segmental Overview – Distillery … contd. Total Production * (Cr BL) Ethanol Production from C-heavy Ethanol Production from B-heavy molasses route (Cr BL) molasses route (Cr BL) 17.06 12.76 10.66 10.29 10.18 7.21 8.10 7.18 7.90 7.99 4.67 4.48 4.84 3.58 3.23 3.83 1.08 0.25 - - - FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 Total Sales * (Cr BL) Ethanol Sales from C-heavy molasses Ethanol Sales from B-heavy molasses 16.52 route (Cr BL) route (Cr BL) 11.10 11.94 8.07 6.92 10.79 4.34 4.81 7.89 8.37 9.59 6.88 4.94 4.11 2.56 3.10 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 0.90 0.21 - - - * Includes ENA & Other products FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 Average Blended Realization – Alcohol (Including ENA / Others) Comparative price of Ethanol (Rs./BL) (Rs./BL) 53.70 Supply C-route B-route Syrup Damaged Surplus 48.35 49.90 42.55 39.15 41.29 44.69 Period Grains Rice Dec 20-Nov 21 45.69 57.61 62.65 51.55 56.87 Dec 19-Nov 20 43.75 54.27 59.48 - - FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 45 Segmental Overview – Co-generation Change Financial data U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 (%) Segment Revenues (Rs. Cr) 42.84 95.65 -55.2% 437.55 450.50 615.83 Segment PBIT (Rs. Cr) (7.75) 11.60 -166.8% 54.66 47.55 178.58 PBIT % % -18.1% 12.1% - 12.5% 10.6% 29.0% Change Operational data U.O.M. Q1FY22 Q1FY21 FY21 FY20 FY19 (%) Power Generation Cr. Units 8.37 17.61 -52.5% 80.65 90.24 104.97 Power Sales Cr. Units 3.78 9.07 -58.3% 42.63 52.61 66.38 Average Realization Rs. /Unit 3.33 3.19 4.4% 3.17 3.06 4.94 As on 30th June 2021 stock of bagasse stood at 1.55 lac MT as compared to 2.22 lac MT as on 30th June 2020 Transfer price of bagasse currently stands at Rs. 1400/MT. UPERC has reduced the tariff for power w.e.f. 1st April 2019 which resulted in lower revenue and profit. The same is being contested and presently the case is lying with Hon’ble High Court at Allahabad. Next date for hearing is yet to be fixed. We have decided to operate Cogen plants for lower number of days during off-season owing to reduced power tariff and sell surplus bagasse outside. 46 Segmental Overview – Co-generation … contd. Production (Cr units) 104.97 87.41 90.24 80.65 75.37 17.61 8.37 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 Power sales (Cr units) Average Realization (Rs. per unit) 66.38 56.80 4.81 4.81 4.94 51.05 52.61 42.63 3.06 3.17 3.19 3.33 9.07 3.78 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 FY17 FY18 FY19 FY20 FY21 Q1FY21 Q1FY22 47 Major Working Capital Components / Long Term Debt Short Term Debt Cane Dues Long Term Debt (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) 1,395 683 634 609 1,059 524 498 866 891 919 446 679 376 363 339 87 124 FY18 FY19 FY20 FY21 Q1 Q1 FY18 FY19 FY20 FY21 Q1 Q1 FY21 FY22 FY18 FY19 FY20 FY21 Q1FY22 FY21 FY22 Nil cane dues as on date Owing to scheduled repayment Debt reduced over the years Inventories Subsidies receivable from Govt. Debtors (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) 450 296 2,316 2,295 2,378 1,899 1,802 308 1,682 190 239 245 241 182 94 50 48 FY18 FY19 FY20 FY21 Q1 Q1 FY18 FY19 FY20 FY21 Q1 Q1 FY18 FY19 FY20 FY21 Q1FY22 FY21 FY22 FY21 FY22 Lower dependence on exports and hence Inventory being funded not through rising 49 lower subsidy receivable debt but through internal accruals Cash Flow Analysis – on standalone basis Rs. Cr Sl. no. Particulars FY 17-18 FY 18–19 FY 19–20 FY 20–21 1 PBT 332.18 595.03 554.93 596.11 Cash generated from / (used) in operating 2 1179.84 (523.01) 849.61 649.66 activities 3 Net cash (used) in investing activities (159.32) (159.20) (304.71) (81.82) Net cash (used) / generated in financing 4 (1020.10) 681.88 (545.52) (568.89) activities Cash & Cash equivalents as on the reporting 5 2.45 2.12 1.49 0.45 date Note: During March’18, sugar inventory was valued at Rs. 26.80 per kg whereas cost of production was Rs. 31.08 per kg. During June’18, Central Government introduced the concept of Minimum Selling Price (MSP) of sugar This policy change/intervention has resulted in sustainability in revenues and profit along with negating the variations and induced cyclicality, which is now clearly visible in view of sustained profitability. 50 Shareholder value creation model Strong cash flow funds multiple drivers of value for shareholders Capital INR 751 cr Expenditure (27.2%) Strong ROBUST Cash Flow SHAREHOLDER VALUE Dividend + INR 362 cr # CREATION Taxes (13.1%) (INR 2765 cr FY17-FY21) 78% utilized for Buy-back + Taxes INR 644 cr distribution & (23.3%) capex 22% deployed in Debt Repayment # PBT + Depreciation – INR 408 cr business Current Tax (Long Term & (14.7%) Short Term) 51 Back-to-back 5th buy-back in last 5 calendar years In line with Company’s policy for distribution of profit to shareholders, the Board of Directors in its meeting held on 9th August, 2021 approved: Buyback Type: Open Market through Stock Exchange ₹ 215.25 Crores [8.68% of paid up capital & free reserves based on audited Maximum Buyback Size: standalone financial statements as at 31st march, 2021] [8.56% of paid up capital & free reserves based on audited consolidated financial statements as at 31st march, 2021] Maximum Buyback Price: Not exceeding ₹ 410/- per Equity Share Since 2017 Company has completed 4 buy-back of equity shares involving a total outgo of Rs. 601.67 crores (excluding tax of Rs. 41.93 crores paid during 2020-21) and announced 5th buy-back of equity shares as mentioned above. Promoters have actively participated in the previous 4 buy-backs announced by the Company. But under the proposed buy back, promoters for the first time would not be participating . Post successful completion of this buy-back, promoter's stake in the company would rise . 52 Shareholding Pattern Promoter Group Foreign Holding Domestic Mutual Funds Holding 41.21% 41.21% 41.21% 41.21% 21.57% 13.87% 12.60% 12.61% 20.79% 20.26% 20.06% 8.64% 9.55% 19.04% 41.10% June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 Resident Individuals Others Qualified Institutional Buyers 21.64% 11.04% 1.85% 1.82% 20.18% 19.38% 17.54% 17.06% 7.22% 6.52% 5.22% 5.26% 0.23% 0.13% - June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 June, 2020 Sept, 2020 Dec, 2020 Mar, 2021 June, 2021 53 Top 10 Non-Promoter Shareholding as on 30th June 2021 Shareholder % Shareholding Nippon Life India Trustee Ltd-a/c Nippon India (under various funds) 5.9% L & T Mutual Fund Trustee Ltd (under various funds) 3.6% Goldman Sachs India Limited 2.1% Kotak Funds - India Midcap Fund 1.3% Abu Dhabi Investment Authority - Behave 1.1% Kuwait Investment Authority Fund (under various funds) 1.0% Morgan Stanley Asia (Singapore) Pte. - Odi 0.9% Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard 0.8% International Equity Index Funds Vanguard Total International Stock Index Fund 0.8% SBI Life Insurance Co. Ltd 0.7% Indiafirst Life Insurance Company Ltd 0.6% 54 Key events to watch out • Fair & Remunerative Price (FRP) for sugar season 2021-22 • Hike in Minimum Selling Price (MSP) of sugar • Export Policy for the sugar season 2021-22 • Ethanol prices for EY 2021-22 • Brazilian sugar production for the sugar season 2021-22 • State Advised Price (SAP) for the sugar season 2021-22 55 Contact Us About Balrampur Chini Mills Limited CIN: L15421WB1975PLC030118 For further information contact: 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 Pramod Patwari power. The Company presently has ten sugar factories located in Chief Financial Officer Uttar Pradesh (India) having an aggregate sugarcane crushing Balrampur Chini Mills Limited Tel : +91 33 2287 4749 capacity of 76,500 TCD, distillery and co-generation operations of Fax: +91 33 2289 2633 520 KLPD and 168.7 MW (Saleable) respectively. Email: pramod.patwari@bcml.in BCML is one of the most efficient integrated sugar producers in the country. The Company has grown its capacity by well-planned Anoop Poojari / Karl Kolah capacity expansion projects and the acquisition of existing CDR India companies. Tel: +91 98330 90434/ 98330 10478 Email: anoop@cdr-india.com For more information on the Company, please log on to karl@cdr-india.com www.chini.com (newly revamped) Registered Office: FMC Fortuna, 2nd Floor, 234/3A, A. J. C. Bose Road, Kolkata 700020. 31 56