Financial Daily from THE HINDU group of publications
Tuesday, May 13, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 13, 2003 |
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Corporate Results
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Sugar Low sugar prices take toll on Balrampur — Net down 38 pc Our Bureau
KOLKATA, May 12 SUGAR major, Balrampur Chini Mills Ltd, has registered a gross turnover of Rs 667.58 crore for the year ended March 31, 2002, marking a growth of 21.72 per cent over the previous year's turnover of Rs 548.95 crore. Net income from operations increased by 16.5 per cent to Rs 565.03 crore in 2002-03 against Rs 485.47 crore in 2001-02. However, net profit dropped by 38 per cent to Rs 29.51 crore against Rs 47.34 crore in the previous year. Reacting to the results, Mr Kishore Shah, Chief Financial Officer, said poor sugar prices had affected the company's bottomline. "Sugar prices were down by almost 10 per cent. Moreover, in the previous year the production cost of sugar was high, so we started the year with costly sugar. All these factors affected the profitability of the company," Mr Shah told Business Line. Interest payout of the company also dropped significantly to Rs 14.02 crore compared to Rs 16.91 crore. Total expenditure increased to Rs 495.12 crore from Rs 394.24 crore. The board of directors has recommended a dividend of Rs 5.60 for every equity share of Rs 10. In its segment reporting, Balrampur Chini stated revenue earnings from sugar increased to Rs 535.82 crore from Rs 479.33 crore. Earnings from alcohol registered a 90 per cent growth to Rs 129.67 crore from Rs 68.82 crore. It may be noted that recently Balrampur Chini launched a host of India Made Foreign Liquor (IMFL) brands and also low alcohol contained carbonated drink. However, these are available only in Uttar Pradesh. The company has embarked on a greenfield integrated sugar complex at Barabanki in Uttar Pradesh. The cost of the project is Rs 100 crore and it is expected to go on stream in December, this year. Mr Shah said that the project is going on as per schedule.
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