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Riding on the back of higher realisations from the sugar and distillery segments, Balrampur Chini Mills registered a 223 per cent rise in standalone net profit to ₹71 crore during the quarter ended December 31, 2021, against ₹22 crore in the same period last year.
Revenue from operations grew 13 per cent to ₹1,212 crore from ₹1,072 crore last year.
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Nearly 86 per cent of the company’s revenue comes from its sugar business while the remaining 13-14 per cent comes from its distillery business. Balrampur Chini Mills aims to increase the share of distillery to its total business to close to 35 per cent over the next three years.
EBITDA was 174 per cent higher year-on-year due to improved realisations in the sugar and distillery segments, the company said in its investor presentation uploaded to the BSE on Wednesday.
Sale of Visual Percept stake
Balrampur Chini Mills’s board has declared an interim dividend of ₹2.50 per equity share of ₹1 each, aggregating ₹51 crores. The board also approved the sale of entire 45 per cent stake in its associate company — Visual Percept Solar Projects Private Ltd.
“The company delivered robust results during the quarter under review aided by increased realisations in our sugar and distillery segments. We plan to crush ~5-7 per cent more cane during the current sugar season,” Vivek Saraogi, Managing Director, Balrampur Chini Mills, said in the investor presentation.
Expansion plans
The company has completed the expansion of its Gularia distillery from 160 KLPD (kilo litre per day) to 200 KLPD. The greenfield/brownfield expansion programmes for distillery at Maizapur and Balrampur are well on track and are expected to commence production at expanded capacity from November 2022.
The share of distillery is expected to inch to close to the goal of 35 per cent of Balrampur Chini Mills’s total revenues when all distillery expansions are completed.
The company’s scrip closed at 415.35, down by 2.33 per cent on the BSE on Wednesday.
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