On a consolidated basis, Balrampur Chini Mills' net profit dropped 44.69% to Rs 76.92 crore on 20.26% decline in revenue from operations to Rs 1,140.44 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Profit before tax tumbled 44.38% to Rs 101.91 crore in Q1 FY22 as against Rs 183.25 crore in Q1 FY21. The Q1 result was declared after market hours today, 9 August 2021.
Meanwhile, the company's board has approved a proposal to buyback upto 52,50,000 equity shares of the company, or 2.50% equity of the company, at a maximum price of Rs 410 each, aggregating to Rs 215.25 crore. The maximum buyback size represents 8.68% and 8.56% of the aggregate of the total paid-up equity capital and free reserves of the company based on the audited standalone and consolidated financial statements of the company, respectively, for last financial year ended on 31 March 2021.
Currently, promoters and promoter group hold 41.21% stake in the company.
Further, the board approved further capacity expansion of ethanol production from 840 kilo litre per day (KLPD) to 1,050 KLPD considering the huge untapped demand for ethanol due to the robust policies of Government of India on ethanol blending.
The proposed capacity addition is 210 KLPD (40 KLPD at Gularia and 170 KLPD at Balrampur). Approximately Rs 205 crore investment is required (Rs 15 crore for Gularia and Rs 190 crore for Balrampur).
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Balrampur Chini Mills is among the leading sugar manufacturers in India with a crushing capacity of 76,500 tonnes of cane per day across 10 plants. All its 10 sugar plants are in Eastern and Central part of Uttar Pradesh. The company produces green power as it uses its waste product (bagasse) as raw material instead of using fossil fuels. The company has a cogeneration capacity of 278.47 MW.
The scrip slipped 0.72% to settle at Rs 353.85 on BSE. It traded in the range of 341.25 and 361.55 during the day.
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