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CNBC-TV18 learn from sources that the cabinet is likely to have given a nod for a revision in ethanol price. In an interview to CNBC-TV18, Vivek Saraogi, MD of Balrampur Chini Mills discussed the impact.
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Balrampur Chini Mills posted a steady set of earnings in Q1 as the sugar business saw strong revenue growth and steady margins but the co-gen and distillery business margins took a hit. In an interview to CNBC-TV18, Vivek Saraogi, MD, Balrampur Chini Mills spoke about the results and his outlook for the company.
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In an interview with CNBC-TV18, Vivek Saraogi, MD of Balrampur Chini Mills spoke about the latest happenings in his company and sector.
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Balrampur Chini Mills posted Q2 earnings in line with other sugar companies but the big takeaway is that the board has approved a tender buyback of shares.
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The government's decision will affect companies who have held stock in godown, says Vivek Saraogi, MD of Balrampur Chini Mills.
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The company is aiming for higher ethanol sale and reducing debt in FY17, says Vivek Saraogi, MD of Balrampur Chini.
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For the FY16 crushing season, the company's sugar production will be over 78 lakh bags, said Vivek Saraogi, MD of Balrampur Chini.
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A mix of factors, such as better recoveries, government's mandatory export quota, alcohol duty waivers and more power purchase agreements signed, are leading to better business prospects for the sugar industry, says Vivek Saraogi of Balrampur Chini.
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The Uttar Pradesh (UP) government has kept the cane price unchanged at Rs 280 per quintal, which could be net positive for some sugar companies. This price has been constant for the third year now.
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Balrampur Chini posted weak set of quarterly earnings Wednesday, with net loss widening from Rs 4 crore to Rs 72.7 crore.
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Balrampur Chini Mills‘ third quarter net loss stood at Rs 65.7 crore against loss of Rs 50.8 crore, Y-o-Y. The company‘s total income rose by 21 percent at Rs 841.7 crore versus Rs 690.7 crore.
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ISMA director general Abhinash Verma believes the sugar industry will see better realizations with the new price. The industry revenue will increase by nearly Rs 5,000 crore, he adds.
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In an interview to CNBC-TV18, Vivek Saraogi, managing director, Balrampur Chini shares his views on the company‘s earnings.
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Sugar cane prices have increased 17 percent on average for the last three years, while sugar prices have been lower by nearly 10 percent year-on-year (YoY).
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In an interview to CNBC-Tv18. Vivek Saraogi, MD of Balrampur Chini said that even at this price oil companies will make money and since the price is higher than what companies were getting last year, it is a win-win situation for both parties.
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Balrampur Chini sold 26.7 lakh bags of sugar in the third quarter and their opening inventory stands at 15 lakh bags of sugar.
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Vivek Saraogi, MD, Balrampur Chini explains to CNBC-TV18 that above-average volumes and high price-realisation enabled the company to post positive results. However, its co-generation unit posted a loss due to non-generation of electricity during the monsoon quarter.
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Vivek Saraogi, MD of Balrampur Chini told CNBC-TV18 that he finds the recommendations for sugar decontrol exciting. According to him, the recommendations associated with the finished product which is sugar might be implemented soon, while those associated with cane pricing and raw materials will take a little more time.
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An expert committee headed by Prime Minister‘s economic advisory panel chairman, Dr C. Rangarajan, has recommended introduction of new cane pricing formula based on fair and remunerative price (FRP). Vivek Saraogi, managing director, Balrampur Chini told CNBC-TV18 that it would be difficult for companies to implement it.
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Vivek Saraogi, managing director of Balrampur Chini told CNBC-TV18 from August onwards the company could realize an average of Rs 34-35 per kg. Its inventory as of July stands at 46.6 lakh bags including levy.
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In an interview with CNBC-TV18, Vivek Saraogi, MD of Balrampur Chini sounded hopeful on the policy front, about rational cane pricing and other issues related to sugarcane production in UP.
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Vivek Saraogi, managing director, Balrampur Chini told CNBC-TV18 that a slight firming up of domestic sugar prices has been seen. "I don‘t expect it to go up on a runaway level but it is a little better."
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Vivek Saraogi, managing director, Balrampur Chini expects to see some improvement in domestic prices after this move.
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Balrampur Chini is hopeful of sugar incentive scheme being introduced by the newly elected Samajwadi Party government which will come to power in Uttar Pradesh.
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Vivek Saraogi, managing director, Balrampur Chini says, at the current realisation, the sugar division costing is not yet positive. “Sugar division is making loss of Rs 2 per kilogram at the current prices.”
