ICICI Direct's research report on Balrampur Chini
Balrampur Chini (BCML) is the second largest sugar company with sugar crushing capacity of 77500 TCD, distillery capacity of 560 KLD and cogeneration capacity of 175.7 MW. It will complete its distillery capex of 490 KLD and modernisation, de-bottlenecking of its sugarcane crushing capacity by December 2022, which would take its total distillery capacity to 1050 KLD (35 crore litre). The company is working on replacing the existing Co-0238 sugarcane variety in its catchment area with newer varieties, which would improve sugarcane yields and recovery.
Outlook
We maintain our BUY rating on the stock. We value the stock at Rs 485, valuing the business at 13x FY24 PE.
For all recommendations report, click here
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