Balrampur Chini Q3FY'24 net nearly doubles to Rs 91cr

Kolkata, Feb 8 (PTI) Leading sugar producer Balrampur Chini Mills Limited (BCML), on Thursday reported a 97 per cent jump in consolidated net profit to Rs 91.32 crore in the third quarter ended December 2023 on the back of better margins, against Rs 46.28 crore profit registered in the corresponding quarter last year.

Revenue from operations for the quarter ended was Rs 1230.39 crore as against Rs 981.16 crore in the corresponding quarter of the last year, representing an increase of 25 per cent, the company said in a statement.

EBITDA (excluding Other Income) during the quarter under review was higher by 42 per cent to Rs 113.39 crore as against Rs 79.67 crore in the corresponding quarter of the last year.

BCML Chairman and Managing Director Vivek Saraogi said, "This quarter resulted in an improved supply of sugarcane for our operations.

Overall, with our focused efforts on enhancing sugarcane quality and quantity, our cane development initiatives are on track and we expect to crush about 10 per cent more this season. Sugar recovery is also expected to be higher than last season." The UP government has increased the SAP (State Advised Price) of sugarcane from Rs 350 per quintal to Rs 370 per quintal which will increase in sugarcane prices within the state will pose a challenge for the industry, particularly against the backdrop of a surplus sugar scenario, he said.

He further stated that the Centre has temporarily made some changes in the ethanol procurement target for the ESY 2023-24 owing to which the company had to shift mid-season to produce more sugar than what was envisaged at the beginning of the season and lower ethanol production. PTI BSM NN