Balrampur Chini Q1 Review - Muted Quarter: Dolat Capital
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Dolat Capital Report
Balrampur Chini Mills Ltd. reported a weak quarter, lower than our estimates on all fronts.
Sales de-grew by 20.3% YoY to Rs 11.40 billion impacted by lower sugarcane yields and lower off-take of sugar (owing to lower allocations of monthly quota).
Ebitda was down by 38.4% YoY to Rs 1.34 billion on account of lower cane production due to erratic weather conditions and higher other expenses (up by 21.2% YoY to Rs 888 million).
Balrampur Chini's sugar sales were down by 29.7% YoY to Rs 9.43 billion, with an Ebit of Rs 144 million, distillery sales were up by 19.7% YoY to Rs 2.67 billion with an Ebit of Rs 1.18 billion.
Co-generation segment sales de-grew by 51.6% YoY to Rs 29 million, registering a negative Ebit of Rs 78 million.
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