Dhampur Sugar Mills Limited
www.dhampur.com
New Delhi, April 30, 2009:
Dhampur Sugar Mills Limited (Dhampur), one of the largest and one
of the most integrated Sugar manufacturing companies in India, announced its results for the
first quarter ended 31 March 2009.
Performance Review - FY2008 (All comparison with FY2007)
241, OKHLA INDUSTRIAL ESTATE PHASE-III NEW DELHI- 110020
Highlights
��
Mulitfaceted model augments performance – Sugar contributes to PBIT at Rs. 22.29%;
Allied businesses contribute at 77.71%
��
Relative to regional peers – lowest drop in cane crushing compared to previous Sugar
season leading to comparatively lower production cost
��
One of the best recoveries in the region – Sugar recovery at 9.29%
��
Maintained adequate bagasse stock to enable off-season refining – contracted 55,000
tonnes of raw Sugar for refining, with a potential to do more
��
Firm Sugar price scenario partially offsets lower Sugar volumes; supporting
performance
��
Co-generation continues to deliver noticeable contribution to earnings
Q2 FY2009 performance overview (Compared with Q2 FY2008)
��
Net revenues at Rs. 1,107.56 million from Rs. 1,919.13 million
��
PBDIT at Rs. 623.04 million from Rs. 535.22 million
��
PAT at Rs. 175.25 million compared to Rs. 170.74 million
��
Cash Profit at Rs. 407.94 million against Rs. 311.90 million
H1 FY2009 performance overview (Compared with H1 FY2008)
��
Net revenues at Rs. 3,801.71 million from Rs. 3,269.76 million
��
PBDIT at Rs. 1,139.47 million from Rs. 813.34 million
��
PAT at Rs. 311.93 million compared to Rs. 195.48 million
��
Cash Profit at Rs. 720.27 million against Rs. 445.23 million
2
Performance Review – Q2 FY2009 (All comparison with Q2 FY2008)
1. Net revenues decreased by 42.29% at Rs. 1,107.56 million
��
Sugar business revenues were down by 25.73% at Rs. 1,225.14 million due to lower
sales
��
Co-generation revenues at Rs. 815.79 million compared to Rs. 683.24 million
��
Ethanol/Chemical revenues at Rs. 38.42 million
2. PBDIT for the quarter at Rs. 623.04 million
��
Sugar division witnessed a turnaround largely due to increased Sugar prices on
account of lower Sugar production in SS 2008-09
��
Increased contribution from the Co-generation business: up by 19.40% at Rs. 815.79
million
��
Chemical/Ethanol segment contributed to 1.85% at Rs. 38.42 million
Performance Review – H1 FY2009 (All comparison with H1 FY2008)
1. Net revenues increased by 16.27% at Rs. 3,801.71 million
��
Sugar business revenues were up by 42.29% at Rs. 3,939.98 million due to higher sales
volume in Q1 FY2009 and improved realizations in Q1 & Q2 FY2009 on account of
lower Sugar production in the current season
��
Co-generation revenues at Rs. 1,388.53 million compared to Rs. 960.58 million on
account of increased Export capacity from 60MW to 80MW
��
Ethanol/Chemical revenues at Rs. 154.38 million
2. PBDIT for the half year at Rs. 1,139.47 million
��
Largely due to favorable Sugar pricing and a healthy contribution from the Cogeneration
business
3
Outlook for 2008-09
Sector
��
The Government of India sanctioned duty free import of 1 million ton of refined
Sugar. Moreover, duty free import of raw Sugar is also permitted, without re-export
obligation
��
Reduction in cultivating area for Sugarcane resulted in a decline in cane supply
leading to lower Sugar production and firmer Sugar prices
��
Sugar prices to remain firm led by:
o
Sugar production in India below 15 million tonnes
o
Stable to higher consumption
Dhampur
��
96.39% of manufactured Sugar (SS 2008-2009) production as inventory – well positioned
to take advantage of higher Sugar prices
��
Contracted for import of 55,000 tonnes of raw Sugar to be converted into refined
Sugar for sale in India. Out of this 25,000 tonnes has already arrived in India and is
being transported to the factory
��
Bagasse inventories to be utilized for generating power, along with processing of raw
Sugar in the off-season
��
Co-gen export capacity of 80 MW has commenced in SS 2008-09
��
Distillery products business under stress due to lower crude prices and cheaper Imports
of Alcohol & Chemicals, but rectified spirit and ENA remain profitable and demand
expected to be strong
��
Interest reduction envisaged in 2008-09 due to:
a. Regular repayment of term Loans
b. Short-term loans of Rs. 556.2 million (Rs. 325 million during Q2) were repaid
out of SDF disbursements in 2007-09
c. Dhampur was sanctioned low cost SDF Loans of 1,471.9 million from the
Govt. of India, out of which Rs. 1,001.4 million was disbursed till now and
4
balance of Rs. 470.5 million is under disbursement, which shall be further
utilized for repayment of term loans & working capital borrowings
d. Swapping high cost loans with SDF (Rate of Interest: 4%)
e. Reduction in rate of interest by banks
f. Reduction in Working Capital interest due to lower Sugar stocks
Commenting on the performance for Q2 & H1 FY2009, Mr. Gaurav Goel and Mr. Gautam
Goel, Managing Directors, Dhampur Sugar Mills Limited, said:
“I am pleased to report another successful quarter which saw enhanced efficiencies that
contributed to both, the top and bottom-line. The overall performance is reflective of an
improved outlook in the Sugar business and our enduring growth strategy focus that maximizes
earnings not only from Sugar production but also from our allied businesses, Co-generation and
Ethanol/Chemical operations, which are expected to deliver consistent returns over the
longer-term.
While increased cost of production remains a key challenge for the Sugar sector, decline in
production volumes should help in partially mitigating cost impact due to higher Sugar
realizations. The international trends also point to firm Sugar price scenario, which should aid
the domestic price trend.
Our intent lies in seeing moderate Sugar prices with a moderate cost structure; however, given
the SAP and higher production cost, Sugar mills will have no option but to hope for higher
prices to earn economic levels of return.
We believe that we are one of the strongest Sugar mills in our region of operation with
multifaceted operations which should enable us to ride the Sugar cycles much better than
others.”
Attached: Details to the announcement and results table
5
About Dhampur Sugar Mills Limited
Dhampur Sugar Mills Limited (Dhampur) is a focused Company having core competencies of
being one of the largest and most integrated Sugar companies in India. This has been built on a
record of accomplishment of continuous value additions, process optimizations and innovations.
The allied businesses of the Company comprise distillery operations, cogeneration of power and
manufacturing of bio-compost. The Company has four Sugar factories located in Central &
Western Uttar Pradesh (India) having an aggregate Sugarcane crushing capacity of 39,500 TCD,
of which 43% is refined Sugar capacity, i.e. 1700 MT of refinery capacity, Co-generation and
distillery operations of 145 MW (80 MW Saleable) and 270 KLPD respectively.
Over the years, Dhampur has grown become the most integrated company.
For more information on the Company, please log on to
www.dhampur.com.
For further information contact:
Arhant Jain / Nalin Gupta
Dhampur Sugar Mills Limited
Tel: +91 11 3065 9418 / 3065 9400
Fax: +91 11 2693 5697
Email: [email protected]
[email protected]
Note
: Certain statements in this document may be forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties like government actions, local political or
economic developments, agricultural policies, climatic conditions, technological risks, and many other
factors that could cause our actual results to differ materially from those contemplated by the relevant
forward-looking statements. Dhampur Sugar Mills Limited will not be in any way responsible for any
action taken based on such statements and undertakes no obligation to publicly update these forwardlooking
statements to reflect subsequent events or circumstances.
Ishan Selarka
Citigate Dewe Rogerson
Tel: +91 22 4007 5032
Fax: +91 22 2284 4561
Email: [email protected]
6
Details to the announcement
Discussions and Financial Overview
(All comparisons with Q2 & H1 FY2008 figures)
(All rupee figures in Rs. million unless stated otherwise)
Revenues
��
Improved realization in Sugar prices in H1 FY2009 resulted in higher revenues. Revenues in
Q2 FY2009 declined due to lower Sugar sales
��
Average free sale Sugar realization for the quarter under review improved to Rs. 20.53 per
Kg compared to Rs. 14.83 per Kg in the corresponding quarter last year. For H1 FY2009,
Sugar realizations were higher at Rs. 18.41 per kg compared to Rs. 14.47 per kg in the
corresponding period last year
��
Revenues from Co-generation contributed to 39.23% and 25.32% for the quarter and half
year under review respectively
��
Revenues from Chemical/Ethanol, together, contributed to 1.85% and 2.82% for the quarter
and half year under review respectively
��
Revenues during H1 FY2009 were higher owing to the improved realizations, but were lower
in Q2 FY2009 due to lower sales, resulting in higher Sugar inventory to be sold in subsequent
quarters
Particulars Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
Net Income 1,107.56 1,919.13 (42.29) 3,801.71 3,269.76 16.27
PBIT 390.35 394.05 (0.94) 731.13 563.59 29.73
Sugar Segment Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
Net Revenue 1,225.14 1,649.60 (25.73) 3,939.98 2,769.07 42.29
Contribution to
revenues (%)
58.92 62.29 (5.41) 71.86 63.86 12.53
7
��
Refined Sugar, sold under the brand ‘Dhampure’, which has a premium, contributed to
46.17% of the total Sugar sales
Co-generation
Segment
Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
Net Revenue 815.79 683.24 19.40 1,388.53 960.58 44.55
Contribution to
revenues (%)
39.23 25.80 52.07 25.32 22.15 14.32
��
Co-generation business commenced power sales in Q1 FY2008. Our long established strategy
is to focus on this division to offset the cyclicality of the Sugar business. We expect to post
noticeable growth in performance with an aggregate capacity of 145 MW with a 80 MW
exportable surplus as on Q2 FY2009
��
The revenue from this business grew by 44.55% at Rs. 1,388.53 million compared to Rs.
960.58 million in the corresponding period last year - driven by healthy sales volume due to
expanded capacities from 60MW to 80MW in the quarter under review
��
Average realization for the quarter stood at Rs. 3.20/- per unit for the quarter under review
Chemical/Ethanol Q2
FY2009
Q2
FY2008
% Shift H1
FY2009
H1
FY2008
% Shift
Net Revenue 38.42 315.38 (87.82) 154.38 606.52 (74.55)
Contribution to
revenues (%)
1.85 11.91 (84.48) 2.82 13.99 (79.87)
��
Revenues from this segment stood at Rs. 38.42 million in the Q2 FY 2009and Rs. 154.38
million in H1 FY2009
��
This segment faced input cost pressures led by increase in price of raw material without
corresponding increase in realizations. However, rectified spirit and ENA remain profitable
and demand expected to be strong
8
PBIT
��
Operating profits in the Sugar segment were higher during the quarter and H1 FY2009
due to:
��
Higher Sugar prices on account of lower Cane availability during the current season
as a result of lower yield per hectare in UP
��
Average realizations of free Sugar stood at Rs. 20.53 per kg in Q2 FY2009 compared
to Rs. 14.83 per kg in Q2 FY2008
��
The Company’s operating efficiencies resulted in recovery of 9.77% & 9.29% in Q2 & H1
FY2009
��
The Co-generation segment contributed 73.52% to PBIT during the quarter on the back
of expanded capacities to 145 MW from 125 MW with an exportable surplus of 80 MW.
During the quarter, the Company sold power at an average realization of Rs. 3.20/- per
unit
��
The focus continues to be on this segment and is a stable profit contributor in a cyclical
Sugar business
Sugar Segment Q2
FY2009
Q2 FY2008 % Shift H1 FY2009 H1 FY2008 % Shift
PBIT 80.99 97.12 (16.61) 319.09 60.37 428.55
Contribution to
PBIT (%)
22.29 21.48 3.73 41.24 9.57 331.00
Co-generation
Segment
Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
PBIT 267.16 269.06 (0.70) 429.94 376.23 14.12
Contribution to
PBIT (%)
73.52 59.52 23.52 55.49 59.63 (6.94)
9
��
The Chemical/Ethanol segment delivered a lower performance because of higher raw
material (molasses) price. For Q2 FY2009, PBIT stood at Rs. 15.25 million
��
Going forward, with mandatory ethanol-blending programme being implemented by the
Central government, the Company expects increased off-take of ethanol to oil-marketing
companies
Earnings Overview
��
PAT for the quarter under review stood at Rs. 175.25 million compared to Rs. 170.74 in
the corresponding period last year
��
The term debt as on March 31, 2009 stood at Rs. 6,151.03 million
Chemical/Ethanol
Segment
Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
PBIT 15.25 85.87 (82.24) 25.30 194.33 (86.98)
Contribution to
PBIT (%)
4.20 19.00 (77.90) 3.27 30.80 (89.38)
Particulars Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
PAT 175.25 170.74 2.64 311.93 195.48 59.57
Cash Profits (Post
tax)
407.94 311.90 30.79 720.27 445.23 61.77
10
Operational overview
Sugar operations
��
Lower cane crushed on account of lower production of Sugarcane due to a fall in acreage
��
Sugar production lower by 48.14% on account of decline in cane availability
��
However, the recovery (to-date) for the Sugar Season 2008-09 stood at 9.29%
��
Average Sugar realizations for the quarter and half year under review stood at Rs. 20.53 &
Rs. 18.41 respectively, thereby offsetting lower sales volumes
Co-generation operations (MW)
��
The Company commenced sale of surplus power generation capacity in Q1 FY2008
��
Expanded capacities to 145 MW with an exportable surplus of 80 MW, significantly
contributed in H1 FY2009 to the growth in power generation by 18.67% to 244,461 MW,
inspite of reduced duration of Sugar season
Particulars Q2
FY2009
Q2 FY2008 % Shift H1 FY2009 H1 FY2008 % Shift
Cane crushing (lac
tonne)
13.60 25.02 (45.66) 25.34 35.33 (28.28)
Sugar production
(lac tonne)
1.33 2.56 (48.14) 2.36 3.49 (33.19)
Free Sugar
Realization (Rs./Kg)
20.53 14.83 38.42 18.41 14.47 27.20
Recovery (%) 9.77 10.23 (4.50) 9.29 9.97 (6.82)
Particulars Q2
FY2009
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
Power generation 142,015 140,831 0.84 244,461 205,997 18.67
Power export to
UPPCL
77,856 96,257 (19.12) 139,187 139,851 (0.47)
Realization (Rs. per
unit)
3.20 3.05 4.92 3.08 3.02 1.99
11
– ENDS –
��
The Company exported 139,187 MW to the state grid at an average rate of Rs. 3.08 per
unit
Chemical/Ethanol operations
��
The Company sold 2,338 KL of Rectified Spirit / Ethanol and 458.173 MT of Chemicals
during the quarter under review
��
Our focus in this division continues to be in the business, which could be Chemicals,
Ethanol, or Rectified Spirits, that offer better margins
Particulars Q2
FY200
9
Q2
FY2008
% Shift H1 FY2009 H1 FY2008 % Shift
Chemicals sale(Tons) 458.17 3,788.34 (87.88) 2,065.97 9,067.85 (77.23)
Rectified Spirit /
Ethanol sale (KL)
2,338.00
6,550.00 (64.31) 3,742.00 12,138.00 (67.17)
12
Rs. in Lacs
Sl. Particulars Year ended
No. MAR.,09 MAR.,08 MAR.,09 MAR.,08 SEP.,08
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. (a)
Sales / Income from Operations 11494.56 20297.08 39798.58 34572.84 72190.52
(b) Less : Excise Duty & Other Taxes 561.59 1406.87 2083.59 2527.76 5402.83
(c)
Net Sales / Income from Operations {1(a)-1(b)} 10932.97 18890.21 37714.99 32045.08 66787.69
(d) Other Operating Income 142.67 301.04 302.13 652.51 2670.38
Total Revenue {1(c)+1(d)} 11075.64 19191.25 38017.12 32697.59 69458.07
2.
Total Expenditure
(a) (Increase) /Decrease in Stocks (23533.11) (24138.92) (24811.09) (30547.54) (9026.54)
.
(b) Consumption of Raw Materials 24687.86 31427.47 42888.17 44188.06 47739.57
(c) Purchases of Goods 208.74 592.83 416.48 1507.40 2107.52
(d) Employees Cost 1400.67 1344.47 2583.76 2376.41 4344.41
(e) Depreciation 2326.87 1411.61 4083.37 2497.50 5337.49
(f) Other Expenditure 2553.71 4686.05 5577.65 7142.10 10244.49
(g) Total {2(a) to 2(f)} 7644.73 15323.51
30738.33 27163.93 60746.94
3.
Net Profit (+) / Loss (-) before Other Income, Interest,
Extra Ordianry Items and Taxes (1-2) 3430.91
3867.74 7278.79 5533.66 8711.13
4. Other Income 16.12 72.80 69.35 102.21 208.37
5.
Net Profit (+) / Loss (-) before Interest, Extra
Ordinary Items and Taxes (3+4) 3447.03
3940.54 7348.14 5635.87 8919.50
6. Interest 2136.80 1931.85 4033.02 3361.56 7731.02
7. Net Profit(+) / Loss (-) after Interest but before
Extra Ordinary Items and Taxes (5-6) 1310.23
2008.69 3315.12 2274.31 1188.48
8. Extra Ordinary Income (+)/ Expenses (-) (Net)
Foreign Exchange Fluctuations (Net) 456.45 0.00 (36.84) 0.00 (1804.28)
9.
Profit(+) / Loss (-) before Tax (7-8) 1766.68 2008.69 3278.28 2274.31 (615.80)
10. Provision for Taxation
Current & Fringe Benefit Tax Net of MAT Credit 14.20 11.29 34.00 29.50 152.44
Deferred Tax 0.00 290.00 125.00 290.00 (1128.73)
11. Net Profit (+) / Loss (-) (9-10) 1752.48 1707.40 3119.28 1954.81 360.49
12. Paid-up Equity Share Capital 5270.60 5170.60 5270.6 5170.6 5270.6
(Face Value per Share Rs.10/-Each )
13. Reserves excluding Revaluation
Reserves (After adjusting Deferred Tax Asset) N.A N.A N.A N.A 38485.41
14. EPS before Extra Ordianry Items:
Basic 2.44 3.30 5.96 3.89 4.17
Diluted 2.39 3.30 5.82 3.89 4.15
15. EPS after Extra Ordianry Items:
Basic 3.31 3.30 5.89 3.89 0.64
Diluted 3.23 3.30 5.75 3.89 0.63
16 Public Shareholding*
- No. of Shares 30116596 28954896 30116596 28954896 29332795
- Percentage of Shareholding 57.14% 56.00% 57.14% 56.00% 55.65%
17 Promoter and Promoter Group Shareholding:
(a) Pledged / Encumbered**
- No. of Shares 8739431 8739431 8739431 8739431 8739431
- Percentage of Shares(as a % of the Total Shareholding of
the Promoter and Promoter Group 38.93% 40.75% 38.93% 40.75% 38.93%
- Percentage of Shares(as a % of the Total Share Capital of the Company) 16.58% 16.90% 16.58% 16.90% 16.58%
(b) Non-encumbered
- No. of Shares 13706883 12706883 13706883 12706883 13706883
- Percentage of Shares(as a % of the Total Shareholding of
the Promoter and Promoter Group 61.07% 59.25% 61.07% 59.25% 61.07%
- Percentage of Shares(as a % of the Total Share Capital of the Company) 26.01% 24.58% 26.01% 24.58% 26.01%
*Total public shareholding as defined under clause 40A of the Listing Agreement (excluding shares held by Global Depository Receipt holders).
** Equity Shares have been pledged by the promoters with banks and financial institutions as collateral security for loans taken by the company. Promoters have not pledged any share for
personal borrowings.
Quarter ended Six months ended
DHAMPUR SUGAR MILLS LIMITED
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE SECOND QUARTER ENDED 31.03.2009
13
NOTES:
1 The results were reviewed by the Audit Committee and approved by the Board in their meeting held on 30.04.2009.
2 The Auditors of the Company have carried out the Limited Review of the above financial results.
3
4
Impact of Change in Accounting Poliocies :
(a)
(b)
(c ) If the aforesaid changes were not done , profit before tax for half year ended 31.03.2009 would have been higher by Rs. 288.69 lacs.
5 Sugar being a seasonal industry, the performance for the quarter may not be representative of the annual performance of the Company.
6
7
8
Sl. Particulars Year ended
No. MAR.,09 MAR.,08 MAR.,09 MAR.,08 SEP.,08
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Segment Revenue (Net of Excise & Other Taxes)
a) Sugar - Manufacturing Activity 11995.68 15879.62 38918.89 26107.23 57226.69
- Raw / Trading / Export Activity 0.00 409.48 0.00 1057.05 1482.88
b) Co-generation 8157.92 6832.35 13885.33 9605.76 12873.83
c) Chemicals / Ethanol 384.24 3153.83 1543.81 6065.23 11390.84
d) Others 255.68 206.93 480.95 526.38 690.40
Total 20793.52 26482.21 54828.98 43361.65 83664.64
Less : Inter Segment Revenue (Net of Excise) 9860.55 7592.00 17113.99 11316.57 16876.95
Net Sales / Income from Operation 10932.97 18890.21 37714.99 32045.08 66787.69
2 Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
a) Sugar - Manufacturing Activity 784.76 934.54 3156.58 531.03 3486.13
- Raw / Trading / Export Activity 0.00 15.63 0.00 26.08 3.65
b) Co-generation 2671.64 2690.55 4293.35 3762.27 4118.76
c) Chemicals / Ethanol 152.53 858.66 252.97 1943.29 1887.42
d) Others 25.13 21.02 34.27 46.59 154.84
Total 3634.06 4520.40 7737.17 6309.26 9650.80
Less :Interest 2136.80 1931.85 4033.02 3361.56 7731.02
Add : Other Unallocable Expenses and Extra Ordianry Items
Net of Unallocable Income 269.42 (579.86) (425.87) (673.39) (2535.58)
Net Loss(-) before Tax 1766.68 2008.69 3278.28 2274.31 (615.80)
3 Capital Employed (Segment Assets - Segment Liabilities)
a) Sugar 92474.539 87215.15 92474.539 87215.15 75372.95
b) Co-geneartion 45266.96 46619.94 45266.96 46619.94 45494.76
c) Chemicals / Ethanol 10743.32 10452.66 10743.32 10452.66 9720.53
d) Others 71.44 48.52 71.44 48.52 70.58
Total 148556.259 144336.27 148556.259 144336.27 130658.82
For Dhampur Sugar Mills Ltd.
Place : New Delhi V.K.GOEL
Date : 30.04.2009 Chairman
QUARTERLY REPORTING OF SEGMENT WISE REVENUE,RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT
Quarter ended Six months ended
The Company has opted for change in accounting policy in respect of foreign exchange difference relating to translation of Long Term Foreign Currency Monetary Liabilities in
accordance with the notification dtd. 31-03-2009 issued by the Ministry of Corporate Affairs. Consequently, the net forex fluctuation loss of Rs. 541.23 lacs for the period upto
30-09-2008 has been added to the cost of relevant capital asset and credited to the general reserve and forex fluctuation losses of Rs. 456.45 lacs for the Ist quarter ended
31.12.2008 has been added to the cost of capital asset and reversed to the revenue and loss of Rs. 378.10 lacs for the IInd quarter ended 31.03.2009 has also been added to the
cost of capital asset. Due to this change in accounting policy, profit for the quarter and six months ended on 31-03-2009 is increased by Rs. 780.51 lacs after providing additional
depreciation amounting to Rs. 54.04 lacs.
The Consolidated financial results information , which includes the results of tis subsidiary M/s Dhampur Sugar Distillery Pvt Ltd. (DSML- holding 51% ) for the six months ended
31st March, 2009 are as follows:- Turnover Rs. 39696.94 lacs, Net profit after tax- Rs. 3107.65 lacs and EPS( Basic/ Diluted ) Rs. 5.86 / Rs. 5.73.
There was no outstanding complaints from the share holders at the end of the quarter and all the 43 complaints received during the quarter have been dealt with satisfactorily.
Figures for the previous corresponding periods have been regrouped, wherever considered necessary.
The Cane Price has been accounted for at State Advised Cane Price (SAP) of Rs. 140/- per quintal for the season 2008-09.The Cane Price for the sugar season 2007-08 has been
accounted for at Rs. 110/- per quintal based on the Interim Order of the Hon'ble Supreme Court. Necessary adjustment of the cane price for the season 2007-08 will be made in
accordance with the final decision in the matter.
Policy for Depreciation in respect of Co-generation units has been changed w.e.f. 01-10-2008. Earlier depreciation was charged over all the four quarters. Under the changed
policy, depreciation of the entire year is being allocated during periods in which co-generation plants are expected to operate. Due to this, depreciation for the quarter and six months
ended 31-03-2009 is higher by Rs. 736.26 lacs and Rs. 1069.20 lacs respectively ,consequently profit before tax is lower by the same amount in the respective period. However this
will have no impact on the annual profit and loss account.
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