NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Report
Balrampur Chini Mill Ltd.s Q3 FY24 consolidated revenue rose 25% YoY to Rs 12.3 billion and beat our estimate of Rs 11.5 billion. Healthy 20%/58% YoY topline growth in the sugar/distillery segments, respectively, propelled this growth. The two segments saw increased volumes and realisations. Gross margin fell by 10 basis points to 27.2%, as the State Advised Price of cane was raised by Rs 200/tonne for Sugar Season 2023-24.
However, Ebitda surged by a healthy 42% YoY to Rs 1.1 billion, 22% higher than our estimate. Ebitda margin expanded 110 basis points to 9.2% (we estimated 8.1%). Interest cost increased by 34% YoY on higher interest rates.
Moreover, Balrampur Chini deployed internal accruals into a project that resulted in higher working capital. Other income jumped 166% YoY to Rs 539 million.
Consequently, adjusted profit after tax jumped 94% YoY to Rs 855 million (estimate of Rs 367 million). Management believes the government’s recent flipflop on ethanol procurement policy is an aberration and is confident that the Ethanol Blending Program will continue to operate in the next season with sufficient sugar stock availability.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-08/d43a6558-6b93-4768-a18a-9c7d9888e827/A trader monitoring at stock data. (Source freepik).jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
MCX - Positive Surprise In Volumes Lead To Earnings Upgrades: ICICI Securities
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-23/t2p0rzli/pexels-tima-miroshnichenko-7034131.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Pharma Sector Q1 Results Review - Select Bets To Continue To Perform: DRChoksey
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-12/e0ugfk1j/s5egve68_sugar_625x300_26_October_20.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Balrampur Chini Q1 Results Review - Resilient Performance; Maintain Buy: Systematix
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-14/5b0c318x/Pure-lead products by Gravita India Ltd. (Source Company website)-.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Gravita India - Getting The ‘Lead Out’ In Style; Motilal Oswal Initiates Coverage With A Buy
![timelogo](/images/amp-time.png)