Earnings Release for the Quarter Ended 30th Sep, 2013 30h October, 2013

Presentation Plan Corporate Highlights Financial Results Sugar Industry Highlights Contact Us

Corporate Highlights

Key Highlights Q2 FY 2013-14Integrated Business Model Net Revenue grew by 1% on YoY basis, to ₹ 216 crore against ₹ 213 crore in Q2 FY13. EBIDTA down by -236% on YoY basis, at ₹ -26 crore as against ₹ 19 crore in corresponding period previous year. EBITDA is negative on account of lower sugar realization. There is fall in sugar sales volume by -4% on YOY basis, to 57009 MT against 59,542 MT in Q2 FY13. India may export 1 million to 3 million tonnes of sugar in 2013-14 from 0.35 million tonnes in 2012-13. Sugar cane acreage may increased to 5050 thousands hectares in SY2013-14 from 4415 thousands hectares in SY2008-09. Q2 FY 2013-14Integrated Business Model Main Growth Drivers

Financial Results

Q2 FY14 - Results Highlights Net Sales : Rs 216 cr ­ 1% YoY Rs 213 cr ­ Total Income : Rs 216 cr ­ 1% YoY Rs 215 cr ­ Income Q2 FY14 Q2 FY13 EBITDA : Rs (-26) cr (-236)% YoY Rs 19 cr Net Profit : Rs (-51) cr (-93) % YoY Rs (-4) cr­ Profit Q2 FY14 Q2 FY13 There is a fall of 9% in sales realization compared to same quarter last year.

Q2 FY14 Results – Business wise Note: Sugar segment includes Cogen & Distillery; Others include Windfarm, Magnesite, etc.. Average Sugar Realization for the quarter at Rs. 30,222/MT , decrease of -4% on YoY basis. Fall in Sugar sales volume by -4% on YoY basis at 57009 MT during the quarter.

Q2 FY14 Business Mix Total Revenue Mix Total EBITDA Mix Integrated Sugar Rs 207.55 cr Integrated Sugar (-28) cr Others Rs 8.82 cr Others 2.32 cr Integrated Sugar Business contributed about 109% and (-9)% by Other Business segments to the overall EBITDA mix Sugar segment includes Cogen & Distillery; Others include Windfarm, Magnesite, etc

Balance Sheet as at September 2013

Integrated Sugar Metrics

Sugar Industry Overview

Sugar Demand - Supply Situation in India Sugar Prices Rs./Kg (Ex-Mill) Particulars 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 (E) 2012-13 (P) Opening Stock as on 1st Oct. 113 116 85 48 36 92 100 44 50 55 65 Production during the Season 201 140 127 193 283 263 148 189 244 248 Imports 4 21 - 25 41    6 Total Availability 315 260 233 241 320 356 273 274 294 318 319 Off-take: I) Internal Consumption 184 173 185 210 225 227 213 208 220 230 ii)Exports 15 2 11 17 26 33 Total Off take 199 175 196 275 229 216 234 253 Closing Stock as on 30th Sept. 45 93 81 58 60 89 Stock as % of Off take 63% 49% 26% 24% 44% 36% 19% 27% 29% 30% 39% Sugar Prices Rs./Kg (Ex-Mill) 13 16 14 29 28 30 31 International Sugar Prices Rs./Kg CNF Indian Port 10 12 18 20 27 32 Due to the estimates of decreased sugar production in the current sugar season, Sugar prices are expected to remain stable.

Free Spot Sugar Pricing Source: NCDEX, Spot Prices M- Grade Sugar, Kanpur Market In Oct 2012, sugar prices stood at Rs 37.5/kg, downward pressure on prices was witnessed due to dispensing of release mechanism and levy sugar abolition, wherein sugar prices gradually dropped and closed in Sept’13 quarter at Rs 33/kg.

Global Sugar Scenario Source: International Sugar Organization. ISO in its May forecast has revised its world surplus to 9.98 million MT due to higher production hopes in Brazil, Mexico and, in particular, Thailand.

Regulatory Updates Sugar Industry India may export 1 million  to 3 million tonnes of sugar in 2013-14 to ease excess supply and tap rising demand from the middle east and Indonesia. Last year, in 2012-13 sugar exports were 0.35 million tonnes. ISMA has pegged sugar production in 2013-14 at 25 million tonnes as against the annual demand of 23.5 million tonnes. Last year, the country produced 25.1 million tonnes of sugar and imported 0.75 million tonnes. The demand was about 23 million tonnes . CARE Research estimates that the sugar consumption will reach at a level of 23.3 mn tonnes in SY2013-14 from 22.7 mn tonnes in SY2012-13. In SY2013-14, the average wholesale sugar price is expected to be about Rs 34 per kg from Rs 22.9 per kg in SY2008-09 .Higher sugarcane cost due to almost 24% rise in FRP of sugarcane  to Rs 210 per quintal for  SY 2013-14 will also lead to rise in sugar prices. Sugar cane acreage may increased to 5050 thousands hectares in SY2013-14 from 4415 thousands hectares in SY2008-09. Sugar Industry

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