Latest News | Balrampur Chini Mills' Net Profit Declines 45 Pc to Rs 77 Cr in Jun Quarter

Mumbai, Aug 9 (PTI) Balrampur Chini Mills on Monday reported a 44.69 per cent decline in consolidated net profit to Rs 76.92 crore for the quarter ended June 30.

The company's net profit had stood at Rs 139.09 crore during the corresponding quarter of 2020-21, Balrampur Chini Mills said in a BSE filing.

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Its revenue from operations during April-June 2021 witnessed a decline of 20.26 per cent to Rs 1,140.44 crore, compared with Rs 1,430.33 crore in the year-ago period.

Meanwhile, the company's board announced a buyback of 52,50,000 equity shares, which represent about 2.50 per cent of the paid-up share capital of Balrampur Chini Mills' as of March 31, 2021.

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This will be at a maximum price of Rs 410 each, aggregating to Rs 215.25 crore, the company stated in the filing.

The maximum buyback size represents 8.68 per cent and 8.56 per cent of the aggregate of the total paid-up equity capital and free reserves of the company, based on the audited standalone and consolidated financial statements of Balrampur Chini Mills, respectively, for the last financial year ended on March 31, 2021, it added.

Currently, the promoters and promoter group hold 41.21 per cent stake in the company.

The company's board also announced their approval for further capacity expansion of ethanol production from 840 kilolitre per day (KLPD) to 1,050 KLPD, considering the huge untapped demand for ethanol due to the robust policies of the government on ethanol blending.

The proposed capacity addition is 210 KLPD (40 KLPD at Gularia and 170 KLPD at Balrampur).

About Rs 205 crore investment is required (Rs 15 crore for Gularia and Rs 190 crore for Balrampur), it added.

Shares of the company on Monday closed at Rs 353.85, a fall of 0.72 per cent on the BSE. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)