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Balrampur Chini Mills posted a weak set of numbers in its first-quarter earnings report. The revenue slipped 2 percent and the profit after tax (PAT)fell over 80 percent versus last year.

While speaking to CNBC-TV18, Pramod Patwari, CFO at Balrampur Chini Mills said the decline in quarter one numbers is due to seasonality. “I would say this is not as a cyclicality factor but as a seasonality factor,” he said.

“As a sector, we are seeing a lot of deleveraging is happening, companies are making a profit in spite of very high sugar production, the country is in a position to lift up its surplus stock to export and diversion into the economy. So robust policies are in place which is taking care of this surplus production through diversion into ethanol and exports. In our view, the man-induced cyclicality is no more there,” he added.

He does not see any loss in the sugar division on a full-year basis.

“On a full-year basis, we don’t see any loss in the sugar division.”

In more news, the centre recently hiked sugarcane fair and remunerative price (FRP) by Rs 15 per quintal for 2022-2023 and the export policy for the season is also expected soon.

Arora clarified that the FRP had “nothing to do as such with the UP state advisory price (SAP).”

For the full interview, watch the accompanying video

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