Analyst Meet / AGM 25-Sep-09
AGM
KCP Sugar & Industries Corporation
Expects the crushing in SY 2009-10 would be similar to SY 2008-09 levels
KCP Sugar & Industries Corporation held its 14
th
Annual General Meeting on 23
rd
September 2009 at Chennai. The meeting was addressed by Vinod R Sethi, the chairman of the company.
Highlights of the meeting
On consolidated basis, the company reported 15% fall in the net sales to Rs 279.60 crore and net profit jump of 52% to Rs 11.71 crore. Despite increase in average realization of free sugar and molasses, reduced off-take of sugar consequent to the lower inventory levels contributed for the fall in turnover.
The company has no plans to issue a bonus issue
The average realizations in the first quarter of current fiscal stood at Rs 2260.13 per 100 kg. During the July –September 2009 quarter, the realization further improved.
The maximum price that company sold the sugar at in the 2
nd
quarter of current fiscal is Rs 3200. This was reduced to Rs 2700 as government asked to reduce it.
The company did not import any raw sugar for conversion to fine sugar as most of the peer companies are doing. This is mainly due to lack of fuel. Both Vuyyuru and Lakshmipuram plants are using Bagasse as raw materials.
The Company has crushed 538686 MT in Vuyyuru plant in SY 2008-09 compared to 846674 MT in SY 2007-08. In Lakshmipuram plant, the crushing has halved to 135957 MT in SY 2008-09 as against SY 2007-08. The company expects the crushing in SY 2009-10 would be similar to SY 2008-09 levels.
Company is planning to expand its Bio fertilizer unit.
The company is planning to setup new distillery unit with an investment of Rs 25 crore.
Expects sugar prices to hover around Rs 2500-3000 per 100 kg.
The repayment of term loan would start from February 2010, company need to pay Rs 0.65 crore per month.
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