• Chloro vinyl segment revenue for FY'17 stood higher by 15% YoY and 38% YoY for Q4 supported by Chemicals volumes which up 26% in FY'17 and 60% in Q4 consequent to capacity expansion at Bharuch unit. Capacity utilization at Bharuch unit is witnessing an upward trend post completion of expansion in Q3 FY'17. Plastics business had stable volumes and higher price realization 

• Selling prices of Chlor-Alkali were lower by 4% for FY'17 and 12% for Q4 (YoY), on account of lower Chlorine prices. PVC prices were up 10% for the year and 17% for Q4 vs same period last year 

• Input costs of power have risen, impacting the margins. Efficiencies have improved especially in Bharuch, post completion of expansion and modernization 

• Capacity utilization at Bharuch facility was 77% for Q4 FY17 and will increase further, as chlorine market picks up 

• Chlor Alkali ECU prices are soft due to rupee appreciation effect and soft Chlorine prices; PVC prices are stable 

• Rising prices of Coal and Carbon material is putting pressure on margins 

• Expansion of Chemicals at Kota at an investment of Rs. 97.5 crore is progressing as per plan; to commission in Q4 FY'18

• The sugar season'17 has witnessed 45% growth in cane crushed; Crushing still on in one factory. Sugar recovery at 11.1 %, is same as last season. 

• FY 17 Revenue stood higher by 65% YoY and Q4 revenues stood higher by 67% (YoY), due to higher sales volumes and better realizations; higher sale of power from expanded capacity also contributed to increase in revenue 

• Earnings improved led by better margins, volumes as well as increase in co-gen power sales 

• Sugar prices are stable 

• Distillery project at Hariawan unit with an investment of Rs. 185 crore is progressing as per plan and will commission by Q4 FY'18

• FY 17 revenues were down 44% led by DAP/MOP which was suspended during the year. Revenue of ‘Value added' inputs' vertical lower by 6% YoY 

• ‘Value Added inputs' performance for the year was impacted in Kharif ‘16 as well as Rabi season by lower demand and change in sowing patterns towards lower value inputs. This was a result of two consecutive years of poor and erratic monsoons leading to weak farmer economics 

• Earnings adversely impacted due to lower margins in the bulk as well as Value added business 

• Subsidy outstanding at Rs. 208 crore vs Rs. 307 crore last year 

• Volumes and margins for ‘value added' vertical in the current season are expected to improve with better monsoons and harvest in last Kharif season, and expectation of a normal monsoon this season by IMD 

• The company is focused on driving growth in the ‘Value Added' vertical through marketing initiatives, product portfolio and geographic expansion initiatives

• FY'17 revenues in India were lower by about 6% due to decline in cotton acreages in key markets during Kharif'16. Cotton Seed Price Control Order that capped selling price of BT cotton seeds also impacted revenues. Other crops performed better. 

• FY 17 international business revenues increased 18% led by Philippines and Indonesia 

• Earnings in India business improved on account of better margins. However in international business, except for Philippines, the earnings were lower than last year. 

• The company has taken write-down of Rs 85.12 crore in the value of investments in Bioseed International business in the Standalone accounts (no impact on Consolidated financials), keeping in view the longer gestation period and higher losses over last few years due to one time inventory write offs 

• Business is expected to witness improvement in the current Khariff season especially in BT cotton with expected increase in acreage. However normal monsoons will be the key.

• FY 17 revenue declined with marginally lower volumes down 1.4% and 9% decline in realizations, a result of lower gas prices which is a pass through 

• Energy efficiency has improved during the year 

• During the year business received arrears to the extent of Rs. 18.5 crore for earlier years, of this Rs. 9.4 crore was received during the quarter. 

• Subsidy outstanding is lower at Rs. 347 crore vs. Rs. 451 crore last year 

• Profitability continues to be impacted by inadequate reimbursement of conversion costs 

• Subsidy outstanding position has improved, but remains a concern due to inconsistency of release

CEMENT 

• FY'17 revenue as well as earnings were up on account of stable volumes and improved realizations YoY 

• Input costs under pressure with increase in energy costs