• Q1FY17 revenue was up by 35% YoY as production volumes in Chemicals business was up 45% consequent to completion of Capacity expansion at Bharuch in Q3 FY17. Capacity utilization up from 77% in Q4 FY17 to 80% in Q1 FY18 at the Bharuch Plant

• Earnings were up 18% YoY due to higher volumes and stable margins

• Power costs were up due to higher coal costs, partially mitigated by improved efficiencies post expansion and modernization of Chemicals

• ECU Prices of Chlor-Alkali improved (sequentially) during the quarter

• Capacity utilization at Bharuch facility is picking up gradually, as the Chlorine consumption improves

• Prices of Coal and Carbon material are putting pressure on margins; prices are stable now

• Expansion of Chemicals at Kota at an investment of Rs. 97.5 crore is expected to commission by Jun'18

• The company has approved Chlorine downstream project to manufacture ‘Anhydrous Aluminum Chloride' at Bharuch complex with an investment of Rs. 43 crore. Commissioning expected by Jun'18

• Q1 FY 18 revenue was up 139% YoY due to higher sugar volumes at 15.8 lac quintals versus 7.3 lac quintals last year

• Total Sugar production during the Sugar season 2016-17 at 46.4 lac quintals vs. 31.3 lac quintals for last season.

• Margins improved as cost of production went down due to higher volumes

• Longer season as well as expanded power capacity led to higher power income in Q1 FY18

• Sugar prices are stable

• Sugar production in the next season expected to be higher with increase in Sugarcane acreages and yield

• Distillery project at Hariawan unit at an investment of about Rs. 185 cr is progressing as per plan and will commission by Jan'18

• Q1 FY 18 revenue declined by 3.5%

• ‘Value Added' segment's revenue stood lower by 12% vis-à-vis last year. Sales of Crop care chemicals and Specialty fertilisers declined, as the sale in the month of June'17 was muted due to lower off-take in the market.

• Business' earnings were impacted due to drop in volumes

• Company is re-enforcing its marketing initiatives and product portfolio expansion to drive growth for the ‘Value Added' vertical in the medium term

• Subsidy outstanding, that tends to build up in the second half of financial year remain an area of concern

• Revenues in Q1 FY18 increased in India as well as International Business. Increase in domestic revenues was led by corn, paddy & vegetables. International Revenues also witnessed improvement

• Earnings improvement led by volumes in India and overseas business

• International Business PBDIT was at Rs. 2.8 crores in Q1 FY18 vs. -ve PBDIT of Rs. 7.4 crores last year. International business is expected to improve performance

• India Business is expected have moderate growth with stable margins

• Urea production was 9% lower in Q1 FY18 vs same period last year due to shutdown in April'17.

• Earnings were lower than last year since there was an impact of shutdown in the current quarter and there was a onetime gain of Rs. 8.7 crores on account of Subsidy arrears in Q1 FY 17

• Subsidy outstanding is at Rs. 165 crores vs Rs. 347 crores in March'17

• Subsidy outstanding tends to build up in the second half of financial year, remain an area of concern.

• Inadequate reimbursement of conversion costs continues to adversely impact business' profitability

CEMENT

• Revenue stood lower by 10% YoY on account of lower volumes of traded cement. Own sales volumes were higher by 7%.

• Input cost increases had an adverse impact