Ladies and gentlemen, good day, and welcome to Balrampur Chini Mills Limited earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jenny Rose from CDR India. Thank you, and over to you.
Good afternoon, everyone, and thank you for joining us on Balrampur Chini Mills Q1 FY25 results conference call. We have with us today Mr. Vivek Saraogi, Chairman and Managing Director of Balrampur Chini Mills, Ms. Avantika Saraogi, Executive Director, and Mr. Pramod Patwari, Chief Financial Officer of the company. We would now like to begin the call with brief opening remarks from the management, following which we will have the forum open for the question and answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared with you earlier. I would now like to invite Mr. Saraogi to make his opening remarks. Over to you, sir.
Yeah. Good afternoon, and thank you everyone for joining us on Balrampur's Q1 FY25 earning, earnings conference call. I trust all of you have had the opportunity to go through the results presentation, providing details of our operational and financial performance. I will initiate the call with an update on the current developments in the sugar sector, followed by the company's key highlights for the period under review. As per the latest estimates, India's sugar production for the ensuing season, that is 2024-25, is projected at 32 million pre-diversion. ISMA has given a projection of 33.3. We have just been a little cautious in our mind and giving it out to a 32.
UP is expected to produce a little higher over last year due to lower than anticipated diversion of sugarcane to gur and khandsari, which we feel is a factor of elections. In contrast, sugar production in Maharashtra and Karnataka is expected to decline slightly because of reduced acreage and inadequate rainfall last year, but current year's rainfall has been very encouraging. India's inventory on thirtieth September 2024 is expected to be around 8.5 million or 85 lakh tons, with a domestic consumption of 29 million. Historically, government is comfortable to work with a closing stock of 5.5 million. This ample inventory, together with the gross output which we have projected, would allow the government to continue the ethanol blending program unhindered on the juice and B-heavy front, therefore, not putting any cap like was done last year.
If all the above projections pan out, in the middle of the season, we are hopeful also that there could be, export announcements as well. This is purely based on data and how government has reacted to these data in the past. Moving to our business, performance, we are coming to a close on a steady note despite encountering challenges in our distillery operations due to temporary ban imposed by the central government last year on seventh December. The 7th December to clear. The sugar segment, however, continued to perform well in a seasonally soft quarter, benefiting from higher volumes and higher realizations. During the quarter, our sugarcane crushing ended early, leading to a decline in production, which also affected our distillery segment. The reduction in crushing dates further contributed to under absorption of fixed overheads.
To address these challenges related to lower cane availability, we continue to actively engage with the farmers in cane development activities and variety rebalancing. Additionally, a normal monsoon is expected to improve yields. We are making healthy progress in our polylactic acid project, which aligns seamlessly with our integrated sugar model. As pioneers in this field in India, we view this initiative as a natural extension of our long-term vision. As of 30th June 2024, we have approximately spent INR 300 crore from internal accruals on the project. In closing, our commitment to sustainable value creation extends to optimizing every aspect of our operation, ensuring maximum value extraction with each stick of cane. The introduction of PLA project diversifies our product range and aligns with our global environmental goals and our honorable Prime Minister's goal by offering an environment-friendly alternative to traditional plastics.
Leveraging our integrated operation and strong financial health, we remain dedicated to deepening our relationship with the environment and enhancing operational efficiency. We shall continue to invest judiciously and create value for our shareholders. I would now request Avantika to give you a brief update on the cane status.
Good afternoon, everyone. Update on the cane development front. So, I think I'll start with talking about the headwinds and the tailwinds that I see coming this crushing season.
I think it's already been highlighted a little bit, but we expect lesser diversion this year as compared to last year towards the unorganized Khandsari jaggery sectors. Other than this, the rainfall pattern is expected to be much better, you know, contributing to overall productivity of the crops. The other tailwinds are that insect and disease is quite under control. We've worked very hard on it, whether it's borer or red rot or any other small, you know, things which have cropped up. So we can say that we are completely at a negligible scenario at the moment. The other tailwind is that ratoon management has picked up.
The closure of factories slightly earlier gives farmers the time to as well work on their ratoon crops, which is not usually the case when the factories go on until May. Other than this, the government of UP has made electricity for irrigation free in the month of March this year. The benefit of which we will see during the coming crushing season. So, the last time, the last year, the rainfall during the grand growth period was depressed, and this year it has been good.
Other than this, because the government has made the electricity free and we are helping farmers even get electricity connections for irrigation, any lack of rain will be easily sort of supplemented by irrigation by farmers, because they will not feel the pinch of it, which is what has always caused issues to us. Even in the winter rain, the lack of winter rain last year took away a very large part of our plant cane yield, which this year should not be a problem, even with rain. And also, if not rain, then we definitely have our irrigation connection set up much better. Our tissue culture program is going on very well. We are on the three trial multiplication track. We are doing very good varietal balances with it, and it is all kind of on track.
Now, to about the segments. There are majorly two things. One is that the planting acreage was slightly lower due to the weather phenomenon that occurred last year. So the lack of winter rains and the delayed harvesting of the mustard and wheat crops led to slightly lower sugarcane planting, because it got very, very delayed. And after a certain point, farmers don't want to plant, which is actually a good thing. And other than this, some of the planting was also slightly delayed. So I would say that about 2-3 weeks of you know growth for maybe 10%-15% of our plant cane could have been affected. But I believe that the tailwinds should outweigh the headwinds, but this is my best guess at the moment.
Yeah. So another, just a small supplement, Avantika, is that our recovery last year, because of the varieties, the recovery was in fine fettle. It was in top shape. So going ahead, we feel confident because of two, three had not been there, the recovery should be in fine shape. And this time we do not want to hazard a guess. And just to briefly about last time, UP cane crushing was expected to be 1,100, and that was a summation, summary of all the mills crushing. And UP, some of landed up crushing 980. So there was about a 12% drop in the general expectation versus the actual crushing. And, you know, everybody participated in that downfall. Having said that, our projection failed, definitely.
but we were the only company probably which was just 2% lower crushing than the previous year. But that's not to sort of tone down what failure we've done, but that has been a failure in prediction. Pramod, on to you.
Thank you and good afternoon, everyone. I hope all of you had the opportunity to go through the results presentation that has been shared with you. So I would request the moderator to open the forum for Q&A. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Sanjay Manyal from DAM Capital. Please go ahead.
Hi, sir. I have a few questions. So concerning the fact that you have mentioned about the cane development, which you have done, in the current season, what is the expected sugarcane crushing, you know, increase in the current season - in the 2024/2025 season?
We will refrain from making a guess this time, because last time when we did try to give a guidance, it didn't work out. But I have outlined our headwinds and tailwinds, and I believe the tailwinds should outweigh the headwinds, is all I can tell you today.
So you see, it is a very tough call. Let us attempt a better guess when we give you the September quarter results.
Okay. Sure. Surely, sir. Sir, secondly, if I see the expected country level production and what is the—what about the inventory we are holding now at the country level? Approximately 5 million-6 million tons excess we would be having, which can be diverted either towards ethanol or exports. So, what could be the maximum, you know, ethanol diversion possible? And, what quantity as a whole in—at a country level, you know, ethanol production is possible with that kind of diversion?
Okay, I'll attempt to answer that, because, you know, I think it will be playing on everybody's minds. So as you correctly pointed out, there is a 3 million excess stock in the inventory sitting as on 30th September, and pre-diversion, because of 29 consumption and 32 production, there is a 3 million on the way. So you have a total surplus beyond 5.5 million, which is the closing stock of 6.5 million. We expect that, you know, government should allow unhindered diversion of ethanol, and that would consume 4 million out of this, definitely leaving for a headroom/space of 2 million for exports. From this, 4 million diversion from, we'll be able to produce INR 400 crore. So INR 400 crore of ethanol is what the sugar industry should be able to tender for the year in various tenders.
If you see a total, we should be able to tender as sugar 400.
Right, sir. And as means, Balrampur, we will be able to run our facility to the full, at least-
Hundred percent.
Okay. Okay.
All juice, all B-heavy, everything unhindered as per past.
Right, sir. Right. And so just last one, if you, if it is possible to give a timeline of this PLA investment, over the next 2-3 years, means, as of now, we have invested INR 300 crore. What could be the investments as per the, sort of annualized number, if you can, if you can share that?
I can only tell you that, you know, because we are looking at commissioning in October, November 2026. It will be a gradual spend of money as CapEx gets spent in any project.
Okay.
Mm-hmm. So it's, it's spanning over 2, 2.5 years from now, 2 years, 3, 4 months from now. So it will get... So it will get spent over that time. Probably one can't say very evenly or not, but yes, the way the project goes.
Surely. Thank you. Thank you very much, sir.
We are tying up there. You know, it's all being done judiciously.
Right. Right.
Thank you. We'll take a next question from the line of Prashant Biyani from Elara Securities. Please go ahead.
Yeah, thank you for the opportunity. Sir, fortunately, sugar prices have been quite resilient despite overhang of high inventory. What is driving this resiliency in sugar price, and what would be your outlook on the domestic price?
So outlook on the sugar price remains positive because you very correctly pointed out if there is buoyancy with this inventory, we are seeing with the current government policy, if we are talking one year from now, there will be a much lower inventory on thirtieth September 2025.
Mmh.
So if both are allowed, ethanol, we are very confident export should happen. So if both are allowed, then we will be sitting at a much lower inventory, which therefore, by basic fundamental construct, tells you that sugar price should remain buoyant and firm.
Sir, what is the reason for this buoyancy? Is it that the actual consumption is higher than reported, or there is no inventory with the trade, or what is the reason for this buoyancy?
I would say probably expectation of the correct policy next year.
Okay. Sir, your outlook on the international raw sugar price?
Pramod, you want to answer that?
So international prices, if one can say, with India not being in the market over the last one year, and I don't think Center South Brazil is going to give a real surprise upwards. So today's range from 18-
Sir, it looks like it has with a low of around 0.18, which should act as a floor.
Mm.
We don't expect the raw sugar prices to come down from here on. Going forward, it will depend upon the value of Brazilian currency as well as the dry weather in Brazil. It is expected that Brazil production in the 2024-2025, as well as 2025-2026, can be lower because of the declining yield.
Mm-hmm.
If that plays out, then we are expecting an upward tick in the raw sugar prices.
So 18 should act as a floor, and, very honestly, there is no great upside beyond 21, 22, but this is because you are asking us to reply. It is, it is just a guess.
Right. Sir, while government, I mean, the bureaucrats and all can have their own time to this, but, is it worthwhile for industry to work with government to time the export, with better realization internationally, or you would want it to be immediate?
So, let's be very clear. We are continuously working with the government on all the fronts. That is unhindered ethanol policy, diversion, getting back to proper price and juice and B-heavy which was skipped last year, and MSP of sugar, Minimum Selling Price. So we are engaging very sort of deeply with the government with all data points. We are hopeful on all the fronts. Timing, et cetera, you know, it's the government's prerogative, but obviously, ethanol price and ethanol quantity and MSP should happen before the pronouncement of, before the cane crushing, cane begins crushing for the next season, which is October, November. Our view is they would wait out the production and then allow exports. So probably, January, February is the best case guess as to when it would be allowed... But yes, that is our guess.
Correct. Lastly, sir, with respect to this, PM JI-VAN mission for 2G ethanol projects, is there anything in it for private players which makes it worth looking at, maybe the benefit on CapEx support or ethanol pricing support for 2G ethanol? Anything for the private players in it?
We are not in 2G.
Yeah.
We are not looking at that space.
Okay. Okay, sir.
Biyani, does that answer your question?
Yes, that does.
Thank you. We'll take our next question from the line of Achal Lohade from Nuvama Institutional Equities. Please go ahead.
Yeah, good afternoon, Dean. Thank you for the opportunity. Sir, just wanted to check in the presentation you have talked about, you know, the price correction in the ethanol. Can you help us understand, you know, can there be a possibility of retrospective change in the ethanol price? Aren't those contracts watertight with respect to pricing and the volumes?
No, no, no.
Okay.
So we are talking of getting back to the old formula. So, okay, just let me put it this way. If last year had not happened, there was a particular formula playing out on... There was no question of restricting any quantity diversion, and there was a particular formula playing out, which was defining a relationship between FRP and ethanol juice price, and FRP and B-heavy price. So we hope to get back to INR 22-INR 23 pricing regime, relationship regime, pricing regime, whatever is there. Last year wiped out as a bad dream.
Fair point. So you're saying basically for the upcoming contract, logically, there should be - we should fall back to 22, 23 pricing regime rather than-
Right.
and see the last year as an exceptional one?
Yes.
Yeah.
That was because of election, and people were perceiving a much lower production.
Correct.
The government, you know, I, while unhappy, I don't blame them completely.
Fair point, sir. The second question I had, with respect to the ethanol blending in the diesel, any comments you would like to make, or where are we in terms of that development, at the industry level? Is it commercially viable, already technically viable? And how do you see the demand, if it was to be viable?
The demand will be super huge, but they're still working from that diesel, that binder, that ethanol is still under work, WIP. So they've not yet cracked the code there.
Not that complicated, so. The code is cracked, I would say, but the large-scale implementation is probably what they are trying to crack.
Sorry, I'm not very clear. You're saying they have been able to crack this, and now they are trying for the commercial rollout?
It is possible.
Okay.
I'm trying to say that as a lab scale or a pilot scale, it is possible. But for large rollout for the whole country with such diverse conditions, it's not as easy as you're making it sound, but it is possible. And if they have announced it, then definitely they must have made some, you know, way forward in it.
Understood. Thank you. Those were the questions from me. Thank you.
Thank you. We'll take our next question from the line of Shailesh Kanani from Centrum Broking. Please go ahead.
Good afternoon, everyone. Thanks for the opportunity, sir. So I just wanted to understand your expectations in terms of revision in MSP prices of sugar, because we have been reading in reports, in media reports, that it is expected. So any timeline or quantum, if you can, kind of highlight?
So, as I said in the beginning, there are three things we are working on: Ethanol unrestricted quantity, correct ethanol price, as somebody put it, 22/23 formula, and MSP. So, the logic is everything should happen before October, because, everything is applicable from, you know, something from first November, something from first October types. So prior to that, we hope, and we are working very hard and engaging with the government so that it should happen. Sitting in the middle of August, you know, and first October, you know, timing is impossible, but we are very hopeful.
Any expectations on what number it can be? Because I think it has not been revised for last five years now.
Yeah, you, you're correct there. So we have again, dealt with the formula there, and, you know, it's not appropriate for me to give any numbers yet. So let's understand what MSP will do. So I'll give you the logic of what MSP will do. So whatever is the MSP, let us take a figure of, let's say, 36.5, okay? Assuming that's the figure, UP makes a bottom at 39, because that is the price, lowest price all over in India. So Maharashtra sells at that price. UP sells typically INR 2-INR 2.5 higher. So even when you get into season and you see a crack in prices, which you always do, this should give you that much, much needed bottom protection during season: December, January, February, March.
So that's a very positive step, to give you protection during those four months.
And he's not saying 36.5 is-
No, I said just say 35, 33, 37, whatever it is... you get, UP gets an INR 2.5 bottoming above that, right? From, in that. And one should look at this for bottom protection, not for top creation. And this is a very good company, because it plays out 4 months in a year, that's 1/3 of your year.
Fair enough. That's helpful. Sir, I know you're refraining from giving guidance on cane availability, but can you kind of help us? Because last year, I believe, we got a negative surprise in terms of our guidance. But still, if you can give some, some kind of positive or indication vis-a-vis last year, that would be helpful.
So I would only request you to let us maintain our credibility, which is very important in my eyes and all of our eyes. So, let things flow a little better. You see, cane is a product. In last year, last 5% is vanished all over UP. So if 5% vanished, it was 55 lakhs over Balrampur. So that 5% people saying it's standing, it didn't come because the weight was like, of the last standing crop of the last 20% just vanished very, very significantly. There was no winter rain. So it is impossible to guess, but we will give a better guidance in the month of whenever we, September to October, November, there will be of the results. So please, please just respect our, you know, credibility in our eyes.
Fair enough. Fair enough. Thanks a lot, sir. Thanks a lot. Best of luck, sir.
Thank you. We'll take the next question from the line of Rishabh Gang from Sacheti, Sacheti Family Office. Please go ahead.
Hello, sir. Am I audible?
Yes, please.
Yeah, thank you for the opportunity. Yes, so what are your views on alternative or prospective application of ethanol, right? When do you think blending of ethanol in this space is possible? And how much blending targets do you think is achievable in next 3 years-5 years in India? And how much ethanol demand can it lead to? Yes, sir.
Again, this SAF requires some special investment. It is not this ethanol which we make for cars, which goes into the aircraft.
Mmh.
So having deployed our capital into this PLA project, as Balrampur, we are not looking at any more CapEx. We just CapEx within our company for balancing, et cetera, which is essential. The rest, we are not looking at any CapEx. So we don't want to sort of, you know, burden ourselves with any CapEx beyond this at all. Not, neither do we have the mind space, nor we want to deploy CapEx. Having said that, SAF will take some time.
Hmm. Okay. So like, 3 years-5 years?
Uh...
The 1% mandate is applicable from 2026, 2027, I believe.
But who's making it?
And, uh-
Who's making it? I don't know.
There's supposed to be a 1% mandate applicable for tax from 2026, 2027. And other than that, if the diesel blend, 5% is realized, then that's huge, because that would just be the regular ethanol. If you're talking about how much can be produced from crops in India, then that because we have to study and come back. But there is definitely an upward potential which can happen.
But this requires CapEx to put that ethanol into the aircraft.
No, we are talking about diesel blend and petroleum blend can increase further, right?
Yes, that can increase.
Yeah. So that would be the easier thing. The SAF 2026, 2027 mandate, if the government is serious, then we will provide some incentives or some more guidance in that space for people to invest.
All right. You know, I also wanted to know your views on the opportunity in biodiesel, compressed biogas market and biofuel dispensing station. Like, what do you think about it? And does Balrampur Chini think of capitalizing on it?
So, we are not looking at biodiesel at all. Biodiesel is more from waste oils, et cetera, at the moment, as far as I understand, and not really from direct crop to biodiesel for that matter. So more oil-based seeds maybe, et cetera. That space is something we're not looking at. CBG, as you probably already know, we have a contract with a company called EverEnviro for the production of CBG of our press mud of all our 10 units. And then some of it is also going to the farmers for to replace FYM. So this is definitely something that is being looked at, and it will probably keep going.
Just to clarify your question, we are not going to invest any CapEx into either of these directions. We don't see... We had earlier studied the opportunity. We don't find either, you know, large-scale investable capital. We were not comfortable.
All right,
We decided to give it to someone else at a good price.
Got it. Just the last question. How much of our ethanol capacity is dual feed capacity, which can also take the grains and all?
So we have dual feed capacity at one of our distillery, which has a daily dual distillation capacity of 350 KLPD. So on an annual basis, in the off season, it can produce around 5-6 crores-
Ah, right.
liter of ethanol out of alternative feedstock.
Right. Right.
Okay.
130 into 170 is 500, 10 + 50. INR 5.5 crores is what you have.
Okay. So the capacity, which is only sugarcane-based, do we plan to upgrade it to dual feed capacity?
No, no. We will do our sugarcane business, and this is already invested, and hence, we are INR 5.5 crore.
All right. Okay, thank you so much, sir, for the opportunity.
Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. Next question is from the line of Amit Kumar from Determined Investments. Please go ahead.
Yeah, hi. Thank you so much for the opportunity, sir. I'm sorry, I missed the Indian and the international sugar prices presently. I think you talked about it-
What is your specific question?
Sorry?
What is the specific question?
What, what is the domestic and international sugar price presently?
Pramod, uh.
Sir, domestic prices are around INR 30.5-INR 39 in UP ex-factory. International prices, we as a country are not exporting as of now. It is under restricted list.
Yeah.
The maybe white sugar export will fetch around INR 14, ex-factory.
Yeah, and the raw price is around 18 point-
It's around $0.18, between $0.185-$0.19.
This is, this is where I'm not clear on the calculation. So $0.18 a pound translates to about INR 33-INR 34. So that-
That is for raw sugar. That is for raw sugar, and INR 14 is for the white sugar. Refined sugar.
Okay. Okay.
Refined sugar quotes separately.
No, no, so that's where my confusion was, because you are at 33, 34, then what is the point of exporting? Thank you, sir.
No, it is 14, Pramod. You can understand offline the detailed calculation. There is a specific calculation based on London whites.
Understood. Okay. Thank you so much.
Thank you. We'll take our next question from the line of Priyanka Dhingra from SBI Funds Management. Please go ahead.
Hello. Hi, am I audible?
Yes.
Yeah. Hi, sir. So thank you very much for giving this opportunity. I just wanted to, since we were talking about the diesel opportunity, and we understand that the diesel opportunity could be 2x the size of, 2.5x the size of the petrol blending opportunity. I just wanted to understand if you've seen any regulatory movement towards increasing the refinery capacity in the ethanol space, or any incremental bans on export to facilitate this entire process of diesel blending of ethanol?
So then I'll attempt to answer this. So let's take it in sequence. If there is an opportunity, government has to have capacity creation, because at this capacity creation, INR 500 crore is what sugar can supply, maybe INR 500 crore grain can supply. So both will coexist to give INR 1,000 crore, which is the need of 20%. Now, if you want to take this 20% higher, you've got to have more cane and more distillation, for which juice gives the highest amount of ethanol per ton of cane. If you want to encourage that, you have to put up more juice distilleries. For this, government has to come up with a plan which motivates, stroke, gives enough return for people to invest. If all that happens, we'll definitely participate if there is a lucrative opportunity.
Diesel, right now, we'll just wait a little more before we can give you some more confidence. But to handle diesel, you don't have ethanol right now. Diesel is out of whack. It's too much. But yes, everything has an answer if motiv... See, if you see 2014, prior to this government and today, 10 years into this government thinking, how is ethanol going to, you know, this kind of figure? There were, if you, I, I again say forget last year as a bad dream. There's continuity in policy-
Yeah.
-which was not only giving you, sustainability, but visibility together. So when things again play out that way for future investment, so, A, you have to get back to the old formula on the existing investment and give a new, incentive for further distillation capacity. First part, we are hopeful by October. Second part, we, you know, that's a future-looking concept.
Yeah.
But for that, no export will be banned.
Yeah. Okay.
Priyanka, does that answer your question?
Yes. Yes, absolutely. Thank you so much.
Thank you. Next question is from the line of Shailesh Kanani from Centrum Broking. Please go ahead.
Thanks a lot for the opportunity again. So just wanted to understand your views on embargo on FCI rice from the government side. Any discussions or any outlook has changed? Also on availability and price of maize, if you can give some color on these things.
So I'll, Pramod, I'll attempt to answer this. You can give the numbers. So as I began in the beginning, if you heard the food secretary and all government officials, a couple of things have got clarified. One, there was a bit of a misnomer on cane being a water guzzler. So cane per liter of water delivers the highest amount of ethanol, one. Two, there is a concept which the food secretary put forward of 50/50. So assume, just assume 18% is the blending target for next year, which is the final roadmap, final step towards 20 in 2025, 2026. So 18% next year, 20 thereafter. 18% would be equal to INR 900 crore. I, I said industry sugar doesn't look like being able to tender more than INR 400 crore.
So grain can come in with 500, which looks not easy, but not let's say, FCI rice is allowed. You know, it may come in. Some more quantity of ethanol would get tendered. But couple of clarifications, and no amount of grain tendering would crowd out sugar tendering. Grain tendering can happen if FCI rice is given, and prior to year before last, there was a very clear relationship. You would get the opportunity to bid for tender. It would be called FCI rice tender for ethanol. You'd get back-to-back rice from FCI. That is, was the best method. Should they adopt it again, it would happen. On maize, you know, currently, maize are 72?
Seventy-two.
We don't know how the government will react to maize pricing. We do not get into that. We run our business.
Sorry, I was just trying to understand the market rates of maize as a feedstock, and is the feedstock available for our near-term needs, that is, our off-season in second quarter?
It's high. Maize price, maize feedstock price is high. If you personally take our view, it is not very viable at current prices. It's in a tough spot because maize is not coming down, and if government is to raise the maize price, you can be very sure your maize price is going to be absolutely perfect. FCI rice could be a big help in this scene. We believe government is looking at it, to answer your question.
Sorry to harp on this, but just because last, I think two or three quarters back, government had come out with an SOPs to procure maize and supply to ethanol producers. So, any development on that front? Has it happened or is,
That's a method of the program, which nothing happened.
Nothing happened?
No.
Okay, sir.
No, nothing.
Okay, okay, sir. Thanks a lot, sir.
Thank you.
Thank you.
Ladies and gentlemen, we'll take that as last question for today. I now hand the conference over to management for closing comments. Over to you, sir.
Thank you, everyone, and we are all there to answer your questions, Pramod, me, and Deepika, should you have any.
Thank you, everyone.
Thank you, members-
Thank you, everyone.
Thank you. On behalf of Balrampur Chini Mills, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.