Commenting on the performance for Q4 & FY2012, Mr. Vivek Saraogi, Managing Director,Balrampur Chini Mills Limited, said:

"We ended the year with steady growth in revenues recorded by all business segments due to increased volumes and better realizations. While our allied businesses registered better profitability, sugar segment continued to be under pressure primarily owing to high cane prices.

The latest development involving removal of cap on sugar exports and bringing it under OGL is a positive move for the sector. Given the current surplus situation, exports should enable liquidation of excess inventories from the system which should lead to stability in sugar prices. Going forward, we are hopeful the State Government in Uttar Pradesh will consider implementing progressive policies to help relieve the stressed sugar sector. Furthermore, an expert committee set-up directly by Honorable Prime Minister is earnestly evaluating deregulation of the industry, and we are optimistic that the first phase of decontrol will include removal of levy obligation and release mechanism.

Our integrated business model has been tested for its efficacy in the most challenging period and has proved to be crucial in mitigating the down-turns witnessed in the sugar industry. Going forward, building on the foundation of a solid business model, we remain focused on creating shareholder value through sustained efforts at improving overall operational and financial performance."

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