INDIA

December 2008

Sugar Sector
Good in parts

Tushar Manudhane
(TusharManudhane@PLIndia.com)
+91-22-6632 2238
 Contents
_______________________________________________________________________________
Page No.
_______________________________________________________________________________
Industry
Sugar cycle turning positive 4
Supply-demand mismatch to improve margins 5
Alternate crops to sugarcane are more profitable 7
Minimal impact on domestic sugar prices 8
Domestic Scenario for Ethanol 10
SAP to impact margins of UP-based mill owners 11
Upturn and Forward integration – to enhance margins of mill owners 12

Companies
Shree Renuka Sugars 14
Bajaj Hindustan 17
Balrampur Chini 20

Comparison on main parameters 22

Annexure
Manufacturing Process 24
Value Flow Chart 25
_______________________________________________________________________________
(Prices as on December 24, 2008)

2
 Industry

3
 Sugar cycle turning positive
Factors impacting this cycle
Domestic factors
× Reduction in cultivation area for sugarcane by
17% in FY09 and further reduction of 6-8%
expected in FY10 / diversion of cultivation area
2-3 for alternate crops.
ye
ar
s ƒ This would result in reduction in
incremental supply by 4.2 MT, where
incremental demand is expected to rise by
0.9 MT on an average over the next couple
of years.
× Natural factors like delay in monsoon and flood in
2-3 western UP during this season would impact yield
ye of sugar from sugarcane.
ars
International factors
× EU, who was one of the major exporters, is
expected to become net importer by 2010.
Ø Fall in price of crude oil to about US$40-45 per
barrel reduces incentive to produce more
ethanol which further impacts supply demand of
sugar at global scale.

As of now, we are in this stage of the cycle

4
 Supply-demand mismatch to improve margins

Demand Drivers
ƒ 30% of total consumption is used directly by household, while 70% is used indirectly.
ƒ Sugar consumption is expected to grow at the rate of 4-4.5 % because of
ƒ steady growth of population by 1.3-1.4% per annum
ƒ ƒ

5
 Contd...
Supply Constraints

ƒ Excess production of sugar in the last couple of

years resulted in no significant increase in the
minimum support price of sugarcane for farmers,
Reduction in cultivation area by about
as compared to minimum support price for
alternate crops like wheat paddy, etc. 17% during SS 2008-09, would result
in reduction in production of
ƒ This excess supply of sugar resulted in a reduction
sugarcane to approx 280.5 MT.
in the margins of mill owners which led to a delay
in payment by mill owners to farmers, further
reducing their incentive to plant sugarcane crop.

Reduction in production of sugarcane may result in reduction of closing stock over next two years

Source: Crisil, PL Research, Year ending - September

6
 Alternate crops to sugarcane are more profitable
Maharashtra (this state contributes 32% of total domestic sugar production):
Either of these four combinations could be used by the
farmer
Crop Wheat Jowar Sweetcorn Bajra Moong 1 Jowar+1 1 Jowar+1 1 Moong+1 Sugarcane
Wheat Sweetcorn Sweetcorn
+1 Bajra
Yield (Qtl / Acre) 15 15 20 12 3 30 35 35 330
SP (Rs / Qtl) 1,000 700 800 800 1,700 1,700 1,500 3,300 140
Total Earnings 15,000 10,500 16,000 9,600 5,100 25,500 26,500 30,700 46,200
Cultivation Cost (Rs / Acre) 7,029 5,000 5,000 4,500 1,500 12,029 10,000 11,000 17,215
Net Earnings 7,971 5,500 11,000 5,100 3,600 13,471 16,500 19,700 28,985
Earnings (As % of cost) 113.4 110.0 220.0 113.3 240.0 112.0 165.0 179.1 168.4

Source: PL Research Jowar: Jun-Jul, Wheat: Nov-Apr, Sweetcorn: Nov-Jan, Bajra: Apr-May, Sugarcane: Oct-Jan (Next year)

Uttar Pradesh (this state contributes 30% of total domestic sugar production):
Crop Wheat Paddy 1 Wheat + 1 Paddy Sugarcane

Yield (Qtl / Acre) 15 20 35 240

SP (Rs / Qtl) 1,000 800 1,800 140

Total Earnings 15,000 16,000 31,000 33,600

Cultivation Cost (Rs / Acre) 7,029 8,500 15,529 17,215

Net Earnings 7,971 7,500 15,471 16,385

Earnings (As % of Cost) 113.4 88.2 99.6 95.2

Source: PL Research Wheat : Nov - Apr, Paddy: July - Sep

7
 Minimal impact on domestic sugar prices
ƒ The world sugar trade accounts for 35-40% of Major exporters
global sugar production of approx. 161m tonnes. 27%
Brazil
2%
EU
ƒ While Brazil’s influence in global trade is
2% Australia
expected to increase, EU is expected to become a
marginal player by 2010. 2% India

34% Thailand
ƒ This scenario is expected to improve the prices of 3%
Guatemela
sugar at global level. 2% Columbia

S. Africa
ƒ Another factor that would drive sugar prices at 7%
global level is alternate use of cane for ethanol 21% Others

production. Fuel ethanol substitutes gasoline and Source: Company Data, PL Research
hence substitutes crude oil.

ƒ This linkage is primarily driven by Brazil’s policy Going ahead - weak relation between global and domestic
of dynamic management of its share of ethanol sugar prices
and sugar production. 500 White Sugar Domestic price (RHS) 2,200
450
2,000
400
1,800

(Rs/Quintal)
($/tonne) 350
300 1,600
250
1,400
200
150 1,200

100 Aug-04 1,000

Jul-07
Jan-05

Jun-05

Apr-06

Sep-06

Feb-07
Mar-04

Nov-05

Dec-07

May-08
Oct-03

Oct-08
Source: Bloomberg

8
 Contd...
Brazil
MY2004-05 MY2005-06 MY2006-07 MY2007-08
Sugarcane Production (m tonne) 386 387 428 491
Supply of sucrose (m tonne) 55 55 62 71
Sucrose for Ethanol production (m tonne) 28 28 32 38
Sugarcane converted to alcohol (%) 49.9 51.5 50.5 54.5
Source: Brazil Biofuels Ethanol Annual Report 2008, MY- Marketing Year- May-April

ƒ Proportion of sugarcane for Ethanol in Brazil has been increasing YoY and is expected to increase to 58% in MY2008-
09, as ethanol blending is a cost effective process as compared to supplying non-blended petrol for transportation.
ƒ Global factors affects India in a small way because
ƒ very high import duty on sugar (about 60%).
ƒ exports are regulated by government by controlling export subsidy on sugar.

9
 Domestic Scenario for Ethanol

Probable alcohol demand over the next couple of years

Blended Blended Demand for Ethanol (m litres) Alcohol
Petrol petrol demand
Demand (m Demand in 5% Blending 10% Blending
(Other than
tonnes) (m litres) Ethanol)
2007-08 10 14,322 716 1,432 1,835
2008-09E 11 15,734 787 1,573 1,917
2009-10E 12 17,288 864 1,729 1,998

Source: Crisil

Demand more than supply,

indicating firming-up prices of
Ethanol in the future to meet
demand for blending program.
Probable alcohol production over the next couple of years
Total alcohol demand Potential Deficit
Alcohol
5% blending 10% Blending production 5% Blending 10% Blending

2007-08 2,551 3,267 2,765 214 (502)

2008-09E 2,704 3,490 2,084 (620) (1,406)
2009-10E 2,862 3,727 1,995 (867) (1,732)
Source: Crisil

10
 SAP to impact margins of UP-based mill owners

Sensitivity of SAP on total cost of producing sugar

In UP, where yield of sugar from sugarcane is about 9.5-10% Situation expected in 2008-09 and 2009-10

Cost of sugarcane (Rs / Kg of sugar) 11.0 12.5 13.5 14.5 15.0 15.5 16.0
Total cost of producing sugar to mill owners ( Rs / Kg of 15.65 17.15 18.15 19.15 19.65 20.15 20.65
sugar)
Source: PL Research

In Karnataka, where yield of sugar from sugarcane is about 11 -11.5% Situation expected in 2008-09 and 2009-10

Cost of sugarcane (Rs / Kg of sugar) 11.0 12.5 13.5 14.5 15.0 15.5 16.0
Total cost of producing sugar to mill owners ( Rs / Kg of 14.61 15.96 16.86 17.76 18.21 18.66 19.11
sugar)
Source: PL Research

ƒ We expect the cost of producing sugar in UP to be more than its selling price, thus contributing negatively for the
business.
ƒ In Karnataka, due to higher yield, we expect cost of producing sugar to be less than its selling price, thus
contributing positively for the business.

11
 Upturn and Forward integration – to enhance
margins of mill owners
ƒ Mill owners would be benefited in terms of improvement Domestic Sugar prices
in margins due to:
ƒ Lower sugar production which would continue for 2,200
1-2 years, thus firming the prices of sugar. We 2,000
expect average sugar price at Rs1900 per quintal
in 2009 and Rs2000 per quintal in 2010. 1,800

(Rs / quintal)
ƒ Forward integration across the value chain would 1,600
further enhance the profitability of mill owners, as 1,400
we also expect ethanol price to firm-up.
1,200
ƒ However, higher cane price would reduce margins to
1,000
some extent.

Apr-00

Apr-01

Apr-02

Apr-03

Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10
Oct-99

Oct-00

Oct-01

Oct-02

Oct-03

Oct-04

Oct-05

Oct-06

Oct-07

Oct-08

Oct-09

Oct-10
ƒ Due to low yield of sugar in UP as against higher yield in
Karnataka, we expect mills based in Karnataka to be
benefited more than those in UP. Source: Bloomberg, PL research
ƒ BUY Shree Renuka Sugars, REDUCE Bajaj Hindustan and
Balrampur Chini.
Key Financials
Y/e Sept\ SRSL BJH BCL
FY08 FY09E FY10E FY08E FY09E FY10E FY08 FY09E FY10E
Sales (Rs m) 21,143 23,661 34,764 21,117 25,540 28,913 14,909 15,389 18,316
EBIDTA Margin (%) 11.9 18.9 17.6 15.9 20.0 21.6 21.1 17.6 18.3
FDEPS (Rs.) 5.0 8.5 12.4 -3.2 3.1 12.9 3.2 2.0 3.9
PE (x) 12.5 7.4 5.0 - 20.8 4.9 14.8 22.9 11.8
Debit / Equity (x) 1.2 0.6 0.4 2.7 2.4 1.7 1.5 1.4 1.2
RoE (%) 9.3 22.6 24.4 -3.2 3.2 12.4 8.6 5.4 9.8
RoCE (%) 10.8 14.9 17.7 1.3 5.5 8.4 6.5 5.2 7.0
P/BV (x) 2.2 1.4 1.1 0.7 0.7 0.5 1.3 1.3 1.2
Mkt Cap/ Sales (x) 0.8 0.8 0.5 0.4 0.4 0.3 0.8 0.8 0.6
M/Cap (Rs m) 19,216 19,216 19,216 9,036 9,036 9,036 11,628 11,628 11,628

Source: PL Research Year ending - September

12
 Companies

13
 CMP: Rs65
Shree Renuka Sugars BUY Target Price: Rs89
Shares O/s.: 297m

ƒ Consistent Performance: Shree Renuka Sugars (SRSL) Key Financials (Rs m)

has shown CAGR of 50% in revenues and 125% in net
Y/e September FY07 FY08 FY09E FY10E
profit over 2001-2007. It has been comparatively more
beneficial as compared to its peers due to higher Revenue (Rs m) 9,506 21,143 23,661 34,764
recovery of sugar and ability to export. Growth (%) - 122.4 11.9 46.9
EBIDTA (Rs m) 1,320 2,526 4,479 6,121
ƒ JV with HPCL for Ethanol: As first of its kind of
collaboration, SRSL has joined hands with Hindustan PAT (Rs m) 830 1,332 2,489 3,668
Petroleum Corp (HPCL) to set up an ethanol plant in EPS (Rs) 26.7 4.6 8.5 12.4
Maharashtra. Under the terms of agreement, HPCL would Growth (%) - (82.9) 85.3 46.9
buy all the Ethanol from the JV company.
Net DPS (Rs) - 0.2 0.4 0.6

ƒ Increasing diversification: SRSL has been trying to Source: Company Data, PL Research
diversify its business to reduce the impact of cyclicality
of sugar by increasing business of distillery and power.
Contribution of distillery and power are expected to Profitability & Valuation
increase from 7.3% and 5.1% in FY08 to 17.4% and 6.6%, Y/e September FY07 FY08 FY09E FY10E
respectively by FY10.
EBIDTA Margin (%) 13.9 11.9 18.9 17.6
ƒ RoE likely to remain stable: RoCE is expected to RoE (%) 22.3 20.4 22.6 24.4
improve from 12.2% in FY08 to 17.7% in FY10 due to RoCE(%) 10.3 12.2 14.9 17.7
improvement in EBIT margin as well as asset turnover. So
EV/ Sales (x) 0.8 1.3 1.1 0.7
RoE is also likely to improve to 24.4% in FY10, but would
be affected due to lower leverage impact. EV / EBIDTA (x) 6.1 11.0 6.0 4.1
PER (x) 1.9 14.2 7.6 5.2
ƒ Valuation: We expect 11.9% growth in topline in FY2008-
P / BV (x) 0.4 2.2 1.4 1.1
09 and 46.9% in FY2009-10. We also expect bottom-line
to grow by 86.9% and 47.4% in FY2008-09 and FY2009-10, Net Dividend yield (%) - 0.2 0.3 0.5
respectively, giving an EPS of Rs8.5 and Rs12.4 in Source: Company Data, PL Research
FY2008-09 and FY2009-10, respectively.

14
 SRSL’s growth plan
Particulars FY2008 FY2009P FY2010P
Crushing Capacity (TCD) 27,750 35,000 35,000
Refining Capacity (TPD) 2000- Haldia, 2000- Haldia, 2000- Haldia,
2000-Plants,
2000-Plants 2000-Plants 2000 Mundra
Sugar production capacity (m tonnes) 1.4 1.6 2.3
Ethanol production KLPD 450-Integrated, 900-Integrated, 900-Integrated,
100 – Secondary 300-Secondary 300-Secondary
Ethanol production capacity (m litres) 140 330 330
Power Capacity 103.5 MW, 55 MW Surplus 129 MW, 70 MW Surplus 164 MW , 90 MW Surplus
Source: PL Research Year ending - September

Capex Plan till FY10 Funds raised for capex

ƒ Ethanol ƒ Debt (ECB)- Rs2400m
o Expansion - 450 KLPD – Rs1500m ƒ Equity - Rs1640m
o Secondary Distillery – Rs150m ƒ SDF Loan - Rs135m
• KBK Chem – Rs400m ƒ Preferential issue – Rs625m
• Cogen Havalgah – Rs900m ƒ 20.04 Mn warrants to the promoter @ Rs 114.36 / warrant –
• Athani refinery – Rs350m Rs2291m
• Overseas Invest. – 1500m ƒ Internal accruals and Borrowing – Rs3309m
• Brownfield expansion – Rs1500m
o Athani (2000TCD)
o Havalga (4000TCD)
• 15MW power plant
o Havalga – Rs600m
• 2000 TPD refinery
o Mundra - Rs3500m

TOTAL – Rs5600m ƒ TOTAL – Rs5600m

15
 Financials
Income Statement (Rs m) Balance Sheet (Rs m)
Y/e September FY07 FY08 FY09E FY10E Y/e September FY07 FY08 FY09E FY10E

Net Revenues 9,506 21,143 23,661 34,764 Sources of Fund

Expenditure Share Capital 311 297 297 297

Resrves and Surplus 4,128 8,039 12,523 16,147
Raw Materials 6,749 15,767 15,987 24,487
Total Shareholder's fund 4,439 8,867 13,351 16,975
% of Net Revenues 71.0 74.6 67.6 70.4
Total Loan Fund 6,470 8,595 7,500 6,000
Personnel 239 419 592 973
Total 11,111 17,929 21,531 23,954
% of Net Revenues 2.5 2.0 2.5 2.8
Application of Fund
Mfg. & Other Expenses 1,067 2,431 2,604 3,183 Assets
% of Net Revenues 11.2 11.5 11.0 9.2 Gross Block 6,314 8,401 12,051 15,651
EBIDTA 1,320 2,526 4,479 6,121 Less: Dep & Amortization 691 884 1,486 2,296
Net Interest 134 701 600 480 Net Block 5,623 7,517 10,565 13,355
Dep & Amortization 249 193 603 810 CWIP 2,087 5,212 2,500 400
EBIT 1,070 2,333 3,876 5,311 Total Current Assets 4,436 7,663 9,957 13,089

EBIT margin (%) 13.9 11.9 18.9 17.6 Total Current Liab. & Prov 1,218 2,789 1,800 3,200
Net Current Assets 3,218 4,874 8,157 9,889
PBT 1,066 1,784 3,326 4,881
Total 11,111 17,929 21,531 23,954
Total Tax 236 427 812 1,188
Source: Company Data, PL Research
Effective Tax rate (%) 14.0 23.9 24.4 24.3
PAT 830 1,332 2,489 3,668 Major Shareholders
Source: Company Data, PL Research Promoters 40.5%
Foreign 24.0%
Domestic Inst. 10.50%
Public & Others 24.9%

16
 PB/MDF – Another growth driver for BHL
ƒ The principal usage of MDF/particle board is in the construction of cupboards, shutters and wardrobes, shel].68w[(oaxd51nl5

18
 Financials
Income Statement Balance Sheet (Rs m)
Y/e September FY07 FY08 FY09E FY10E Y/e September FY07 FY08 FY09E FY10E

Net Revenues 17,805 21,117 25,540 28,913 Sources of Fund

Share Capital 141 141 141 141
Expenditure
Resrves and Surplus 13,696 13,149 13,485 15,215
Raw Materials 13,441 13,693 14,855 16,518
Total Shareholder's fund 14,060 13,514 13,849 15,579
% of Net Revenues 75.5 64.8 58.2 57.1
Total Loan Fund 35,934 35,934 33,288 26,400
Personnel 1,423 1,483 2,056 2,281
Total 51,266 50,474 47,964 42,605
% of Net Revenues 8.0 7.0 8.1 7.9
Application of Fund
Mfg. & Other Expenses 2,425 2,584 3,519 3,877 Assets
% of Net Revenues 13.6 12.2 13.8 13.4 Gross Block 29,218 45,000 45,500 46,000
EBIDTA Less: Dep & Amortization 4,671 7,470 9,995 12,556
Net Interest 915 2,071 2,250 1,793 Net Block 24,547 37,530 35,505 33,444
Dep & Amortization 1,619 2,799 2,526 2,561 CWIP 16,299 900 500 200

EBIT 612 644 2,734 3,826 Total Current Assets 20,549 15,678 15,490 11,751

EBIT margin (%) 3.4 3.0 10.7 13.2 Total Current Liab. & Prov 7,143 2,855 2,752 2,010
Net Current Assets 10,420 11,044 10,959 7,961
PBT (303) (1,427) 484 2,033
Total 51,266 50,474 47,964 42,605
Total Tax (160) (980) 48 203
Source: Company Data, PL Research
Effective Tax rate (%) 52.9 68.7 10.0 10.0
PAT (103) (447) 435 1,830
Major Shareholders
Promoters 45.7%
Source: Company Data, PL Research
Foreign 13.9%
Domestic Inst. 13.1%
Public & Others 27.3%

19
 CMP: Rs47
Balrampur Chini Reduce Target Price: Rs28
Shares O/s.: 248m

ƒ Expansion in place to take advantage of upturn: Key Financials (Rs m)

Balrampur Chini Limited (BCL) has nine mills spread Y/e September FY07 FY08 FY09E FY10E
across eastern and central Uttar pradesh with an
Revenue (Rs m) 13,948 14,909 15,389 18,136
aggregate sugarcane crushing capacity of 73000 TCD and
addition of 3000 TCD through Indo Gulf Industries (the Growth (%) - 6.9 3.2 17.9
company has acquired majority stake in this company)It EBIDTA (Rs m) 765 3,141 2,714 3,315
has also de-risked its business through diversification PAT (Rs m) (470) 783 504 977
into distillery (320 KLPD), power co-generation (181 MW,
EPS (Rs) (2.5) 3.2 2.0 3.9
Saleable – 126 MW) and bio-compost manufacture.
Growth (%) - (223.7) (35.6) 93.7
ƒ No Further Capex in immediate future: No further Net DPS (Rs) - 1.0 1.0 1.0
capex is expected in immediate future with respect to Source: Company Data, PL Research
minimizing effect of cyclicality on business.

ƒ Higher Cane price and flood to impact profitability: We Profitability & Valuation
expect BCL to maintain the RoCE as well as RoE over the
period from FY2007-08 to 2009-10. RoCE as well as RoE Y/e September FY07 FY08 FY09E FY10E
may get lower in the year 2008-09 mainly due to higher EBIDTA Margin (%) 5.5 21.1 17.6 18.3
cane price of Rs 140 per quintal and reduction in RoE (%) (7.4) 8.6 5.4 9.8
sugarcane crushing due to flood in western UP. RoCE and
RoCE(%) 0.2 6.5 5.2 7.0
RoE are expected to improve in FY2009-10 mainly due to
higher sugar price, higher ethanol price. EV/ Sales (x) 1.8 1.7 1.6 1.3
EV / EBIDTA (x) 32.1 8.2 8.9 7.0
ƒ Valuation: We expect 3.2% growth in topline in FY2008- PER (x) (18.4) 14.9 23.1 11.9
09 and 17.9% in FY2009-10. We expect bottomline to de-
P / BV (x) 1.3 1.3 1.3 1.2
grow by 35.6% in FY2008-09 and grow by 93.7% in
FY2008-09 and FY2009-10 resp. giving an EPS of Rs 2.0 Net Dividend yield (%) - 2.1 2.1 2.1
and Rs 3.9 in FY2008-09 and FY2009-10 respectively. Source: Company Data, PL Research

20
 Financials
Income Statement Balance Sheet (Rs m)
Y/e September FY07 FY08 FY09E FY10E Y/e September FY07 FY08 FY09E FY10E
Net Revenues 13,948 14,909 15,389 18,136 Sources of Fund

Expenditure Share Capital 248 248 248 248

Resrves and Surplus 8,343 8,834 9,047 9,732
Raw Materials 10,705 9,062 10,198 11,829
Total Shareholder's fund 8,591 9,082 9,295 9,980
% of Net Revenues 76.7 60.8 66.3 65.2
Total Loan Fund 12,896 14,040 12,500 11,500
Personnel 772 864 877 997
Total 22,719 24,555 23,277 23,063
% of Net Revenues 5.5 5.8 5.7 5.5
Application of Fund
Mfg. & Other Expenses 1,619 1,842 1,600 1,995
Assets
% of Net Revenues 11.6 12.4 10.4 11.0 Gross Block 20,820 23,580 24,300 24,500
EBIDTA 765 3,141 2,714 3,315 Less: Dep & Amortization 4,279 5,532 6,817 8,117
Net Interest 600 1,000 863 816 Net Block 16,542 18,048 17,483 16,383
Dep & Amortization 838 1,253 1,285 1,300 CWIP 3,337 1,000 300 200
EBIT 33 2,039 1,457 2,043 Total Current Assets 6,803 8,461 8,999 9,484

EBIT margin (%) 0.2 13.7 9.5 11.3 Total Current Liab. & Prov. 4,001 3,000 3,550 3,050
Net Current Assets 2,802 5,461 5,449 6,434
PBT (568) 1,039 594 1,227
Total 22,719 24,555 23,278 23,063
Total Tax 65 256 90 250
Source: Company Data, PL Research
Effective Tax rate (%) (11.4) 24.6 15.1 20.4
PAT (470) 783 504 977 Major Shareholders
Source: Company Data, PL Research Promoters 35.7%
Foreign 20.6%
Domestic Inst. 24.1%
Public & Others 19.6%

21
 Comparison on main parameters

SRSL BHL BCL

Integration & Diversification 9 9 9 9 9
Earnings Growth & Margins 9 9 9 9
Leverage 9 9 8 9 9
Location 9 9 9 9
Crushing Capacity (TCD) 37500 136000 76000
Refining Capacity (TPD) 2000- Haldia, 2000-Plants - -
Ethanol production (KLPD) 900-Integrated, 300-Secondary 800 320
Power Capacity (MW Saleable) 70 90 126
Particle Board - 50000 m3 pa -
MDF - 160000 m3 pa -

22
 Annexure

23
 Manufacturing Process
Weighing and Preparing Cane To Grid

Cane Milling / Crushing Boilers Turbines Power

Juice Defecation & clarification Press mud To factory

Juice Evaporation

Bio-composting
Syrup Boiling

Centrifuging Fermentation Alcohol

Main Process
Factory Raw Sugar Supplementary Process
24

24
 Value Flow Chart

ƒ 100 Kgs of Sugarcane gives approx. (9-11) Kgs of ƒ 1 Tonne of Molasses gives approx. 220-250L of
Sugar, (5-6) Kgs of Molasses, 33 Kgs of Bagasse Alcohol
ƒ 1 Quintal of Bagasse can generate approx. 35 units
of power

25
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Rating Distribution of Research Coverage

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40% 35.9%
35%
% of Total Coverage

30%

25%
18.8%
20%

15%
10%
3.1%
5%

0%
Buy Accumulate Reduce Sell

PL’s Recommendation Nomenclature

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