Annexure-1 to Boards Report
World Sugar
Industry Structure
Sugar is produced dominantly from sugarcane, while about a fifth is from beet. Though beet has recorded robust rise in yield, crop area has steeply risen for sugarcane essentially from tropical countries. Ethanol production consumes about 15% of the world sugarcane harvest but consistently constitutes over one-half in Brazil. India is fast catching up in its bid to absorb surplus sugarcane into ethanol production that helps in concomitant cut in sugar production to achieve sustainable demand-supply parity.
Brazil barring few years of exception has been the top world sugar producer and exporter while Thailand is normally the second largest exporter. India occasionally challenges this pecking order to emerge as top producer and second largest exporter. World trade volume represents about one-third of production, the rest being used for captive consumption in the country of origin. Import demand is well geographically distributed as opposed to exports essentially coming from concentrated pockets. China is the worlds largest importer followed by Indonesia.
India remains unchallenged as the top consumer of sugar despite low and near static per capita consumption. It has become a structurally surplus sugar producer in the past decade and a regular exporter in the world market, albeit interfered with periodical export quota fixation by the Government.
Consumption growth has decelerated from the average of 2.4% since 1960s to around 1.8% in the last decade. Consumption has steadily shifted from the western hemisphere towards east. Demand growth is decidedly driven by increasing population and improved per capita income of such growing population. However, direct
demand has dampened of late due to heightening health concerns and sterner State intervention through sin-tax levy and red-labelling mandate. Institutional consumption, on the other hand, has been growing in emerging economies almost in tandem with the growth in national income. Specialty sugars are evolving to meet end-user specific dictates but in snails pace.
World sugar prices are highly volatile wherein the price volatility for raw sugar is generally higher compared to white sugar. World prices for white and raw sugar are strongly co-related. There is clear statistical inverse relationship between prices and stocks, expressed by the ratio of stock to consumption. There exists a small positive co-relation between the price of sugar and oil.
Status update
World production in 2023/24 is expected to reach 180 MMT, the third highest on record and within a striking distance from 2017/18. Recent production trend is in the mid 12% range of 160-190 MMT. Consumption in 2023/ 24 would however peak to a new high of 180 MMT. Global sugar consumption has continued to grow even in the face of high prices but for the aberration during Covid times. This trend should continue to persist alongside population and income growth requiring commensurate growth in sugar production.
With strong growth stemming from better yield and higher percentage of cane mix for sugar, Brazil reinforced its rank as top sugar producer for the second year in a row. Thailand however has been witnessing a declining trend with farmers increasingly switching over to more remunerative crops ie. rice and cassava. Indian production remains relatively range bound.
World raw prices after remaining flat between 2017/18 and 2019/20 are in a clear course of consistent and considerable climb up in the next three years barring intermittent corrections. Indeed, the market melted 700 points within 7-weeks (from 28.14 c/lb high on 7th Nov
23 to 21.6 c/lb low on 14th Dec 23), a fall of almost 26% that had not occurred since the Covid-19 pandemic. The average price for 2023/24 (Oct-Feb) at 23.67 c/lb is a 13- year high. Current prices are range bound between 20 and 22 c/lb, nowhere to challenge 2021 season average of 26.53 c/lb. It is however baffling, the recent price trend hasnt translated to higher crop response.
The nominal white sugar premium rose to USD 160/ MT in Aug 23, thereby exceeding the July 2010 high and setting an all-time record. The markets have sustained an arbitrage level over USD 100/ MT since March 2022, the longest on record. Limited spare refinery capacity and restrictions on re-export have also been a factor in the divergence seen over recent months.
Indian sugar
Industry structure
Indian sugar industry is characterized by the coexistence of private, cooperative and public sector. It is inherently inclusive, supports over 50 million farmers and their families and finely fits into the Aatma Nirbhar Bharat mission of the Govt. It is rural centric and hence a key driver and emphatic enabler for village level wealth creation. Sugar is Indias second largest agro-based industry after Textiles. It has tremendous transformational opportunities to meet the countrys food, fuel and power needs in an eco-friendly manner and on a sustainable basis.
Sugarcane and sugar production are seasonal with more than 90% happening in the winter months of November to March. Share of sugarcane use in the production of sugar has steadily increased over time in preference to alternative sweeteners. UP, Maharashtra and Karnataka are the dominant sugar producing States accounting for about 85% of countrys production, suffice to meet entire domestic consumption. Household sugar consumption is about 35% with per capita consumption below 20 kg that is far lower than Brazil, US and Europe.
Sugar is largely sold as a commodity with branded sugar at its nascent stage in India, though growing at a CAGR of 8%. It is a niche market with a small but growing
number of consumers embracing it on the fear that loose commodity may contain dust and foreign particles and being touched by multiple hands is unhygienic. Out of the household sugar consumption of 11-12 mln tonnes a year, hardly 3% is branded as compared to the share of branded product in edible oil segment at 50-55%. Also there are just few players in every geographical area with no single brand penetrating all India market.
Sugar is a tightly controlled and rigorously regulated business, both by the Centre & State. Sugar industry reforms remain overdue despite growing consensus on the economic imperative to not delay same any longer. In particular, the desolate disconnect between sugar and sugarcane price demands a decisive and lasting solution. NITI Aayog too came out with a report of its Task Force on Sugarcane and Sugar in April 2020 besides CACP religiously reinforcing its recommendations on this in its annual cane pricing policy reports. Food Ministry in turn constituted a working committee in Apr ‘21 to engage with stakeholders and evolve a mechanism for implementation of these recommendations. It remains regretfully a work in progress for a little too long.
Paradigm shift to ethanol
India has since become a structurally surplus sugar producer. Sugar exports to de-clog the supply overhang is impeded by our skewed cost structure on account of high cost of cane. Exports are hence feasible only when world prices are bullish or subsidized through Government sops, the latter facing the wrath of WTO norms.
Realizing this, the Government firing all cylinders has painstakingly promoted the ethanol blending programme that amidst altruistic advantages helps subsume the surplus sugar in the system. This paradigm shift in ethanol focus has propelled the industry to a higher trajectory, commanding concomitant re-rating in its valuation. During periods of drought and consequent dip in sugarcane production, Govt prioritizes domestic need first, followed by ethanol over sugar exports.
Having achieved the 12% blend in quick time, Govt is
concurrently concentrating on ethanol from multiple feed
stocks to achieve 20% blend target soon. Grain based ethanol is fast emerging as a sustainable alternative, more appropriately additional, source of supply.
Travails of Tamil Nadu
Tamil Nadu produced below 10 lakh tonnes of sugar for 4 years in a row till SS 2020-21, a frenetic fall from the peak of 26 lakh tonnes in SS 2006-07. Successive years of drought stoically sucked the staying power of several private sector players. Egregious losses and consequent enervated finances mowed down most private sector mills to a moribund state, while the cooperative mills linger on with liberal Govt funding support. There was a welcome recovery from the low of 7 lakh tonnes in 2017- 18 in later years but yet its pace is below par.
The State has been fast losing on its competitive edge in terms of size, season duration and sugar recovery juxtaposed to other major sugar producing regions. Further, TN sugar mills are mandated to bear in full the transport cost for sugarcane, while in all the other States the statutory cane price is inclusive of transport cost. Still worse, TN Government has discontinued its partial subsidy support for this from SS 2020-21. With TN sugar mills already reeling under high cost pressures due to despicable sugar recovery and dismal capacity utilization, this add on burden is outright onerous and undeniably beyond their bearing.
TN sugar industry in collaboration with the renowned ICAR-SBI launched in Oct ‘16 a Sweet Bloom project to identify and develop viable cane varieties relevant to the State. The new cane variety Co11015 so spotted showed early promise during trials and its planting was progressively scaled up. Alas, its yield performance for the ratoon crop is below par, dissuading farmers from embracing this variety. A couple of other varieties tried too fared poorly compared to the long established cane variety Co86032. Thus TN sugar industry is unsuccessful yet to spot a sustainably improved cane variety, despite 7-years of concerted efforts. Sweet Bloom project version-2 being undertaken by SISMA in collaboration with ICAR-SBI, Coimbatore now remains the industrys best bet and its progress is continually monitored.
Status update
After touching a peak of 358 lac tonnes in SS 2021/22, sugar production slid in the following two years, yet decisively above domestic demand. South-west monsoon failure dented production estimates for Maharashtra and Karnataka in SS 2023/ 24, while the State of UP demonstrated resilience. Late rains however put paid to the earlier pessimism, propelling presciently the production outlook to 320 lac tonnes. Consumption is well poised to hit record high of 290 lac tonnes. As a measure of abundant caution, Govt continued its virtual ban on sugar exports introduced in Oct ‘22 and further clamped ethanol production involving sugar substitution.
Sugar prices gained strength during the year, though ruling at levels below FY 2009-10. Stringent restraints on both export of sugar and ethanol production sacrificing sugar led to squeezed liquidity and strangled price recovery. It is imperative that the Govt effectuates the increase in MSP for sugar that is long overdue and facilitates meaningful rise in sugar prices for the industry to generate requisite cash flow to meet sugarcane price obligations.
The industry apex body has been re-organized and the new entity named Indian Sugar & Bio-energy Manufacturers Association (acronym ISMA) has the mandate to pursue industry promotion measures.
India has been elected to chair the International Sugar Organization (ISO) for 2024, a clear reflection of its growing stature in world sugar domain.
Cogen
Cogeneration of power was conceived three decades ago to diversify the revenue stream and counter the cyclicality in sugar business. After the advent of Electricity Act, 2003, the promotional measures pursued under Government initiative by way of preferential tariff, assured off-take and long term power purchase agreement helped attract huge investment in bagasse based cogeneration of power.
Cogen however has lamentably lost much steam in recent years. Returns are hit by surplus power situation,
falling tariff and improved connectivity that are doubtless welcome from a macro perspective. This has however turned high cost investments since FY 17 in cogen projects unviable by dint of declining power tariff and steadily rising maintenance cost, parlously pulling down power margins. Availability and price of alternative fuels remains a daunting challenge.
Having failed in its earlier attempts to bail out State Discoms and discipline the power market, GoI brought in new set of Rules and Regulations in 2022. The Electricity (Late Payment Surcharge and other Related Matters) Rules, 2022 that came into effect from 3rd June 2022 brought in sterner measures to deal with liquidation of old outstanding dues as well as clearance of current dues with punitive measures for default. The new Rules however are like the typical curates egg. In particular, the Rules provide for liquidation of old outstanding dues over an inordinately long duration of 48 EMIs. Adding fuel to fire, it mandates zero interest compensation during such long period of delay. It is pretty paradoxical that the prodigal Discoms get rewarded at the cost of a performing and non-defaulting power producer in the bargain! On the positive side, the EMIs to clear past dues are getting paid by Discoms scrupulously adhering to the timeline, while current dues are also concurrently honoured. In all, GoI move has paid off, albeit at an abhorrent cost to industry, towards ensuring time bound realization of power dues and predictability of current cash flows.
Further, bagasse based cogeneration units suffer undue delay and ultimate loss of revenue by dint of Regulators dragging their feet from timely revision of tariff. The two-part regulatory tariff under the cost plus template unequivocally warrants annual revision in the variable cost component essentially to cover the fuel cost escalation. But the time lag due to dithering and eventual denial of higher tariff for long periods lead to gross under recovery in the cost of producing power and in turn denude the guaranteed ROI. Lamentably, the Central Regulator too has fallen prey to this preposterous trend and is yet to notify the new tariff regulations otherwise due from Apr 23. The sanctity of ‘control period under tariff regulations should merit due deference and diligent adherence.
Power tariff for generation over normative PLF hitherto qualified for abysmally low tariff. Heeding to industrys plea, TNERC granted relief by way of full tariff reckoning the normative PLF on cumulative (as opposed to annual) basis. Echoing same, the draft CERC Tariff Regulations 2024 too provide for sale of surplus power production over normative PLF directly in the market, subject to right of first refusal for the distribution licensee to buy same at full tariff. Considering the year on year fluctuation in sugarcane and bagasse availability, this has come as a shot in the arm, reassuring eventual and effectual recovery of full cost of the project within the tariff period.
REC mechanism was conceived to devise a tradeable instrument to incentivize renewable energy production. With lackadaisical enforcement, its intended objectives get hardly realized. Further, the Regulator was periodically lowering the floor and forbearance price and indeed the floor price has since been scrapped. To top it all, CERC-REC Regulations, 2022 now disqualify captive consumption from saleable REC entitlement. This strikes a lethal blow to renewable energy projects like that of our company that came to be established on the strength of stated policy incentives to promote renewable energy capacity in the country.
Bagasse based cogeneration brings to bear multitude of benefits to the economy and environment. Power production and supply is closer to the destination rural markets, while fuel efficiency gets optimized in the factory. Above all, the incremental revenue from power supports sugarcane price payment particularly during times of stressed sugar price. It hence calls for renewed policy thrust to revitalize renewable energy production from bagasse.
Ethanol
The Ethanol Blending Program (EBP) with petrol in the country has had a chequered progress. Introduced first in 2003 and reinforced again in 2007 with a 5% blend target, the actual mix remained tardy. For the first time, ethanol blend reached 5% during Ethanol Supply Year 2019-20, progressively increased in the following years and recorded 12% in 2022-23. The rollicking rise in
blend % is thus both swift and substantive besides being
sustainable.
GoI has broad based its efforts to promote ethanol production in the country from multiple feed stocks, while sugarcane would in all probability remain the principal source in most years. Flex fuel engines are on the anvil to give customer the choice of fuel. Studies are on for developing a technology to blend ethanol with diesel. GST on ethanol blended petrol has been lowered from 18% to 5% from 1st January 2023. GoI is thus blazing all guns to bolster ethanol production and consumption.
Ethanol production was also used as a tool to absorb surplus sugar in the system. Indeed, Govt policies helped subsume 101 lac tonnes of sugar over the past 5 years in the process. Considering the low sugar stocks and uncertain sugar production outlook, Govt came with temporary restriction for producing ethanol from B-heavy molasses and sugarcane syrup/ juice. This in effect halved ethanol from sugar substitution. The 20% blend target for 2024/25 would now seem redoubtable; nonetheless, the long term plan and fastidious focus is noteworthy.
Regulatory Framework
22 and virtually banned sugar exports since Oct 22.
10/ qtl to 315/ qtl for SS 2023-24 that is linked to base recovery of 10.25%.
bagasse based cogeneration plants on 28/12/2023
2023 to govern the Green Credit programme.
Scheme 2023.
category for industrial alcohol taxed at 18%.
sugarcane juice/ sugar syrup and B-heavy molasses
sugarcane juice and B-heavy molasses.
18/01/2024.
6.87/ ltr for ethanol sourced from C-heavy molasses for ESY 2023/24 – effective price 56.28/ ltr – Prices of B-Heavy Molasses ( 60.73) and Sugarcane juice or syrup ( 65.61) remain static.
India has a low per capita consumption of sugar with growing income. Its large domestic market provides a strong platform to leverage local production for capturing global market. This however demands cane cost optimization through improved farm productivity and high sucrose cane variety, besides effectively tapping the byproducts for greater value addition.
Ethanol presents an elegant value chain for sugar industry.
Government policies are directed towards increasing the
ethanol blend in petrol and concurrently cutting sugar surplus through premium pricing for ethanol produced by way of sugar substitution. Indeed, the Government has advanced the EBP target to reach 20% blend by 2025 and is encouraging ethanol production from multiple feed stocks besides sugarcane.
Sugar business is intrinsically cyclical, but India has emerged structurally surplus over the last decade. Markets tend to over react to demand-supply disequilibrium, causing volatile change in product pricing. Cogeneration and Ethanol have turned significant value creators to soften the adverse fall out of sugar surplus. Sugar exports and ethanol production from diverted sucrose now play a stellar role to de-clog the glut and correct closing sugar inventory to desirable level.
Sugarcane is a robust crop but its availability is critically dependent upon nature. Repeated monsoon failure, frail flow in river Cauvery and dead storage level in Mettur reservoir that caters to the companys command area of cane together throw up a tantalizing challenge to agriculture in its neighbourhood, thwarting cane cultivation in the process. Drip irrigation is catching up but the high capital outlay, glitches in Government subsidy schemes and deficiency in water resources not enough to meet even the minimal drip requirement for cultivation during deficit years impede its pace of adoption.
Harvest labour shortage increasingly poses an intimidating challenge to both the cane farmers and mills in the State. In particular, harvest charges in TN are twice or thrice compared to other major sugar producing regions. Frequent and excessive absenteeism ineluctably interrupts daily crushing schedule. Mechanization, though not a panacea with several imponderables associated with it, is no longer a matter of choice but is fast emerging as a dire necessity for sugarcane harvest in TN. Proto-types of smaller capacity mechanical harvesters compatible with fragmented land sizes have just taken off that may not fully replace but meaningfully reduce manual labour.
The disconnect between sugar and sugarcane prices in the absence of Price Stabilisation Fund advocated by CACP creates periodical pressures, more particularly
during industry downturn. Sugarcane pricing reform is
overdue.
Sugar industry is criticized on two counts. While its end product, viz. sugar is sledge-hammered as a health hazard, the raw material i.e., sugarcane is condemned as water guzzler. Much of these are over-blown but the underlying message should merit and meaningfully warrant dispassionate introspection. Accordingly, ISMA has taken the lead to spread right awareness, while simultaneously underpinning the need for a holistic and pragmatic approach.
The Company is engaged in two segments, namely
Sugar and Cogeneration of power (Cogen).
Segment-wise performance for the year
| Particulars | Sugar (tonnes) | Cogen (lakh units) |
| Production | 82845 | 1156 |
| Sales | 81859 | 808 |
| ( lakhs) | ||
| Sales | 34466 | 7665 |
| Operating Profit | 2684 | 1948 |
World sugar prices would remain range bound which is of little relevance to India that for the time-being is neither an exporter nor importer. South-west monsoon outlook as per early prediction is normal that should help sustain and improve SS 2024/ 25 sugar production. Surplus cane in turn should be able to persuade and prompt Govt to restore ethanol production by diverting sucrose. The resultant domestic demand-supply parity should be supportive of a stable and viable sugar price regime.
In a despicable divergence, TN sugar industry is faced with dismal crop outlook due to the failure of both South- west and North-east monsoon in 2023. Sugar production in the State is already lowly placed, lamentably lacking
comparative cost advantage due to high cost of farm labour, threat from short duration competing crops, abysmally poor capacity utilization and abominable sugar recovery. All these have decisively dented and mournfully massacred its margins, throwing up survival challenge. The current crisis demands collaborative initiative and concerted efforts both from the State Govt and industry players for collective resolution of core negatives and thereby regain the lost strength.
Amidst macro-level challenges outlined above, our company is relatively better placed to combat these headwinds on the strength of its strong liquidity and overall financial standing.
The management cautions that the risks outlined below are not exhaustive and are for information purposes only. Investors are requested to exercise their own judgment in assessing various risks associated with the industry and the company.
Industry risk
Sugar industry being agro based and in commodity business is fraught with seminal climatic and cyclical risks. It has to source sugarcane from its neighbourhood and out of command area where growth and availability hinges upon monsoon and water table. Despite recent liberalization by Centre, there are continuing controls on cane area, cane pricing and periodic market intervention measures.
Cogen tariff is determined by the Regulator for supply to TANGEDCO under a long term PPA that is currently unfavourable compared to prevailing market rates. There are growing litigations in the appellate forum (APTEL) on the tariff determination process, multiplicity of charges, purported move to migrate to competitive bidding posing palpable uncertainty in the continuity of current PPA and captive consumption tax. The final outcome on any and all of these would have considerable impact on the company.
Ministry of Power through the Electricity (Late Payment Surcharge and other Related Matters) Rules, 2022 mandates that all old dues are now payable over 48 EMIs without interest. This entails considerable interest loss for the affected players, including our company, besides choking current liquidity.
Risk mitigation
The Company has built enviable relationship over the years with the local farming community. It has judiciously used surplus cash generated during industry upturn to pare debts and stay lean and financially fit. It has diversified into Cogen. It has of course little control over agro-climatic risks, regulatory interventions and market risks.
Risk specific to the Company
Erode Sugar Mill is squeezed for land in its factory area that impedes scope for major expansion or diversification plans. Prospects for cane area expansion is listless. Of late, its command area for cane has become increasingly susceptible to water stress.
GoI policy push to help sugar industry of late is centered on ethanol. The companys plan to set up ethanol unit as an integral part of its sugar complex has failed to receive State environment clearance for producing co-related products such as ENA and RS. No tangible progress on this would seem feasible in the near term.
Risk Management
The Board being responsible for framing, implementing and monitoring the risk management plan for the company has laid down the framework for risk assessment and mitigation procedures. It has set out detailed framework to deal with key areas of risks encompassing raw material risk, product price risk, regulatory risk, finance risk and risk specific to the company. It has put in place adequate system to keep its key operating team aware and beware of the likely risk factors. Internal control systems and internal audit checks help the company continuously monitor emerging risks and take timely corrective action. There is no element of risk in the opinion of the Board which may threaten the existence of the company.
Disclosure of strategy
SEBI circular dated 10.05.2018 requires listed entities to consider disclosure of medium-term and long-term strategy within the limits set by its competitive position based on a time frame as determined by its Board of Directors. It further requires articulation of a clear set of long-term metrics specific to the companys long- term strategy to allow for appropriate measurement of progress.
Pursuant to the above, the Board of Directors in Oct 18 considered and approved the long-term strategy and medium-term strategy for the company. For this, the Board has set 3-5 years tenure for medium-term and more than 5 years for long-term in deciding appropriate strategy. This was reviewed by the Board of Directors at their meeting held in May 22. The long-term and medium- term strategies are disclosed in the company website
-www.ponnisugars.com.
The Company has proper and effective internal control systems commensurate with its nature of business and size of operations to ensure that all controls and procedures function satisfactorily at all times and all policies are duly complied with as required. These are considered adequate to reasonably safeguard its assets against loss or misappropriation through unauthorized or unintended use.
There is adequate and effective internal audit system that employs periodic checks on on-going process. The Audit Committee of the Board of Directors regularly reviews the effectiveness of internal control system in order to ensure due and proper implementation and due compliance with applicable laws, accounting standards and regulatory guidelines.
The Company employs 163 seasonal and 133 non- seasonal employees. Industry-wide wage settlement was reached in May 2023 to be in force for 4-years till 30/09/2026. Industrial relations remained cordial throughout the year.
Operational Performance
Particulars |
Year ended | |
| 31.03.2024 | 31.03.2023 | |
| Number of days | 299 | 306 |
| Average Crushing rate (tcd) | 2895 | 3013 |
| Cane Crushed (t) | 865640 | 921849 |
| Recovery (%) | 9.54 | 9.94 |
| Sugar produced (t) | 82845 | 91326 |
| Power production (lakh kwh) | 1156 | 1213 |
Braving weather challenges, the company strained its every nerve for optimizing operational performance. It has helped in achieving production and sale volumes that are no doubt lower than last year but well comparable with historic long term average. Details are covered in the Boards Report.
Financial performance ( crores)
Particulars |
Year ended | |
| 31.03.2024 | 31.03.2023 | |
| Total Income | 438.98 | 450.49 |
| Profit Before Interest, Depreciation & Tax | 60.73 | 55.55 |
| Profit Before Tax | 51.89 | 47.62 |
| Profit After Tax | 46.86 | 38.34 |
The financial performance is underpinned by improved realizations eclipsing cost escalations. Our turnover for the second time crossed 400 crores benchmark. Riding on improved realization from sugar, molasses and power, and remaining steadfastly focused on cost optimization, our PBT was gleefully higher YoY. PAT was further boosted by reversal of excess tax provision relating to earlier years and turned out to be all time high in the annals of the company.
| Description | U/M | 2023-24 | 2022-23 | Change % | Explanation |
| Operating Profit margin (PBIDT / Total Income) |
% | 13.83 | 12.33 | 12.19 | Higher realization and lower fuel cost. |
| Net profit margin (PAT/ Total Income) |
% | 11.12 | 8.81 | 26.22 | Improved operating margin and tax reversal of earlier period. |
| Interest Coverage | Times | - | - | - | - |
| Return on capital employed | % | 16.60 | 17.80 | (6.74) | Decline in capacity use and sugar recovery. |
| Return on Net worth | % | 17.59 | 18.75 | (6.19) | -do- |
| Earnings per share | 54.49 | 44.58 | 22.23 | Higher PAT due to improved margin and tax reversal of earlier period. | |
| Debt Equity ratio | Times | - | - | - | - |
| Current ratio | Times | 4.89 | 3.00 | 63.00 | Improved profit and EMI realization of past power dues. |
| Net worth per Share | 343.09 | 295.45 | 16.12 | Increase due to PAT less dividend distribution. | |
| Debtors Turnover | % | 1.59 | 1.73 | (8.09) | Sale volume decline from Jan 24 due to monthly sale quota applicability. |
| Inventory Turnover | % | 4.83 | 5.60 | (13.75) | -do- |
Statements made in this Report describing industry outlook as well as Companys plans, projections and expectations may constitute ‘forward looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those either expressed or implied.
For Board of Directors
N Gopala Ratnam
Chennai Chairman
26th April 2024 DIN:00001945
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