Gulshan Polyols Ltd

PREETI SINGHAL

Q4 “G 4 FY '2 P Gulshan 25 Earn May Page 1 of 18

Polyol nings C y 22, 2

8

ls Limi Conferen 2025 ited nce Call”

MANA

T: MS. A GULS MR. R GULSH Ladies an Earnings C and there Should yo star, then Please not Pasari, Joi Good mor Polyols is having nin Today I w year, our within the impacted creating re current fin I would al incentive July 2023 we should financials I would a incentive is over an P

Page 2 of 18 SARI – JO LYOLS LIM UPTA – CH LYOLS LIM good day and all. As a remind pportunity for y nce during the ouch-tone phone ference is being Director. Thank e. Welcome to gest producers o ndia. art with a brief by 47% to Rs ent. The EBITD rmance in the g due to full dep that the 500 KL liter, which is a e already got the incentives soon that on our 25 er, starting 18th her state incenti 8

OINT MAN MITED HIEF FINA MITED welcome to Gu der, all participa you to ask que conference cal e. g recorded. I no you and over t the call and th of green ethano of the financial .2020 crores, d DA rose 64% t grain segment. T preciation of ne LPD Madhya P affected from t e approval from n. These incent 50 KLPD Assam h of May 2025, ves under the E G NAGING D ANCIAL O ulshan Polyols ant lines will be estions after the ll, please signa ow hand the con to you, ma'am. hank you for j ol and specialty l highlights of y driven primarily to Rs.100 crore The PAT increa ewly commissio Pradesh plant is the state of com m the governme tives are not ye m plant, we ha which is the da EPA scheme of May DIRECTOR OFFICER Limited Q4 a e in the listen-o e presentation al an operator b nference over to oining us today chemicals in th year-on-year. S y by increased es, despite bein ased 39% to Rs oned capacities s eligible for an mmissioning, w ent. So we are h et reflected in t ave received an ate of MOU sig 2021.

R – – and FY '25 only mode, concludes. by pressing o Ms. Aditi y. Gulshan he country, o from last d capacities ng partially s.25 crores, within the n additional which is for hopeful that the current n additional gning. This

or: ari: ari: Other seg ethanol se crores lite year-on-y we are stil Grain seg three divi currently process of Our miner well going Now I wo IGE India Yes. So, w So, starch could not, a huge op starch is b And just competitio India is h now the e domestic get the de What is th We are w products i forward. I Maybe we our backw improve th How muc P mental highligh egment, which i er of ethanol, w ear. We expect ll far from the o gment was imp isions under gr back to profita f production up ral segment del g ahead. ould like to open u very much, m a. Please go ahe what has been th h, we are being , had stopped ex pportunity to ex being exported o recently, Chin on for the India higher than the entire productio market, which sired selling pri he course of act working on it, in this segment. It is a problem t seeing how we e need to do som ward cost expe his going forwa h time it will ta

Page 3 of 18 hts I would like is driven by suc which was about t to continue to optimal levels, w pacted by geop rain segment, s ability, while st pgradation to in livers stable pe n the forum to a ma'am. We have ead. he primary reas hit by overcap xporting starch xpand its capa out of the count a has again sta an starch indust rest of the wo on of, which w is leading to o ice for starch. tion which we a and we are al . So, this is in p m point, and we e can improve. me kind of valu enses. So, we ard. ake to turn profi 8 e to add, that w ccessful capacit t -- which almo o ramp up the c while expandin olitical disrupt orbitol, starch, tarch is the pro nnovation to ad erformance with address any que e a fiRs.t questi son for losses in pacities in the c to the other cou acities and expo try. arted exporting try and un-com orld. So, that's was being initia vercapacities b are taking to im lso looking at process, and we e are aware abo ue addition in th are working o fitable? G we have seen a r ty utilization, an ost led to an inc capacities and ng the profitabil ions and globa and fructose. blem point. Cu ddress the prob h consistent ope estions or queri on from the lin nto starch? country. So, you untries, which h ort to the worl g starch to the mpetitiveness, b why, because o ally exported, i built up. So, and mprove the marg how we can g are working to out it. And now he current prod on every level May record perform nd sales were a crease of more increase sales v lity of the segm al realignments Fructose and s urrently, we hav blem with starc erations. We ex es on the comp ne of Deepak Aj u see, pre-COV has just, which d. Almost 1 la world, which because the mai of uncompetitiv is being dumpe d hence, we are gin? go for more v owards this segm w, going forwa duct. So, and als and seeing ho

ance in the about Rs.14 than 100% volume, as ment. . We have sorbitol are ve began a ch division. xpect to do pany. jmera from VID, China gave India akh tons of has led to ize price in ve pricing, ed into the e unable to alue-added ment going ard, we are so improve ow we can

ari: ari: ari: ari: ari: ari: ari: Well, it's and more ways of h Can we te an option? Well, of c shutdown Got it. An Yes, beca which wa was, you Therefore So, this i sitting on times of s large amo from the O But this p end. And going forw So, is that gain again Absolutely will -- I se Got it. An On averag Can you p You woul Either way Well, see, And even can explai P really difficult of geopolitical ow we can curb emporarily shut ? course, the optio , but we are exp nd what has bee ause we have -- s unable to be d know, these e, there is -- they s a problem yo inventory in th supply coming ount, large inve OMCs. problem will ea the entire focu ward, I feel this t statement corr n, right? y. Yes. We wi ee this happenin nd what is the p ge, I would say provide it differ ld like me to giv y, it works for m , there is a diff n the pricing po in the whole co

Page 4 of 18 to say how mu l issues here. S b these losses w t down the curre on is there, but ploring differen en the primary r - we were sittin dispatched beca 3, 4 months, O y tend to have o ou will be see he end of Marc from sugar as ntory. We were se out in July, A us of the OMCs s could be a recu rect if I say by ill have an off- ng year-on-year er litre margin w about Rs.4 to R rently for rice an ve the costings? me. ferent yield. Th ints are differe osting to you. It 8 uch time it is, b o, definitely, w which are comin ent facility to re t right now, we nt ways of how reason for Rs.14 ng on a lot of st ause we were no OMCs receive oversupply. ing year-on-ye ch. Because Feb well as the gra e unable to disp August because s is only procur urring issue in M September it w -peak and on-p r now going for we are making Rs.5 per litre on nd maize? ? he yield factor i nt for both of t is actually quit G because we are we are seeing, w ng in the starch educe the losse are not making to tackle the sit 40 crore rises in tock of ethanol ot getting the in e ethanol from ear now going bruary, March, ain ethanol segm patch because w e that's when th ring ethanol fro March end, yes will get normal eak for this, fo rward. over ethanol ri n EBITDA leve is different for them. So, when te transparent an May being hit by ov we are explorin es? Is that an op g any statement tuation. n inventory leve l in our NPNS ndents from OM grain as well forward, that w April, these ar ment. We were we did not get t he sugar year co om the grain in s. ized and by Ma or the dispatche ght now? el. maize as well n I tell you abo nd openly spok

vercapacity ng different ption or not t regarding els? sand plant, MCs. There l as sugar. we will be re the peak e sitting on the indents omes to an ndustry. So, arch it will es. So, this as for rice. ut maize, I ken about.

ari: ari: ari: ari: ari: or: rli: So, when available we have a and other yield ratio just calcul from bypr Got it. So It all depe really a ch at what pr So, it is r make a ch month bec So, today year. I cou average fi With wha Currently, the plants touching 8 Okay. Wh In terms o Yes. Yes. So, i 5 crore lit advisors. P Yes. Sorry relation of maize or w P I say that ma at Rs.24, so the additional cost costs. So, that o is 2.23. The ri late into 2.23 a roducts contribu , what is EBITD ends on the av hoice we make rice. really governed hoice between cause our raw m I am getting R uld also be gett igure, every mo at capacity utiliz , we are at abou s, it is about 7 80% to 90% ve hat is the volum of liter? t is about 5 cror er. Okay. We w u. ou. We have ou Please go ahead y, I missed tha f the maize and what is the perc

Page 5 of 18 aize has a cons e cost of maize of Rs.11 to Rs 's how the cost ice to ethanol ra and get the basi ution. DA per litre int vailability of ric . It depends wh d by market dy which raw mat material is dyna Rs.4 to Rs.5. It d ting Rs.7 to Rs onth it is differe zation we are th ut, I mean if I s 70% of the cap ry soon in the c me of production re liter per quar will fall back in d. at opening rema d how we are ru centage of FCI r 8 sumption ratio and ethanol is .12, which incl ting is derived. atio is 2.23. So ic costing. Ther o rice and EBIT ce and maize a hich month we ynamics and de terial we want amic. It is chang does not mean I s.8 or maybe I a ent depending o here on ethanol? see the entire E pacity. And go coming year. n into this quart rter. the queue. Tha arks. Could you unning the plant rice? G of about 2.7, 24 into 2.6, wh ludes power, fu And when it c , if rice is avail re is added reve TDA per litre in and what price are getting rice epending on the to use. The EB ging every mon I will be getting am getting RS. n the price of th ? SY tender whic oing forward, w ter? ank you for answ e of Bala Murl u please throw t? Either what k May 2.6, so if maiz hich is about Rs uel, admin, and comes to rice, f lable at Rs.25 th enue of 6-7 Rup nto maize right is available. S e at what price e availability, w BITDA will cha nth. It is very se g Rs.4 to Rs.5 i .1. So, when I he raw material ch we have take we should be wering patiently li from Oman I some light on kind of percenta

ze today is s.62.4. And d chemicals for rice the hen we can pees a litre now? o, it is not and maize we have to ange every easonal. in an entire say it is an l. en for both y. Investment the current age is from

ari: rli: ari: rli: ari: rli: ari: rli: ari: rli: ari: Major pro maize. So FCI rice a that we w limited to Yes. Actu started giv So, curren about 23 t But we st beyond 58 difference corrected So, howev Because e has eased Until this Okay. An the… I am sorry No, maize Average p No, but… See, again Rs.23, and is running competito production throw som Oh well, very much possibility P oduction is com o, almost if I see and balance is th , we are expect will receive the F this 10% to 15 ually, FCI has s ving rice to the ntly, FCI is giv to 23.50. till have not go 8.50, which wa e of Rs.2.5, wh by the governm ver, but this has even if 10%, 10 off the pressur price correction nd that maize, th y. I didn’t, I did e, maize purcha purchasing pric

n, I just, I just d in Madhya Pr kay. And, but, w g at 70%-60% ors, they are ram n. So, what lag me light on this. it is usual, feed h capable of p y. We have a --

Page 6 of 18 ming from maiz e collectively, i he DFG. ting this FCI ri FCI rice. So, we % only? The m started this. Yes e [ethanol 13:23 ving us rice at 2 ot the correct se s the price whe hose net impact ment, which we s definitely eas 0% to 15% of t re of the raw ma n comes throug he average pric d not understand ase price. What e? I mean, if I t said. Okay. Re radesh, for abou what is limiting since a long ti mping up quickl gging here to i . ding issues whi roducing 100% we do have bre 8 ze in both our it is about 65% ice. Actually, in e are going to u maize price is m s. Sorry. Sorry. 3] industry and 22.50x go down elling price for en the FCI rice i t per litre of eth are working to ed off the press the ethanol indu aterial. That's w gh, then we will ce of purchase, d. Can you repe is the average p talk about the w ecently, it's abo ut Rs.23.50. us to increase t me. Usually, w ly within 1 or 2 increase the cap ich a plant goe %, but to achiev eakdowns, we d G plants. We ha to 70% is maiz n the previous use it in a good missing. Can you Yes. So, FCI h d they started fr n. So, it is, to u r FCI rice. It is is available to u hanol is almost owards them. sure on raw ma ustry starts buy why we have lim l be able to incr can you pleas eat? purchasing pric whole year? out, in Assam, the capacity util when you come 2 months of the pacity utilizatio es through, and ve 100% day o do have malfun May ave major alloc ze and about 10 conference cal quantity. But w u please… has started allo from the month us, the cost of s, they have no us at Rs.20. So, t Rs.5.5, has ye aterial, which w ying FCI rice, it mited to almost rease this furthe e share that on ce of maize per we are getting lization? So, th e to, or when y e commercializa on? So, could the capacity, t on day is yet n nctions.

cation from 0% to 15% ll, you told why we are ocating, has h of March. FCI rice is t corrected this whole et not been was created. t definitely this much. er. ne? What is kg? g for about e MP plant you see the ation of the you please the plant is not being a

rli: ari: rli: ari: rli: ari: rli: ari: So, becau running d efficiency '25, have reflected plants, for It will ref have recei So, what much we Yes, on M crore litre should rec PLI of Rs altogether So, on ave about Rs.1 So, overa benefits fr crores you Then we these ince approval f this financ Yes, and commodit discontinu businesses So, grain, 25 years. is mainly sorbitol an down. P use of which, yo days of the plan y and correcting , it is on the ben you accounted in FY '26, wha r both plants? flect only after ived these incen could be the a ents, so Assam can expect? Madhya Pradesh in a year, so th ceive from the .2, in addition t r account for ab erage, if we are 12 crores from all, approximat from the Madhy u can expect fro do expect, but entives from the for our claim fr cial year for sur other segmen tized business, ue those busin s, and what kin ethanol, grain now. However the starch bus nd fructose bus

Page 7 of 18 ou know, we a nt. But, yes, g g the processes. nefits from you anything in ou at could be the it has been rec ntives from the amount, the av and MP and P h, it's about Rs. hat will be abou government ye to some other in bout Rs.3 a litre e producing abo there as well. ely you can sa ya Pradesh gov om these benefi everything tak e government. I rom MP govern re. nts, you see th there is a lo nesses, or mak nd of top line an segment has be , yes, last 2 yea iness, which is siness are still i 8 are missing out oing forward, ur state governm ur numbers, or e approximate b ceived. We wil government. verage amount PLI benefits, ev 1.5 per litre. So ut Rs.18 crores ear-on-year, for ncentives, state . out 6 crore litre ay, and I think vernment, so on its, right? kes time, it has It is a slow proc nment, so we are hat other segm ot of up and d ke it ethanol a nd bottom line y een our legacy b ars. have been v s being the pain in profit, but it G on some 100% we are workin ment and the PL it will reflect in benefits you w ll not be taking expected in a verything? On a o, if I say that w per year, will b r 7 years. And f e incentives and e in a year, then k recently you n an average, y been taking tim cedure. But yes e hopeful we sh ments are posti downs. So, do a primary bus you are expectin business, our co very challengin n point for the is the starch bu May % working days ng towards imp LI. So, whether n the FY '26 on will receive from g any provision per year, from a consolidated we are producin be the incentive for Assam, we d central incenti n we should be u announced a you can say aro me, it's not so e , we have recen hould receive th ing losses, so you have any siness, or sepa ng for FY '26? ore business for ng for that segm company right usiness which i

s, or 100% proving the r in the FY nly? If it is m the both ns until we m the both basis, how ng about 12 , which we have got a ives, which few more ound Rs.40 easy to get ntly got the his soon, in it is very y plans to arate those r more than ment, and it t now. The s pulling it

rli: ari: rli: ari: rli: ari: rli: I mention up in the few mont meant, de getting the But of cou towards m so we are Yes, and a From the should be So, we ma improve f ethanol sa Correct. When we there is so looking a inflation, So now, I year? Definitely company, with the g off the pr FCI rice h So, yes, d about the 10% going Okay, goo this entire forward a some bett him? Than P ed earlier in the country, and so ths, which has esigned for exp e desired selling urse, we are aw more high value working on it, any guidance on grain segment stable as it was ay expect a littl from here onw ale itself… are planning th ome more room at in this year? and maize price I think the price the ethanol pri y, last year was because there government tha ressure on the i have got release definitely some ethanol industr g forward in thi od. That is that e ethanol indust lso, we are look ter benefits to th nk you.

Page 8 of 18 e call as well, i ome export of s again hit the I ports, are being g price of starch ware of this pai e added starch, w yes. We are wo n this revenue a as a whole, w s in the current le bit incremen wards, because hat commission m is available ? So, last year e also. es are a little bi ice to also get r s a very challe was a lot of p at we had to req industry, which ed only in the m ease off is alre ry, I am seeing is year. t. And lastly, I try with the gov king for his act he industry from 8 it is mostly due starch from Chi Indian market, g dumped into h, and hence we in point, and w we make some orking very acti and margins per we hope to cont year. ntal revenue. Th we are expec n. So now, we a for improveme we had a lot it cooled off, an revised. So, wh enging year for ressure on the quest them to r h has happened month of March eady showing i g that we should am very much vernment and ge tive participatio m the governm G e to overcapacit ina, which has and a lot of ov the Indian ma e are incurring we are looking a modifications ively on it, it is rspective for FI tinue our existi hen we are not cting around 1 are also around ent. And what of up and dow nd also FCI ric hat kind of marg r the industry a raw material. A release some po d now in the la to the ethanol i in our current q d be looking at h thankful to yo etting this FCI r on and involvem ment. Thanks a l May ties which have started in the p vercapacities w arket. Hence, w these losses. at options, whe in the current p a pain point. I '26? ing revenue. Th expecting any 850 something I think 2100 on kind of margin wns due to raw ce is available. gins we can exp as a whole, inc And it was a lo ortion of FCI r ast couple of m industry. quarter. So, we EBITDA of ab our father for re rice sanctioned ment in the indu lot. Convey my

e been built past, in last which were we are not ther we go product, or, he revenue capacity to g from the nly. I think ns you are w material So, we are pect in this cluding the ot of effort rice to ease months. The ell, if I talk bout 9% to epresenting d. So, going ustry to get y regards to

ari: rli: ari: or: ari: ari: ari: ari: ari: Yes, I wi been total Yes, yes. Yes.. Please go Hello, ma specificall Well, it is which alr allocation about 10% covered in So, and b you know So, depen balance of But we ha It all depe very dyna Yes, but w Yes, that's been appr will only b No, no. Y Rs.22. Okay. So, delive P ill. Dr. Jain ha ent to benefit th ly dedicated to Thank you very u. We have ou ahead. a'am. I have a f ly from maize a s very difficult ready is publis n, if I say, betw % FCI and bala n ESY '25, '26. balance here, w w, how it is turn nding on all the f this year. ave… ends on the pri amic. we have the cap s right. That's -- ay. So, what I h roximately Rs.2 be procuring in You are absolut er to our plant w ay.

Page 9 of 18 as worked tire he company as this job, yes. y much. That is few questions r and rice, ethano t to say. But an shed in public ween both the p ance from DFG when we come t ning out, how th se, we will be g ce of the raw m pacity, I believe - we do have. Y heard it between 22 or low. So, i n MP where whi tely correct. W will be plus, plu 8 elessly day and well as the ind s all from my si regarding the to ol, if you can so nyways, FY '26 domain. So, plants, about m G. So, almost 6 to October, we he FCI is turnin giving in a fres material, availab e, to serve almo Yes. n that there wer is it possible fo ich… When they say B us, plus. G d night. He ha dustry and to ge de. of Sanjay Man otal volumes, w ort of elaborate 6 also gets cov where we hav maize is about 6 months of the will see how ng out, how ma sh tender in the bility of the raw st Rs.25-Rs.26 re maize prices or us to procure Bihar is Rs.22, May as been liaising et some relief. niyal from DA what we can do that. vered in the ES ve taken like a 65%. And we h e FY '26 has alr the market dyn aize prices are tu month of Octo w material. So, crores if I'm no in Bihar specif e from Bihar or that's the man

g with the So, he has M Capital. in FY '26, SY '25, '26, an average have taken ready been namics are, urning out. ober for the , it is very, ot… fically have r means we ndi price at

ari: ari: ari: ari: ari: Yes. But then w Yes. So, t Rs.2.5 on viable for Okay. This is th talking of But you h And for A May, June Okay, ok understan you know remain at You know happening companie and semin own facto Like in A IIMR whi have cond a big jum around in And, you up our pla fiRs.t que country? L And very from its o different. availabilit P what is the land that is 23.5. Bih n top. So, right the MP plant. he current situat f today. have some sense Assam plant rig e. So, we are bu kay. But you ha d is broadly 40 w, the supply of a lower end? w, 100% there g in that area fr s. They are act nars and educa ories. Assam and MP, ich is Indian In ducted so many mp in maize cu the next 2 year know, another ant 2, 3 years b estion all the in Like how will y fortunately to own grain. No We bought gr ty of grain. And

Page 10 of 1 ded price in MP har is not viable t now we are b tion. Again, I s e … ght now, Assam uying the local A ave some sense 0 million tons f f maize will be i e will be incr rom the govern tually all worki ating the farmer we have condu nstitute of Maiz y workshops to ultivation alread rs. So, we are ve thing I would l back and we had nvestors would you get so much our delight, I w plant ever shu ain at a high p d it is a delight t 18 P? You mention e for MP right n buying from M see every day t m has its own Assam crop rig e about the ove for maize. So, increasing next ease in maize nment, from the ing hand in han rs and also dis ucted so many ze Research and encourage the dy. So, the wh ery, very positi like to add, like d gone to the m d ask us is tha h grain? would love to ut down becau price, but our p that what our co G ed 23.5. now. The cost w MP and Mahara the situation is crop which co ght now. erall production is it -- are we t year as well an cultivation be e export industr nd, you know. tributing free s workshops wit d Corteva whic farmers educat hole scenario o ve on this. e when we start market for a fun at, you know, w add that India use of non-avai plants never shu ountry is capab May will be not less ashtra only. Th different. So, t omes for 3 mon n in the country seeing a direct nd probably the ecause a lot o ry and also fro We are doing seeds in areas a th the farmers ch is a seed com te the farmers a of maize is goi ed, when we w ndraise. So, you where is the gr achieved 18.5% ilability of gra ut down becau ble of.

s than Rs.2, hat is more today I am nths, April, y is what I tion where, e price will of focus is m the feed workshops around our along with mpany. We and there is ing to turn were putting u know, the rain in the % blending in. That is use of non-

ari: ari: ari: ari: The amo unimagina and the ca Rs.11, Rs power and Well, I w average. R about Rs.2 economic or if it is d hovering a Well, it is prices hav rice DDG maize DD So, they prevailing happened about thei about 25% Okay. Yes. And I thin in the sea you have fluctuate? No. Actua So, in the our sand p from OMC And I als because th for OMCs be a lot of P unt of grain able. So, yes, I apability and po ay. Also, if you .12 is what it s d the other conv will just give yo Rs.5, Rs.6 is po 2. And other ex kay. One more t s of DDGS. Ho different from r around what pr s not fluctuating ve definitely st GS is selling at DGS is selling a have kind of g for almost 6 . But, yes, unfo ir yields, on 1 % of DDGS. nk you are hold son you procur sufficient amou ? ally, this is -- y month of Mar plants, because Cs. so explained th hese 3-4 month s to receive eth f chewing up. S

Page 11 of 1 we have requ am very deligh otential of the co u can just elab spends or conve version cost. ou briefly abou ower. Then we xpenses would b thing on the DD ow the -- what rice? And what ice? And is it re g. Since 6 mon abilized at a ve about Rs.17, R at about Rs.15 a consolidated a months, last 6 ortunately, cons kg of rice, we ding very large red maize and t unt of maize or es. Sorry. Actu rch, we were ho e we were not g his earlier in th hs, February, M hanol from grai So, indents tend 18 uired to achie hted actually w ountry. So, goin borate some bit ersion cost. So ut power. It's a have chemical be another Rs.1 DGS. So, if you is the extractio is the generally eally very fluctu nths, there has b ery, very low l Rs.18, which 2 a kg, you know. at these rates. 6 months. So, solidation has h get about 17% amount of inv then probably y sort of raw ma ually, cement is olding large vo getting the disp his call, like th March, April, M in industry as w to slow down. G eve this kind with the whole ng forward, it i t on the power , if you can jus about Rs.6. I a ls, which is Rs. , Rs.2. u can just elabo on input-output y price? Means uating over the been stability in level, which is 2 years back, w

You know, w which are very happened at ver % of DDGS. An entory. So, can you will utilize aterial for next 2 also a lot to do lumes of ethan patch schedules his could be a May, these 4 mo well as sugar in May of blending t agro scape of t s just going to g cost. So, you st distinguish b am talking as a .2. We have ad orate something t from, say, 1 k , at this point o year? n the price. Bu very unfortuna was at Rs.30, R we are seeing t y low. Consoli ry low rates. A nd 1 kg of mai n we say that is it for next 2 qu 2 quarters. So, p o with the finis nol in our empty s from OMCs, t year-on-year p onths are the p ndustry. So, the

target was the country get better. mentioned etween the an industry dmin salary g about the kg of maize f time, it is ut, well, the ate. Today, Rs.32. And these rates idation has And if I talk ize, we get s it because uarters? Or price won't hed goods. y plants, in the indents phenomena eak season ere tends to

ari: ari: ari: or: ehta: ari: But after ethanol to We could Okay. I'm might just No, no. S time for A the Kharif receiving Well, rece acknowled some amo months. S Okay. Per processing to sort of previous h No, we w coming to which hav grain segm And we w added pro products a on the gra Okay, per Advisors. Hi. So, co prices of t Well, for t P June, their ent o them post thes be sitting on in m just worried a t procure at a hi See, again, it ch Assam. So, we f, which is in O ay. And just o the money in M ently, we have dged by the go ount or maybe to get additio So, I think these rfect. Perfect. I g, which you ha f recover? Are historic margin will have to do s So, you know, owards the end ve got built up ment for us, for will be, you kno oducts or modif are really gettin ain segment in t rfect. Thank you u. We have ou Please go ahea ongratulations o the derivatives l these, we do no

Page 12 of 1 tire focus is on se 4 months. So nventories now about the fact th igher price beca hanges for ever are procuring r October, Novem one last questio MP and Assam, e got a notifica overnment. So, a substantial am nal incentives e two incentives I think that's it ave a loss in tha we really -- d levels, or it wil some kind of, y these are all ol of their produc p in the country us as a compan ow, revamping fying the curren ng hit by over c this coming tim u. Thank you ve ad. on the great se like sorbitol, et ot have a clear p 18 nly on the grai o, we could exp going forward hat post June, i ause the season ry plant. Like A raw material. W mber. So, we wil on on the subs if you have som ation that our P , we are hopin mount actually from the NEID s should be com t. Yes, maybe at business, tha do we have so ll take some tim you know, chan ld products and ct cycle in term y. So, now, go ny. the products, m nt products to capacity in the c mes. ery much for al t of numbers. I tcetera, and etce pricing formula G in because only pect that this co in this time. if you will be p n is off. Am I rig April, May, Jun We are sitting on ll be procuring t sidy part. So, f me sense on tha PLI claim on t ng that very soo on the MP pla DS policy very ming our way ve if I can just l at segment. Is it ome visibility t me to sort of rec nge in the prod d, you know, w ms of profitabil ing forward, th maybe introduci get us better re country. So, now ll the answers. of Harsh Meh I just wanted to etera. derived fr a like the way w May y grain is able ould happen ye procuring maize ght over here? ne, right now, i n stocks. But fo that time. from when you at? the MP plant h on, we should ant. And also, w y soon in the n ery soon. astly ask abou going to take l that we'll go b cover from that? duct portfolio on we are seeing th lity because ove he focus will s ing some more ealization becau w the focus is g hta from Perpetu o understand h rom maize? we have for etha

e to supply ar-on-year. e, then you it is season or MP, it is u will start hasn't been be getting we are also next 2 to 3 t the grain longer time back to the ? n the grain hat they are er capacity hift on the high value use current going to be ual Capital how are the anol.

ehta: ari: ehta: ari: ehta: ari: ehta: ari: ehta: ari: Ethanol, y Yes, it is sorbitol, it about 1.6. sorbitol? W Well, we to stick to last few qu If you see as a profit hit by ove At one t unfortuna segment b loss-makin I just wan prices of margins? See, it is see the wh maize, the Rs.32 per over-capa And also is only so is not gett part of th unviable. Okay. I ju We expor So, I read import ma Correct. Y P yes. not as clear an t's about 1.3 kg . The raw mater kay. And what a What are the EB like to give ou o the consolidat uarters of cours e the discrepanc tability spinner ercapacities in th ime, we have tely, now it is b by adding mor ng products, ye nted to underst maize or is th both actually. E hole year avera e starch will be r kg. So, there i acities in the cou secondly, becau much pushing ting exported. A he world. Maiz ust wanted to un rt sorbitol. d somewhere tha aize duty-free o Yes, we have do

Page 13 of 1 nd transparent gs of maize is r rial to finished p are the margin d BITDA margin ur margins as co ted margins in se, these margin cy, this is a leg for the compan he country and enjoyed 17% being hit. And e high-value-ad es. and if the main here an increa Even the maize age. So, if I tal e priced at Rs.4 is a huge differ untry, we are un use of exports i that can happe And today, the ze is the most nderstand, so do at if you are exp or something. Is one that also. W 18 as that. But if equired to prod product ratio is difference when s for starch and onsolidated ma this segment. B ns have been hi gacy business. S ny. But yes, in the margins ha %-18% EBITDA as I said, that y dded products n reason behind se in competit e price, which i lk about starch, 0 per kg, which rence in the co nable to push th in China, which en because after e price of maize t expensive in o you guys expo porting value-a s this right? We have done th G f I will just tell duce a liter of s about 1.6 for s n you are manu d sorbitol? argins, not prod But anyway, so it. Sorbitol was ou last couple of y ave been hit. A margins als yes, we would or maybe redu d the loss in E tion also which is at average o , so at that pric h currently we ost over there. A his price to a de h has recently o r a certain price e is highest in I India. That's ort to the foreig added products, hat in our compa May l you the basic orbitol and for starch and 1.3 fo ufacturing, say, duct-wise. So I last couple of, ur revenue spinn years this segm so on this seg be requiring to ucing productio EBITDA margin h has led to th f Rs.24, Rs.25 ce, at a price of are not getting And secondly, esired price. opened up for st e, it is getting u India as compa why exports a gn markets or no say like sorbito any.

c yields for starch it is or sorbitol. starch and would like , you heard ner as well ent has got gment. But o churn this on of some n is rise in he drop in per kg if I f Rs.25 for more than because of tarch, there unviable. It ared to any are getting ot? ol, you can

ehta: ari: ehta: ari: ehta: ari: ehta: or: ari: ari: So, shoul having the That is on about 25,0 raw mate factory. So, it is d open mark that we ar are lookin I cannot n will not be And are y maize and Yes, of co priority is manufactu identifyin current pr Consultin Ma'am, m of certain in Assam this? So, this w regarding informed formalized continuati Yes, yes. P ldn't this have e same segment nly possible in t 000 tons in a y erials from Ukr definitely what ket. So, yes, we re exporting, no kay. Right, okay ng at in the segm name any produ e able to disclo you also looking d making up new ourse, because t s to look, you ured in the coun g such product roducts. So, def kay. That's it fro ou. We have g. Please go ah my fiRs.t questio incentives bein or on the exis was in continua the approval o the stock exc d and legalize ion with the pre , nothing additio

Page 14 of 1 benefited, like t? the case of sorb year we are exp raine, which h -- we have an e have taken tha ot more than tha y. And the last ment to add to t ucts because we se anything, bu g to make new p w products? that is our core know, identify ntry yet. So, th ts and which ha finitely that is al om my side. Tha our next ques head. on is regarding ng given to us. ting facility we ation to the pr of Rs.2 PLI from change that we ed and we had evious notificati onal we are goi 18 e, you compare bitol because on porting sorbitol. has cost us abo advantage of ab at advantage, bu at. t question, wha the profitability e actually have n ut we are workin products say fo e business. That y products whic hat is always ou ave similar pro lways our prior ank you so muc stion from the the fact that on So, it is for th e are going to g revious notifica m the governme e had signed t d done a MOU ion. ing to get. I und G ed to the other nly sorbitol is g So, to that tun out Rs.22.50 in bout Rs.1, to R ut that can be o at are the value and turn aroun not taken appro ng towards a fe or import substi t is our core com ch are import ur priority, and ocesses, which rity. ch. e line of Sanj n 18th you made e additional cap get more incen ation which we ent. So, in cont the MOU and U exchange fo derstand that wa May r competitors. getting exported ne, yes, we hav ncluding deliv Rs.2 then buyin only limited to t e-added produc nd this segment ovals from the b w products. tutions and by mpetency. So, substitutes and we are always are already sim eev Damani f e one more ann pacity that we ntive. So, can y e had given in tinuation with th this whole PL or the same. S ay.

which are d, which is ve imported very to our ng from the the amount ts that you again? board. So, I fermenting always our d not being milar to our from SKD ouncement are putting you explain December hat we had LI has got So, it is in

ari: ari: ari: ari: ari: ari: ari: only supp Yes, both We are no Not in the But are w Yes, we Right. Tha this, right? No, there plant and right? So ethanol ba some time Just coupl That's all. That's all. So it's not It is not a Okay. On because y past as y quarterly insight. And one m supplies a pending to days? Can P u. Second is th ort of this anno of these are sta ot going to get a e form of PLI fr we getting any ent? Are we? are getting IS ent. We get a 50 at is what is kn ? is not. Nothing kay. Now I am c these two plan is there any c ased on maize e or it is a conti le of hours. Okay.

t a big cost. big cost. No. N ne request I wa you have got te ou announced report that how more thing I wa already made to o be received in n you kindly qu

Page 15 of 1 hat PLI is state ouncement throu ate-based polici anything as PLI rom the central ything as incen SS which is i 0% rebate on in nown but not lin g from the centr coming to one m nts can run, I un change time tha and if you are nuous process? No, no. We can ant to make tha nders allocated this that you w much quantit ant to ask today o the OMC. So n this year so th uantify that amo 18 e-based as well ugh state only? ies. We are gett I from central g government. N ntive for maki interest subven nterest of term lo nked to the prod ral. more question t nderstand this w at we have to changing it to ? change in coup at along with th d of various rat have got tend ties have been y is how much o in the form o hat we can mak ount? G l as central-bas That is Assam ting, we will be government. No. ng production ntion that is c oan. duction. There i that we have A way that based give? Suppose rice, so we ha ple of hours. he quarterly res tes from govern ers at Rs.71, R sold against tha money is still d f incentive wha ke an assessme May ed also or we and MP both. getting from th of ethanol fro coming from t is no separate in Assam plant as w on maize as w e we are produ ave to stop prod sults if you can nment as we ha Rs.58, Rs.65. I at, it will give due till 31st Ma at amount appr ent of our trend

are getting he state. om central the central ncentive to well as MP well as rice, ucing today duction for n announce ave seen in If you can us a better arch for the roximate is d in coming

ari: ari: ari: ari: ari: ari: ari: pta: or: pta: pta: For MP pl Both. Up to 31s Okay. For MP pl about Rs.5 So this is Yes. Not quart of comme month… Yes. Just d Which wi price and we have m Yes. I wo break up o Hello. No No, no, no In fact I w assessmen Hello. Yes Rajiv Yes. See i ethanol, y Valuation Valuation something already A rice. P lant it is about R t March. So I a lant it is about R 5 crores from th the total amoun er wise. Not qu encement of the due immediatel ill be. It is over how much clos measured it. I m ould like Rajiv of the valuation o problem. Hello o. Rajiv ji can y want that if all nt correct. v, sir. We can he if you want wh you're talking ab n, yes. n is different dep g like that. Clos Aditi has said w

Page 16 of 1 Rs.20 crores… m going term b Rs.20 crores, u he NEIDS. nt which is due uarter wise. For e plant this Rs.2 ly. This is overd rdue and due to sing stock on 3 mean valued it. Gupta ji who i n of the closing o ma'am. you get this brea this informatio ear you now. hat kind of a -- bout. pending. See va sing stock for f we do our produ 18 by term. up to 31st March up to 31st Mar r whatever prod 25 crores is onl due actually, ye o us. And can 1st March we a is our CFO to i stock. ak up. on is published your query is t aluation we can finished goods uction based on G h. And for Assa rch. duction we hav ly due to us wh es. I know that in are carrying of intervene here. d then you know that was about nnot make a val is valued at dif n either through May am plant we are ve made till fro hich will be com the closing sto ethanol and at Rajiv ji do yo w we can alwa the stock closin luation of closin fferent prices. B h maize or eith

e expecting om the date ming in this ock at what what price ou have the ays get our ng stock of ng stock or Because as her through

pta: pta: pta: pta: pta: pta: pta: ari: or: ari: Right, sir. So the val as we can what price So total qu Yes. That I just wan Mechanis Sir, can yo Yes. Ther second. I w I am talkin Just give m [inaudible Yes. You have to ch Whenever thank you all the be material f we have p material a Please go Ma'am, yo what abou Well goin crore mar P . luation of closin n value that tot e? It can be ove uantity we know is the only solu nted to know the m is that only. ou quantify how re are different will tell you. I a ng about the fin me because I ha e 35:52] can do that. Th heck my results r I approach. W u very much. An est to all of you faster. So that w paid almost RS. as well as finish u. u. u. We have our ahead. ou said that in ut the other tw ? ng forward we h rk. And we are

Page 17 of 1 ng stock is ave al. What is the erall price. This w as on 31st M ution. We canno e mechanism. S w much closing t. See ethanol w am talking abou nished product o ave to check be hat is a better w . Whenever I appr nd I really wish u. And I really we can save on .28 crores of as hed stock. So all r next question your grain segm wo segments lik have already lik of course look 18 rage of both of e value of the c quantity on the March and then w ot give you bre So… g stock we are c wine for our fo ut the finished s only. Yes sir. It ecause we have way of doing it roach for my qu h you all the bes y look forward our interest co s interest. So pe l the best, sir. T from the line o ment you are e ke ethanol and ke in this curren king forward to G f them. It canno closing stock w e basis of a qua we have averag ak up on two. carrying on 31st or our Assam p stock. t can be dispatc a… t. Because I ha ueries, I have g st. You are all v that OMC com st which is very erhaps because Thank you. of Shaurya Pun xpecting a flat minerals? Wha nt year we have o further ramp u May ot be that we ca we can give it t antity. Yes. e rate to value. t March, ethano plant closing st ched. Not in the ave to see all m got answers. fro very kind sir, th mes forward an y high these da of the stocking nyani from Arja revenue year-o at kind of grow e already crosse up our ethanol

an give you o you. But ol stock. tock, just a e process. my results. I om you. So hat way. So nd lifts our ays. I mean g of the raw av Partners. on-year. So wth are we ed Rs.2000 capacities.

ari: ari: ari: or: Take it to that we sh And what Yes, again are workin put a discl So going 10% EBIT And what About 70% 70% it me Definitely Okay, ma Gulshan P may now P about 80% to hould be looking t kind of marg some improvem n these are all f ng towards our laimer there. So forward yes w And as I also s TDA average fo t is our current c %. eans we are targ y, definitely we 'am. Thank you u. Ladies and g Polyols Limited disconnect you

e confident or we are gets and we ould like to ation. the ethanol bout 9% to n behalf of us and you