Birla Corporation Limited Earnings Conference Call Summary
Conference Call Details
• Date: August 9, 2024
• Announcement Date: August 13, 2024
• Key Personnel:
• Sandip Ghose (Managing Director and CEO)
• Aditya Saraogi (Group CFO)
• Moderator: Rajesh Kumar Ravi (HDFC Securities)
• Availability: Transcript available on the company's website
Financial Performance Overview
• Recent quarterly results may have fallen short of expectations, particularly in:
• EBITDA per ton
• Realizations
• Factors influencing performance:
• Market mix changes due to Mukutban facility
• External factors: elections, heat wave affecting labor
• Aggressive pricing from competitors in key markets
Strategic Focus and Market Outlook
• Commitment to:
• Maintaining price positioning and premium brand strategy
• Investing in brand and distribution network
• Anticipation of temporary market challenges and potential for market correction
• Plans for:
• Geo-mix optimization in core markets
• New plant investment in Kundanganj
• Expansion in secondary markets (Mukutban, Bihar)
Q&A Session Highlights
• Volume Growth and Profitability:
• No specific guidance due to uncertain market conditions
• Positive outlook on Mukutban's volume achievement
• Lead Distance and CAPEX:
• Confirmed lead distance of around 350 Kms
• Maintained CAPEX guidance for the year
• Pricing and Competitor Behavior:
• Focus on brand and distribution rather than price competition
• Operational Readiness:
• Kundanganj on track for second quarter next year; Prayagraj work yet to start
• Financial Health:
• Healthy debt-to-EBITDA ratio (<2)
• Long-term strategy for responsible debt management
Cost Management and Future Initiatives
• Targeting Rs. 40-50 million in cost savings this year and next
• Updates on coal mining initiatives and cost rationalization projects
• Commitment to transparency and governance
Conclusion
• Management expressed confidence in strategic direction despite temporary challenges
• Call concluded with gratitude to participants

Conference Call Overview
• Date: May 6, 2024
• Transcript submitted on: May 10, 2024
• Key Executives:
• Sandip Ghose (Managing Director)
• Aditya Saraogi (Group CFO)
Financial Highlights
• Successful first year under new executive team.
• Significant reduction in net debt by INR 600 crores.
• Favorable fuel cost at INR 1.56/Kcal.
• Confidence in ongoing initiatives to enhance manufacturing excellence.
Fourth Quarter Performance
• Challenges in market realization and muted secondary demand.
• Focused efforts on Mukutban project improved volume realization.
• Overall growth of 12%, with Mukutban contributing 6.6 lakh tons.
• 65% of sales occurred in Maharashtra.
• Slight decline in trade and premium sales percentage due to demand shift.
Future Projections
• Expected growth of 8-10% in volume and EBITDA per ton for FY '25.
• Mukutban projected to contribute around 2.7 million tons.
• Anticipated incentives of around INR 110 crores for the next year.
Sales Performance
• Total sales for FY '24: 2.8 million tons.
• Incentive booking for FY '24: INR 160 crores.
• No plans to expand clinker capacity; focus on grinding unit.
• Capex guidance for FY '25: INR 800 crores.
• Projected EBITDA per ton increase of 8-10% for FY '25.
Market Dynamics
• Current prices slightly below INR 3,000.
• Strong brand presence in the premium segment with Perfect Plus.
• Freight costs optimized on a market-by-market basis.
• Price fluctuations are normal; last year's pricing trends aligned with expectations.
Closing Remarks
• Significant savings from Bikram coal mine expected in the next financial year.
• Gratitude expressed to participants for their support and engagement.

Birla Corporation Limited Earnings Conference Call Summary
Date and Context
• Date of Call: February 7, 2024
• Financial Results: Unaudited standalone and consolidated results for the quarter and nine months ending December 31, 2023.
• Key Participants:
• Sandip Ghose (Managing Director and CEO)
• Aditya Saraogi (CFO)
• Rajesh Kumar Ravi (Moderator from HDFC Securities)
Key Highlights
• Mukutban Project:
• Exceeded expectations with a production capacity of 2 lakh tons by January.
• Contributes significantly to the company's low-cost cement production strategy.
• Financial Guidance:
• Revised volume growth projections from 15% to 13%.
• EBITDA guidance maintained at INR 850 per ton, including Mukutban project incentives.
• Cost Management:
• Year-on-year cost reduction of over INR 400.
• Project Shikhar aimed at manufacturing excellence and cost savings.
Market Outlook
• Q4 Expectations:
• Anticipated volume increase driven by infrastructure projects.
• Pricing pressures expected to be around 3-4%.
• Volume Contributions:
• 60% of Mukutban's volume from Maharashtra.
• Consistent premium volume of 40% in trade.
Future Plans
• Expansion Projects:
• Maihar line 2 expansion to commence next financial year.
• Bikram coal block production expected to start in Q2 of the next financial year.
• Capex and Capacity Goals:
• INR 415 crores spent to date, with a target of under INR 700 crores for the year.
• Plans for a 1.4 MTPA grinding unit by FY'25 and a target capacity of 25 million tons by FY'27.
Q&A Highlights
• Fuel Costs: Expected to align with Q3 levels.
• Transport Costs: Increased due to busy season surcharges.
• Market Strategy: Focus on southern Gujarat profitability due to favorable pricing and rail connectivity.
• Future Volume Guidance: Deferred to the next call, with a focus on growth from Mukutban.
Conclusion
• Management expressed gratitude for investor support and confidence in achieving targets through the Mukutban project.

Conference Call Overview
• Date: November 9, 2023
• Focus: Unaudited financial results for Q2 and half-year ending September 30, 2023
• Key Participants:
• Sandip Ghose (MD and CEO)
• Aditya Saraogi (CFO)
Mukutban Operations
• Recovery from COVID-related delays
• Significant scaling up of mining operations
• 50% reduction in variable costs compared to the previous year
• Steady increases in production volumes
Sales Performance
• Achieved 150,000 tons in sales by end of September
• Over 100,000 tons from Maharashtra (more than two-thirds of total sales)
• Expansion into southern Madhya Pradesh and South Gujarat
• Enhanced distribution network through improved rail connectivity
Product Strategy
• Mukutban facility optimizing clinker capacity and market penetration
• Successful integration of flagship brand Perfect Plus
• Launch of new super premium product, Rakshak
• Dual strategy balancing premium and value segments
Market Position
• Leading brand in value and premium segments
• Positive feedback on new product Perfect Plus Concrete
• Increased marketing efforts planned for Maharashtra and Mukutban
New Facility and Operational Efficiency
• Establishment of a new facility in Prayagraj
• Focus on local production and logistics improvement
• Initiatives like Project Shikhar (cost savings) and Project Unnati (logistics improvement)
Financial Projections
• Capacity utilization at 87%, with expectations for further increases
• Maintaining EBITDA margin target
• Cautious pricing approach anticipated to remain flat
Q&A Highlights
• Sales in Maharashtra: 65-70% of total sales
• Marginal price increases in Maharashtra; cost efficiencies contributing to volume growth
• EBITDA target of INR 850 per ton, with a clear roadmap for achieving it
• Mukutban's current utilization at 40%, expected to reach 55-60% by FY24 end
• Anticipated overall sales exit of 200,000 tons, with a focus on premium product sales
Demand Outlook
• Confidence in achieving 15% growth despite potential fluctuations
• Strong non-trade demand from infrastructure projects
• Management expects over 90% performance at the corporate level by year-end
Conclusion
• Call concluded with Diwali greetings and appreciation for participants.

Conference Call Details
• Date: August 9, 2023
• Submission Date: August 14, 2023
• Key Personnel:
• Sandip Ghose (Managing Director and CEO)
• Aditya Saraogi (CFO)
• Moderator: Rajesh Ravi (HDFC Securities)
• Availability: Transcript on company website
Company Performance Overview
• First Quarter Results:
• Satisfactory outcomes validating revised strategy
• Adoption of OKR framework for team alignment
• Mukutban Project:
• Significant cost reductions and operational efficiencies
• 21% increase in volumes compared to Q4 2022-23
• Premium product sales increased from 51% to 54%
Market Challenges and Strategies
• Maharashtra Market:
• Facing depressed prices but expanding footprint
• Increased sales of premium product, Perfect Plus
• Logistics and Distribution:
• Innovations improving efficiency and market reach
• Focus on cost management and logistics improvements
Fuel and Cost Management
• Fuel Price Reduction:
• Shift in fuel mix reduced import dependence from 41% to 29%
• Commitment to unconventional green energy
• Project Shikhar:
• Aimed at enhancing manufacturing efficiency
• Achieved savings of INR 30 per metric ton, targeting an additional INR 50
Q&A Highlights
• Volume Growth:
• Confirmed 21% year-over-year growth; commitment to 2 lakh ton exit from Mukutban
• Profitability Concerns:
• Current EBITDA per ton at 664; target of 850-860 acknowledged
• Incentives and Future Projections:
• Mukutban incentives expected to begin before Kundanganj ends
• EBITDA per ton target reiterated at 850
Environmental and Sustainability Concerns
• Biodiversity and Limestone Sourcing:
• Commitment to environmentally responsible practices
• Preparedness for limestone supply disruptions
Future Growth and Financial Management
• Growth Roadmap:
• Plans to ramp up Mukutban operations and potential new grinding units
• Focus on maintaining a debt-to-EBITDA ratio of 3
• Current Debt and Capex:
• Debt level around INR 3,600 crores; planned capex of INR 1,000 crores for FY24
Closing Remarks
• Qualitative Performance:
• Emphasis on qualitative efforts over numerical performance
• Focus on consolidating strengths to create value for investors
• Investor Communication:
• Request for improved engagement and communication with investors

Conference Call Details
• Date of Call: May 10, 2023
• Submission Date: May 15, 2023
• Participants:
• Mr. Sandip Ghose (MD & CEO)
• Mr. Aditya Saraogi (CFO)
• Hosted by: HDFC Securities
• Availability: Transcript to be published on the company's website
Company Overview
• Historical Background:
• Part of the MP Birla Group, established over a century ago in the jute industry.
• Diversified into sectors like healthcare and education.
• Commitment: Focus on social responsibility and strong governance with a majority of independent directors.
Financial Performance
• Growth Highlights:
• Acquisition of Reliance Cement doubled capacity.
• Successful integration and establishment of the Perfect Plus brand.
• Market Position:
• Improved brand equity and market presence, especially in UP.
• Premium products now account for 54% of sales.
Operational Insights
• Production and Cost Management:
• Mukutban facility achieved EBITDA positivity ahead of expectations.
• Plans to increase production from 100,000 tons to 200,000 tons by FY '24.
• Anticipated cost reductions of at least INR 50 per ton.
Future Outlook
• Market Confidence:
• Positive market elements and stable pricing conditions.
• Expected EBITDA per ton of INR 850 for the next year, with over 15% volume growth target.
• Strategic Focus:
• Emphasis on maximizing existing capacity and profitable market expansion.
Challenges and Responses
• Cost Concerns:
• Rising power and fuel costs addressed with expected reductions.
• Expansion Plans:
• Capacity increase to 25 million tons may shift due to delays.
• Focus on profitable markets before further expansion.
Incentives and Financial Projections
• Incentives:
• Total available incentives around INR 2,300 crores over 20 years.
• Delays in receipt of accrued incentives due to procedural issues.
• Financial Projections:
• Ample limestone availability and timelines for coal block commissioning to reduce fuel costs.
Conclusion
• Strategic Initiatives:
• Implementation of OKR methodology for enhanced performance.
• Closing Remarks:
• Participants thanked for their attendance and invited to disconnect.