© Nomura International plc
Ruchi Soya Industries Limited
Corporate Presentation
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• This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell anysecurities of Ruchi Soya Industries Limited (the "Company"), nor shall part, or all, of this document form the basis of, or be relied on in connection with, anycontract or investment decision in relation to any securities of the Company.
• This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by anymedium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change withoutnotice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.
• This document contains statements about future events and expectations that are forward-looking statements. These statements typicallycontain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement ofhistorical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause ouractual results, performance or achievements to be materially different from any future results, performance or achievements expressed orimplied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should betaken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on whichsuch future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions,fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actualresults, changes in assumptions or changes in factors affecting these statements.
• You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and thatyou will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business ofthe Company.
• This document speaks as of March 31, 2011. Neither the delivery of this document nor any further discussions of the Company with any of therecipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date
Page 1
Overview of Ruchi Soya Industries Ltd.
Oils66%
Extractions24%
Vanaspati6%
Food products2% Others
2%
26 33 39 52 4876
91117 127
144
182
0
50
100
150
200
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Overview of Ruchi Soya Industries
Company Profile Capacity One of the leading manufacturers of high quality edible oils, vanaspati,
bakery fats and soya foods in India
Annual turnover of over US$ 4 Bn(1) in FY11
Among the top Indian FMCG players
Branded portfolio including Nutrela, Ruchi Gold, Sunrich and Mahakosh
Present across the value chain with access to over 175,000 hectares of land in India for palm oil plantations
Listed on BSE, NSE & DSE with market capitalisation of ~US$ 787 Mn(1) (as of March 31, 2011)
Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other geographies
Growing Sales (2) Business Overview (2)
Capacity growth
0.6 0.6
2.94.0
0.1 0.3
2.1
2.3
0.1 0.1
0.5
0.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1998 2002 2008 2011
Crushing Refining Vanaspati
Revenue mix (FY11) EBIT mix (FY11)
Page 3
Crushing: CAGR 1998-2011: 16%Refining: CAGR 1998-2011: 24%Vanaspati: CAGR 1998-2011: 19%
Revenues (INR Bn)
(1) Assuming INR/USD of 44.65(2) On the basis of consolidated financials
(MT/Yr)
Oil, 59%Extraction,24%
Vanaspati, 6%
Food products,
3%
Others, 8%
Page 4
Edible oil segment
1.Standalone sales of edible oil segment of Ruchi Soya Industries Ltd.; excludes the sales for captive consumption2. Market share estimated based on edible oil sales of Ruchi Soya (excluding captive consumption) and Industry edible oil consumption based on USDA FAS data
The Company has a strong position in the edible oil segment with an estimated market share of ~14%. The company has also witnessed growth over the last 3-4 years in the institutional segment, which caters to institutional customers like, Parle, Britannia Industries, Cadbury India, Nestle India, Lotte India, Bunge India, and ITC
1,243
1,535 1,598
2,380 2,369
0
500
1,000
1,500
2,000
2,500
FY07 FY08 FY09 FY10 FY11
10.5%11.8%
11.0%
15.0%14.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
FY07 FY08 FY09 FY10 FY 11
Ruchi Soya edible oil sales(1)
Ruchi soya edible oil segment:CAGR FY07–FY11: 17%Indian edible oil: CAGR FY07–FY11: 9%
(000’MT) FY07 FY08 FY09 FY10 FY 11Industry edible oil consumption 11,807 12,970 14,559 15,853 16,862
000’MT %
Ruchi Soya edible oil market share(2)
Source: USDA FAS
Evolution of Ruchi Soya Industries
Page 5
Expansion of extraction and refining capacity
Focus on branded products
Increased port based refining
Focus on developing upstream business
Secure access to 175,000 hectares of palm
plantation in India
Efforts to secure international land bank access
underway
Primary focus on inland crushing
High proportion of revenue from trading activities
0
0.5
1
1.5
2
2.5
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Years
Refining CapacityRevenue
2006: International Equity Offering (GDR) of ~US$60Mn
Consolidation of group companies, through scheme of amalgamation,leading to increase in total capacity of the Company
Acquisition of companiesMac Oil & Palm-Tech, through scheme of amalgamation,leading to increase in access to 175000 Ha of land in India for Palm Oil Plantations.
Consolidated revenues (INR Mn)
(MT)
(INR Mn)
Key Highlights
Key Highlights
Favourable Industry
Dynamics
Scale & Extensive Distribution
Reach in India
Strong Brands in India
Strong Risk Management
Experienced Management
Page 7
Fully Integrated Operations
Strong Market Position in Edible
Oils in India
43% 17% 14% 9%
7%
5%
4%Palm SoyabeanRapeseed PeanutCottonseed SunflowerseedOther
Global Industry Overview
World Edible Oil Consumption World Edible Oil Production
India is a leading consumer of edible oil with high growth expectation
Palm and Soyabean oil constitute ~61% of the Global Edible Oil Demand
Page 8Source: Global Edible Oil Demand as per USDA FAS
Source: USDA FAS
Source: USDA FAS
Indonesia
37 41 44 45 49
36 38 36 38 4217 18 20 22
2311 10 12 11 1120 21 21 21 22
020406080
100120140160
FY07 FY08 FY09 FY10 FY11
(MnT)
Palm oil Soyabean oil Rapeseed oil Sunflowerseed oil Others
FY07-FY11 CAGR
Argentina
7%
4%
8%1%
2%
Indonesia19%
Malaysia14%
China13%Europe
11%
United States
7%
Argentina6%
India5%
Other27%
Brazil, 4%
China, 19%
Argentina, 2%
Europe, 17%India, 11%US, 8%
Others, 38%
India Edible Oil Industry: High growth potential
Indian Edible oil demand being substantially met by imports as domestic production has lagged
Oil Consumption growing inline with growth in population …
…getting turbo charged by growing per capita income
Edible oils have a significant share in Indian agricultural imports
Source: USDA FAS Page 9
Source: USDA FAS, IMF
Source: USDA FAS
Significant growth in per capita consumption can be expected as Indian per capita GDP continues to grow
Source: USDA FAS, IMF
India
Pakistan
Indonesia
China
Argentina
Mexico
BrazilRussia
101214161820222426
0 2,000 4,000 6,000 8,000 10,000 12,000
Per capita consumption (kg / yr)
GDP / capita (US$)
Edible Oil43%
Wood Products
16%
Pulses16%
Cashew Nuts7%
Fruits & Nuts6%
Cotton5%
Others7%
Robust growth in consumption of edible oil .. Rising deficit with domestic production not being able to keep pace
6 7 6 7 7 6 7
5 5 5 6 8 9 9
0
4
8
12
16
20
FY05 FY06 FY07 FY08 FY09 FY10 FY11
MnT
India ProductionIndia Imports
CAGR Imports: 11%CAGR Production : 2%
443446
459
523
601
694
763
945
1,058
1,265
1,382
0
5
10
15
0
500
1,000
1,500
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
E20
11E
(Kg / year)
GDP / capita Per capita consumption
US$
1,0431,060
1,078
1,096
1,113
1,131
1,148
1,165
1,182
1,199
1,216
024681012141618
950
1,000
1,050
1,100
1,150
1,200
1,250
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Mn MT
Population Total oil consumption
Mn
Source: USDA FAS, IMF
947 1,054 1,038 1,049 1,141
3,6715,065
6,475 6,7507,7501,433
1,582
1,455 1,385
1,427
2,133
1,967
2,095 2,252
2,274
2,500
2,330
2,3002,670
2,700
600
398
731
852
930
523
574
667
674
0
4,000
8,000
12,000
16,000
FY07 FY08 FY09 FY10 FY11
000'MT
Cottonseed Palm Peanut Rapeseed Soybean Sunflowerseed Other
India Edible Oil Industry: High growth potential (Cont’d)
India Edible Oil Imports
Page 10Source: USDA FAS
India Edible Oil Consumption
Palm oil consumption in India has seen significant growth, and is primarily met through imports, leaving significant room for growth in domestic production
3,650
5,015
6,8676,400
7,200
1,447
733
1,0601,500
1,000
20318
583 550720
140151
230 230
0
3,000
6,000
9,000
FY07 FY08 FY09 FY10 FY11
000'MT
Source: USDA FAS
11, 807
5,440
5,917
8,7408,680
9%
21%
FY07-FY11 CAGR
14%
19%
FY07-FY11 CAGR
12,970
14,55915,853 16,862
2509,170
Scale & Extensive Distribution Reach in India
Pan India Presence
Cities Activity Access to PortsCrushing Refining Vanaspati Soyafood
1 Jammu 2 Ganganagar 3 Baran 4 Kota 5 Guna 6 Kandla 7 Shujalpur 8 Piparia 9 Gadarwara 10 Haldia 11 Manglia 12 Nagpur 13 Washim 14 Daloda 15 Patalganga 16 Mangalore 17 Chennai 18 Kakinada (A.P) palm mill
19 Vijaywada (A.P) palm mill
Page 11
Manufacturing facilities across 19 locations in India, giving access to markets across India
92 company depots (with storage and other logistical facilities) which serve 4,230 distributors across the country reaching 510,000 retail outlets
All refining plants located near ports, providing easier access to imported edible oil
Distribution through pipes at ports saves transport cost and time Inland crushing plants located in key soyabean and mustard
producing states
Crushing in Soya bowl of India
Proximity to Ports
Pan India Footprint
Strategically located facilities striking the right balance between proximity to raw materials (cultivating states and ports)and proximity to markets, with an aggregate daily crushing capacity of 13,694 MT of oilseeds and aggregate refining capacity of 7,570 MT of oil
2
3
16
1718
11
6 1314
12
4
7
15
10
8
9
Depot
Plant location
Office
Jammu
ParwanooDamtal
Dehradun
AmritsarRajpura
ChandigarhLudhiana
Bhatinda RoorkeeKarnal Meerut
BarellySaharanpur
Gurgaon Delhi
HapurKanpur Agra Allahabad
Gorakhpur Guwahati
PatnaDhanbad
RaniganjSiliguri
HaldiaKolkata
Ranchi
JeyporeSambalpur
Cuttack
Gwalior
Gaderwada
Raipur
BilaspurNagpur
Warangal
BerhampurVijaywada
HyderabadVizag
Ongole
KakinadaTirupathiKurnool
GulbargaDavangere
Guna
Piparia
Shujalpur
Manglia
Indore
SriganganagarJaipur
JodhpurSumerpur
Baran
Kota
Udaipur
Kandla
Ahmedabad
Nashik
PuneMumbai
BhiwandiPatalganga
BelgaumGoa
Manglore
ShimogaBanglore
Kumbakonam
Chennai
Mysore
Hassan
Kasargod
Cochin
Palghat
Calicut
Trichy
PondicherryVellore
Madurai
Villupuram
Erode
Salem
Bellary
Bijapur
Hubi
Varanasi
Rewari
Coimbatore
Manufacturing locations
Note: Distribution network as of March 2011 ;
Highlights19
1
Washim
Daloda
5
9
18
23
32
37
33
39
0
5
10
15
20
25
30
35
40
45
FY05 FY06 FY07 FY08 FY09 FY10 FY11
INRBn Nutrela – Food products/
Refined Oils (Soyabean, Groundnut, Cottonseed, Sunflower, Mustard and Ricebran)
Nutri Gold – Vanaspati
Mahakosh – Refined Oils (Soyabean, Groundnut, Cottonseed and Ricebran) / Vanaspati
Sunrich – Refined Sunflower Oil
Ruchi Gold – Refined Oils (Mustard and Palmolein)
Ruchi Star – Refined Soyabean Oil
Ruchi No. 1 – Vanaspati
Strong Brands in India
Prem
ium
Page 12
Track record of successfully creating brands in a highly commoditized industry
Key Brands Branded Sales
Valu
eM
ass
18%
21%Branded Sales as % of
Consolidated Total Sales
Fully Integrated OperationsHealthy mix of midstream and downstream, and well on its way to develop an upstream business
Origination– Palm plantations across
Andhra Pradesh, Karnataka, Mizoram, Gujarat, Orissa and Tamil Nadu
– Exclusive access to total agricultural land of 175,000 hectares
Processing– Daily capacity (MT):
– Crushing:13,694– Crude Oil: 2,465– Soya Meal: 11,029– Refining: 7,570– Vanaspati & bakery fats:
1,565– Textured soya protein: 507– Edible soya flour: 200
Products– Key products
– Edible oil– Seed extractions, – Vanaspati – Food productions
– Key brands include Nutrela, Ruchi Gold, Ruchi Star, Sunrich and Mahakosh
Merchandising and distribution– 92 company depots through
India with storage and logistical facilities
– Pan India distribution network covering 4,230 distributors
Origination CustomerProcessing ProductsMerchandising
and distribution
Finance / Risk management / Logistics coordination
Information flows / Visibility across value chain
Page 13
Strong Risk Management
Page 14
Source: IMFRapeseed refers to - Rapeseed Oil; Crude, fob RotterdamSoya refers to - Soybean Oil, Chicago Soybean Oil Futures (first contract forward) exchange approved grades, US$ per metric tonnePalm refers to - Palm oil, Malaysia Palm Oil Futures (first contract forward) 4-5 percent FFA, US$ per metric tonne
The Company has effectively maintained revenue growth and profitability through the volatility of commodity cycles, over the last decade
261 361 320 383 505851
1,036
1,658
974
1,749
2,252
0
400
800
1,200
1,600
2,000
2,400
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jan-
02M
ay-0
2Se
p-02
Jan-
03M
ay-0
3Se
p-03
Jan-
04M
ay-0
4Se
p-04
Jan-
05M
ay-0
5Se
p-05
Jan-
06M
ay-0
6Se
p-06
Jan-
07M
ay-0
7Se
p-07
Jan-
08M
ay-0
8Se
p-08
Jan-
09M
ay-0
9Se
p-09
Jan-
10M
ay-1
0M
ar-1
1
(US$ / MnT)
Rapeseed Soya Palm
Consolidated Net Income (INR Mn)
26 33 39 52 4876 91
117 127144
182
0
50
100
150
200
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Consolidated Revenues (INR Bn)
Experienced Management Experienced management team with over four decades of industry experience Credited with the growth and development of the soya and soya processing industry in India Key members have served or are currently serving as officers of various industry bodies, recognizing their standing in sector
Managing Director of Ruchi Soya Industries Ltd. since 1986 Over 30 years of experience in the soya and edible oil industry Also serves as a Non Executive Director of Ruchi Infrastructure Ltd. Mr. Shahra holds a degree of Bachelors in Chemical Engineering
Responsible for operations in all the port based refineries Over 17 years of experience in the relevant operations, including in Ruchi Soya since 2006 Mr. Shahra holds a degree of Bachelors in Commerce and Masters in Business Administration
Oversees Strategy, M&A and International Expansion Previously, served as the President and Chief Executive of Agri Business and Food Supply Chain at
Reliance Retail Limited from 2006 to May 2010 Mr. Asthana has previously also held the position of business head, grains and oilseeds, at Cargill
Joined Ruchi Soya Industries in 2009 Previous experience includes 16 years in Asian Paints (holding positions including, Regional Head-
S.Pacific, China & Hongkong and CEO for Bangladesh and Dubai) and 4 years in ITC Ltd. (Agri Business)
Core Management Team
Source: Company.
Over 24 years of experience, including ~16 years in Ruchi Soya Responsible for Finance and Treasury operations Qualified chartered accountant, cost accountant and company secretary
Mr. Dinesh ShahraManaging Director
Mr. Nitesh ShahraPresident, Refinery Business
Mr. Sanjeev AsthanaDirector
Mr. V. Suresh KumarHead, Corporate Finance
Mr. RV RamanujamChief Operating Officer
Page 15
Strong Market Position in Edible Oils in IndiaAmong the oldest and most established edible oil players in India
Market Position in India(1)
Select Awards Received
Page 16
National energy conservation awards
Edible oil / Vanaspati
Globoil gold & Other awards
Management awards Ruchi soya awards
No.1 M.D. for 2010 by Business World
- Dinesh Shahra
Globoil man of the year 2010
Nitesh Shahra
Globoil man of the decade award in the year 2006
Dinesh Shahra
Legend of the year 2003
Kailash Shahra
Highest exporter of oil meals
(2010/ 09 / 07 / 06 / 04 / 03 / 00 /
99 / 98)
Highest importer of edible oil
(2010/ 09 / 07 / 06 / 03 / 98)
Outstanding Performance for a
decade in Import of edible oil (09)
Outstanding Performance for a
decade in Export of oil meal (09)
1st
1st
Chennai Plant (2008)Chennai Plant (2007)
Karnataka Plant (2009)2nd
2nd
Among the leading importers of edible oil
Among the leading exporters of meal/oil seed extracts
Exports/Imports
Among the largest capacities
Crushing capacity (13,694MT/day)
Refinery capacity (7,570MT/day)
Access to one of the largest palm oil plantations in India
Capacity
One of the leading Indian Edible oil players in terms of Volumes
Very strong position in Palmolein Oil
Extensive portfolio of brand sales in edible oil segment
Branded Products
1st Gujarat plant (2008)
1st
(1) Based on company estimates
Awards to the Company Largest Food & Agriculture Company in India – Fortune India 2010
One of the only two Indian Companies featured in the World's 50 fastest growing consumer firms during the June 2009-June 2010 period.
Ranked 20th fastest growing consumer companies across the globe during June 2009-10 – Deloitte
Business Strategy
Expansion into upstream business in order to enhance margins as well as secure supply chain. Improving ability to source raw materials required from multiple sources in a timely and cost effective manner, with reduced
dependence on third parties. In FY2010, the Company acquired 2 entities with exclusive rights to cultivate palm plantations in two of the key palm
producing states in India. The Company entered into MoU with State governments securing access to a portion of the palm fruit produce at certain
plantations.
Sustained expansion in capacity to meet the growing demand of Edible oil in India, in addition to helping the Company realize efficiencies and economies of scale.
In the process of expanding CPO (crude palm oil) refining capacity by 1 Mn MTPA by calendar year 2011.
Focus on maintaining leadership position in the branded edible oils segment in India. Increase of sales and marketing efforts in regions where the Company does not have a strong presence, particularly towns
with population less than 50,000. Increased focus on R&D activities on expanding product range.
New health-focused product development to be marketed under the “Nutrela” brand. Focus on bakery shortening business along with leveraging the opportunities available in mustard branded sales ,
palm and soya products.
Diversify geographic footprint, and enhance scale and reach of operations. Explore opportunities to produce and sell edible oil in other emerging markets. Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other
geographies.
Backward Integration
Page 17
Expansion of installed capacity
Greater focus on branded portfolio
Increasing Global Presence
Key Highlights
Favourable Industry
Dynamics
Scale & Extensive Distribution
Reach in India
Strong Brands in India
Strong Risk Management
Experienced Management
Page 18
Fully Integrated Operations
Strong Market Position in Edible
Oils in India
Appendices
Market and Ownership Overview
Sr No. Name of the shareholderShares as % of
total no. of shares
1 Vs Net Ltd 6.61%
2 Sawit Plantationa Pte. Ltd. 5.90%
3 Cresta Fund Limited 3.66%
4 Albula Investment Fund Limited 3.45%
5 Aiwo Ltd 3.34%
6 Merrill Lynch Capital Markets Espana 1.38%
7 Merdale Investment Co. Limited 1.28%
8 Clemfield Industries Limited 1.20%
Total 26.82%
Top Holders (1) Shareholding Pattern (1)
Indexed Stock Price Performance - 5 yearsEquity Capital Face Value @ INR 2
INR 665Mn
Closing Price(3) INR105.65
52 Week – High – LowINR142.45 (H)INR79.85 (L)
No. of shares outstanding (Mn) (3) 332.50
Market Capitalization(3) INR 35.13 Bn (US$ 787 Mn)
1. Source: Notice to NSE post amalgamation Sunshine Oleochem Limited with Ruchi Soya Industries Limited, as of Septermber 24, 20102. As of March 31, 2011 INR/USD of 44.653. Source: NSE
Capital Market Data(3)
Page 20
158%
0
50
100
150
200
250
300
350
08/2005 06/2006 04/2007 01/2008 11/2008 09/2009 07/2010
Indexed
Ruchi Soya
Promoter52%
Non institutional31%
FII16%
FI / Bank1%
Summary Financials – Consolidated
INR Mn FY07 FY08 FY09 FY10 FY 11
Consolidated Profit and Loss statement:
Total Revenue 90,695 117,202 127,423 143,943 182,311
EBITDA 3,034 4,385 2,905 4,443 5,946
PBT 1,610 2,639 1,572 2,809 3,603
PAT 1,036 1,658 975 1,749 2,252
Consolidated Balance Sheet
Net Fixed Assets Incl. CWIP 10,780 12,017 14,137 20,942 24,181
Current Assets, Loans and Advances 32,185 51,369 49,951 57,709 87,808
Current Liabilities and Provisions 17,358 31,817 32,739 34,148 43,890
Loans 16,091 19,898 18,515 24,561 45,083 (1)
Share Capital 817 1,054 1,055 825 (2) 685 (2)
Reserves and Surplus 8,219 10,199 11,005 18,638(3) 21,370
Page 21
Source: Company filings1. Including short term loans of INR 17617 Mn, which are guaranteed by banks against fixed deposits in the banks2. Share capital takes into account redemption of preference shares capital in FY 10 , conversion of share warrants and share capital suspense on amalgamation into equity shares in FY 11.3. Includes increase on account of revaluation of fixed assets pursuant to scheme of amalgamation
90117 127
144
182
0
40
80
120
160
200
FY07 FY08 FY09 FY10 FY11
INR Bn
Summary Financials - Consolidated
Source: Company Filings1. Net Worth takes into account the redemption of preference shares and revaluation of fixed assets pursuant to scheme of amalgamation
Page 22
Revenues EBITDA Net Income
Net Worth(1) Total Assets
3.0
4.4
2.9
4.4
6.0
01234567
FY07 FY08 FY09 FY10 FY11
INR Bn
1.0
1.7
1.0
1.82.2
0
1
2
3
FY07 FY08 FY09 FY10 FY11
INR Bn
4363 64
79
113
020406080
100120
FY07 FY08 FY09 FY10 FY11
INR Bn
9 11 12
20 22
0
10
20
30
FY07 FY08 FY09 FY10 FY11
INR Bn
Process Flow Diagram
Soybean extraction plant
Page 23
Beans
Full Flat Flakes
Refined Soya Oil
Vanaspati
Dom Bagging
Cleaning, Cracking, Dehulling, Conditioning, Flaking
Defatted Soya Flakes
Oil Extraction
Soya Flour
Grinding
Textured Soya Protein
ExtrusionSoya Meal
Toasting
Grinding/Grading
Hydrogenation
Crude Soyabean oil
Abbreviations
Page 24
Abbreviations Used Description
FY Financial Year
Mn Million
Bn Billion
yr Year
MT Metric Tonnes
MTPA Metric Tonnes per annum
BSE Bombay Stock Exchange
NSE National Stock Exchange
DSE Delhi Stock Exchange
INR Indian Rupee
US$ United States Dollar
USDA FAS United States Department of Agriculture Foreign Agricultural Service
IMF International Monetary Fund
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