Shree Renuka Sugars Ltd is a leading global agribusiness and bioenergy corporation. It is the 5th largest sugar producer in the world with sugar and ethanol production facilities in India and Brazil. The presentation provides details on the company's production capacities, financial performance, strategies in the Indian and Brazilian markets and goals to expand its integrated sugar and ethanol business globally.

1. power
Shree Renuka Sugars Ltd
Corporate Presentation
ethanol
sugar

2. sugar
§ About Shree Renuka Sugars Ltd
• Background
• Production and Refining Capacity
§ Indian Market
• Indian Sugar Policy
• Indian Fuel Ethanol
• Ethanol Blending Program
§ Brazil Operations
• Vale do Ivai
• Renuka do Brasil S/A previously known
as Equipav
§ Financial Results

3. sugar
§ About Shree Renuka Sugars Ltd
• Background
• Production and Refining Capacity
§ Indian Market
• Indian Sugar Policy
• Indian Fuel Ethanol
• Ethanol Blending Program
§ Brazil Operations
• Vale do Ivai
• Renuka do Brasil S/A previously known
as Equipav
§ Financial Results

4. About Shree Renuka Sugars Ltd
o Transnational agribusiness & bio-energy corporation
o 5th largest sugar producer in the world & one of the largest refiners globally
o Leading manufacturer of sugar in India, the world’s largest market
• Operates 7 sugar mills with a total crushing capacity of 35,000 tons crushed per day
• Two large port based sugar refineries with capacity 1.7 mn tons per annum
o Significant presence in South Brazil, the most cost-efficient & scalable production area
• Total cane crushing capacity of 14 mn tons
o Market capitalization of 1,395 mn USD as on 15th Nov, 2010
Brazil
India
4

5. Key Businesses
Sugar
Indian integrated Cane Ethanol
Processing
Power
o India importing sugar : Import raw sugar, sell refined sugar locally
India-based, Asian refining o India exporting sugar : Refine local raw sugar, sell internationally
o Tolling operation : Import & re-export to capture white premium
Sugar
Brazil plantation and Integrated Ethanol
processing
Power
5

6. SRSL Production Capacities - India
Cane Crushing Ethanol Sugar Refining Power
2010 35,000 (tcd) 930 KLPD 6,000 TPD 203MW (111MW
7.1 mn tons/yr Surplus)
Cane Crushing Ethanol Sugar Refining Power
2011 35,000 (tcd) 1,200 KLPD 9,000 TPD 233MW (135MW
7.1 mn tons/yr Surplus)
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7. Sugar Refining – Asia Wide Coverage
Middle East
Kandla
Haldia
East Africa West Coast
South East Asia
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8. sugar
§ About Shree Renuka Sugars Ltd
• Background
• Production and Refining Capacity
§ Indian Market
• Indian Sugar Policy
• Indian Fuel Ethanol
• Ethanol Blending Program
§ Brazil Operations
• Vale do Ivai
• Renuka do Brasil S/A previously known
as Equipav
§ Financial Results

9. Indian Sugar Policy
o Indian Sugar Export Policy
• Exports were restricted due to deficit in the past few years
• Advanced License Scheme for G2G is allowed
• Advanced License Scheme for T2T is allowed subject to timing & release order
o Open General License
• Expected between 500,000 MT to 1,000,000 MT
• Depends on Government policy based on actual production
9

10. Sugar Supply and Demand
(Figures in mn tons)
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11E
Opening Stock as on 1st Oct 8.50 4.60 4.00 10.60 10.20 4.20 5.60
Production during the Season 12.70 19.20 28.30 26.50 14.60 18.80 25.50
Imports 2.00 0.10 - - 2.60 4.10 -
Total Availability 23.20 23.90 32.30 37.10 27.40 27.10 31.10
Off-take
I) Internal Consumption 18.50 18.80 20.50 22.00 23.00 21.20* 23.00
II)Exports 0.10 1.10 1.20 4.90 0.20 0.30 3.00
Total offtake (I) + (II) 18.60 19.90 21.70 26.90 23.20 21.50 26.00
Closing Stock as on 30th Sept. 4.60 4.00 10.60 10.20 4.20 5.60 5.10
Months of Inventory 2.98 2.55 6.20 5.56 2.19 3.43 2.60
* despatched sugar quantity, variation due to squeezing of pipeline stocks
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11. Sugar Price Comparison
4,000
World White Sugar Indian White Sugar
World Raw Sugar
3,500
3,000
in Rs. /Quintal
2,500
2,000
1,500
1,000
Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10
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12. Indian Fuel Ethanol
o Indian Fuel Ethanol Policy
• Current gasoline blend prescribed is 5% but supply is a constraint
• Technical clearance for a blend upto 10% in all existing vehicles
• Ethanol price provisionally fixed at Rs. 27 per litre to start with
• Price will be set by an independent expert committee thereon
• Amount of Ethanol required for a 5% blend is 1,050 mn litres per annum growing at 10%+
• Long Term Bio-fuel policy -
§ 20% blending of Ethanol (E20) intended by 2017
o Alcohol Markets in India
(in mn litres)
Sector 2009-10 2010-11 (E)
Potable 1,100 1,200
Chemical 400 400
Fuel* 300 1,050
Total 1,800 2,650
* At 5% blend
Source: Company Estimates
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13. Ethanol Blending Program
o EOI called to supply ethanol to 19 states @ 5% blend:
Interim rate fixed ex-works Rs. 27/litre
Quantity required 1,051 mn litres
EOI period 1 year upto end of September, 2011
o Update on the EOI:
Offered quantity from the suppliers 1,011 mn litres
Quantity approved for blending 717 mn litres
Orders placed 580 mn litres
o Only indigenously manufactured ethanol was approved by OMCs
o SRSL received LOI to supply 118 mn litres
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14. sugar
§ About Shree Renuka Sugars Ltd
• Background
• Production and Refining Capacity
§ Indian Market
• Indian Sugar Policy
• Indian Fuel Ethanol
• Ethanol Blending Program
§ Brazil Operations
• Vale do Ivai
• Renuka do Brasil S/A previously known
as Equipav
§ Financial Results

15. Brazil Operations
o Shree Renuka is the second largest buyer
of raw sugar world-wide since 2009 and
buys 100% of its requirements from Brazil
o Shree Renuka has acquired two
companies in Brazil
• Vale do Ivai is a wholly owned
subsidiary of SRSL
• SRSL owns 50.34% of the Renuka do
Brasil S/A
• Combined crushing capacity of 14 mn
Captioning image
tons (under expansion to 15.5 mn mt)
o Total inward investment in Brazil so far is
USD 350 mn
15

16. SRSL Production Capacities - Brazil
Cane Crushing Ethanol Raw Sugar Power
2010 59,520 (tcd) 5, 310 KLPD 4,315 TPD 221 MW (139 MW
13.6 mn tons/yr 1,062 mn litres/yr 863,000 tons/yr Surplus)
Cane Crushing Ethanol Raw Sugar Power
2011 71,720 (tcd) 6,910 KLPD 5,750 TPD 313 MW (215 MW
15.5 mn tons/yr 1,382 mn litres/yr 1,150,000 tons/yr Surplus)
16

17. Synergy of Brazil Investment With Asia
o Asian demand
• India, South Asia and the Middle
East emerging as the largest sugar
import markets in the world with
increasing challenges of land and
water availability
o Efficient farming and manufacturing
in Brazil
• Sugar/ ethanol sector in Brazil has
low operating cost, high
scalability and highly conducive
climatic conditions
• Ability to cultivate significant Captioning image
portion of cane supply allows
capture of value of the agricultural
part of the business
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18. Vale do Ivai
Captioning image
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19. About Vale do Ivaí
o Vale do Ivaí has two mills in the state of
Parana, Brazil with surrounding cane plantations
o Currently the company has an installed crushing
capacity of 3.1 mn tons in two mills: São Pedro do
Ivaí (PR) & Cambuí (PR)
o The average distance between VDI processing
plants and sugarcane farms is around 14 km, a
decided logistics advantage
o Vale do Ivaí is located close to ethanol distributors
and the Port of Paranagua (551 km)
o Vale do Ivaí owns equity in four logistics
organizations that contribute to make it very
competitive for export logistics
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20. Operational Performance of Vale do Ivaí
Particulars Jul-10 to Sep-10 Jul-09 to Sep-09 (%) Variation
Sugarcane Crushed (tons) 676,865 465,869 45%
ATR (kg/ tons) 135.90 124.90 9%
Sugar produced (tons) 68,494 33,984 102%
Ethanol Produced (m3) 16,788 15,093 11%
Captioning image
Molasses Produced (tons) 7,552 3,009 151%
As of 10th Nov 2010: Cane Crushed(mn mt): 1.44, Sugar(mt): 126,424, Ethanol(m3)
21,876, Molasses (mt): 13,182
Captioning image
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21. Renuka do Brasil S/A
Captioning image
21

22. About Renuka do Brasil S/A
o Shree Renuka Sugars Ltd has acquired a controlling
equity stake of 50.34% in Renuka do Brasil S/A for
an investment of R$ 450 mn (USD 250 mn)
o Renuka do Brasil S/A is one of the largest
sugar/ethanol companies in Sao Paulo state in
Southeast Brazil with two very large and modern
mills with integrated cogeneration capacity
o Combined cane crushing capacity of 10.5 mn tons
of cane per annum (44,400 tcd) & a co-generation
capacity of 203 MW Revati
Brejo Alegre - SP
o The mills will be expanded to a combined capacity of
12.0 mn tons (56,600 tcd) per annum and 295 MW
with a capital expenditure of R$ 218 mn
o Name of the Biopav mill has been changed to Revati
22

23. Operational Performance of Renuka do Brasil
Particulars Jul-10 to Sep-10 Season till 30-Sep-2010
Crushed (t) 3,165,870 6,325,072
Sugar (t) 228,662 393,948
VHP (t) 133,177 295,366
White (t) 95,485 98,582
Ethanol (m3) 139,139 258,639 Captioning image
Hydrous 46,549 94,734
Anhydrous 92,589 163,904
Energy Exported (MWh) 138,735 257,174
Yeast (t) 2,588 4,520
ATR (Kg/t) 147.9 132.6
As of 10th Nov 2010: Cane Crushed(mn mt): 7.44 , VHP Sugar(mt): 355,781, White Captioning image
Sugar(mt): 107,001 Ethanol(m3): 308,453
23

24. Crushing Capacity ranking in Brazil
Crushing Capacity (mmt) – 2009-10
60
23 other Cosan 60
50 companies with
ETH + Brenco 37
crushing
40 capacity of 12
Louis Dreyfus 36
mmt to 4 mmt
30 Guarani 21
20 Usaacusar 17
Bunge 16
10
Renuka (post expansion) 15.5
0
Renuka (Current) 14
Coruripe
Renuka (Current)
Bunge
Lincoln Junqueira
Cosan
Sao Martinho
Guarani
Renuka (post expansion)
Usaacusar
ETH + Brenco
Louis Dreyfus
Lincoln Junqueira 13
Sao Martinho 13
Coruripe 13
Source: Itau BBA
Shree Renuka Sugars is the seventh largest by crushing capacity in Brazil
24

25. sugar
§ About Shree Renuka Sugars Ltd
• Background
• Production and Refining Capacity
§ Indian Market
• Indian Sugar Policy
• Indian Fuel Ethanol
• Ethanol Blending Program
§ Brazil Operations
• Vale do Ivai
• Renuka do Brasil S/A previously known
as Equipav
§ Financial Results

26. Financial Results
(Rs. in mn)
EBITDA
80,000 Total Revenues FY06 1,664 FY07 1,496
for FY10 is
70,000 Rs. 78,639 mn FY08 2,678 FY09 4,721
60,000 FY10* 14,145
50,000
PAT
40,000 FY06 1,205 FY07 830
30,000 FY08 1,339 FY09 2,235
20,000 FY10* 6,922
10,000
TOTAL REVENUES
0
FY06 11,111 FY07 9,682
FY 06 FY 07 FY 08 FY 09 FY 10*
FY08 21,295 FY09 28,225
EBITDA PAT Total Revenues
FY10* 78,639
Note: Financial Year: Oct-Sept * Unaudited Financial Results
26

27. Consolidated – P & L
(Rs. in mn)
FY 10* FY 09 FY 08 FY 07 FY 06
Total Revenues 78,639 28,225 21,295 9,682 11,111
EBITDA 14,145 4,721 2,678 1,496 1,664
Interest 2,870 1,077 701 180 188
Depreciation 2,586 676 369 249 89
PBT 8,689 2,968 1,608 1,066 1,388
PAT 6,922 2,235 1,339 830 1,205
EPS 10.66 7.80 4.31 33.01 51.34
Note: Financial Year: Oct-Sept Face Value Re.1 * Unaudited Financial Results
Bloomberg Symbol- SHRS:IN
Reuters Symbol - SRES.BO, SRES.NS
NSE Symbol – RENUKA.NS
BSE Symbol - 532670
27

28. Consolidated – Balance Sheet
(Rs. in mn)
FY 09 FY 08 FY 07 FY 06
SOURCES OF FUNDS
Shareholders’ Funds
Share capital 523 507 311 238
Reserves and surplus 14,779 7,829 4,128 2,782
Net Worth 15,301 8,336 4,439 3,020
Minority interests 147 533 – –
Loan Funds (Secured & Unsecured) 13,427 8,595 6,470 3,711
Deferred Tax Liability 821 467 202 57
Total 29,697 17,931 11,111 6,788
APPLICATION OF FUNDS
Net block (Fixed Assets) 14,149 7,516 5,623 1,194
Capital work-in-progress 2,585 5,212 2,087 3,323
Investments 477 310 161 -
Net Current Assets 12,459 4,877 3,218 2,195
Other Expenditure 28 16 22 76
Total 29,697 17,931 11,111 6,788
* Unaudited Financial Results
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29. Results for Q4FY10 – Consolidated
(Rs. in mn)
Year Ended Year Ended
Quarter Ended Quarter Ended
Particulars 30.09.2010 30.09.2009
30.09.2010 30.09.2009
(Unaudited) (Audited)
Total income 25,712 10,876 78,639 28,225
Total expenditure 21,180 9,238 64,494 23,504
EBITDA 4,532 1,638 14,145 4,721
Interest 1,670 203 2,870 1,077
Depreciation 1,600 197 2,586 676
Profit before tax 1,262 1,238 8,689 2,968
Profit after tax 1,401 1,009 7,161 2,248
Profit after minority interest 1,171 1,020 6,924 2,243
Profit after prior period adjustments 1,169 1,012 6,922 2,235
Earnings per share (EPS) 1.75 3.41 10.66 7.80
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30. Results for Quarter ended 30.9.2010 – VDI
(Rs. in mn)
Particulars Quarter Ended 30.09.2010
Total income 1,960
Total expenditure 1,161
EBITDA 799
Interest 222
Depreciation 311
Profit before tax 267
Profit after tax 229
30

31. Results for Quarter ended 30.9.2010 – Renuka do Brasil (formerly Equipav S/A)
(Rs. in mn)
Particulars Quarter Ended 30.09.2010
Total income 6,928
Total expenditure 4,297
EBITDA 2,631
Interest 1,155
Depreciation 1,046
Profit before tax 430
Profit after tax 471
Profit after minority Interest 237
Profit after prior period adjustments 237
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32. Shareholding Pattern
As on 30th September, 2010
(%)
Founders 37.95
Foreign Institution Investors 25.34
Financial Institutions/Banks/ Mutual Funds 8.17
General Public 24.64
Development Foundation and Employees Trust 3.90
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33. power
Shree Renuka Sugars Ltd
THANK YOU
Corporate Office
ethanol 7th Floor, Devchand House
Shiv Sagar Estate, Dr. Annie Besant Road,
Worli, Mumbai-400 018.
sugar
Tel: +91-22-2497 7744 / 4001 1400
Fax: +91-22-2497 7747
www.renukasugars.com