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Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:
• This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any
securities 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, any
contract 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 any
medium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change without
notice. 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 typically
contain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement of
historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be
taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which
such 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 actual
results, 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 that
you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of
the Company.
• This document speaks as of October 4, 2010. Neither the delivery of this document nor any further discussions of the Company with any of the
recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date
Page 1
2633
39
52 48
76
91
117127
144
0
20
40
60
80
100
120
140
160
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
Overview of Ruchi Soya Industries Limited
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$3.1Bn(1) in FY10
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$870 Mn(1) (as
of October 1, 2010)
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
2.2
0.10.1
0.5
0.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1998 2002 2008 2010
Crushing Refining Vanaspati
Revenue mix (FY10) EBIT mix (FY10)
Page 3
Crushing: CAGR 1998-2010: 17%
Refining: CAGR 1998-2010: 29%
Vanaspati: CAGR 1998-2010: 22%
Revenues (INR Bn)
Oils71%
Extractions14%
Vanaspati6%
Food products2%
Others7%
Oils63%
Extractions18%
Vanaspati5%
Food products3%
Others11%
(1) Assuming INR/USD of 46.0(2) On the basis of consolidated financials
(MT/Yr)
Page 4
Edible Oil Segment
1.Standalone sales of edible oil segment of Ruchi Soya Industries Ltd.; excludes the sales for captive consumption
2. Market share estimated based on edible oil sales of Ruchi Soya (excluding captive consumption) and Industry edible oil consumption based on USDA FAS data.
3. The Company caters to the listed Institutional customers on a non-exclusive basis,
The Company has a strong position in the edible oil segment with an estimated market share of ~15%. The company has
also witnessed growth over the last 3-4 years in the institutional segment, which caters to institutional customers(3) like,
Parle, Britannia Industries, Cadbury India, Nestle India, Lotte India, Bunge India, and ITC
1,243
1,5351,598
2,380
0
500
1,000
1,500
2,000
2,500
FY07 FY08 FY09 FY10
10.5%
11.8%
10.8%
15.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
FY07 FY08 FY09 FY10
Ruchi Soya edible oil sales(1)
Ruchi soya edible oil segment:
CAGR FY07–FY10: 24%
Indian edible oil: CAGR FY07–FY10: 10%
(000’MT) FY07 FY08 FY09 FY10
Industry edible oil consumption 11,807 12,970 14,761 15,632
000’MT %
Ruchi Soya edible oil market share(2)
Source: USDA FAS
0.1 0.1 0.1
0.30.4
1.0 1.0
2.1 2.1 2.12.2 2.3
Evolution of Ruchi Soya Industries
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Consolidated Revenues (INR Mn)
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
Revenues (INR Mn)
2006: International
Equity Offering (GDR) of
~US$60Mn
2009-2010: Acquisition
of Palm Tech and Mac
Oil Palm(1)
Refining Capacity (MT)
Primary focus on inland crushing
High proportion of revenue from trading activities
Consolidation of group
companies engaged in
soya and edible oil
businesses, through
scheme of amalgamation.
Leading to increase in total
capacity of the Company
1. Secured access to 75,000 hectares of oil palm plantations and added palm fruit processing capacity of 518,400 MTPA as a result of the Mac Oil and Palm Tech acquisitions
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 8
Indonesia
18%
Malaysia15%
China13%Europe
12%
United States
7%
Argentina
5%
India5%
Other26%
Source: Global Edible Oil Demand as per USDA FAS
Source: USDA FAS
Source: USDA FAS
Indonesia
37 41 44 45
36 38 36 38
1718 20 2211 10 12 112021 21 21
0
20
40
60
80
100
120
140
160
FY07 FY08 FY09 FY10
(MnT)
Palm oil Soyabean oil Rapeseed oil Sunflowerseed oil Others
Brazil4%
China20%
Argentina
2%
Europe17%
India11%
United States
8%
Others37%
Argentina
FY07-FY10
CAGR
Argentina
6%
2%
9%
3%
2%
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
Brazil
Russia
10
12
14
16
18
20
22
24
26
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 56 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%
443
446
459
523
601
694
763
945
1,021
1,031
1,124
0
2
4
6
8
10
12
14
16
0
200
400
600
800
1,000
1,200
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010F
2011F
(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
0
2
4
6
8
10
12
14
16
18
950
1,000
1,050
1,100
1,150
1,200
1,250
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010F
2011F
Mn MT
Population Total oil consumption
Mn
Source: USDA FAS, IMF
947 1,054 1,038 1,049
3,671
5,065
6,475 6,750
1,433
1,582
1,4551,385
2,133
1,967
2,0952,252
2,500
2,330
2,3002,670
600
398
731
852
523
574
667
674
0
4,000
8,000
12,000
16,000
FY07 FY08 FY09 FY10
000'MT
Cottonseed Palm Peanut
Rapeseed Soybean Sunflowerseed
Other
India Edible Oil Industry: High growth potential (Cont’d)
India Edible Oil Imports
Page 10
Source: 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
1,447
733
1,0601,500
203
18
583 550
140
151
230 230
0
3,000
6,000
9,000
FY07 FY08 FY09 FY10
000'MT
Palm Soybean Sunflowerseed Other
Source: USDA FAS
11,807
12,970
14,761 15,632
5,440
5,917
8,740 8,68010%
22%
FY07-FY10
CAGR
17%
21%
FY07-FY10
CAGR
Scale & Extensive Distribution Reach in India
Pan India Presence
CitiesActivity Access to
PortsCrushing Refining Vanaspati Soyafood
1 Jammu
2 Ganganagar
3 Baran
4 Kota
5 Guna
6 Kandla
7 Shujalpur
8 Jabalpur
9 Piparia
10 Gadarwara
11 Haldia
12 Manglia
13 Nagpur
14 Washim
15 Daloda
16 Patalganga
17 Mangalore
18 Chennai
19 Palm Mills(1)
Page 11
Manufacturing facilities across 21 locations in India, giving
access to markets across India
86 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 13,450 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
Parwanoo
Damtal
Dehradun
Amritsar
Rajpura
ChandigarhLudhiana
Bhatinda RoorkeeKarnal Meerut
Barelly
Saharanpur
Gurgaon Delhi
Hapur
Kanpur Agra Allahabad
Gorakhpur Guwahati
Patna
DhanbadRaniganj
Siliguri
Haldia
Kolkata
Ranchi
JeyporeSambalpur
Cuttack
JabalpurGwalior
Gaderwada
Raipur
BilaspurNagpur
Warangal
Berhampur
Vijaywada
Hyderabad
VizagOngole
KakinadaTirupathi
Kurnool
Gulbarga
Davangere
Guna
Piparia
Shujalpur
Manglia
Indore
Sriganganagar
Jaipur
Jodhpur
Sumerpur
Baran
Kota
Udaipur
Kandla
Ahmedabad
Nashik
PuneMumbai
Bhiwandi
Patalganga
Belgaum
Goa
Manglore
ShimogaBanglore
Kumbakonam
Chennai
Mysore
Hassan
Kasargod
Cochin
Palghat
Calicut
Trichy
Pondicherry
Vellore
Madurai
Villupuram
Erode
Salem
Bellary
Bijapur
Hubi
Varanasi
Rewari
Coimbatore
Manufacturing locations
Note: Distribution network as of September 24th ;
(1) Includes Palm crushing plants of Palm Tech situated at Kakinada and Mysore (Leased) and
Palm crushing plant of Mac Oil situated at Vijaywada.
Highlights19
1
Washim
Daloda
5
9
18
23
32
37
33
0
5
10
15
20
25
30
35
40
FY05 FY06 FY07 FY08 FY09 FY10
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
Strong Brands in India
Pre
miu
m
Page 12
Track record of successfully creating brands in a highly commoditized industry
Key Brands Branded Sales
Va
lue
Ma
ss
18%
23%
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:13,450
– Crude Oil: 2,421
– 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(1)
– 86 company depots through
India with storage and
logistical facilities
– Pan India distribution network
covering 4,230 distributors
Origination CustomerProcessing Products
Merchandising
and
distribution
Finance / Risk management / Logistics coordination
Information flows / Visibility across value chain
Page 13(1) Distribution network as of September 24th
Strong Risk Management
Page 14
Source: IMF
Rapeseed refers to - Rapeseed Oil; Crude, fob Rotterdam
Soya refers to - Soybean Oil, Chicago Soybean Oil Futures (first contract forward) exchange approved grades, US$ per metric tonne
Palm 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
261361 320
383505
851
1,036
1,658
974
1,777
0
400
800
1,200
1,600
2,000
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Ap
r-9
8
Oct-
98
Ap
r-9
9
Oct-
99
Ap
r-0
0
Oct-
00
Ap
r-0
1
Oct-
01
Ap
r-0
2
Oct-
02
Ap
r-0
3
Oct-
03
Ap
r-0
4
Oct-
04
Ap
r-0
5
Oct-
05
Ap
r-0
6
Oct-
06
Ap
r-0
7
Oct-
07
Ap
r-0
8
Oct-
08
Ap
r-0
9
Oct-
09
Ap
r-1
0
(US$ / MnT)
Rapeseed Soya Palm
Consolidated Net Income (INR Mn)
2633
39
52 48
76
91
117127
144
0
20
40
60
80
100
120
140
160
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
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 16 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 22 years of experience, including ~15 years in Ruchi Soya
Responsible for Finance and Treasury operations
Qualified chartered accountant, cost accountant and company secretary
Mr. Dinesh Shahra
Managing Director
Mr. Nitesh Shahra
President,
Refinery Business
Mr. Sanjeev Asthana
Additional Director
Mr. V. Suresh Kumar
Head, Corporate
Finance
Mr. RV Ramanujam
Chief 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 awards
Management awards Ruchi soya awards
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 (13,450MT/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
1stGujarat plant (2008)
1st
(1) Based on company estimates
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 FY2011
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
Potential introduction of new zero-transfat vanaspati product , as well as other new 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
Market and Ownership Overview
Sr No. Name of the shareholder
Shares as % of
total no. of shares
1 Vs Net Ltd 8.5%
2 Albula Investment Fund Limited 5.7%
3 Cresta Fund Limited 5.7%
4 Aiwo Ltd 4.2%
5 Merdale Investment Co. Limited 1.6%
6 Clemfield Industries Limited 1.5%
7 Idfc Premier Equity Fund 1.5%
8 Pacific Corporate Services Limited 1.1%
Total 29.9%
Top Holders (1) Shareholding Pattern (2)
Indexed Stock Price Performance - 5 years
Equity Capital
Face Value @ INR 2INR 622Mn
Closing Price(3) INR128.7
52 Week – High – LowINR142.4 (H)
INR76.5 (L)
No. of shares outstanding (Mn) (3) 311.0
Market Capitalization(3) INR40Bn (US$870Mn)
1. Source: NSE, Top Non-Promoter holders as of June 30, 2010
2. Source: NSE, as of June 30, 2010.; promoter holding to increase to over 51% post allotment of additional shares pursuant to scheme of amalgamation with Mac Oil Palm and Palm Tech India.
3. As of October 1, 2010; Assuming INR/USD of 46.0
4. 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
Summary Financials – Consolidated
INR Mn FY07 FY08 FY09 FY10
Consolidated Profit and Loss statement:
Total Revenue 90,695 117,202 127,423 143,943
EBITDA 3,034 4,385 2,905 4,442
PBT 1,610 2,639 1,572 2,809
PAT 1,036 1,658 975 1,777
Consolidated Balance Sheet
Net Fixed Assets Incl. CWIP 10,780 12,017 14,137 20,942
Current Assets, Loans and Advances 32,185 51,369 49,951 57,709
Current Liabilities and Provisions 17,358 31,817 32,739 34,148
Loans 16,091 19,898 18,515 24,561 (1)
Share Capital 817 1,054 1,055 825 (2)
Reserves and Surplus 8,219 10,199 11,005 18,638 (3)
Page 21
Source: Company filings
1. Including short term loans of INR13,302 mn, which are guaranteed by banks against fixed deposits with the banks
2. Share capital takes into account redemption of preference shares capital
3. Includes increase of INR3,616 mn on account of revaluation of fixed assets pursuant to scheme of amalgamation
90
117127
144
0
40
80
120
160
FY07 FY08 FY09 FY10
INR Bn
Summary Financials - Consolidated
Source: Company Filings
1. 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 Debt/Equity Ratio
3.0
4.4
2.9
4.4
0
1
2
3
4
5
FY07 FY08 FY09 FY10
INR Bn
1.0
1.7
1.0
1.8
0
1
2
FY07 FY08 FY09 FY10
INR Bn
43
63 64
79
0
20
40
60
80
100
FY07 FY08 FY09 FY10
INR Bn
911 12
20
0
10
20
30
FY07 FY08 FY09 FY10
INR Bn1.8 1.8
1.5
1.3
0.0
0.4
0.8
1.2
1.6
2.0
FY07 FY08 FY09 FY10
Illustrative 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