Meeting Details

Date: Wednesday, June 24, 2026

Time: 11:00 AM

Deemed Venue: Ponni Sugars (Erode) Limited, ESVIN House, 13 Rajiv Gandhi Salai (OMR), Perungudi, Chennai 600096

Meeting Type: 30th Annual General Meeting conducted through Video Conference/Other Audio Visual Means

Attendance

Directors Present:

  • Mr N Ramanathan (Director, Chairman - Stakeholders Relationship Committee and CSR Committee, Managing Director) - Erode
  • Mr Arun G Bijur (Non Independent Director) - Erode
  • Mrs Bharti Chhotubhai Pithawalla (Non Independent Director) - London
  • Mr Mohan Verghese Chunkath (Independent Director, Chairman - Audit Committee) - USA
  • Dr Lakshmi Nadkarni (Independent Director, Chairperson - Nomination and Remuneration Committee) - Mumbai
  • Mr Chellamani Naresh (Independent Director) - Erode
  • Mr P Manoharan (Independent Director) - Erode

Key Managerial Personnel:

  • Mr K Yokanathan (Chief Financial Officer) - Erode
  • Mr R Madhusudhan (Company Secretary & Compliance Officer) - Erode

Auditors:

  • Mr Chella K Srinivasan (Partner, M/s S Viswanathan LLP, Statutory Auditor) - USA
  • Mr N R Suresh (Partner, Maharaj N R Suresh And Co LLP, Internal Auditor) - Singapore
  • Ms Meena Ramji (Partner, M/s S Mahadevan & Co, Cost Auditor) - Coimbatore
  • Mr V Suresh (Sr. Partner, V Suresh Associates, Secretarial Auditor) - Chennai

Scrutinizer:

  • Mr A S Kalyanaraman (Practicing Chartered Accountant) - Chennai

Shareholders: 61 shareholders representing 4,089,423 equity shares (47.56% of equity) present through Video Conferencing

Voting Process and Methods

The company offered two voting options to shareholders:

1. Remote e-voting: Conducted through Central Depository Services (India) Limited (CDSL) from June 20, 2026 (10:30 AM) to June 23, 2026 (5:00 PM)

2. E-voting at AGM: Available only to shareholders present at the AGM who had not cast votes through remote e-voting

The voting was conducted pursuant to Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

There was no voting by show of hands. Mr A S Kalyanaraman was appointed as Scrutinizer for both modes of voting.

Key Voting Outcomes

All five resolutions were passed with requisite majority. The detailed voting results are as follows:

Resolution 1: Adoption of Audited Financial Statements (Ordinary Resolution)

  • Votes For: 79 members, 4,093,536 shares (99.99%)
  • Votes Against: 2 members, 3 shares (0.01%)
  • Total Valid Votes: 4,093,539 shares

Resolution 2: Declaration of Dividend of ₹5 per equity share (Ordinary Resolution)

  • Votes For: 79 members, 4,093,536 shares (99.99%)
  • Votes Against: 2 members, 3 shares (0.01%)
  • Total Valid Votes: 4,093,539 shares

Resolution 3: Reappointment of Mr N Gopala Ratnam (Special Resolution)

  • Votes For: 78 members, 4,093,526 shares (99.99%)
  • Votes Against: 3 members, 13 shares (0.01%)
  • Total Valid Votes: 4,093,539 shares

Resolution 4: Commission to Non-Executive Directors (Ordinary Resolution)

  • Votes For: 76 members, 4,090,499 shares (99.92%)
  • Votes Against: 5 members, 3,040 shares (0.08%)
  • Total Valid Votes: 4,093,539 shares

Resolution 5: Remuneration to Cost Auditor (Ordinary Resolution)

  • Votes For: 79 members, 4,093,536 shares (99.99%)
  • Votes Against: 2 members, 3 shares (0.01%)
  • Total Valid Votes: 4,093,539 shares

Note: There were no invalid votes for any resolution. Vote percentages are based on total number of valid votes cast.

Scrutinizer's Role and Findings

Mr A S Kalyanaraman, Practicing Chartered Accountant, was appointed as Scrutinizer for both remote e-voting and e-voting at the AGM. He furnished individual and combined reports in respect of votes cast on all five resolutions. The scrutinizer confirmed the validity of all votes cast and provided the detailed breakdown of voting results.

Compliance Confirmation

The Company Secretary confirmed that all five resolutions were passed with requisite majority and in due compliance of relevant provisions of the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meeting was conducted in accordance with relevant circulars issued by MCA and SEBI, and all required registers (Register of directors and key managerial personnel, Register of contracts or agreements) were made available electronically for inspection by shareholders during the AGM.

Financial and Operational Highlights from Chairman's Speech

The Chairman's speech provided key insights into company performance and outlook:

FY 2025-26 Financial Performance:

  • Total Revenue: ₹429 crore (15.63% increase from ₹371 crore in FY25)
  • PBIDT: ₹39 crore (39.29% increase from ₹28 crore in FY25)
  • PBT: ₹90 crore (221.43% increase from ₹28 crore in FY25)
  • PAT: ₹48 crore (152.63% increase from ₹19 crore in FY25)

Exceptional Income Items (₹51.50 crore):

  • Tariff: ₹30.00 crore
  • Interest on tariff: ₹15.00 crore
  • Parallel Operation Charges: ₹5.00 crore
  • Purchase Tax: ₹1.50 crore

Tax Dispute Provision (₹31.70 crore):

  • Mat credit reversal: ₹20.50 crore
  • Additional for previous year: ₹6.40 crore
  • Additional for current year: ₹4.80 crore

Operational Metrics:

  • Cane Crushed: 705,576 tonnes
  • Recovery: 9.79%
  • Sugar Price: ₹4,051 per quintal
  • Cane Cost: ₹3,916 per tonne

Quarterly Performance Breakdown:

  • Q1: Cane crushed 8,046t, Recovery 8.58%, Total Income ₹637.2 lakh, PBT (₹3.14 lakh)
  • Q2: Cane crushed 275,037t, Recovery 9.28%, Total Income ₹1,147.1 lakh, PBT ₹170.4 lakh
  • Q3: Cane crushed 196,082t, Recovery 9.09%, Total Income ₹1,550.3 lakh, PBT ₹102.7 lakh
  • Q4: Cane crushed 226,411t, Recovery 11.07%, Total Income ₹960.0 lakh, PBT ₹660.8 lakh

Industry Context and Outlook

The Chairman discussed several industry themes:

  • Global Sugar: World sugar output expected to reach 181 MMT in 2025-26 with surplus of 2.2 MMT
  • Indian Sugar: Production estimates revised downward due to early flowering and yield decline
  • Ethanol: Government expanding EBP program beyond E20, with BIS notifying specifications for E22-E30 blends
  • Cogeneration: APTEL judgment in September 2025 provided favorable tariff resolution dating back to 2012
  • FY27 Outlook: Challenging due to El Nino weather patterns and low water storage in Mettur reservoir