Page 36 - BCML AR 2019-20

The statement by the Managing Director

‘Sab achhcha to chal

raha hain. Why does

Balrampur need to

change?’

This was the first response I got when we indicated that what got us here
may not get us there, when it came to defining the direction of where
Balrampur Chini Mills needed to go.

Creating an institution

Over the last few decades, BCML has that what worked for us in the past would
created a successful business marked by not necessarily work for us in the future;
debt-lightness, operational efficiency and what we had achieved in the past was the
compliance. The Company is perhaps the result of a set of realities that had since
only one in India’s agri-sector to complete changed; in a governance-respecting
three buybacks with a cumulative payout world there was a growing focus not on
In a of C421.67 crore. During this period, the what we had achieved in a single year
governance- Company was largely promoter-driven, but whether the performance could be
respecting complemented by units driven by their replicated year-on-year; besides, there
was a premium on process integrity over
world, there was respective heads. the outcome. These realities made it
a growing focus However, compelling this growth phase imperative for BCML to graduate beyond
not on what we had been, there was a growing conviction ‘what was’ to ‘what could be’.
had achieved
in a single year
but whether the Priority
performance
could be The new BCML expects to graduate from it indicates the selection of a strategy to
an organisation into an institution.
address a certain market need of today
replicated year- that could be conveniently dispensed
on-year If there is just one word that could tomorrow; it indicates that one executive
faithfully encapsulate what the Company could perceive a market reality in one
of the future would like to become, way and another executive in another
it would be ‘How.’ This represents the plant seeing things completely differently
core of our governance commitment, at the same time; it indicates that the
making processes more important than end is more important than the means;
outcomes.
it indicates that one person sitting in
At BCML, we believe that a singular one part of the Company could take a
obsession on the ‘What’ has limitations:

34 | Balrampur Chini Mills Limited