<SEC-DOCUMENT>0000950103-24-001572.txt : 20240305
<SEC-HEADER>0000950103-24-001572.hdr.sgml : 20240305
<ACCEPTANCE-DATETIME>20240201121759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-24-001572
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cosan S.A.
		CENTRAL INDEX KEY:			0001430162
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA
		STREET 2:		4100, 16TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			04538-132
		BUSINESS PHONE:		55-11-3897-9797

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA
		STREET 2:		4100, 16TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			04538-132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cosan S.A. Industria e Comercio
		DATE OF NAME CHANGE:	20080319
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt; color: #140B7F"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 24%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Manuel Garciadiaz</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #140BE3; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">manuel.garciadiaz@davispolk.com</FONT></P></TD>
    <TD STYLE="width: 28%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">450 Lexington Avenue<BR>
    New York, NY 10017</FONT></P></TD>
    <TD STYLE="width: 28%; text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 98%; font-size: 10pt">February 1, 2024</TD>
    <TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 21.55pt; font-size: 10pt; text-indent: -21.55pt">Re: &#9;Cosan S.A.<BR>
Form 20-F for the Fiscal Year Ended December 31, 2022<BR>
Form 6-K Furnished on August 15, 2023<BR>
Response dated December 22, 2023<BR>
File No. 001-40155</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Trade &amp; Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">Tony Watson</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Adam Phippen</P></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, Cosan S.A. (the &ldquo;<B>Company</B>&rdquo;),
this letter sets forth the Company&rsquo;s responses to the comments provided by the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Division
of Corporation Finance of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) in its letter dated January
10, 2024 (the &ldquo;<B>Comment Letter</B>&rdquo;). On April 24, 2023, the Company publicly filed an Annual Report on Form 20-F for the
fiscal year ended December 31, 2022 (the &ldquo;<B>Annual Report</B>&rdquo;) and on August 15, 2023, the Company furnished a Current Report
of Foreign Private Issuer on Form 6-K including its earnings release as of and for the six months ended June 30, 2023 (the &ldquo;<B>Earnings
Release Form 6-K</B>&rdquo;) via the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;)
to the Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the convenience of the Staff, each comment from the Comment Letter
is restated in italics prior to the Company&rsquo;s response to such comment. All references to page numbers and captions (other than
those in the Staff&rsquo;s comments) correspond to pages in the filed versions of the Annual Report or Earnings Release Form 6-K, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><U>Form 20-F for the Fiscal Year Ended
December 31, 2022</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal"><U>Note
18. Net Sales, page F-122</U></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">1.</FONT></TD><TD>We note your response to prior comment 1. Please tell us how your presentation of gross revenue from products and services on page
F-125 complies with IFRS 15 and why the indirect taxes and deductions have not been allocated to the individual sources of revenue presented.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response: </B>The Company respectfully acknowledges the
Staff&rsquo;s comment and advises the Staff that gross revenue from products and services refers to the gross amount invoiced to customers.
Gross revenue from products and services is not a measure of revenue in accordance with IFRS 15, as it includes sales taxes that are
collected on behalf of third parties, which are required to be deducted from the transaction price by IFRS 15 paragraph 47. However,
Brazilian Corporations Law No. 6,404/76 Section V, Art. 187 requires that a Brazilian corporation&rsquo;s income statement for each year
itemize gross revenue from sales and services, deductions from sales, rebates and taxes, prior to presenting net revenue. This presentation
is further required by the Brazilian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 20%"><IMG SRC="image_001.jpg" ALT=""></TD><TD STYLE="width: 27%; color: #140BE3"><FONT STYLE="font-size: 8pt">U.S. Securities and Exchange Commission</FONT></TD><TD STYLE="width: 25%; color: #140BE3">&nbsp;</TD><TD STYLE="width: 28%; text-align: right; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Securities Commission (the <I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>,
the &ldquo;<B>CVM</B>&rdquo;), which is the regulatory body in Brazil responsible for financial reporting obligations for public companies.
Pursuant to the CVM&rsquo;s official notice of September 1, 2007, a company must present in its income statement, at a minimum, gross
revenue from sales and services, deductions from sales, rebates and taxes, prior to presenting net revenue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">While Item 10(e)(1)(ii)(C) of Regulation S-K would prohibit
the presentation of a non-IFRS measure in the Company&rsquo;s financial statements, Item 10(e)(5) of Regulation S-K clarifies that for
purposes of paragraph (e) of Item 10, &ldquo;<I>non-GAAP financial measures exclude financial measures required to be disclosed by GAAP,
Commission rules, or a system of regulation of a government or governmental authority or self-regulatory organization that is applicable
to the registrant.</I>&rdquo; In addition, while Item 10(e)(5) would require that non-IFRS financial measures be presented outside of
the financial statements, it makes an exception where such measure is &ldquo;<I>expressly permitted by the standard-setter that is responsible
for establishing the GAAP used in such financial statements.</I>&rdquo; In the Company&rsquo;s case, disclosure of gross revenue from
products and services as part of our financial statements is (1) required by a system of regulation applicable to us, which is the Brazilian
Corporations Law, and (2) expressly required by the standard setter that is responsible for establishing the accounting principles applicable
to our financial statements filed in Brazil, the CVM.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">Additionally, indirect taxes and deductions are allocated
to each individual source of revenue presented in the second table on page F-125.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">Because the Company believes that presentation of this measure
is permitted pursuant to the guidance in Item 10(e)(5) as being required pursuant to Brazilian Corporations Law and required by the CVM,
the Company respectfully informs the Staff that it believes the Company should be able to continue to include such measure in the financial
statements included in its annual reports on Form 20-F. The Company further believes that the inclusion of this non-IFRS financial measure
in the financial statements filed with the Commission is beneficial to investors as it ensures that investors in the U.S. and Brazil have
access to consistent information. In future filings, the Company intends to disclose in either the footnotes to the financial statements
or in the description of accounting policies to be included in future annual reports on Form 20-F that the presentation of gross revenue
is included as required by the CVM.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><U>Form 6-K Furnished on August 15,
2023, page G-17</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">2.</FONT></TD><TD>We note your response to prior comment 6. Reference is made to footnote (a). We note you make these adjustments to calculate Ra&iacute;zen
Adjusted EBITDA and Ra&iacute;zen Adjusted Net Income so that investors receive consistent and comparable information from the Company
and Ra&iacute;zen. Please tell us the related authoritative literature you are relying on to present such adjustments to your Ra&iacute;zen
non-GAAP financial measures. In addition, please explain why consolidating Ra&iacute;zen and adjustments (2) and (4)(i) in your reconciliation
of Ra&iacute;zen Adjusted Net Income and similar adjustments to Ra&iacute;zen Adjusted EBITDA do not result in individually tailored measures.
In doing so, please elaborate on the nature and quantify each adjustment to the extent needed to provide a full understanding. Refer to
Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response: </B>The Company acknowledges the Staff&rsquo;s
comment and advises the Staff that, in adjustment (2) in the reconciliation of Ra&iacute;zen Adjusted Net Income and Ra&iacute;zen Adjusted
EBITDA, the Company eliminated the variation in the fair value of the biological asset that is included in the cost of goods sold for
Ra&iacute;zen.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company performed adjustment (2) because of IAS 41 <I>Agriculture
</I>paragraph 12, which states that &ldquo;<I>a biological asset shall be measured on initial recognition and at the end of each reporting
period at its fair value less costs to sell.</I>&rdquo; In that sense, the fair value of a biological asset is an</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 50%; font-size: 8pt">February 1, 2024</TD><TD STYLE="border-top: Blue 1pt solid; width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 20%"><IMG SRC="image_001.jpg" ALT=""></TD><TD STYLE="width: 27%; color: #140BE3"><FONT STYLE="font-size: 8pt">U.S. Securities and Exchange Commission</FONT></TD><TD STYLE="width: 25%; color: #140BE3">&nbsp;</TD><TD STYLE="width: 28%; text-align: right; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">estimate of net future value recoverable from Ra&iacute;zen&rsquo;s
sugarcane crops. As a result, the &ldquo;<I>Change in biological assets</I>&rdquo; line item in the response to comment 6 in the Company&rsquo;s
letter of December 22, 2023 does not reflect the results of Ra&iacute;zen&rsquo;s current operations - instead it reflects the remeasurement
of expected future results from the harvest and sale of biological assets in up to two years at market value. The Company therefore believes
it is appropriate to adjust Ra&iacute;zen&rsquo;s EBITDA and Net Income to remove the effect of this variation to provide investors a
better understanding of Ra&iacute;zen&rsquo;s results on a current basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company further clarifies that adjustment (4) in the reconciliation
of Ra&iacute;zen Adjusted Net Income and Ra&iacute;zen Adjusted EBITDA relates to Ra&iacute;zen&rsquo;s bargain purchase gain from the
acquisition of Neolubes Ind&uacute;stria de Lubrificantes Ltda. (&ldquo;Neolubes&rdquo;), which had an impact of R$163 million with respect
to Adjusted EBITDA and R$107.4 million with respect to Adjusted Net Income (net amount considering tax), in each case for the three months
ended June 30, 2023. The Company therefore respectfully asks the staff that to disregard adjustment (4) as presented in the response to
comment 6 in the Company&rsquo;s letter of December 22, 2023 and to consider the following wording instead:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;(4)&#9;Non-recurring expenses and effects at Ra&iacute;zen
related to Ra&iacute;zen&rsquo;s acquisition of Neolubes Ind&uacute;stria de Lubrificantes Ltda., which ocurred on May 2022, related to
an additional bargain purchase gain recognized in June 2023 when the purchase price allocation procedures were concluded.&rdquo;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">This adjustment (4) therefore affected a line item which does
not relate to Ra&iacute;zen&rsquo;s or the Company&rsquo;s core business. The Company therefore believes that adjustment (4) in the reconciliation
of Ra&iacute;zen Adjusted Net Income and Ra&iacute;zen Adjusted EBITDA does not result in an individually tailored measure because it
relates solely to the acquisition of Neolubes, which was a one-off event.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">In addition, the Company respectfully advises the Staff that
adjustments made to Ra&iacute;zen&rsquo;s Adjusted EBITDA and Adjusted Net Income do not affect any financial information of the Company
at a consolidated level. Instead, these adjustments only affect the financial information presented in the Company&rsquo;s filings with
respect to Ra&iacute;zen. This is made clear in the table presented in the response to comment 6 in the Company&rsquo;s letter of December
22, 2023 in which the Company included columns captioned &ldquo;<I>Deconsolidation of Joint Ventures</I>&rdquo; in both the reconciliation
of EBITDA and Adjusted EBITDA and the reconciliation of Adjusted Net Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company also advises that Staff that it believes these
adjustments reflect market practice for Ra&iacute;zen&rsquo;s peers and therefore enable investors to receive information that is comparable.
Therefore, the Company further advises the Staff it would like to continue presenting this information in its Form 6-K submissions with
the Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal">3.</FONT></TD><TD>We note your response to prior comment 6. Please explain why adjustment (6) in your reconciliation of Adjusted Net Income related
to the accounting impacts generated by the acquisition of an equity stake under the Cosan Oito column does not result in an individually
tailored measure. Refer to Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response:</B> The Company acknowledges the Staff&rsquo;s
comment and advises the Staff that it will remove this adjustment from the Adjusted Net Income from future filings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The revised disclosures proposed above in item 1 will be adjusted in
the Company&rsquo;s Form 20-F for the year ended December 31, 2023. The Company expects to include or remove, as applicable, the information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 50%; font-size: 8pt">February 1, 2024</TD><TD STYLE="border-top: Blue 1pt solid; width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 20%"><IMG SRC="image_001.jpg" ALT=""></TD><TD STYLE="width: 27%; color: #140BE3"><FONT STYLE="font-size: 8pt">U.S. Securities and Exchange Commission</FONT></TD><TD STYLE="width: 25%; color: #140BE3">&nbsp;</TD><TD STYLE="width: 28%; text-align: right; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">requested in items 2 and 3 in the Company&rsquo;s earnings release as
of and for the three-month period ended December 31, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please do not hesitate to contact me at 212-450-6095 or manuel.garciadiaz@davispolk.com
or Louren&ccedil;o Lopes-Sabino at 212-450-6139 or lourenco.lopes-sabino@davispolk.com if you have any questions regarding the foregoing
or if I can provide any additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Manuel Garciadiaz</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 27.85pt">cc:</TD><TD>Rodrigo Ara&uacute;jo Alves, Chief Financial Officer, Cosan S.A.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 50%; font-size: 8pt">February 1, 2024</TD><TD STYLE="border-top: Blue 1pt solid; width: 50%; text-align: right; font-size: 8pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  5 &P# 2(  A$! Q$!_\0
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M'!V\$<FO';S6+KX?Z;XW^'ZB5GN[E%LL DE'^\?JT>P5T/B7P^OA;Q5\)M&
M >WFA\TCO(9XV<_]]$T >PZO\2/!^A7[V.HZ]:PW49P\0W.4/HVT'!]C5R_U
MZWN_!>HZSHE]#.B6<TL%Q"0ZAE0D>V01T/XUXUI/A[4H/$7B/4O >LZ!KL,T
MS->V6J0,)%RS':=P'&2PSN ..>G&U\/-;TW5OA1XKBT_1(M):W@G\^."9I(I
M',)^9=Q)' QC)Z#F@#'\$:K\7/'.@W&KZ;XLL42"X:#R;FTB4NRJK=5B/!#
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5=8C/)(%)ZXW,2!WP.,Y]:** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
