Chennai: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter ended 30th June 2023.
Consolidated performance for the quarter ended 30th June 2023:
The consolidated revenue from operations for the quarter ended 30th June 2023, was Rs. 7,026 Crore registering a drop of 2% in comparison to the corresponding quarter of previous year of Rs. 7,144 Crore. Earnings before depreciation, interest and taxes (EBITDA) for the quarter ended 30th June 2023 was Rs. 652 Crore registering a decrease of 13% in comparison to the corresponding quarter of previous year profit of Rs. 754 Crore (before exceptional items). Consolidated profit after tax and non-controlling interest was Rs. 109 Crore compared to Rs. 276 Crore in the corresponding quarter of previous year.
Standalone performance for the quarter ended 30th June 2023:
The Standalone revenue from operations for the quarter ended 30th June 2023 was Rs. 698 Crore in comparison to the corresponding quarter of previous year of Rs. 719 Crore. Loss before depreciation, interest and taxes (EBITDA) for the quarter was Rs. 15 Crore compared to a profit of Rs. 11 Crore in corresponding quarter of the previous year (before exceptional item). Standalone loss after tax for the quarter was Rs. 46 Crore as against a profit of Rs. 13 Crore in corresponding quarter of previous year.
Sugar Division
The Consolidated Sugar operations reported an operating loss of Rs. 129 Crore (corresponding quarter of previous year: loss of Rs. 9 Crore) for the quarter.
Farm Inputs Division
The Consolidated Farm Inputs operations reported an operating profit of Rs. 727 Crore (corresponding quarter of previous year: profit of Rs. 689 Crore) for the quarter.
Nutraceuticals Division
The Consolidated Nutraceuticals Division registered a Loss before Interest and Tax of Rs. 14 Crore (corresponding quarter of previous year: loss of Rs. 4 Crore).
Mr. S. Suresh, Managing Director commenting on the standalone results mentioned that
“The profitability of sugar and cogeneration segments were lower in Q1 2023-24 as compared to corresponding quarter of previous year on account of reduction in export volumes due to restrictions imposed by the Government and reduced power realisations. However, the Company has managed to crush higher cane volumes of around 4.01 LMT in the current quarter as compared to 2.69 LMT in corresponding quarter of the previous year.
The distillery segment has performed better owing to higher realisations and increased volumes attributable to the new 120 KLPD dual feed distillery facility in Sankili. Further, the Company has commenced grain-based operations in Sankili Distillery during the quarter.
The Standalone Nutraceuticals segment has registered a loss during the current quarter on account of reduced sales due to the existing certification issues in Europe.”