Chennai: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and year ended 31st March 2023.
Consolidated performance for the year ended 31st March 2023 and Q4 (Jan‘23 – Mar’23):
The consolidated revenue from operations for the quarter ended 31st March 2023, was Rs. 6,860 Crore registering an increase of 21% in comparison to the corresponding quarter of previous year of Rs. 5,666 Crore. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the quarter ended 31st March 2023 was Rs. 620 Crore against corresponding quarter of previous year of Rs. 707 Crore. Consolidated profit after tax was Rs. 287 Crore compared to Rs. 429 Crore in corresponding quarter of previous year.
The consolidated revenue from operations for the year ended 31st March 2023 was Rs. 35,244 Crore registering an increase of 50% against previous year of Rs. 23,521 Crore. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the year ended 31st March 2023 was Rs. 3,195 Crore registering an increase of 22% against previous year of Rs. 2,629 Crore. Consolidated profit after tax was Rs. 1,828 Crore against previous year of Rs. 1,574 Crore.
Standalone performance for the year ended 31st March 2023 and Q4 (Jan‘23 – Mar‘23):
The Standalone revenue for the quarter ended 31st March 2023 was Rs. 807 Crore in comparison to the corresponding quarter of previous year of Rs. 921 Crore. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the quarter ended were Rs. 327 Crore in comparison to the corresponding quarter of previous year of Rs. 309 Crore. Standalone profit after tax for the quarter is Rs. 83 Crore as against corresponding quarter of previous year Rs. 225 Crore. The profit after tax for the quarter ended 31st March 2023 includes loss of Rs. 155 Crore representing provision for impairment of investment in subsidiaries/joint venture.
The Standalone revenue from operations for the year ended 31st March 2023 was Rs. 2,895 Crore against previous year of Rs. 2,489 Crore and Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the year ended was Rs. 527 Crore against previous year of Rs. 492 Crore. Standalone Profit after tax was Rs. 197 Crore as against Rs. 284 Crore in the previous year. The profit after tax for the year ended 31st March 2023 includes loss of Rs. 155 Crore representing provision for impairment of investment in subsidiaries/joint venture.
Sugar Division
The Consolidated Sugar operations reported an operating profit of Rs. 176 Crore (corresponding quarter of previous year: profit of Rs. 194 Crore) for the quarter.
Farm Inputs Division
The Consolidated Farm Inputs operations reported an operating profit of Rs. 432 Crore (corresponding quarter of previous year: profit of Rs. 397 Crore) for the quarter.
Nutraceuticals Division
For the quarter, the Consolidated Nutraceuticals Division reported an operating loss of Rs. 54 Crore (corresponding quarter of previous year profit of Rs. 6 Crore).
Mr S. Suresh, Managing Director commenting on the standalone results for the year mentioned as follows:
“The operating profit of the standalone sugar division was better than the previous year on account of better sales realisation and increased domestic sales volume. There was cost pressure on account of higher energy prices partly offset by increased realisation from power export.
Overall cane crush increased during the year to 51.8 LMT from 50.2 LMT in the previous year. Overall sugar sales also increased to 5.19 LMT from 4.95 LMT in the previous year.
The company continues to focus and deliver on sweating of assets and expansion in core areas. The Company had completed sale process of Pettavaithalai plant and commenced 120 KLPD ethanol facility in Sankili from sugar syrup. Also, 165 KLPD expansion in Haliyal and Nellikuppam is under progress.
Despite increase in interest rates, our effective cash management and cash generated from operations resulted in reduced finance cost of Rs. 36 Crore from Rs. 46 Crore in the previous year.
Standalone Nutraceuticals division registered a marginal increase in profitability though there was a 13% reduction in revenue on account of better realisation and reduced input costs.”
