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 2024.
Consolidated performance for the year ended 31st March 2024 and Q4 (Jan ‘24 – Mar ’24): The consolidated revenue from operations for the quarter ended 31st March 2024, was Rs. 5,557 Crore registering a decrease of 19% in comparison to the corresponding quarter of previous year of Rs. 6,860 Crore. Earnings before depreciation, interest, taxes, and exceptional items (EBITDA) for the quarter ended 31st March 2024 was Rs. 582 Crore against corresponding quarter of previous year of Rs. 620 Crore. Consolidated profit after tax was Rs. 294 Crore compared to Rs. 287 Crore in corresponding quarter of previous year.
The consolidated revenue from operations for the year ended 31st March 2024 was Rs. 29,413 Crore registering a decrease of 17% against previous year of Rs. 35,244 Crore. Earnings before depreciation, interest, taxes, and exceptional items (EBITDA) for the year ended 31st March 2024 was Rs. 2,891 Crore registering a decrease of 10% against previous year of Rs. 3,195 Crore. Consolidated profit after tax was Rs. 1,618 Crore against previous year of Rs. 1,828 Crore.
Standalone performance for the year ended 31st March 2024 and Q4 (Jan ‘24 – Mar ‘24): The Standalone revenue for the quarter ended 31st March 2024 was Rs. 717 Crore in comparison to the corresponding quarter of previous year of Rs. 807 Crore. Earnings before depreciation, interest, taxes, and exceptional items (EBITDA) for the quarter ended were Rs. 166 Crore in comparison to the corresponding quarter of previous year of Rs. 327 Crore. Standalone profit after tax for the quarter is Rs. 80 Crore as against corresponding quarter of previous year Rs. 83 Crore. The profit after tax for the quarter ended 31st March 2023 included a 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 2024 was Rs. 2,809 Crore against previous year of Rs. 2,895 Crore and Earnings before depreciation, interest, taxes, and exceptional items (EBITDA) for the year ended was Rs. 307 Crore against previous year of Rs. 527 Crore. Standalone Profit after tax was Rs. 107 Crore as against Rs. 197 Crore in the previous year. The profit after tax for the year ended 31st March 2023 included a net exceptional loss of Rs.111 Crore arising from provision for impairment of investment in subsidiaries/joint venture of Rs.155 crore and gain of Rs.44 crore from Sale of properties relating to Puducherry and Pettavaithalai factories.
Sugar Division
The Consolidated Sugar operations reported an operating profit of Rs. 161 Crore (corresponding quarter of previous year: profit of Rs. 176 Crore) for the quarter.
Farm Inputs Division
The Consolidated Farm Inputs operations reported an operating profit of Rs. 315 Crore
(corresponding quarter of previous year: profit of Rs. 432 Crore) for the quarter.
Nutraceuticals Division
For the quarter, the Consolidated Nutraceuticals Division reported an operating profit of Rs. 16
Crore (corresponding quarter of previous year loss of Rs. 54 Crore).
Mr S. Suresh, Managing Director commenting on the standalone results for the year mentioned as follows: “The operating performance of the standalone Sugar division was lower during the year as compared to the previous year on account of nil exports, higher cane cost, lower recovery from cane and change in product mix in distillery on account of change in Government Policy. Overall cane crush marginally reduced during the year from 51.81 LMT to 50.09 LMT and sugar sales reduced from 5.20 LMT to 4.64 LMT.
During the year, expansion in Distillery of 165 KLPD in Haliyal and Nellikuppam had reached greater degree of completion and will operate in full stream by Q1 FY 25. Further, the Company had forayed into the staples space during Q4 FY 2024. The Standalone Nutraceuticals division had registered loss during the year as the sales to Europe was restricted on account of Certification issues. However, such Certification issues are expected to be resolved in the near future.”
