EID Parry reports consolidated Q1 PAT at Rs 324.90 crore

Sugar manufacturer EID Parry (India) Ltd has reported a decline in its consolidated profit after tax for the April-June 2023 quarter at Rs 324.90 crore due to reduction in export volume, the company said on Wednesday.

The company, part of the diversified conglomerate Murugappa Group, had registered a consolidated PAT at Rs 494.19 crore during the corresponding period of last year.

For the year ending March 31, 2023, the consolidated profit after tax was at Rs 1,827.74 crore.

The consolidated total income during the April-June 2023 quarter slipped to Rs 7,015.27 crore, from Rs 7,206.14 crore registered in the same period of last year.

For the full year ending March 31, 2023, the consolidated total income was at Rs 35,283.02 crore.

The sugar division reported an operating loss of Rs 129 crore as compared to a loss of Rs 9 crore reported in the same period of last year.

The farm inputs division reported an operating profit of Rs 727 crore as against Rs 689 crore registered in the same period of last year.

The Nutraceuticals division registered a loss before interest and tax of Rs 14 crore as compared to Rs 4 crore loss reported during the corresponding quarter of previous year.

"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," company Managing Director S Suresh said.

The company managed to crush higher cane volumes of around 4.01 LMT (lakh metric tonne) in the quarter under review as compared to 2.69 LMT recorded in the corresponding quarter of last year, he said.

Suresh said the distillery segment performed better owing to higher realisations and increased volumes attributable to the new 120 KLPD (kilo litres per day) dual feed distillery facility in Sankili, Srikakulam district, Andhra Pradesh.

The company has commenced grain-based operations in Sankili distillery during the quarter, he said.

The standalone nutraceuticals segment has registered a loss during the quarter on account of reduced sales due to the existing certification issues in Europe, he said.