Murugappa Group company EID Parry India’s standalone profit after tax (PAT) for the September 2023 quarter remained almost flat at ₹83 crore, compared with ₹82-crore PAT in the year-ago quarter.

The Board has approved an interim dividend of ₹4 per equity share (400 per cent on face value of ₹1 each).

Standalone revenue from operations reported a 13 per cent increase at ₹726 crore in Q2 (₹644 crore).

EBITDA for the September 2023 quarter was ₹131 crore (₹125 crore).

Performance hit

“Sugar segment’s performance for the current quarter has been lower as compared with the corresponding quarter of the previous year mainly due to export release order restrictions imposed by the government,” said S Suresh, its Managing Director.

However, it was offset by an increase in domestic volumes by around 0.37 LMT in Q2 23-24 as against the corresponding quarter of the previous year coupled with better domestic realisations. Base FRP for sugar season 2023-24 has been increased to ₹3,150/mt for a base recovery of 10.25 per cent.

“Distillery segment has performed significantly better owing to increased volumes from expansions and better realisations, while the standalone Nutraceuticals segment has registered a loss during the current quarter on account of the continuing certification issues in Europe,” he added.

H1 FY24

For the half-year ended September 30, 2023, the company’s standalone PAT was at ₹40 crore as against ₹98 crore, which included an exceptional gain of ₹44 crore on account of sale of properties relating to Puducherry and Pettavaithalai factories in the corresponding period of the previous year.

Standalone revenue from operations grew 4 per cent to ₹1,424 crore in H1 FY24 (₹1,363 crore). EBITDA and before exceptional items was ₹116 crore (₹136 crore).

On a consolidated basis, PAT and non-controlling interest were higher at ₹561 crore during H1 (₹518 crore).

Consolidated revenue from operations stood at ₹16,086 crore (₹18,470 crore), a decline of 13 per cent.

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