Murugappa Group company EID Parry India Ltd has reported a loss of ₹14 crore on a standalone basis for the December quarter compared with a net profit of ₹16 crore in the year-ago quarter.

Standalone revenue from operations stood at ₹668 crore in Q3 of this fiscal (₹725 crore). The company reported a loss before tax and exceptional items of ₹20 crore as against a profit before tax and exceptional items of ₹21 crore last year.

Segment-wise show

The operating performance of the sugar segment for Q3FY24 was lower compared with last year on account of a reduction in export volume due to restrictions imposed by the government, partially offset by the increase in domestic volume and realisation, said S Suresh, Managing Director.

Cane crushed for the quarter has been slightly lower than the year-ago period and the sugar recovery has marginally reduced due to prevailing climatic conditions, he added.

However, distillery profitability in the quarter was better on account of the volume benefits flowing from expansion and better realisation. The full benefits of expansion have not flown in the quarter due to a change in government policy on syrup ethanol/B Heavy Ethanol.

The standalone nutraceuticals segment has registered a loss during the quarter on account of the continuing certification issues in Europe.

For the nine months of this fiscal, the company’s profit after tax dropped to ₹27 crore (₹114 crore). Revenue from operations stood at ₹2,092 crore (₹2,088 crore).

The company’s Board, at the meeting held on Tuesday, approved the reappointment of S Suresh as the Managing Director of the company from August 1, 2024, to April 15, 2026.

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