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EID Parry India Ltd has reported a consolidated profit after tax for the January-March 2024 quarter at ₹294.30 crore, the company said.
The city-based sugar manufacturer had registered a consolidated PAT at ₹286.90 crore during the corresponding quarter of last year.
Commenting on the financial performance, Managing Director S Suresh said, "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 distellery on account of change in Government policy."
The overall cane crush marginally reduced during the year from 51.81 LMT metric tonne to 50.09 LMT and sugar sales reduced from 5.20 LMT (lakh metric tonne) to 4.64 LMT, he said.
For the financial year ending March 31, 2024 the consolidated profit after tax fell to ₹1,617.57 crore, from ₹1,827.74 crore registered a year ago.
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The consolidated total income during the quarter under review slipped to ₹5,680.02 crore, as against ₹6,865.28 crore registered in the corresponding quarter of last year.
For the financial year ending March 31, 2024, the consolidated total income declined to ₹29,716.92 crore, from ₹35,283.02 crore registered year ago.
In a statement, the Murugappa Group company said the consolidated sugar operations reported an operating profit of ₹161 crore during the January-March 2024 quarter, as against ₹176 crore recorded in the same period last year.
Farm inputs division clocked an operating profit of ₹315 crore, during the quarter under review as against ₹432 crore registered in the same period of last fiscal.
The Nutraceuticals division reported an operating profit of ₹16 crore during the January-March 2024 quarter, while it had registered a net loss of ₹54 crore in the corresponding quarter last financial year.
Suresh said the expansion in Distillery of 165 KLPD in Haliyal (Karnataka) and Nellikuppam (near Cuddalore in Tamil Nadu) had reached greater degree of completion and will operate in full stream by Q1 FY2024-25. Further, the company has forayed into the staples space during Q4, FY2023-24. The 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," he added.
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