Our Bureau
EID Parry India has reported a loss of ₹160 crore for the quarter ended June 30, 2018 as against a net profit after tax of ₹20 crore in the same period a year ago mainly on account of low sugar prices.
The consolidated revenue from Q1 operations was ₹3,363 crore as against ₹3,378 crore, registering a marginal decline of 0.4 per cent. EBITDA and before exceptional items stood at ₹83 crore (₹196 crore), posting a decline of 58 per cent.
On a standalone basis, it reported a profit after tax of ₹54 crore (loss of ₹18 crore).
The consolidated sugar operations reported an operating loss of ₹180 crore (loss of ₹22 crore). Farm Inputs operations reported an operating profit of ₹229 crore (₹180 crore).
“The performance of the Company in Q1 2018-19 has been largely impacted due to the depressed sugar prices on account of higher sugar production in the country as compared to previous sugar year; The price of sugar isbelow cost of production due to mismatch in demand and supply position of sugar,” said S Suresh, Managing Director of the company.