Parry Q1 EID Results | Net Profit falls 16% to ₹91 crore, Revenue falls 4% to ₹6.7476 crore

Sugar producer EID Parry (India) Ltd. on Wednesday (August 14) reported a 15.5 per cent year-on-year (YoY) decline in net profit to ₹91.3 crore for the first quarter ended June 30, 2024.

During the corresponding quarter, EID Parry (India) reported a net profit of ₹108 crore, the company said in a regulatory filing. The company’s revenue from operations declined 4% to ₹6.7476 crore as against ₹7,026.5 crore in the corresponding period of the previous fiscal.

At the operating level, EBITDA declined 27.7% to ₹483 crore in the first quarter of this fiscal compared to ₹668 crore in the corresponding period of the previous fiscal. EBITDA margin stood at 7.2% in the quarter under review compared to 9.5% in the corresponding period of the previous fiscal. EBITDA stands for earnings before interest, taxes, depreciation and amortisation.

Standalone operating income for the quarter ended June 30, 2024 amounted to ₹751 crore as compared to the corresponding quarter of the previous year ₹698 rupees.

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Loss before interest, depreciation and amortization (EBITDA) for the quarter amounted to ₹29 crore as against the loss ₹15 crore in the corresponding quarter of the previous year (before exceptional items). Standalone loss after tax for the quarter stood at ₹79 crore as compared to profit ₹46 crore in the corresponding quarter of the previous year.

Sugar Division

Consolidated sugar operations posted an operating loss of ₹54 crore (yr-ago quarter: loss of ₹111 crore) for the quarter. The standalone loss of the sugar segment was higher in Q1 2024-25 as compared to the year-ago quarter due to lower cane volumes, higher cane costs, lower cane recovery and change in product mix at the distillery due to change in government policy.

Total cane crushed in the current quarter declined to 1.93 LMT compared to 4.01 LMT in the same quarter last year.

Department of Funds Levyed on Agricultural Holdings

Consolidated operations related to the production of agricultural inputs showed an operating profit of ₹495 crore (corresponding quarter of previous year: profit of ₹727 crore) per quarter.

Nutraceuticals Department

The consolidated Nutraceuticals division recorded earnings before interest and taxes of ₹1 crore (corresponding quarter of previous year: loss ₹14 crore) for the quarter. Revenue from the standalone nutraceuticals segment grew by 79% in the current quarter as compared to the corresponding quarter of the previous year.

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Consumer Products Group

The consumer goods group achieved turnover of ₹216 core in the current quarter grew by 67% compared to the same quarter of the previous year, thanks to the launch of the branded core product range. The branded sweetener range also showed a stable result, growing by 22% compared to the same quarter of the previous year.

Distillery

Distillery segment revenues increased as the Haliyal 120 KLPD distillery came online during the quarter. Total distillery volumes increased by 47 LL compared to the same quarter last year.

Shares of EID Parry (India) Ltd ended at ₹750.70, down ₹26.25, or 3.38 per cent, on the BSE.

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