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Sugar company EID Parry (India) announced Q1FY24 results:
- Consolidated Q1FY24:
- Revenue from operations for Q1FY24 was Rs 7,026 crore registering a drop of 2% in comparison to Q1FY23 of Rs 7,144 crore.
- Earnings before depreciation, interest, and taxes (EBITDA) for Q1FY24 was Rs 652 crore registering a decrease of 13% in comparison to Q1FY23 profit of Rs 754 crore (before exceptional items).
- Profit after tax and non-controlling interest was Rs 109 crore compared to Rs 276 crore in Q1FY23.
- Standalone Q1FY24:
- Revenue from operations for Q1FY24 was Rs 698 crore in comparison to Q1FY23 of Rs 719 crore.
- EBITDA for Q1FY24 was Rs 15 crore compared to a profit of Rs 11 crore in Q1FY23(before exceptional item).
- Loss after tax for Q1FY24 was Rs 46 crore as against a profit of Rs 13 crore in Q1FY23.
S. Suresh, Managing Director commenting on the standalone results mentioned that “The profitability of sugar and cogeneration segments were lower in Q1FY24 as compared to the corresponding quarter of the previous year on account of reduction in export volumes due to restrictions imposed by the Government and reduced power realisations. However, the Company has managed to crush higher cane volumes of around 4.01 LMT in the current quarter as compared to 2.69 LMT in the corresponding quarter of the previous year.
The distillery segment has performed better owing to higher realisations and increased volumes attributable to the new 120 KLPD dual feed distillery facility in Sankili. Further, the Company commenced grain-based operations in Sankili Distillery during the quarter.
The Standalone Nutraceuticals segment has registered a loss during the current quarter on account of reduced sales due to the existing certification issues in Europe.”
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