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Sugar company EID Parry (India) announced Q3FY24 & 9MFY24 results:
Consolidated Q3FY24:
- Consolidated revenue from operations: Rs 7,770 crore
- Consolidated EBITDA (before exceptional items): Rs 453 crore
- Consolidated profit after tax: Rs 217 crore
Consolidated 9MFY24:
- Consolidated revenue from operations: Rs 23,856 crore
- Consolidated EBITDA (before exceptional items): Rs 2,310 crore
- Consolidated profit after tax: Rs 1,323 crore
Standalone Q3FY24:
- Revenue from operations: Rs 668 crore
- EBITDA (before exceptional items): Rs 24 crore
- Profit/Loss after tax: Loss of Rs 14 crore
Standalone 9MFY24:
- Revenue from operations: Rs 2,092 crore
- EBITDA (before exceptional items): Rs 140 crore
- Profit after tax: Rs 27 crore
Segemental Performance:
- Sugar operations:
- Loss before Interest and Tax: Rs 4 crore
- Comparison with previous year: Loss of Rs 13 crore
- Farm Input operations:
- Profit before Interest and Tax: Rs 336 crore
- Comparison with previous year: Profit of Rs 778 crore
- Nutraceuticals Division:
- Loss before Interest and Tax: Rs 0.31 crore
- Comparison with previous year: Loss of Rs 2 crore
S Suresh, Managing Director, commenting on the standalone results mentioned that, "The operating performance of the Sugar segment for the current Q3 has been lower as compared to the Q3 of the previous year on account of reduction in export volume due to restrictions imposed by the Government, partially offset by the increase in domestic volume and realization. Cane crushed for the quarter has been slightly lower than the corresponding quarter of the previous year and the sugar recovery has marginally reduced due to prevailing climatic conditions.
Distillery profitability in the current quarter has been better on account of the volume benefits flowing from expansion and better realization. The full benefits of expansion have not flown in the quarter due to change in Government policy on Syrup ethanol/8 Heavy Ethanol.
The Government of India in December 2023 has ordered restrictions on the usage of sugarcane juice/syrup for production of Ethanol with immediate effect. While the total blending in Sugar Year 2022-23 was around 12%, this policy decision is expected to adversely impact the ESP targets and consequently the performance of distilleries.
The Standalone Nutraceuticals segment has registered a loss during the current quarter on account of the continuing certification issues in Europe."
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