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." Result PDF
Conference Call with EID Parry (India) Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with EID Parry (India) Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
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.” Result PDF