Sugar company EID Parry (India) announced Q4FY23 & FY23 results: Consolidated Q4FY23: Revenue from operations for Q4FY23, was Rs 6,860 crore registering an increase of 21% in comparison to Q4FY22 of Rs 5,666 crore. Earnings before depreciation, interest, taxes, and exceptional items (EBITDA) for Q4FY23 was Rs 620 crore against Q4FY22 of Rs 707 crore. Profit after tax was Rs 287 crore compared to Rs 429 crore in Q4FY22 Consolidated FY23: Revenue from operations for FY23 was Rs 35,244 crore registering an increase of 50% against FY22 of Rs 23,521 crore. EBITDA for FY23 was Rs 3,195 crore registering an increase of 22% against FY22 of Rs 2,629 crore. Profit after tax was Rs 1,828 crore against the previous year of Rs 1,574 crore. Standalone Q4FY23: Revenue for Q4FY23 was Rs 807 crore in comparison to Q4FY22 of Rs 921 crore. EBITDA for Q4FY23 were Rs 327 crore in comparison to Q4FY22 of Rs 309 crore. Profit after tax for Q4FY23 is Rs 83 crore as against Q4FY22 of Rs 225 crore. Profit after tax for Q4FY23 includes a loss of Rs 155 crore representing provision for impairment of investment in subsidiaries/joint venture. Standalone FY23: Revenue from operations for FY23 was Rs 2,895 crore against the previous year of Rs 2,489 crore and EBITDA for the year ended was Rs 527 crore against the previous year of Rs 492 crore. Profit after tax was Rs 197 crore as against Rs 284 crore in the previous year. The profit after tax for the year ended 31st March 2023 includes a loss of Rs 155 crore representing provision for impairment of investment in subsidiaries/joint venture S. Suresh, Managing Director commenting on the standalone results for the year mentioned as follows: "The operating profit of the standalone sugar division was better than the previous year on account of better sales realisation and increased domestic sales volume. There was cost pressure on account of higher energy prices partly offset by increased realisation from power export. Overall cane crush increased during the year to 51.8 LMT from 50.2 LMT in the previous year. Overall sugar sales also increased to 5.19 LMT from 4.95 LMT in the previous year. The company continues to focus and deliver on the sweating of assets and expansion in core areas. The Company had completed the sale process of the Pettavaithalai plant and commenced 120 KLPD ethanol facility in Sankili from sugar syrup. Also, 165 KLPD expansion in Haliyal and Nellikuppam is in progress. Despite the increase in interest rates, our effective cash management and cash generated from operations resulted in reduced finance costs of Rs 36 crore from Rs 46 crore in the previous year. Standalone Nutraceuticals division registered a marginal increase in profitability though there was a 13% reduction in revenue on account of better realisation and reduced input costs." Result PDF
Conference Call with EID Parry (India) Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Sugar company EID Parry (India) announced Q3FY23 results: Standalone Q3FY23 & 9MFY23: The revenue from operations for Q3FY23 was Rs 727 Crore in comparison to the corresponding quarter of previous year of Rs 686 Crore. Earnings before depreciation, interest, and taxes (EBITDA) and before exceptional items for the quarter was Rs 63 crore in comparison to the corresponding quarter of the previous year of Rs 72 crore. Standalone Profit after tax for the quarter was Rs 16 crore as against Rs 18 crore in corresponding quarter of previous year. Revenue from operations for 9MFY23 was Rs 2,095 crore in comparison to the corresponding period of previous year of Rs 1,574 crore. Earnings before depreciation, interest, and taxes (EBITDA) and before exceptional items for the nine months ended 31st December 2022 was Rs 199 crore as against Rs 183 crore in the corresponding period of previous year. Standalone Profit after tax for the nine months ended 31st December 2022 was Rs 114 crore as against Rs 58 crore in corresponding period of the previous year. Consolidated Q3FY23 & 9MFY23: The consolidated revenue from operations for the quarter ended 31st December 2022 was Rs 9,917 crore, registering an increase of 52% in comparison to the corresponding quarter of previous year of Rs 6,529 crore. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional items for the quarter ended 31st December 2022 was Rs 843 crore registering an increase of 29% in comparison to the corresponding quarter of previous year of Rs 656 rore. Consolidated profit after tax was Rs 482 crore compared to Rs 395 crore in corresponding quarter of previous year. The consolidated revenue from operations for the nine months ended 31st December 2022 was Rs 28,391 crore as against corresponding period of the previous year of Rs 17,862 crore. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional items for the nine months ended 31st December 2022 was Rs 2,574 crore against corresponding period of the previous year of Rs 1,922 crore. Consolidated profit after tax was Rs 1,541 crore as against Rs 1,145 crore in corresponding period of the previous year. Mr. S Suresh, Managing Director commenting on the standalone results mentioned that "The Company's profitability in the Sugar segment has been slightly reduced in Q3 of current year as compared to the Q3 of the previous year mainly on account of increase in coal prices and reduction in distillery production, partially offset by improved sugar export volumes and realizations. The Company has crushed higher volumes of cane to the tune of 17.78 LMT in Q3 2022-23 as against 16.17 LMT in Q3 2021-22. During the quarter, the Company was allotted an Export Quota of 0.82 LMT for the Sugar Year 2022-23, of which 0.49 LMT was exported in Q3 22-23. During the quarter, the Board has approved further augmentation of ethanol capacity by expanding the existing 75 KLPD distillery unit to 120 KLPD distillery unit with an incineration boiler at Nellikuppam with a capital outlay of Rs. 87 Crores for production of ethanol from Syrup and B-heavy molasses. The Nutraceuticals division has performed better in the current quarter as compared to the corresponding quarter of the previous year at both Standalone and Consolidated levels on account of better realizations and reduced input costs." Result PDF
Sugar company EID Parry (India) announced Q2FY23 results: Standalone: The standalone revenue from operations for the quarter ended September 30, 2022 was Rs 646 crore registering a growth of 47% as against Rs 438 crore in the corresponding quarter of previous year. Earnings before depreciation, interest and taxes (EBITDA) for the quarter ended was Rs 125 crore as against Rs 115 crore in the corresponding quarter of previous year. Standalone profit after tax for the quarter was Rs 85 crore as against Rs 73 crore in the corresponding quarter of previous year. The standalone revenue from operations for the half year ended September 30, 2022 was Rs 1,368 crore registering a growth of 54% as against Rs 888 crore in the corresponding period of previous year. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional items for the half year ended was Rs 136 crore against Rs 111 crore in the corresponding period of the previous year. Standalone profit after tax for the half year ended was Rs 98 crore against Rs 40 crore in the corresponding period of previous year. The profit after tax for the half year ended includes an exceptional gain of Rs 44 crore. Consolidated: The consolidated revenue from operations for the quarter ended September 30, 2022 was Rs 11,328 crore registering an increase of 62% as against Rs 6,978 crore in the corresponding quarter of previous year. Earnings before depreciation, interest and taxes (EBITDA) for the quarter ended September 30, 2022 was Rs 978 crore registering an increase of 27% as against Rs 772 crore in the corresponding quarter of previous year. Consolidated profit after tax and non-controlling interest was Rs 241 crore compared to Rs 244 crore in corresponding quarter of previous year. The consolidated revenue from operations for the half year ended September 30, 2022 was Rs 18,474 crore registering an increase of 63% as against Rs 11,333 crore in the corresponding period of previous year. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional items for the half year ended September 30, 2022 was Rs 1,732 crore as against Rs 1,266 crore in the corresponding period of previous year. Consolidated profit after tax and non-controlling interest was Rs 518 crore compared to Rs 376 crore in the corresponding period of previous year. Mr. S Suresh, Managing Director commenting on the results mentioned that "Sugar and Distillery segments have performed better in Q2FY23 as compared to the corresponding quarter of the previous year on account of increased sales volumes and realisations and better sales mix in Distillery, while the Cogen profitability has been impacted due to increase in coal prices. Cane crushing volumes have increased to 8.4 LMT in Q2FY23 as against 6.6 LMT in Q2FY22. The company operated special season in Tamil Nadu till October 2022 The Government has brought in a release order for exports and the quota allocated to the Company was 0.31 LMT to be fulfilled before October 31, 2022. The company has exported already exported 0.28 LMT in Q2FY23. Base FRP for sugar season 2022-23 has been increased to Rs. 3,050/MT for a base recovery of 10.25% During the quarter, the Board has approved the setting up of a 120 KLPD Distillery in Haliyal with a capital outlay of Rs 181 crore. Standalone Nutraceuticals business had a profit in registered a strong increase in profit to Rs. 5 Crore in Q2FY23 as against Rs 2 Crore in corresponding quarter of the previous year on account of increased sales realisations and reduction in input costs. The consolidated nutra segment loss has reduced to Rs 3 crore in the current quarter as against Rs 8 crore in the previous period." Result PDF