Chennai : E.I.D.-Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and nine months ended 31st December 2024.
Consolidated performance for the quarter and nine months ended 31st December 2024:
The consolidated revenue from operations for the quarter ended 31st December 2024 was Rs. 8,720 Crore registering an increase of 12% in comparison to the corresponding quarter of the previous year of Rs. 7,770 Crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter ended 31st December 2024 was Rs. 811 Crore registering an increase of 79% in comparison to the corresponding quarter of the previous year of Rs. 453 Crore. The Consolidated profit after tax and non-controlling interest was Rs. 195 Crore in comparison to Rs. 118 Crore in the corresponding quarter of the previous year.
The Consolidated revenue from operations for the nine months ended 31st December 2024 was Rs. 24,797 Crore as against Rs. 23,856 Crore in the corresponding period of the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months ended 31st December 2024 was Rs. 2,367 Crore as against Rs. 2,309 Crore in the corresponding period of the previous year. Consolidated profit after tax and non-controlling interest was Rs. 592 Crore as compared to Rs. 679 Crore in the corresponding period of the previous year.
Standalone performance for the quarter and nine months ended 31st December 2024:
The Standalone revenue from operations for the quarter ended 31st December 2024 was Rs. 848 Crore in comparison to the corresponding quarter of previous year of Rs. 668 Crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter ended 31st December 2024 was Rs. 19 Crore negative (before exceptional item) in comparison to the corresponding quarter of the previous year of Rs. 24 Crore. The Standalone loss after tax for the quarter was Rs. 146 Crore (includes a loss of Rs. 77 Crore representing provision for impairment of investment in subsidiary) as compared to Rs. 14 Crore in the corresponding quarter of the previous year.
The Standalone revenue from operations for the nine months ended ended 31st December 2024 was Rs. 2,354 Crore as against Rs. 2,092 Crore in the corresponding period of previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months ended 31st December 2024 was of Rs. 27 Crore (before exceptional item) as against of Rs. 140 Crore in the corresponding period of the previous year. Standalone loss after tax for the nine months ended was Rs. 196 Crore (includes Rs. 77 Crore provision for impairment of investment in subsidiary) as compared to a profit of Rs. 27 Crore in the corresponding period of the previous year.
Sugar Division
The Consolidated Sugar operations including refinery business reported a Loss before Interest and Tax of Rs. 59 Crore for the quarter as against profit of Rs. 6 Crore for the corresponding quarter of previous year.
Farm Inputs Division
The Consolidated Farm Inputs operations reported a Profit before Interest and Tax of Rs. 717 Crore for the quarter as against profit of Rs. 336 Crore for the corresponding quarter of previous year.
Nutraceuticals Division
The Consolidated Nutraceuticals operations registered a Loss before Interest and Tax of Rs. 5 Crore for the quarter as against loss of Rs. 1 Crore for the corresponding quarter of previous year.).
Consumer Products Group (CPG):
The CPG Division registered a loss before Interest and Tax of Rs. 16 Crore for the quarter as against loss of Rs. 10 Crore for the corresponding quarter of previous year.
Mr. Muthiah Murugappan, Whole-time Director and Chief Executive Officer commented on the standalone results:
Sugar:
The revenues from sugar segment for the current quarter were at Rs.391 Crore as against Rs.435 Crore in corresponding quarter, registering a degrowth of 10% due to lower release quota. The sugar segment registered a loss of Rs.49 Crore as compared to loss of Rs. 14 Crore for the corresponding quarter of previous year on account of lower cane volume (12.70 LMT Q3 Dec 24 vs 17.80 LMT in Q3 Dec 23), lower recovery and higher cane cost. The selling prices continued to be under pressure resulting in higher loss for the current quarter.
Consumer Products Group (CPG):
The Consumer Products Group (CPG) delivered revenues of Rs. 236 Crore for the current quarter, registering a growth of 72% over the corresponding quarter of the previous year (Rs. 137 Crore) aided by an expanded product portfolio with the launch of Branded Staples. The Branded Sweetener category within the CPG delivered a steady performance, registering a growth of 8% over the corresponding quarter of the previous year.
Distillery:
The revenues of the distillery segment for the current quarter were at Rs. 289 Crore as against Rs. 176 Crore in corresponding quarter of the previous year, registering a growth of 64%, benefitting from enhanced capacity utilisation after completion of expansion projects and the new distilleries becoming operational. Although revenues have increased, profitability remains under pressure due to higher input costs.
Nutraceuticals:
The revenue of the Nutraceuticals segment for the current quarter were at Rs. 12 Crore as against Rs. 8 Crore in corresponding quarter of the previous year, registering an increase of 54%. The loss under this segment reduced by Rs. 3 Crore compared to the corresponding previous quarter after the commencement of exports to Europe consequent to receipt of the European certification.
