EID Parry posts a standalone profit of ₹83 cr in March quarter

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Morugaba Group Corporation EID Parry India Ltd It reported a standalone profit after tax (PAT) of Rs.83 crore for the quarter ended March 31, 2023, compared to a profit of Rs.225 crore in the year-ago quarter amid lower revenue.

The decrease in PAT for the March 2023 quarter is mainly due to an exceptional item – loss of Rs. 155 crore due to impairment of investment in subsidiaries and joint venture. The quarter last year also had an exceptional component – a loss of Rs. 13.73 crore on sale of plant and equipment at the Puducherry plant.

EBITDA was higher at ₹283 crore as compared to ₹267 crore in the previous year quarter.

Revenue from operations was lower at ₹807 crore in March 2023 quarter as against ₹921 crore in the year-ago quarter. The total expense was lower at ₹634 crore as compared to ₹782 crore.

Full year profit decline

For the full year ended 31st March 2023, PAT was lower at Rs.197 crore as compared to Rs.283.5 crore in FY22, due to the above-mentioned extraordinary loss. Profit before tax and special items was ₹355 crore as against ₹326 crore in the previous year quarter.

“The operating profit of the standalone sugar division was better than the previous year due to better sales and higher domestic sales volumes. There was cost pressure due to higher energy prices that was partially offset by increased realization from energy export,” Suresh, managing director of the company, said in a statement.

Total sugarcane crushing increased to 51.8 liters in FY23 from 50.2 liters in FY22 the year before. Sugar sales also increased to 5.19 LMT from 4.95 LMT in the previous year.

On a consolidated basis, PAT was ₹287 crore during the March quarter 2023 as against ₹429 crore in the previous year period.

However, revenue grew by 21% at ₹6,860 crore as against ₹5,666 crore. EBITDA before exclusion was Rs.620 crore when compared to Rs.707 crore.

For the full FY23, consolidated PAT was Rs.1,828 crore as against Rs.1,574 crore in FY22. Revenue recorded a 50 per cent increase at Rs.35,244 crore as against Rs.23,521 crore.