News Details

News Details

Hot Pursuit News
As on 18-May-2022  12:31

EID Parry (India) reports turnaround Q4 result
Net sales stood at Rs 5,667.34 crore for the quarter ended 31 March 2022 as against Rs 3,876.68 crore during the same period in the previous year, registering a growth of 46.2%.

Profit before tax stood at Rs 581.40 crore in the fourth quarter, up by 213.1% from Rs 185.71 crore in the same period last year.

Earnings before depreciation, interest, taxes and exceptional items (EBITDA) soared 120.25% to Rs 707 crore in the quarter ended 31 March 2022 against corresponding quarter of previous year of Rs 321 crore.

The consolidated sugar operations reported an operating profit of Rs 194 crore in Q4 FY22 as against a operating loss of Rs 21 crore for the quarter recorded in Q4 FY21. The consolidated Farm Input Division reported a 49.8% increase in operating profit of Rs 397 crore in Q4 FY22 from Rs 265 crore posted in Q4 FY21. In Nutraceuticals division, the consolidated operating profit stood at Rs 6 crore as compared to a profit of Rs 19 crore recorded in Q4 FY21, reporting a decline of 68.42%. The decline in operating profit was on the back of increase in marketing expenses on the launch of Flomentum brand in US under the Business-to-Consumer (B2C) segment.

S. Suresh, managing director (MD) of EID Parry (India) said, “The company has performed better than the last year on account better realisation in Sugar and Power, Distillery expansion in Bagalkot and higher cane volumes and recoveries. Overall cane crush during the year was 50.21 LMT as compared to 39.69 LMT during the previous year. Overall sugar sales increased from 4.00 LMT in the previous year to 4.95 LMT during the current year which included, exports of 1.69 LMT of sugar in the current year as against 1.15 LMT in the previous year.

He further added, “Company focussed on the sweating of assets and expansion in core areas while maintaining the optimum cost levels. The transfer of 4500TCD capacity from Pudukottai to Haliyal was completed during the year and 1.45 LMT cane was crushed using the transferred capacity during the interim period. The Company had disposed the plant and machinery in Puducherry unit. Distillery expansion of 60 KLPD facility in Bagalkot became functional during the year. Also, the company has initiated 120 KLPD grain based ethanol project in Sankili which should come into operation in Q4 of FY 2022-23. All the above initiatives should augur well for the company in the future years. The debt reduction programme helped in reduction ofthe finance cost from Rs. 93 Crore in FY 2020- 21 to Rs 46 crore in the current financial year.”

On full year basis, the company reported a 76.3% surge in net profit to Rs 916.98 crore on a 26.8% rise in net sales to Rs 23,527.93 crore in FY22 over FY21.

E.I.D Parry (India) is engaged in the manufacturing and marketing of sugar, bio pesticides and nutraceuticals. Shares of E.I.D Parry (India) were trading 0.95% lower at Rs 495.5 on the BSE.

Powered by Capital Market - Live News