EID Parry Q1 PAT at Rs 225.87 cr, Sugar Segment Loss Widens

Chennai, Aug 14 (PTI) Sugar manufacturer EID Parry India Ltd has reported a consolidated profit after tax of Rs 225.87 crore for the April-June 2024 quarter, the company said on Wednesday.
The Murugappa Group company had registered a consolidated PAT of Rs 324.90 crore during the corresponding quarter last year.

For the financial year ending March 31, 2024 the consolidated PAT is Rs 1,617.57 crore.

The consolidated total income during the quarter under review stood at Rs 6,806.98 crore, as against Rs 7,015.27 crore a year ago.

For the financial year ending March 31, 2024 the consolidated total income was Rs 29,716.92 crore.

In a statement, the company said the consolidated sugar operations during the quarter reported an operating loss of Rs 54 crore, compared to a loss of Rs 111 crore reported in the same quarter last year.

The farm inputs division reported an operating profit of Rs 495 crore, during the quarter compared to Rs 727 crore of operating profit reported in the period a year ago.

The nutraceuticals division reported a profit before interest and tax of Rs 1 crore during the quarter under review, compared to Rs 14 crore in the same period last year.

Commenting on the financial performance, the company's Whole-Time Director and Chief Executive Officer Muthiah Murugappan said, "The standalone loss of sugar segment was higher in Q1 2024-25 as compared to corresponding quarter of previous year on account of lower cane volumes, higher cane cost, lower recovery from cane and change in product mix in distillery on account of change in government policy."

Overall cane crushed reduced to 1.93 LMT (lakh metric tonne) in the quarter, compared to 4.01 LMT in the corresponding quarter of the previous year, he said.

The consumer products group division achieved a turnover of Rs 216 crore for the quarter, registering a growth of 67 per cent over the corresponding quarter in the previous year, on the back of the launch of its branded staples range of products, he said.

"The branded sweetener range also delivered steady performance and grew by 22 per cent over the corresponding quarter of the previous year," he added.

Commenting about the distillery segment, he said the revenues increased as the company's Haliyal 120 KLPD (kilo litres per day) distillery (in Karnataka) became operational during the quarter.