EID Parry India Ltd. reported a 64% drop in its standalone net profit for the March quarter year on year to ₹83 crore, as it incurred a loss on investment in subsidiaries and joint ventures of ₹155 crore.
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Revenue from operations declined by 12% to ₹807 crore, the sugar major of the Murugappa Group said in a regulatory filing.
The sugar operations reported an operating profit of ₹176 crore (₹163 crore) and the nutraceuticals division an operating loss of ₹1.51 crore against a profit of ₹69 lakh during the corresponding quarter last year.
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Overall cane crush increased during the year to 51.8 lakh tonnes (50.2 lakh tonnes). Overall sugar sales soared to 5.19 lakh tonnes from 4.95 lakh tonnes.
“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,” said MD S. Suresh. “Despite increase in interest rates, our effective cash management and cash generated from operations resulted in reduced finance cost of ₹36 crore from ₹46 crore.”
“The company continues to focus and deliver on sweating of assets and expansion in core areas. The Company had completed sale process of Pettavaithalai plant and commenced 120 KLPD ethanol facility in Sankili from sugar syrup. Also 165 KLPD expansion in Haliyal and Nellikuppam is under progress,” he said.
The board declared second interim dividend of ₹4 per share.