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Sugar manufacturer EID Parry (India) Ltd reported a consolidated profit after tax for the quarter ending March 31, 2023 at Rs 286.90 crore, the company said on Wednesday.
The company, which is a part of city-based Murugappa Group, had registered consolidated profit after tax (PAT) at Rs 428.96 crore in the corresponding quarter of previous year.
For the year ending March 31, 2023, the consolidated profit after tax grew to Rs 1,827.74 crore from Rs 1,573.70 crore registered a year ago.
The consolidated total income during the quarter under review surged to Rs 6,865.28 crore from Rs 5,756.35 crore registered in the same period for the previous year.
For the year ending March 31, 2023 the consolidated total income went up to Rs 35,283.02 crore from Rs 23,743.798 crore registered a year ago.
The sugar division reported a consolidated operating profit at Rs 176 crore, while the corresponding quarter of previous year's profit was at Rs 194 crore for the quarter.
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The farm inputs division reported operating profit of Rs 432 crore as compared to profit of Rs 397 crore recorded same quarter of last year.
The neutraceuticals division reported an operating loss at Rs 54 crore as against a corresponding quarter of previous year profit at Rs 6 crore.
Commenting on the company's financial performance, EID Parry Managing Director S Suresh said the standalone operating profit of the sugar division was better than the previous year on account of better sales realisation and increased domestic sales volume.
He said there was cost pressure on account of higher energy prices partly offset by increased realisation from power export.
"The company continues to focus and deliver on sweating of assets and expansion in core areas. The company had completed sale process of the Pettavaithalai plant (near Tiruchirappalli) and commence 120 klpd ethanol facility in Sankili (Andhra Pradesh) from sugar syrup," he said.
Despite increased interest rates, the company's effective cash management and money generated from operations reduced the finance cost to Rs 36 crore from Rs 46 crore registered last year, he said.
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