Murugappa Group company E.I.D.-Parry (India) Ltd has reported a standalone loss after tax of ₹46 crore for the quarter ended June 30, 2023 when compared with a net profit of ₹13 crore in the year-ago quarter on account of a lower top line, caused by fall in exports.
Revenue from operations reported a fall at ₹698 crore in June 2023 quarter (₹719 crore) . Loss before depreciation, interest and taxes and before exceptional items stood at ₹15 crore against a profit of ₹11 crore in the year-ago quarter, according to a statement.
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“The profitability of sugar and cogeneration segments were lower in Q1 2023-24 as compared to the corresponding quarter of the previous year on account of reduction in export volumes due to restrictions imposed by the government and reduced power realisations,” said S Suresh, Managing Director .
However, the company managed to crush higher cane volumes of around 4.01 lakh tonnes in Q1 of this fiscal against (2.69 lakh tonnes) .
Segment wise
The distillery segment has performed better owing to higher realisations and increased volumes attributable to the new 120 KLPD dual feed distillery facility in Sankili. Also, the company commenced grain-based operations in Sankili distillery during Q1. The standalone nutraceuticals segment registered a loss on account of reduced sales due to the existing certification issues in Europe.
On a consolidated basis, profit after tax and non-controlling interest was lower at .₹109 crore during Q1 of this fiscal (₹276 crore).
Revenue from operations reported a marginal drop at ₹7,026 crore (₹7144 crore). EBITDA and before exceptional items for the June 2023 quarter fell 13 per cent at ₹652 crore (₹754 crore).
The consolidated sugar operations reported an operating loss of ₹129 crore (a loss of ₹9 crore). Farm inputs operations reported an operating profit of ₹727 crore (₹689 crore). Nutraceuticals division registered a loss before interest and tax of ₹14 crore (loss of ₹4 crore).
As A Sridhar will be stepping down as the Chief Financial Officer of the company, the Board has approved the appointment of Y Venkateshwarlu, who is now the Senior Associate Vice President – Finance, as the Chief Financial Officer of the Company, who will take over on September 1.