Murugappa Group company EID Parry India Ltd has reported a standalone profit after tax (PAT) of ₹83 crore for the quarter ended March 31, 2023, when compared with a PAT of ₹225 crore in the year-ago quarter amid lower revenue.
The lower PAT for the March 2023 quarter was mainly due to an exceptional item – ₹155 crore loss on account of impairment of investment in subsidiaries and joint venture. The year-ago quarter also had an exceptional item – ₹13.73 crore loss on the sale of plant and equipment of the Puducherry factory.
Profit before tax and exceptional items was higher at ₹283 crore when compared with ₹267 crore in the year-ago quarter.
Revenue from operations was lower at ₹807 crore in March 2023 quarter against ₹921 crore in the year-ago quarter. Total expenses were lower at ₹634 crore when compared with ₹782 crore.
Full-year profit down
For the full year ended March 31, 2023, the PAT was lower at ₹197 crore when compared with ₹283.5 crore in FY22, due to an exceptional loss mentioned above. Profit before tax and exceptional items stood at ₹355 crore against ₹326 crore in the year-ago quarter.
“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,” S Suresh, Managing Director of the company, said in a statement.
Overall cane crush increased to 51.8 LMT in FY23 from 50.2 LMT in FY22 in the previous year. Sugar sales also increased to 5.19 LMT from 4.95 LMT in the previous year.
On a consolidated basis, PAT was ₹287 crore during March 2023 quarter as against ₹429 crore in the year-ago period.
However, revenue grew 21 per cent at ₹6,860 crore as against ₹5,666 crore. EBITDA before exceptional stood at ₹620 crore when compared with ₹707 crore.
For the full year FY23, consolidated PAT was ₹1,828 crore as against ₹1,574 crore in FY22. Revenue reported an increase of 50 per cent at ₹35,244 crore as against ₹23,521 crore.