Sugar manufacturer EID Parry (India) Ltd reported a standalone profit after tax for the quarter ending March 31, 2022 at Rs 225.12 crore, the company said on Wednesday.
The standalone profit after tax was at Rs 168.60 crore during the corresponding quarter in the previous year.
For the year ending March 31, 2022, standalone profit after tax stood at Rs 283.50 crore as against Rs 864.86 crore registered a year ago, the Murugappa Group company said in a statement here.
The profit after tax for the year ending March 31, 2022 includes an exceptional loss of Rs 14 crore arising from sale of plant and machinery in the Puducherry unit as compared to exceptional gain of Rs 715 crore in the previous year arising from sale of 4 per cent in Coromandel International Ltd.
The standalone total income during the quarter under review went up to Rs 1,049.11 crore from Rs 700.27 crore registered the same quarter previous year. For the year ending March 31, 2022, standalone total income grew to Rs 2,772.22 crore from Rs 2,409.65 crore registered last fiscal.
The company, in a statement, said its significant business was sugar and identified it as an ‘essential service’. “The possible impact of events arising from COVID-19 pandemic in the preparation of the standalone financial results for the quarter and year ending March 31, 2022 are not significant,” the statement said.
Due to the essential nature of the business, figures for the current and previous quarters were not comparable, it said.
Commenting on the firm’s financial performance, Managing Director S Suresh said, “The company has performed better than last year on account of better realisation in sugar and power, distillery expansion in Bagalkot and higher cane volumes and recoveries.” Overall cane crush during the year was at 50.21 LMT (lakh metric tonne) as compared to 39.69 LMT last year, he said.
The overall sugar sales increased from 4 LMT last year to 4.95 LMT during the current year which included, exports of 1.69 LMT of sugar in the current year as against 1.15 LMT recorded last year.
He said the company initiated a 120 KLPD (kilo litre per day) grain-based ethanol project in Sankili (in Andhra Pradesh) that should come into operation in Q4 of the current financial year.
“All the above initiatives should augur well for the company in the future years,” he said.
The debt reduction programme helped in reduction of the finance cost from Rs 93 crore in FY2020-21 to Rs 46 crore in current financial year, he said. PTI VIJ VIJ HDA HDA
