EID-Parry (India) drops after Q4 PAT slumps 75% to Rs 62 cr

EID-Parry (India) lost 3.76% to Rs 429 after the company's consolidated net profit tanked 75.4% to Rs 61.61 crore on 7.9% fall in net sales to Rs 3,907.96 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax tumbled 59.3% to Rs 185.70 crore in Q4 FY21 as against Rs 455.93 crore in Q4 FY20. EBITDA for the quarter ended 31 March 2021 at Rs 321 crore as against the corresponding quarter of previous year at Rs 639 crore.

The consolidated sugar operations reported an operating loss of Rs 21 crore as compared to the corresponding quarter of previous year, where profit stood at Rs 170 crore. The consolidated Farm Inputs operations reported an operating profit of Rs 265 crore as against the corresponding quarter of previous year, where profit was at Rs 372 crore. The consolidated Nutraceuticals division reported an operating profit of Rs 19 crore over the corresponding quarter of previous year profit of Rs 4 crore.

During the financial year, EID-Parry (India)'s consolidated net profit jumped 12.48% to Rs 999.82 crore on 8.51% increase in revenue from operations to Rs 18,587.45 crore in FY 2021 over FY 2020.

S. Suresh, the managing director (MD) of EID-Parry (India) said: "The performance of the company was better than the last year on account of better realisation from sugar and distillery, higher export volumes and various cost control measures. Overall cane crushed during this year is at 39.69 LMT as against 36.72 LMT of LY. During the quarter, the company had exported 41,037 MT of sugar as part of the Maximum Admissible Export Quantity quota."

"As part of debt reduction programme, the proceeds of the 4% stake divested in Coromandel International along with the dividend received from Coromandel International were utilised to reduce the debt of the company. The company continued its focus on sweating of assets by initiating the process oftransferring and installing the assets of Pudukkottai unit at Haliyal, Karnataka. Also, the company closed the Pettavaithalai unit in Tamil Nadu during the year."

"Nutraceuticals division registered a strong profit growth at Rs 19 crore as against profit of Rs 4 crore in corresponding quarter of previous year on account of better performance in the USA operations and increased sales to Europe."

Meanwhile, the board has approved the closure of the wholly owned subsidiary, E.I.D-Parry Europe 8.V, as per applicable laws of Netherlands. E.I.D. Parry Europe BV was incorporated last year and has not commenced any business operation.

E.I.D Parry (India) is engaged in the manufacturing and marketing of sugar, bio pesticides and nutraceuticals.

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