EID Parry reports 4qtr consolidated PAT at Rs 201.72 cr

: Sugar manufacturer EID Parry has clocked an over four fold increase in consolidated Profits Ater Tax for the quarter March 2019 to Rs 201.72 crore.

The city-based Murugappa Group company had registered consolidated PAT at Rs 40.48 crore a year ago.

For the year ending March 31, 2019, consolidated PAT marginally slipped to Rs 437.65 crore as against Rs 517.43 crore registered a year ago.

The consolidated total income grew to Rs 3,671.40 crore for the January-March 2019 quarter from Rs 3,378.43 crore registered a year ago.

For the year ending March 31, 2019 consolidated total income went upto Rs 16,517.82 crore rom Rs 15,610.99 crore registered a year ago.

On the performance of the sugar division during the quarter ending March 31, 2019, the company said it reported operating profits of Rs 169 crore against Rs 14 crore registered a year ago.

The farm Inputs division reported operating profits of Rs 251 crore for the quarter ending March 31, 2019 against Rs 192 crore in the same period last year.

The Neutraceuticals division reported an operating loss of Rs 0.93 crore compared to the loss of Rs 0.09 crore last year.

Commenting on the financials, company Managing Director S Suresh said the performance for the year was largely impacted due to depressed sugar selling price.

"This is on account of demand supply mismatch in the sugar market, caused due to huge sugar production in the country for the sugar season 2018-19", he said.

Stating that the increase in minimum selling price by Rs two per kg helped realise marginal profits in the fourth quarter ending March 31, 2019, he said, "production for the year (ending March 31, 2019) has been in line with last year".

"The company exported 46,000MT under Minimum Indicative Export Quota", he said.

He said Tamil Nadu continued to reel under drought for the last two years, while Karnataka and Andhra Pradesh saw a normal monsoon. Accordingly, cane availability for the next sugar season was expected to be in line with current season.

The company has installed a back end refinery in Haliyal, Karnataka where there is better cane availability and recovery was also higher, he said.