E.I.D. Parry Q2 results: Net profit declines 24% to Rs 591.66 crore

Sugar manufacturer E.I.D. Parry India Ltd has recorded a consolidated profit after tax for the July-September 2024 quarter at Rs 591.66 crore, the company said.

The city-headquartered Murugappa Group company had registered a consolidated profit after tax of Rs 781.85 crore in the corresponding quarter of last financial year.

For the six months period ending September 30, 2024, the consolidated profit after tax fell to Rs 817.53 crore from Rs 1,106.75 crore registered year ago.

The total income during the quarter under review went up to Rs 9,399.73 crore, from Rs 9,210.31 crore registered in the year ago period.

For the half year ending September 30, 2024, the consolidated total income stood at Rs 16,206.71 crore, as against Rs 16,225.58 crore registered during the corresponding period of last financial year.

Commenting on the financial performance, company Whole-Time Director and Chief Executive Officer Muthiah Murugappan said, "the standalone profit of sugar segment was lower in Q2 2024-25 as compared to the corresponding quarter of previous year on account of lower cane volume, a drop in recovery from cane, higher input costs in distillery segment and lower sales volume in sugar on account of lower release quota."  The sugar operations including refinery business reported a loss before interest and tax of Rs 38 crore as compared to profits of Rs 24 crore registered in the same quarter of last financial year.

The consolidated farm inputs operations reported profits before interest and tax of Rs 959 crore, as compared to profits before interest and tax of Rs 1,078 crore registered in the year ago period.

The nutraceuticals division registered a loss before interest and tax of Rs 5 crore as against a profit of Rs 24 crore registered in the same quarter of last financial year, it added.