E.I.D Parry (India) Ltd. Announces Financial Results for Q2FY19

Deepthi | Myequity news | Date : 09-11-2018 19:40:00 IST

EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and half year ended 30th September 2018.

Standalone performance for the Quarter and half year ended 30th September 2018:

The Standalone revenue from continuing operations for the quarter ended 30th September 2018 was Rs. 351 Crore in comparison to the corresponding quarter of previous year of Rs. 612 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional items from continuing operations for the quarter ended was Rs. 39 Crore in comparison to the corresponding quarter of previous year of Rs. 125 Crore. During the quarter, the Company received a final dividend of Rs.62 Crore for the financial year 2017-18 from its subsidiary, Coromandel International Limited. Standalone profit after tax from continuing operations for the quarter was Rs. 11 Crore as against Rs.76 Crore in the corresponding quarter of previous year. While the profit after tax from the discontinued operations was Rs. Nil for the quarter as compared to profit of Rs. 4 Crores in the corresponding quarter of the previous year.

The Standalone revenue from continuing operations for the half year ended 30th September 2018 was Rs. 807 Crore in comparison to the corresponding half of previous year of Rs. 1,085 Crore. Loss before depreciation, interest and taxes (EBITDA) and before exceptional items for the half year ended was Rs.64 Crore in comparison to Profit of Rs. 157 Crore in the corresponding half of previous year. Standalone Loss after tax from continuing operations for the half year ended was Rs. 70 Crore as against profit of Rs. 61 crore in corresponding half of previous year. While the profit after tax from the discontinued operations was Rs. 136 Crores for the half year ended as compared to Rs. 1 Crore in the corresponding half year of the previous year.

Consolidated performance for the Quarter and half year ended 30th September 2018:

The consolidated revenue from operations for the quarter ended 30th September 2018 was Rs. 5,838 Crore registering an increase of 14% in comparison to the corresponding quarter of previous year of Rs. 5,115 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter ended 30th September 2018 was Rs. 612 Crare registering a decline of 8% in comparison to the corresponding quarter of previous year of Rs. 664 Crore. Consolidated profit after tax and minority interest was Rs. 106 Crore compared to Rs. 214 Crore in corresponding quarter of previous year.

The consolidated revenue from operations for the half year ended 30th September 2018 was Rs. 9,201 Crores registering a growth of 8% against corresponding half of the previous year of Rs.8,493 Crores. Profit before depreciation, interest and taxes (EBITDA) for the half year ended 30th September 2018 was Rs. 695 Crores against corresponding half of the previous year of Rs. 860 Crares. Consolidated loss after tax and minority interest was Rs. 89 Crores as against profit of RS.204 Crores in corresponding half of the previous year.


Sugar Division

The Consolidated Sugar operations reported a Loss before Interest and Tax of Rs. 110 Crore (corresponding quarter of previous year reported a profit of: RS.31 Crore) for the quarter.

Farm Inputs Division

The Consolidated Farm Input operations reported a Profit before Interest and Tax of Rs. 672 Crore (corresponding quarter of previous year: Rs. 577 Crore) for the quarter.

Nutraceuticals Division


For the quarter, Nutraceuticals division registered a Profit before Interest and Tax of Rs. 3 Crore (corresponding quarter of previous year: Rs.3 Crores).

Mr. S Suresh, Managing Director commenting on the results mentioned that "Depressed sugar prices due to surplus production in the country continued to impact the performance of the company in Q2 2018-19 together with reduced sale volumes on account of the Release Order mechanism. Also heavy rains during the quarter affected the distillery operations in Karnataka and Andhra Pradesh units. During the quarter, sugarcane crush volumes in Tamilnadu units were in line with previous year numbers.

The Government of India has been taking various supportive measures in order to provide stability to the sugar prices, in the form of Buffer Stock mechanism, Minimum Support price for Sugar, Export quota and related subsidy and Upward Revision of Ethanol price including ethanol supply from B Heavy molasses and cane juice. Further, Tamilnadu Government has taken positive steps to increase the domestic sales of alcohol within the state by regulating import from other States. These would augur well for the Company in the coming quarters."

Nutraceuticals business had grown by 10% in revenue and 66% in profit over the corresponding half year of previous year.

About E.I.D. - Parry (India) Limited

E.I.D. Parry is a significant player in Sugar with interests in promising areas of Nutraceuticals. E.I.D Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International Limited. EID Parry has a 100% stake in Parry Sugars Refinery India Private Limited and US Nutraceuticals Inc, USA.

EID Parry has nine sugar factories having a capacity to crush 45800 Tonnes of Cane per day, generate 160 MW of power and four distilleries having a capacity of 234 KLPD. In the Nutraceuticals business, it holds a strong position in the growing wellness segment mainly catering to the world markets with its organic products.

About the Murugappa Group

Founded in 1900, the INR 329 Billion (32,893 Crores) Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE &BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., TI Financial Holdings Ltd and Wendt (India) Ltd.


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