EID Parry Q3 profit takes hit due to hike in coal price

CHENNAI: Sugar manufacturer EID Parry (India) reported Rs 727 crore as revenue for the quarter ended December 31, 2022 against corresponding quarter of previous year of Rs 686 crore.

Earnings before depreciation, interest and taxes (EBITDA) and before exceptional items for the quarter was Rs 63 crore in comparison to the corresponding quarter of previous year of Rs 72 crore. Standalone profit after tax for the quarter was Rs 16 crore as against Rs 18 crore in corresponding quarter of previous year.

Revenue from operations for the nine months ended December 31, 2022 was Rs 2,095 crore compared to the corresponding period of previous year of Rs 1,574 crore.

Standalone PAT for the nine months ended December 31, 2022 was Rs 114 crore as against Rs 58 crore in corresponding period of previous year.

S Suresh, MD, said “the company’s profitability in the sugar segment has been slightly reduced in Q3 of current year as compared to the Q3 of the previous year mainly on account of increase in coal prices and reduction in distillery production, partially offset by improved sugar export volumes and realisations.”

The company has crushed higher volumes of cane to the tune of 17.78 LMT in Q3 2022-23 as against 16.17 LMT in Q3 2021-22.