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COMPANY REPORT

Revenue from operations of EID Parry for 2017-18 Q3 worth Rs 644 crore
Friday, 10 November, 2017, 08 : 00 AM [IST]
Our Bureau, Mumbai
The standalone revenue from operations of EID Parry (India) Limited, one of the largest manufacturers of sugar in India, for the quarter and half-year ended September 30, 2017 was Rs 644 crore, in comparison to that of the corresponding quarter of the previous year, which was Rs 579 crore.

The profit before depreciation, interest and taxes (EBITDA) for the third quarter was Rs 132 crore. In the corresponding quarter of the previous year, it was Rs 160 crore. During the quarter, the company received a final dividend of Rs 89 crore for the financial year 2016-17 from its subsidiary, Coromandel International Limited.

The standalone profit after tax for the quarter was Rs 80 crore as against Rs 82 crore in the corresponding quarter of previous year. The standalone revenue from operations for the half-year ended September 30, 2017 was Rs 1,137 crore in comparison to that of the corresponding period of previous year, which was Rs 1,160 crore.

Profit before depreciation, interest and taxes (EBITDA) for the half-year ended September 30, 2017 was Rs 159 crore vis-a-vis Rs 247 crore in the corresponding half of the previous year.

The standalone profit after tax for the half-year ended September 30, 2017 was Rs 62 crore vis-a-vis Rs 107 crore in the corresponding half of the previous year.

Consolidated performance for the quarter ended September 30
The consolidated revenue from operations for the quarter ended September 30, 2017, was Rs 5,115 crore, registering a growth of nine per cent in comparison to the corresponding quarter of previous year of Rs 4,706 crore.

Profit before depreciation, interest and taxes (EBITDA) and before exceptional items for the quarter ended September 30, 2017 was Rs 664 crore, registering an increase of 31 per cent in comparison to the corresponding quarter of previous year of Rs 508 crore.

The consolidated profit after tax and minority interest was Rs 214 crore compared to Rs 126 crore in the corresponding quarter of the previous year.

The consolidated revenue from operations for the half-year ended September 30, 2017 was Rs 8,493 crore, registering a growth of 10 per cent against that of the corresponding period of the previous year, which was Rs 7,756 crore.

Profit before depreciation, interest and taxes (EBITDA) for the half-year ended September 30, 2017 was Rs 860 crore against that of the corresponding period of the previous year, which was Rs 711 crore.

Consolidated profit after tax and minority interest was Rs 204 crore as against Rs 141 crore in the corresponding half of the previous year.

Sugar Division
The consolidated sugar operations reported a profit before interest and tax of Rs 31 crore for the quarter. In the corresponding quarter of the previous year, it was Rs 50 crore.

Farm Inputs Division
The consolidated farm input operations reported a profit before interest and tax of Rs 571 crore for the quarter. The profit before interest and tax for the corresponding quarter of the previous year was Rs 397 crore.

Bio-products Division
For the quarter, the Bio-products Division (comprising bio-pesticides and nutraceuticals) registered a profit before interest and tax of Rs 10 crore. The profit before interest and tax for the corresponding quarter of the previous year was Rs 8 crore.    

Commenting on the results, S Suresh, managing director, EID Parry, said, “The performance of the company in the second quarter of 2017-18 was largely impacted by a 46 per cent drop in cane availability during the special crushing season in Tamil Nadu due to the earlier drought conditions.”

“This had a cascading effect on the production and sale of sugar, power and alcohol. The above impact has been mitigated to some extent by better realisation of sugar price by 10 per cent compared to the corresponding quarter of the previous year,” he added.
“In addition, the company has completed processing of imported raw sugar, allotted by the government of India under the tariff-rate quota (TRQ), which helped in sugar availability for sales. We expect the sugar prices to remain firm for the year 2017-18,” Suresh said.

“Better profitability in the bio-pesticides division was on account of the increased neem seed availability in the market, which helped to reduce the raw material cost in the bio-pesticides division. The focused marketing in the overseas market helped in the better profitability of the nutraceuticals division,” he added.
 
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