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E.I.D.-Parry (India) Ltd - Q2, H1 FY20 Financial Results

Posted On: 2019-11-07 08:48:42


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 2019.

Standalone performance for the quarter and half year ended 30th September 2019:

The Standalone revenue from continuing operations for the quarter ended 30th September 2019 was Rs. 442 Crore registering a growth of 26% in comparison to the corresponding quarter of previous year of Rs. 351 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional items from continuing operations for the quarter ended was Rs. 51 Crore in comparison to the corresponding quarter of previous year of Rs. 39 Crore. During the quarter, the Company received a final dividend of Rs.62 Crore for the financial year 2018-19 in line with the corresponding quarter of the previous year from its subsidiary, Coromandel International Limited. Standalone profit after tax from continuing operations for the quarter was Rs. 6 Crore as against Rs.11 Crore in the corresponding quarter of previous year.

The Standalone revenue from continuing operations for the half year ended 30th September 2019 was Rs. 830 Crore registering a growth of 3% in comparison to the corresponding half of previous year of Rs. 807 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional items for the half year ended was Rs.21 Crore in comparison to Loss of Rs. 64 Crore in the corresponding half of previous year. Standalone Loss after tax from continuing operations for the half year ended was Rs. 47 Crore in comparison to corresponding half year ended of previous year of Rs. 70 crores. While the profit after tax from the discontinued operations was Nil for the half year ended as compared to Rs. 136 Crore in the corresponding half year of the previous year.

Consolidated performance for the quarter and half year ended 30th September 2019:

The consolidated revenue from operations for the quarter ended 30th September 2019 was Rs. 5,677 Crore registering a decline of 3% in comparison to the corresponding quarter of previous year of Rs. 5,838 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter ended 30th September 2019 was Rs. 681 Crore registering an increase of 11% in comparison to the corresponding quarter of previous year of Rs. 612 Crore. Consolidated profit after tax and minority interest was Rs. 182 Crore compared to Rs. 106 Crore in corresponding quarter of previous year.

The consolidated revenue from operations for the half year ended 30th September 2019 was Rs. 8803 Crores registering a decline of 4% against corresponding half of the previous year of Rs. 9,201 Crores. Profit before depreciation, interest and taxes (EBITDA) and before exceptional item for the half year ended 30th September 2019 was Rs. 868 Crores against corresponding half of the previous year of Rs. 695 Crores. Consolidated profit after tax and minority interest was Rs. 154 Crores as against loss of Rs.89 Crores in corresponding half of the previous year.

Sugar Division

The Consolidated Sugar operations reported a Loss before Interest and Tax of Rs. 82 Crore (corresponding quarter of previous year: Rs.110 Crore) for the quarter.

Farm Inputs Division

The Consolidated Farm Input operations reported a Profit before Interest and Tax of Rs. 712 Crore (corresponding quarter of previous year: Rs. 672 Crore) for the quarter.

Nutraceuticals Division

For the quarter, Nutraceuticals division registered a Profit before Interest and Tax of Rs. 1 Crore on a standalone basis which represents a 74% growth over the corresponding quarter of the previous year. On a consolidated basis, the division registered a Loss before interest and tax of Rs. 6 Crore, largely on account of expenses connected with new product launches at US Nutraceuticals Inc, a wholly owned subsidiary based at USA.

Mr. S Suresh, Managing Director commenting on the results mentioned that "The performance of the Company got affected in Q2 2019-20 due to muted sugar prices on account of higher sugar inventory and release order mechanism. The sugar prices improved compared to the previous quarter due to floods in Karnataka & Maharashtra which affected the movement of sugar stocks from these states to other states, thereby benefitting the company.

During the quarter, sugarcane crushing volumes in Tamilnadu units were better compared to previous year numbers. Also, the Company has taken approval of the Board of Directors to establish a 60 KLPD Greenfield Distillery plant at Bagalkot unit in Karnataka.

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."

Shares of E.I.D.-PARRY (INDIA) LTD. was last trading in BSE at Rs.169 as compared to the previous close of Rs. 165.65. The total number of shares traded during the day was 16868 in over 568 trades.

The stock hit an intraday high of Rs. 172 and intraday low of 168.4. The net turnover during the day was Rs. 2862243.


Source: Equity Bulls

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