E.I.D.-Parry (India) Ltd. announces Q1FY21 financial results

EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter ended 30th June 2020.

Consolidated performance for the quarter ended 30th June 2020:

The consolidated revenue from operations for the quarter ended 30th June 2020, was Rs.4,142 Crore registering a increase of 32% in comparison to the corresponding quarter of previous year of Rs.3,127 Crore. Earnings before depreciation, interest and taxes (EBITDA) for the quarter ended 30th June 2020 was Rs.448 Crore registering an increase of 140% in comparison to the corresponding quarter of previous year profit of Rs.187 Crore. Consolidated profit after tax and non-controlling interest was Rs.29 Crore compared to a loss of Rs.28 Crore in corresponding quarter of previous year.

Standalone performance for the quarter ended 30th June 2020:

The Standalone revenue from operations for the quarter ended 30th June 2020 was Rs.491 Crore in comparison to the corresponding quarter of previous year of Rs.389 Crore. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter was Rs.6 Crore compared to a loss of Rs.31 Crore in corresponding quarter of previous year. Standalone profit after tax for the quarter was Rs.226 Crore as against a loss of Rs.53 Crore in corresponding quarter of previous year.

Sugar Division

The Consolidated Sugar operations reported an operating loss of Rs.29 Crores (corresponding quarter of previous year: Loss of Rs.53 Crores) for the quarter.

Farm Inputs Division

The Consolidated Farm Inputs operations reported an operating profit of Rs.424 Crores (corresponding quarter of previous year: Rs.208 Crores) for the quarter.

Nutraceuticals Division

For the quarter, Consolidated Nutraceuticals Division registered a Loss before Interest and Tax of Rs.3 Crore (corresponding quarter of previous year: Loss of Rs.11 Crore) largely on account of its operations being adversely impacted early in the Lockdown.

Mr. S. Suresh, Managing Director commenting on the standalone results mentioned that "The Company's performance in Q1 2020-21 was better than the corresponding quarter of the previous year, on account of better realisation coupled with the aggressive cost reduction measures across all areas.

The operations of the Company were relatively less affected on account of the lockdowns due to Covid as sugar industry could operate under the Essential products category. There were disruptions in the supply chain and logistics, due to which the company could not achieve the planned sales in retail and institutional segment and also in the production and sale of alcohol. However we were able to export around 40,000 MT under the MAEQ scheme which also helped in better cash flow and profitability. The Company launched Hand sanitisers out of alcohol under the brand names "HANDKLEEN" and "STERISAFE" during the quarter.

Also, the company sold 2% stake in subsidiary, Coromandel International Limited during the quarter and the proceeds have been used to reduce the high cost debt of the Company.

Consolidated Nutraceuticals business registered a strong growth with a Turnover of Rs.74 crore as against Rs.47 crore in the corresponding quarter of previous year. A stronger offtake in The US Market was the key driver."

Shares of E.I.D.-PARRY (INDIA) LTD. was last trading in BSE at Rs.304.65 as compared to the previous close of Rs. 296.6. The total number of shares traded during the day was 50113 in over 1722 trades.

The stock hit an intraday high of Rs. 309.85 and intraday low of 295.6. The net turnover during the day was Rs. 15311575.

Source : Equity Bulls

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