February 1 2016, 18.44 PM IST || Pocket News Alert
EID Parry– Q3 results
New Delhi, 1 February 2016: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and nine months ended 31st December 2015.
Standalone performance for the quarter and nine months ended 31st December 2015:
The turnover for the quarter ended 31st December 2015 was Rs.600 Crore in comparison to the corresponding quarter of previous year of Rs.480 Crore. Profit before depreciation, interest and taxes (EBITDA) for the quarter was Rs.14 Crore in comparison to the corresponding quarter of previous year of Rs.15 Crore. Standalone loss after tax for the quarter was Rs.40 Crore as against corresponding quarter of previous year of Rs.43 Crore.
The turnover for the nine months ended 31st December 2015 was Rs.1,642 Crore in comparison to the corresponding nine months ended of previous year of Rs.1,644 Crore. Loss before depreciation, interest and taxes (EBITDA) for the nine months ended 31st December 2015 was Rs.39 Crore in comparison to Profit before depreciation, interest and taxes (EBITDA) of Rs.184 Crore in the corresponding nine months ended of previous year. Standalone loss after tax for the nine months ended was Rs.211 Crore as against corresponding nine months of previous year of Rs.10 Crore.
Consolidated performance for the quarter and nine months ended 31st December 2015 :
The consolidated turnover for the quarter ended 31st December 2015 was Rs.3,807 Crore, registering a growth of 6% in comparison to the corresponding quarter of previous year of Rs.3,578 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter ended 31st December 2015 was Rs.217 Crore registering a decrease of 8% in comparison to the corresponding quarter of previous year of Rs.236 Crore. Consolidated profit after tax and minority interest was Rs.6 Crore compared to loss after tax and minority interest of Rs.13 Crore in corresponding quarter of previous year.
The consolidated turnover for the nine months ended 31st December 2015 was Rs.10,865 Crore registering a growth of 6% against corresponding nine months ended of the previous year of Rs.10,205 Crore. Profit before depreciation, interest and taxes (EBITDA) and before exceptional item for the nine months ended 31st December 2015 was Rs.499 Crore against corresponding nine months ended of the previous year of Rs.777 Crore. Consolidated loss after tax and minority interest was Rs.217 Crore as against corresponding nine months ended of the previous year of Rs.21 Crore.
Sugar Division
The Consolidated Sugar operations reported a Loss before Interest and Tax of Rs.16 Crore (corresponding quarter of previous year: Rs.50 Crore) for the quarter.
Farm Inputs Division
The Consolidated Farm Input operations reported a Profit before Interest and Tax of Rs.180 Crore (corresponding quarter of previous year: Rs.208 Crore) for the quarter.
Bio-products
For the quarter, Bio-products Division (comprising Bio-Pesticides and Nutraceuticals) registered a Profit before Interest and Tax of Rs.12 Crore (corresponding quarter of previous year of Rs.15 Crore).
Commenting on the standalone results, Mr. V Ramesh, Managing Director said
“The results for the Company in Q3 FY 2015-16 were almost in line with that of the previous year and substantially better than the previous two Quarters for FY 15-16, largely due to a recovery in sugar prices particularly in the latter half of the Quarter. This is mainly due to the Compulsory Minimum Exports Program with Mill-wise quotas for export, announced by the Central Government. In addition, the Country’s sugar production is estimated to come down by 8% over the previous Sugar Year. Consequently, the sugar prices are expected to remain or marginally improve from the current levels, over the next three Quarters. Sugarcane crushing was commenced in Karnataka and AP almost on schedule this Quarter. However, in TN, crushing could not be commenced till almost the last week of Dec’15, due to heavy rains particularly in November/December. The Company continues to meet its FRP obligations to its farmers and focus on Operational Efficiencies and Cost Savings. Going forward, FY 2016-17 promises to be a much better year than FY 15-16, thanks to better sugar prices”.
