E.I.D.-Parry (India) Limited announces Financial Results for period ended March 31, 2020

EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and year ended 31st March 2020.

Consolidated performance for the year ended 31st March 2020 and Q4 (Jan '20 - Mar '20):

The consolidated revenue from operations for the quarter ended 31st March 2020, was Rs.4,245 Crores registering an increase of 16 % in comparison to the corresponding quarter of previous year of Rs.3,646 Crores. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the quarter ended 31st March 2020 was Rs.639 Crores against corresponding quarter of previous year of Rs.490 Crores. Consolidated profit after tax and non-controlling interest was Rs.157 Crores compared to Rs.158 Crores in corresponding quarter of previous year.

The consolidated revenue from operations for the year ended 31st March 2020 was Rs.17,129 Crores registering an increase of 3% against previous year of Rs.16,556 Crores. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the year ended 31st March 2020 was Rs.2,016 Crores registering an increase of 29% against previous year of Rs.1,558 Crores. Consolidated profit after tax and non-controlling interest is Rs.468 Crores against previous year of Rs.153 Crores.

Standalone performance for the year ended 31st March 2020 and Q4 (Jan '20 - Mar '20):

The Standalone revenue from continuing operations for the quarter ended 31st March 2020 was Rs.608 Crores in comparison to the corresponding quarter of previous year of Rs.563 Crores. Earnings before depreciation, interest and taxes (EBITDA) from continuing operations for the quarter ended were Rs.188 Crores in comparison to the corresponding quarter of previous year of Rs.224 Crores. Standalone profit after tax from continuing operations for the quarter is Rs.69 Crores as against corresponding quarter of previous year Rs.129 Crores.

The Standalone revenue from continuing operations for the year ended 31st March 2020 was Rs.1,875 Crores against previous year of Rs.1,845 Crores and Earnings before depreciation, interest and taxes (EBITDA) from continuing operations for the year ended was Rs.235 Crores against previous year of Rs.205 Crores. Standalone Profit after tax from continuing operations was Rs.2 Crores as against Rs.27 Crores in the previous year, while the profit after tax from discontinued operations for the year was Nil as against Rs.136 crore in the previous year.

Sugar Division

The Consolidated Sugar operations reported an operating profit of Rs.170 Crores (corresponding quarter of previous year: profit of Rs.169 Crores) for the quarter.

Farm Inputs Division

The Consolidated Farm Inputs operations reported an operating profit of Rs.372 Crores (corresponding quarter of previous year: profit of Rs.251 Crores) for the quarter.

Nutraceuticals Division

For the quarter, Nutraceuticals Division reported an operating profit of Rs.4 Crores (corresponding quarter of previous year loss of Rs. 1 Crore).

Sale of 2% Stake in Coromandel International Limited

Subsequent to the Balance Sheet, the Company has sold 58,50,000 number of equity shares representing 2% stake in its subsidiary, Coromandel International Limited at Rs.629.19 per share aggregating to a value of Rs.368 Crores. The proceeds from the sale will be utilised towards reduction of debt.

Mr S. Suresh, Managing Director commenting on the standalone results for the year mentioned as follows: "The performance of the Company for the year has improved over last year in spite of muted sugar prices and drop in Karnataka cane volumes. The higher realizations from the distillery segment coupled with the effective cost and cash management by the company has augured well for the company. Overall cane crushed during this year is at 36.72LMT as against 37.18 LMT of LY. During the quarter, the Company has exported 45586 MT of sugar as part of the Maximum Admissible Export Quantity quota.

The Company has been aggressive in increasing its share in retail segment through product differentiation, while continuing to lead the institutional segments in southern market. The performance of the Nutraceuticals division on a consolidated basis had remained flat over last year due to pricing pressure and intense competition in overseas market.

However, on account of better performance in the USA operations, Nutraceuticals division has reported increase in revenue from Rs.47 crore in Q4 2018-19 to Rs.61 crore in the current quarter. Also, Nutraceuticals division has registered a profit of Rs.4 crores in the current quarter as against a loss of Rs.1 crore in the year ago comparable period."

Shares of E.I.D.-PARRY (INDIA) LTD. was last trading in BSE at Rs.229.5 as compared to the previous close of Rs. 225.85. The total number of shares traded during the day was 97514 in over 3339 trades.

The stock hit an intraday high of Rs. 237.6 and intraday low of 225.55. The net turnover during the day was Rs. 22575740.

Source : Equity Bulls

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