EID Parry India Ltd posts Rs. 106.58 crore consolidated PAT in Q3FY21

E.I.D.-PARRY (INDIA) LTD. has reported financial results for the period ended December 31, 2020.

Financial Results (Q3 FY20-21) - QoQ Comparison

The company has reported total income of Rs.4694.67 crores during the period ended December 31, 2020 as compared to Rs.5849.87 crores during the period ended September 30, 2020.

The company has posted net profit / (loss) of Rs.106.58 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.317.80 crores for the period ended September 30, 2020.

The company has reported EPS of Rs.5.98 for the period ended December 31, 2020 as compared to Rs.17.90 for the period ended September 30, 2020.

Financials	Q3 FY20-21	Q2 FY20-21	% Change
Total Income	₹ 4694.67 crs	₹ 5849.87 crs	-19.75%
Net Profit	₹ 106.58 crs	₹ 317.80 crs	-66.46%
EPS	₹ 5.98	₹ 17.90	-66.59%

Financial Results (Q3 FY20-21) - YoY Comparison

The company has reported total income of Rs.4694.67 crores during the period ended December 31, 2020 as compared to Rs.4113.98 crores during the period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.106.58 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.156.77 crores for the period ended December 31, 2019.

The company has reported EPS of Rs.5.98 for the period ended December 31, 2020 as compared to Rs.8.84 for the period ended December 31, 2019.

Financials	Q3 FY20-21	Q3 FY19-20	% Change
Total Income	₹ 4694.67 crs	₹ 4113.98 crs	14.12%
Net Profit	₹ 106.58 crs	₹ 156.77 crs	-32.02%
EPS	₹ 5.98	₹ 8.84	-32.35%

Financial Results (9 Months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.14702.08 crores during the 9 months period ended December 31, 2020 as compared to Rs.12964.88 crores during the 9 months period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.453.71 crores for the 9 months period ended December 31, 2020 as against net profit / (loss) of Rs.310.64 crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.25.52 for the 9 months period ended December 31, 2020 as compared to Rs.17.50 for the 9 months period ended December 31, 2019.

Financials	9 Months ended FY20-21	9 Months ended FY19-20	% Change
Total Income	₹ 14702.08 crs	₹ 12964.88 crs	13.4%
Net Profit	₹ 453.71 crs	₹ 310.64 crs	46.06%
EPS	₹ 25.52	₹17.50	45.83%

Mr. S Suresh, Managing Director commenting on the standalone results mentioned that "Performance of the Company during the quarter was impacted due to increase in Fair & Remunerative Price (FRP) without corresponding increase in the Minimum Selling Price (MSP) of Sugar and also due to the reduced sugar selling prices. The selling prices were under severe pressure due to the carryover surplus and the higher sugar production in the country during the quarter. Further, the much-expected export programme also did not come through during the quarter.

Cane crush is expected to be marginally better than the last sugar year in Karnataka, while it is expected to be almost similar to the last year number for Tamilnadu and Andhra Pradesh regions.

The Company continues to focus on sweating the assets along with cost and cash management. The Board of Directors have approved the closure of Pettavaithalai unit which had not been in operations for the past few years.

The Company proposes to transfer the assets of the units to its other units/dispose of other assets as it deemed appropriate. Consequently, the Company has charged Rs. 83.32 Crores to the profit and loss account (representing Rs. 65.53 Crores of impairment charges and Rs. 17.79 Crores towards dismantling / transportation expenses) for the quarter and nine months ended December 31, 2020. Also, the Company has impaired Goodwill of Rs. 14.52 Crores relating to Ramdurg factory based on evaluation of the recoverability, being a leased plant.

During the quarter the company had further sold 2% stake in its subsidiary, Coromandel International Limited as a part of its debt reduction plan.

Standalone Nutraceuticals division registered a strong profit growth of 296% at Rs.2 crores as against loss of Rs.1 crore in corresponding quarter of previous year on account of increased sales to US and Europe."

Shares of E.I.D.-PARRY (INDIA) LTD. was last trading in BSE at Rs.343.55 as compared to the previous close of Rs. 342.3. The total number of shares traded during the day was 8342 in over 350 trades.

The stock hit an intraday high of Rs. 350 and intraday low of 342.25. The net turnover during the day was Rs. 2896491.

Source : Equity Bulls

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