EID Parry India 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 reported total income of Rs.4113.98 crores during the period ended December 31, 2019.

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

The company has posted net profit of Rs.156.77 crores for the period ended December 31, 2019.

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

The company has posted net profit of Rs.453.71 crores for the 9 months period ended December 31, 2020 as against net profit 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.

S Suresh, Managing Director commenting on the standalone results, said:  “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."