EID Parry India Ltd, one of the largest manufacturers of sugar, has reported an 145% increase in its standalone net profit for the fourth quarter ended March to ₹169 crore owing to better realisation from sugar and distillery, higher export volumes and various cost-control measures.
Revenue from operations contracted to ₹564 crore from ₹608 crore. Revenue from sugar stood at ₹412 crore, followed by distillery at ₹94 crore and co-generation ₹70 crore. The result also included an exceptional item of ₹14 crore towards impairment and dismantling charges.
The company exported 41,037 tonnes of sugar as part of the Maximum Admissible Export Quantity quota, it said in a filing.
“The performance of the company was better than the last year. Overall cane crushed during this year stood at 39.69 lakh tonnes (36.72 LMT),” said S. Suresh, MD.
As part of debt-reduction programme, the proceeds of the 4% stake divested in Coromandel International Ltd. along with the dividend received from Coromandel International Ltd. were utilised to reduce the debt.
The company continued its focus on sweating of assets by initiating the process of transferring and installing the assets of Pudukkottai unit at Haliyal, Karnataka. Also, the company closed the Pettavaithalai unit in Tamil Nadu during the year.
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