Revenue from operations contracted by 22% ₹7,770 crore, EID Parry, a leading sugar manufacturer, said.
| Photo Credit: Company website
EID Parry (India) Ltd., reported consolidated third-quarter net profit slid to ₹217 crore year-on-year from ₹482 crore in the year-earlier period.
Revenue from operations contracted by 22% ₹7,770 crore, the leading sugar manufacturer said in a statement.
The sugar division reported a loss before interest and tax of ₹4 crore (₹13 crore), farm input operations reported a profit before interest and tax of ₹336 crore against ₹778 crore and nutraceuticals division registered a loss before interest and tax of ₹31 lakh against ₹2 crore.
The operating performance of the sugar segment was lower on account of reduction in export volume due to restrictions imposed by the Government, partially offset by the increase in domestic volume and realisation, said Managing Director S. Suresh.
Distillery profitability was better on account of the volume benefits flowing from expansion and better realisation. The full benefits of expansion have not flown in the quarter due to change in Government policy on syrup ethanol/B heavy ethanol, he said.
The standalone nutraceuticals segment registered a loss on account of the continuing certification issues in Europe.
