Sugar and nutraceuticals company EID Parry has reported a standalone net loss for the quarter ending June 30, 2021, at Rs 33.10 crore, the Murugappa Group company said on Friday. The city-based company had registered standalone profit at Rs 225.65 crore during the corresponding quarter previous year.
For the year ending March 31, 2021 standalone profit stood at Rs 864.86 crore.
Total income for the quarter ending June 30, 2021, was at Rs 461.73 as against Rs 508.24 crore registered same period last fiscal.
For the year ending March 31, 2021, standalone total income was at Rs 2,409.65 crore.
The company said due to the seasonal nature of the business, figures for the current and previous quarters were not comparable, it said.
Commenting on the financial performance, company managing director S Suresh said, "the operating performance in Q1 2021-22 was almost in line with the performance of the corresponding quarter of the previous year as sugar prices remained muted for the quarter."
The debt reduction measures have helped in the reduction of finance costs.
During the quarter, sugar prices continued to be under severe pressure due to the carryover surplus, higher sugar production in the country and release order mechanism, he added.
He said the company commenced its operations of 60-kilo litre per day, Bagalkot distillery project at the end of the quarter.
The sugar division during the quarter on a consolidated basis reported an operating loss of Rs 52 crore as against a loss of Rs 29 crore during the corresponding quarter previous year.
The farm inputs division on a consolidated basis reported an operating profit of Rs 481 crore as against the previous year's profit of Rs 424 crore during the quarter.
The nutraceuticals division during the quarter registered a loss before interest and tax at Rs 0.43 crore as compared to a loss of Rs 3.39 crore in the corresponding quarter previous year, the statement added.
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