EID Parry approves augmentation of ethanol capacity at TN unit

The board of sugar manufacturer EID Parry has approved the augmentation of ethanol capacity by ramping up of production at its distellery unit at an outlay of Rs 87 crore, the company said on Wednesday. The city-based Murugappa Group company had registered standalone profit after tax for the October-December 2022 quarter at Rs 16 crore as against Rs 18 crore registered year ago. Revenue from operations for the quarter under review stood at Rs 727 crore as compared to Rs 686 crore registered in same period of last year. For the nine-month period ending December 31, 2022 the standalone PAT grew to Rs 114 crore from Rs 58 crore recorded in the same period of last year. The standalone revenue from operations for the nine-month period ending December 31, 2022 went up to Rs 2,095 crore from Rs 1,574 crore recorded last year. Commenting on the financial performance, company Managing Director, S Suresh said, ”the company’s profitability in the sugar segment has been slightly reduced in Q3 of current year as compared to the Q3 of the previous year mainly on account of increase in coal prices and reduction in distillery production, partially offset by improved sugar export volumes and realisations.” The sugar division reported a consolidated loss before interest and tax of Rs 13 crore (corresponding quarter of previous year profit of Rs 38 crore) for the quarter of which, the loss from refinery business was Rs 30 crore (corresponding quarter of last year; loss of Rs 9 crore), the company said.