E.I.D. Parry India Ltd: Navigating the Sugar Industry Challenges

E.I.D. Parry India Ltd reported a decreased profit after tax of Rs 591.66 crore for Q2 2024, compared to Rs 781.85 crore the previous year. The company's sugar segment faced challenges due to lower cane volume and higher input costs, impacting overall performance.

E.I.D. Parry India Ltd, a key player in the sugar manufacturing industry, announced a consolidated profit after tax of Rs 591.66 crore for the July-September quarter of 2024. This figure marks a decline from the Rs 781.85 crore reported in the same period last year.

The Murugappa Group company faced a challenging six-month period ending September 30, 2024, with consolidated profits dropping to Rs 817.53 crore from Rs 1,106.75 crore in the previous year. However, total income saw a slight increase during the quarter, reaching Rs 9,399.73 crore, up from Rs 9,210.31 crore.

Muthiah Murugappan, the company's Whole-Time Director and CEO, cited lower cane volume, reduced recovery from cane, and rising input costs in the distillery segment as key factors affecting the sugar segment's profitability. As a result, the sugar operations reported a Rs 38 crore loss before interest and tax, contrasting with a Rs 24 crore profit last year.

(With inputs from agencies.)