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.
