Can you tell me your view on the EID Parry results for the latest quarter?

For the Q4FY22 quarter, EID Parry of Chennai reported 46.2% higher revenues at Rs5,667 crore. FY22 full year revenues grew 26.8% at Rs23,528 crore. Let me now turn to the specific verticals. Revenues from nutrients and allied business grew sharply by 57.8% at Rs3,683 crore while sugar grew 34.8% at Rs1,150 crore. However, crop protection business was flat. There was a virtual halving of net cash from operation in FY22 due to sharply higher funds locked up in inventories amidst fairly tough supply chain constraints.

There was a turnaround in the Q4FY22 to a profit of Rs302.52 crore compared to a small net loss of Rs-6.37 crore in Q4FY21. This was driven by 60% growth in the EBIT of the nutrients business operating profit. Sugar remained under strain. Net margins were 5.34% in Q4FY22 compared to -0.16% in Q4FY21 and 3.49% in Q3FY22. Seasonal fluctuations in the sugar business are nothing extraordinary since sugar follows a unique sugar marketing year from October to September based on the cropping patterns.