How did EID Parry manage a sharp turnaround to profits in Q4 FY21?

EID Parry, India’s south-based sugar and confectioneries manufacturers, reported 145% increase in standalone net profit at Rs.169 crore for the Mar-21 quarter. This was on account of better realizations from sugar as well as the distillery business, which churns ethanol for blending with petrol.

Apart from the domestic story, higher export volumes and cost controls also helped the bottom line. While overall revenues were lower on yoy basis, the company also took an exceptional write-off worth Rs.14 crore towards asset impairment charges. EID parry exported 41,037 tonnes of sugar, while overall cane crushing was 8.1% higher at 3.97 MT.