Annual Report: 2024
Parry Agro Industries Limited's Annual Report for 2023-2024 provides a comprehensive overview of the company's performance, financial standing, and future outlook. Parry Agro is one of the leading tea producers in India. The company employs over 10,000 people in its estates. It has a dedicated R&D facility, accredited with NABL certification, and a DSIR recognition for chemical/microbial testing.
Corporate Information: The board of directors includes M.M. Venkatachalam (Non-Executive Chairman), Ramesh K B Menon, T. Jayaraman, A. Sridhar, Sridharan Rangarajan, and Sathia Jeeva Krishnan Chidambara. HDFC Bank Limited serves as the company's banker, and Deloitte Haskins & Sells are the chartered accountants. The registered office is located at "Parry House”, 5th Floor, No. 43, Moore Street, Chennai - 600 001. The 14th Annual General Meeting (AGM) is scheduled for Tuesday, July 16th, 2024, conducted via video conferencing.
Financial Performance (2023-24 vs. 2022-23 in Lakhs): Total Income increased to 23,966.81 from 22,375.12. However, there was a Loss Before Interest, Depreciation, Extraordinary item & OCI of (347.67) compared to a Profit of 245.03. Depreciation: was 491.05 (549.78). Finance Charges: were 22.04 (20.18). Loss Before Tax & OCI was (860.76) vs (324.93). Net Loss After Tax: (913.07) (355.11). Total Comprehensive Loss for the year: (1208.75) (548.91).
Financial Position:
Directors' Report Highlights: The National tea production saw a marginal increase. The South Indian auction averages decreased by 6%. Company's sales realizations have outperformed comparable auction prices. The Directors do not recommend any dividend for the financial year ended 31st March 2024. There is no change in the core business activity and no material changes affecting the financial position. There is a Risk Management policy which systematically evaluates the business risks.
Key Resolutions at the AGM: The AGM agenda includes the adoption of Standalone and Consolidated Financial Statements, the re-appointment of Mr. M M Venkatachalam as a Director, the appointment of R.G.N. Price & Co as Statutory Auditors for a term of five years, and the ratification of remuneration for the Cost Auditor.
Compliance and Certifications: The company is compliant with applicable Secretarial Standards. Several factories are certified under ISO standards for environmental safety and quality management. Department of Scientific and Industrial Research (DSIR) has re-affirmed the recognition to the in-house Research and Development unit.
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