EID Parry net loss narrows to Rs 30 crore

The total income from operations witness growth of 9 per cent

Murugappa Group firm EID Parry has posted a net loss of Rs 30.03 crore for the quarter ended June 30, 2014, as against Rs 103.08 crore for the same quarter of the previous year. The total income from operations witnessed a growth of nine per cent at Rs 2,572.99 crore for the quarter, as compared to the Rs 2358.13 crore for the corresponding quarter of the previous fiscal year.

The company, together with its subsidiaries, has nine sugar factories having a capacity to crush 37,550 tonnes of cane per day, generate 153 MW of power and four distilleries having a capacity of 230 KLPD. In the bio-pesticides business, the company offers a unique neem extract, Azadirachtin, having a good demand in the developed countries' bio pesticide markets, it said.

EID Parry has a 99 per cent stake in Silkroad Sugar Private Limited, 93.52 per cent stake in US Nutraceuticals LLC, USA with 100 per cent voting rights and a 65 per cent stake in Parrys Sugar Industries Limited.

The Board of Directors also has approved a scheme of amalgamation for amalgamating Parry Phytoremedies Private Limited, a wholly owned subsidiary, with the Company effective from April 1, 2014, subject to various statutory and regulatory approvals.