EID Parry Q4 net profit dips by 45%

The company's profit took a beating as its net income declined to Rs 2,638 cr in the fourth quarter of the 2012-13

Murugappa Group company EID Parry (India) today reported a 45% fall in its consolidated net profit at Rs 94.66 crore in the quarter ended March 31, this year due to lower sales.

The Chennai-based company had achieved a net profit of Rs 172.37 crore in the same quarter last year.

The company's profit took a beating as its net income declined to Rs 2,638.21 crore in the fourth quarter of the 2012-13 fiscal from Rs 3,602.27 crore in the same period of corresponding year, EID Parry said in a filing to the BSE.

The sugar division made a profit of Rs 163.34 crore at the profit before interest tax (PBIT) level during the quarter ended March 31, 2013, slightly higher than Rs 158.35 crore in the same quarter last year, it said.

The company crushed lower quantity of sugarcane at 19.63 lakh tonnes, as against 21.16 lakh tonnes in the review period. However, distillery output was higher at 186 lakh litres during the fourth quarter of the 2012-13 fiscal.

While bio-products division made a good progress, farm inputs division witnessed a fall in its profit during the quarter, it added.

During the 2012-13 fiscal, the net profit of the company dropped by 31% to Rs 363.27 crore from Rs 526.60 crore in the previous year.

Its net revenue fell to Rs 11,382.90 crore from Rs 12,486.66 crore in the review period.

EID Parry and its subsidiaries have nine sugar factories with capacity to crush 34,750 tonnes per day and generate 146 mega watt of power. The group also has four distilleries with a capacity of 430 kilo litre per day.

The shares of the company fell marginally to settle at Rs 154 at the BSE.