EID Parry India gains on turnaround Q2 results

EID Parry India gained 1.98% to Rs 264.85 at 10:00 IST on BSE after the company reported consolidated net profit of Rs 126.15 crore in Q2 September 2016 compared with consolidated net loss of Rs 4 crore in Q2 September 2015.

The announcement was made after market hours yesterday, 7 November 2016.

Meanwhile, the S&P BSE Sensex was up 26.39 points or 0.10% at 27,488.62.

High volumes were witnessed on the counter. On BSE, so far 1.1 lakh shares were traded in the counter as against average daily volume of 65,143 shares in the past one quarter. The stock hit a high of Rs 274.90 and a low of Rs 264.05 so far during the day. The stock had hit a 52-week high of Rs 277.95 on 7 October 2016. The stock had hit a 52-week low of Rs 150.30 on 12 February 2016. The stock underperformed the market over the past one month till 7 November 2016, falling 4% compared with Sensex's 2.15% decline. The scrip however outperformed the market in past one quarter, gaining 0.83% as against Sensex's 2.21% fall.

The mid-cap company has equity capital of Rs 17.59 crore. Face value per share is Re 1.

EID Parry India's total income rose 6.66% to Rs 4757.26 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 69% to Rs 508 crore in Q2 September 2016 over Q2 September 2015.

V Ramesh, Managing Director of the company said that the company's sugar division witnessed a marginal improvement in sugar prices in Q2 September 2016. Both the Bio products and Nutraceutical divisions continue to work on new product to strengthen their product portfolios, he added.

EID Parry (India) is part of the Tamil Nadu-based Murugappa Group and the largest sugar producer in South India and is one of the top five sugar producers in the country.

Powered by Capital Market - Live News