EID Parry 2Qtr consolidated net slides by 28.2% to Rs 250.22Cr

Sugar manufacturer EID Parry has recorded a 28.2 per cent decline in its consolidated net profits for the July-September 30, 2018 to Rs 250.22 crore.

The city-based company of the diversified conglomerate Murugappa Group had clocked net profits at Rs 348.71 crore during corresponding quarter of previous year.

For the six-month period ending September 30, 2018 consolidated net profits declined to Rs 90.68 crore from Rs 369.04 crore recorded corresponding period of last year, the company said in a BSE filing.

The consolidated total income for the quarter under review went up to Rs 5,847.46 crore from Rs 5,188.55 crore registered same period of last year.

For the half year ending September 30, 2018, consolidated total income stood at Rs 9,217.99 as against Rs 8,596.80 crore registered year ago.

On the financial performance, company managing director, S Suresh said, "depressed sugar prices due to surplus production in the country continued to impact the performance with reduced sales volume on amount of the release order mechanism".

"Also the heavy rains during the quarter affected the distillery operations in Karnataka and Andhra Pradesh", he said.

The consolidated sugar operations reported a loss before interest and tax of Rs 110 crore as against Rs 31 crore recorded during the corresponding quarter of previous year.

Farm inputs operations reported a profit before interest and tax of Rs 672 crore for the quarter as against Rs 577 crore registered during same period of last fiscal.

Nutraceuticals divisions during the quarter under review registered a profit before interest and tax of Rs three crore as against Rs three crore registered during same period of last year.