EID Parry clocks 65.9% up in 2qtr net at Rs 348.71 Cr

EID Parry, a Murugappa Group company, has recorded a 65.9 per cent rise in consolidated net profits for the second quarter ending September 30, 2017 at Rs 348.71 crore.
The city-based sugar manufacturer registered consolidated net profits at Rs 210.13 crore in the corresponding period last year.
Net profits for the six month period ending September 30, 2017 rose to Rs 369.04 crore from Rs 229.03 crore registered during the year ago period.
Consolidated total income for the July-September 30, 2017 grew to Rs 5,188.55 crore from Rs 4,757.26 crore registered during the year ago period.
For the six month period ending September 30, 2017 consolidated total income stood at Rs 8,596.80 crore from Rs 7,832.79 crore registered during the year ago period.

"The performance of the company in Q2 2017-18 has been largely impacted by 46 per cent drop in cane availability during the special crushing season in Tamil Nadu due to earlier drought conditions. This had a cascading effect on the production and sale of sugar, power and alcohol" company Managing Director, S Suresh said.

The impact has been mitigated to some extend by better realisation of sugar price by 10 per cent compared to corresponding quarter of previous year, he said.
He said the company expects sugar prices to remain firm for 2017-18.
He said better profitability in bio-pesticides division was on account of increased need seed availability in the market, which helped to reduce the raw material cost.

"Focused marketing in overseas market helped in better profitability of nutraceuticals division", he said.