EID Parry Q2 consolidated Net at Rs 126 cr

Sugar manufacturer EID Parry has reported consolidated net profit at Rs 126.15 crore for the second quarter ended September 30.
The Chennai-based company had reported consolidated net loss at Rs 4 crore during corresponding quarter of previous year.
The consolidated net profit for the half year period ended September 30, 2016 stood at Rs 141.28 crore as against the net loss of Rs 172.40 crore during same period last fiscal.
Total income for the July-September quarter rose to Rs 4,706.20 crore from Rs 4,407.95 crore registered during year ago period.
For the six-month period ending September 30, the total income grew to Rs 7,756.39 crore from Rs 7,258.65 crore registered in the corresponding period last fiscal.

"The Q2 performance of the company was overall in line with expectations and Q1 performance of the year," EID Parry MD V Ramesh said.

"The sugar division witnessed a marginal improvement in sugar prices in Q2. The Tamil Nadu mills crushed around nine lakh tonnes of cane, albeit with a lower recovery as compared to previous year," he said.
The cogen performance in TN was impacted by lower power rates during the quarter ending September 30, 2016, he noted.
EID Parry along with its subsidiaries has nine sugar factories with a capacity to crush 39,000 tonnes of cane per day, generate 160MW of power and four distilleries having a capacity of 230kl per day.