EID Parry Q2 net grows eight-fold to Rs 36 cr

Six-momthly net loss narrows to Rs 7.55 cr as from Rs 104.58 cr a year ago

Sugar manufacturer EID Parry has reported over eight fold increase in consolidated net profit for the second quarter ending September 30, 2014.

The Chennai-based Murugappa Group company had reported July-September 30, 2014 consolidated net profits of Rs 36.25 crore from Rs 3.88 crore registered during the year ago period.

For the six month period ending September 30, 2014, the consolidated net loss of the company stood at Rs 7.55 crore as against net loss of Rs 104.58 crore registered during the same period of previous year.

Total income from operations for the second quarter ending September 30 rose to Rs 4,095.45 crore from Rs 3,863.78 crore.

For the six month period ending September 30, 2014, total income grew to Rs 6,668.44 crore from Rs 6,221.91 crore.

The consolidated sugar operations reported a loss before interest and tax of Rs 31 crore as against Rs 49 crore registered during the corresponding quarter of previous year, the company said in a statement.

The farm input operations reported profit before interest and tax of Rs 334 crore for the July-September 2014 period from Rs 273 crore. The profit before interest and tax of the bio-products division remained flat at Rs 14 crore for the quarter ending September 30, it said.

Sugar business achieved a marginal recovery of 8.93 per cent in Tamil Nadu and Puducherry during the second quarter of current financial year as against 8.25 per cent during the same period of previous fiscal.

Sugar prices remain subdued and have been under pressure in the last few weeks, it said, adding, the company continued to maintain market leadership in the organic spirulina segment under the bio-products division.