EID Parry Q4 net dips 39.8% to Rs 39.74 cr

EID Parry, part of the Murugappa Group has posted a 39.8 per cent decline in its consolidated net profit at Rs 39.74 crore for the March quarter.
The Chennai-based sugar manufacturer had registered consolidated net profit at Rs 66.06 crore in the year-ago period, EID Parry said in a statement.
For the financial year 2015-16, the consolidated net profit grew by 7.68 per cent to Rs 142.79 crore from Rs 132.60 crore registered during year ago period.
Total income from operations for the fourth quarter ending March 31, 2016 grew to Rs 535.14 crore from Rs 477.09 crore.
For the financial year ending March 31, consolidated total income from operations remained flat at Rs 2,084.34 crore as against Rs 2,050.17 crore registered in the year ago period.

During the year the company said its sales in the abrasives division grew by six per cent while electro-minerals segment sales remained "flat" due to "rouble translation" and winding of the company's Thukela Refractories, Isithebe.

Sales in ceramic division decreased by three per cent.
While the profitability improved for abrasives and electro-minerals divisions, it dropped in ceramics division.
Profits increased in electro-minerals due to "Restructuring of South African entities", it said.
The debt-equity ratio of the company was 0.26 on "consolidated" basis while it was 0.12 on standalone basis.
"Financial year 2015-16 is one of the most challenging years in decades, mainly because of low sugar prices over the first three quarters of the financial year," EID Parry Managing Director V Ramesh said.

"The sugar prices improved in fourth quarter and although the fourth quarter performance was marginally better, it was not sufficient to make up for the losses posted in three quarters", he said.