EID-Parry reports consolidated Q2 net loss at Rs 29.94 Cr

Murugappa Group company EID Parry has recorded a consolidated net loss at Rs 29.94 crore for the second quarter ending September 30, 2015.
The Chennai-based sugar manufacturer had registered net profit at Rs 36.25 crore in the corresponding period of the previous year.
Consolidated total income for the quarter ending Sept 30,2015 grew to Rs 4,347.25 crore from Rs 4,095.45 crore registered during the same period of previous year.
Consolidated sugar operations registered a loss before interest and tax of Rs 100 crore as against a loss of Rs 31 crore in the same period in 2014.
"The standalone results of the company were greatly impacted by muted sugar prices, especially in the first two months of the quarter. In spite of substantial losses, the company has met all its fair and remunerative price obligations to its farmers in terms of sugarcane payments," EID-Parry Ltd Managing Director V Ramesh said.

"Going forward, if this momentum on sugar price is improved, we believe that 2015-16 will be a better year than 2014-15, which was most challenging year for the company," he said.