EID Parry reports July-Sept net at Rs 380.36 crore

Sugar manufacturer EID Parry on Wednesday reported consolidated net profit at Rs 380.36 crore for the quarter ending September 30, 2019.

The city-based Murugappa Group firm had registered net profit at Rs 250.22 crore the same quarter last fiscal.

For the six month period ending September 30, 2019 consolidated profit after tax went upto Rs 377.29 crore from Rs 90.68 crore.

Consolidated total income for the July-September quarter grew to Rs 5,697.54 crore from Rs 5,847.46 crore.

For the six month period ending September 30, 2019, consolidated total income was at Rs 8,850.90 crore as against Rs 9,217.99 crore.

In a statement, the company said the sugar division reported a loss before interest and tax of Rs 82 crore as compared to Rs 110 crore registered in the year ago period.

The farm inputs division reported a profit before interest and tax of Rs 712 crore compared to Rs 672 crore.

The neutraceuticals division registered a loss before interest and tax of Rs 6 crore, largely on account of expenses connected with new product launches at US Nutraceuticals Incs, a wholly owned subsidiary.

Commenting on the financial performance, EID Parry MD S Suresh said, "the performance of the company got affected in Q2 due to muted sugar prices on account of higher inventory and release order mechanism."