EID Parry's April-June qtr consolidated net at Rs 20.33 cr

: Sugar manufacturer EID Parry, has recorded a 7.5 per cent rise in consolidated net profits for the April-June 30, 2017 quarter to Rs 20.33 crore.
The consolidated net profit after tax was at Rs 18.90 crore during the corresponding three months of last year, the Chennai-based Murugappa Group company, said in a BSE filing.
For the year ending March 31, 2017 consolidated net profits after tax stood at Rs 708.25 crore.
Consolidated total income for the quarter ending June 30, 2017 rose to Rs 3,430.25 crore from Rs 3,075.53 crore registered during corresponding period of last year.
For the full year ending March 31, 2017 consolidated total income was at Rs 14,825.70 crore.

Commenting on the financials, managing director S Suresh said the performance of the company in the first quarter was largely impacted due to sugarcane availability in Tamil Nadu following drought conditions.

"This had a cascading effect on the production and sale of sugar, power and alcohol. The impact has been mitigated to some extent by better realisation of sugar price by 17 per cent compared to corresponding quarter of previous year", he said in a statement.
"We expect the sugar prices to remain firm for the year 2017-18", he said.
On the company's operations in bio-pesticides division, he said higher neem seed cost dented the "profitability", while increased competition in overseas market impacted the nutraceuticals business.