EID Parry net profit down 17% to Rs 470 crore in Q2 on dip in exports

Murugappa Group company EID Parry (India), one of India's largest sugar manufacturers, has posted a consolidated net profit of Rs 470 crore during the second quarter of the current fiscal, down 17 per cent from Rs 563 crore during the July to September period of 2020-21.

The company's total income during the period under review was up by 20 per cent from Rs 5,850 crore during the second quarter of 2020-21 to Rs 7,005 crore in 2021-22. “The company’s operating performance in Q2 2021-22 was affected as compared with the corresponding quarter of the previous year on account of reduced export sales coupled with the lower release order quota allocation,” said S Suresh, Managing Director of EID Parry.

Consolidated sugar operations, including refinery business, reported a loss before interest and tax of Rs 28 crore during the quarter, as compared to a Rs 10 crore loss during the corresponding period of the previous fiscal. The consolidated farm input operations reported a profit before interest and tax of Rs 732 Crore (corresponding quarter of previous year: Rs 845 Crore) for the quarter.

The Board of Directors on Monday approved an interim dividend of Rs 5.50 per equity share (550 per cent on face value of one rupee each).