The company's non-operational sugar unit at Pettavaithalai in Tamil Nadu will not be operated in future due to low cane cultivation in the area.
The Pettavaithalai sugar unit is not operational due to continuous non-availability of adequate sugar cane. The board of E.I.D Parry (India) has decided that the sugar unit will not be operated in future as the expectation of a revival of the cane cultivation in the area is low due to a variety of factors.The company has proposed to deal with the assets of the unit as may be deemed appropriate. The announcement was made after market hours on Friday, 1 January 2021.
E.I.D Parry (India)'s consolidated net profit jumped 47.9% to Rs 562.70 crore on a 2.8% rise in net sales to Rs 5,836.21 crore in Q2 September 2020 over Q2 September 2019.
Shares of E.I.D Parry (India) rose 0.35% to Rs 345.70. The company is engaged in the manufacturing and marketing of sugar, bio pesticides and nutraceuticals.
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