Murugappa Group company EID Parry has registered an over two-fold jump in net profit at Rs 201.90 crore for the fourth quarter ended March 31, 2014.
The city-based company had reported a consolidated net profit of Rs 94.66 crore for the corresponding quarter of the previous year, EID Parry said in a statement.
Consolidated total income for the January-March 2014 quarter stood at Rs 2,657.90 crore as against Rs 2,638.21 crore registered during the same period of the previous year.
For the full year ended March 31, 2014, the company's consolidated net profits declined by 39.8 per cent to Rs 218.61 crore from Rs 363.27 crore registered during the previous year.
Consolidated total income for the 2013-14 fiscal rose to Rs 12,114.14 crore from Rs 11,382.90 crore registered during 2012-13.
"The year 2013-14 was a difficult year for the standalone EID Parry. While the bio-products vertical did well with a 27 per cent increase in sales and contributed in substantial increase in operating profits, the sugar vertical de-grew.
"The degrowth was largely due to lower cane crushed in Tamil Nadu resulting from reduced cane availability," EID Parry India Managing Director V Ramesh said.
"Sugar prices also remained depressed during the second half of financial year 2013-14. The company, was, however able to partly salvage the position by increasing sugar recovery, improved operating efficiencies and getting better value for by-products", he said.
