Chennai, July 28, 2010: The consolidated turnover for the quarter ended 30th June, 2010 was Rs. 1869.97 crore(PY: Rs.1790.94 crore). The Profit After Tax for the quarter before Minority Interest and Share of Associates, stood at Rs. 48.59 crore (Rs. 76.41 crore). The Profit After Tax for the quarter after Minority Interest and Share of Associates wasRs. 7.22 Crore (Rs. 57.25 Crore).
During the quarter, 6.11 lakh tonnes of cane was crushed as compared to 7.28 lakh tonnes in the corresponding period of 2009-10.
The Power exported was 1264 lakh units to the Grid compared to 549 lakh units for the corresponding period of 2009-10.
The transactions relating to imported sugar and related valuation of inventory has resulted in a negative impact of Rs. 68 Crore, during the quarter. This has adversely affected the profitability of the sugar business.
Thus Sugar business reported a loss of Rs. 62.01 crore for the quarter. (Profit of Rs. 43.19 crore).
The Bio-products division reported a loss of Rs.1.01 crorefor the quarter (Rs.0.99 crore).
During the quarter, Farm Inputs division registered a gross income from operations of Rs.1552.82 Crore as against Rs. 1599.28 crore in the corresponding quarter of the previous year.
The Farm Inputs division reported a profit of Rs.196.17 Crore for the quarter as compared with Rs. 93.74 Crore in the corresponding quarter of the year 2009-10.
The company entered into a Share Purchase Agreement with GMR Holdings Private Limited on 25th April 2010 to acquire a majority shareholding in GMR Industries Limited. Pursuant to Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the Company has made an open offer to the shareholders of GMR Industries Limited which will close on 3rd August 2010.
About E.I.D. – Parry (India) Limited
E.I.D. Parry is a dominant player in Sugar with interests in promising areas of Bio Pesticides and Nutraceuticals. E.I.D Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International Limited. EID Parry has a 50% stake in Silkroad Sugar Private Limited, a joint venture with Cargill, a strategic 51% stake in US Nutraceuticals LLC, USA and a 76% stake in Sadashiva Sugars Limited.
EID Parry has five sugar factories having a capacity to crush 19000 Tonnes of Cane per day, generate 85 MW of power and two distilleries having a capacity of 135KLPD. In the Bio pesticides business, the Company offers a unique neem extract, Azadirachtin, having a good demand in the developed countries’ bio pesticide markets. In the Nutraceuticals business, it holds a strong position in the growing wellness segment mainly catering to the world markets with its organic products.
About the Murugappa Group
Founded in 1900, the Rs. 13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 companies under its umbrella, of which seven are listed and actively traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal, Cholamandalam Investment and Finance Company Limited, Cholamandalam MS General Insurance Company Ltd, Coromandel International Ltd, Coromandel Engineering Company Ltd, EID Parry (India) Ltd, Parry Agro Industries Ltd, Tube Investments of India Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable.
The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.