E.I.D. Parry (India) Limited posts higher operational performance

Financial Results for the Quarter ended June 30, 2011

 

 

Chennai, July 27, 2011: The turnover of E.I.D. Parry (India) Limited for the quarter ended 30th June, 2011 grew at Rs. 397.13 Crore as compared to Rs. 302.97 Crore in the corresponding quarter of the previous year. The Earnings Before Interest, Depreciation and Taxes (EBIDTA) for the quarter was Rs. 23.78 Crore (PY: Loss of Rs. 26.98 Crore). The Loss After Tax for the quarter was Rs. 7.18 Crore (PY: Loss of Rs. 54.44 Crore).

The consolidated turnover for the quarter ended 30th June, 2011 was Rs. 2,488.93 Crore (Rs. 1,869.97 Crore). The Profit After Tax before Minority Interest for the quarter stood at Rs. 95.50 Crore (Rs. 48.59 Crore).

Sugar Division

During the quarter ended 30th June 2011, Crushing was high at 12.95 lakh tonnes of cane as compared to 5.98 lakh tonnes in the corresponding period of 2010-11, including Subsidiaries cane crushed was at 15.20 lakh tonnes (6.11 lakh tonnes).

During the quarter, sugar production was reported at 1,14,620 MT (78,770 MT). The total sugar production including subsidiaries was at 1,19,216 MT (79,726 MT). The Co-generation and Distillery performance grew by 65% and 80% respectively compared to corresponding quarter of the previous year.

Bio-Products

Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited said, “We are very pleased with our operating results with healthy quarter-on-quarter revenue growth and a steady sequential increase in margins”.

The Bio-Products Division (comprising of Bio-Pesticides and Nutraceuticals) performed better in Q1 compared to Q1 last year with a profit of Rs. 1.26 Crore compared to Loss of Rs. 0.72 Crore.

Farm Inputs

During the quarter, Farm Inputs Division registered a gross income from operations of Rs. 1,790.11 Crore as against Rs. 1,552.82 crore in the corresponding quarter of the previous year. The Farm Inputs Division reported a profit (PBIT) of Rs. 254.53 Crore for the quarter as compared with Rs. 196.17 Crore in the corresponding quarter of the year 2010-11.

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, a 76% stake in Sadashiva Sugars Limited and a 65% stake in Parrys Sugar Industries Limited.

E.I.D. Parry together with its subsidiaries has nine sugar factories having a capacity to crush 32500 Tonnes of Cane per day, generate 146 MW of power and four distilleries having a capacity of 230 KLPD. 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. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. 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 Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence spanning 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

For any clarifications, please contact:

Mr. P. Gopalakrishnan,
Vice-President (Finance), E.I.D. Parry (India) Limited,
Ph No +44 – 2530-6789
Email: gopalakrishnan@parry.murugappa.com

For further information, please contact:

Vinod Kumar /Diya Kinger
Ogilvy Public Relations Worldwide
Mobile: 98401 26179 / 8939623044