Chennai, Oct 28, 2013: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, reported financial results for the Half Year ended 30th September 2013.
The standalone turnover of EID Parry for the Quarter was 453.87 Crore (Corresponding quarter of Previous Year: 502.66 Crore), with a Net Profit before exceptional item and tax of 25.25 Crore (Corresponding quarter of Previous Year: Net Profit before exceptional item and tax of 69.07 Crore). The current year figures include the figures of the merged units of Parrys Sugar Industries Limited, namely Haliyal and Sankili, while the previous year figures do not include the same.
The consolidated turnover for the quarter ended 30th September 2013 was 2,476.74 Crore (Corresponding quarter of Previous Year: 3,253.73 Crore) and Profit after Tax before Minority Interest was 68.21 Crore (Corresponding quarter of Previous Year: Profit of 182.97 Crore).
The Consolidated Sugar operations reported a Loss of 48.66 Crore (Corresponding quarter of Previous Year: Profit of 2.66 Crore) at the PBIT level for the quarter. Cane availability was affected during the quarter due to drought conditions in some of the factory areas. Also, due to this factor, the overall recovery and yield for the quarter was below average.
However, good monsoon during the year will augur a better cane availability for the next season.
Bio – products Division (comprising Bio – Pesticides and Nutraceuticals) registered a PBIT of 13.63 Crore (Corresponding quarter of Previous Year: Profit of 0.55 Crore) for the quarter.
During the quarter, Farm Inputs Division registered a net income from operations of3,214.99 Crore as against 2,660.60 Crore in the corresponding quarter of the previous year.
The Farm Inputs Division reported a profit (PBIT) of 272.62 Crore for the current quarter ended 30th September 2013, as compared to 349.51 Crore in the corresponding quarter of the previous year.
About E.I.D. – Parry (India) Limited
E.I.D. Parry is a significant 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 99% stake in Silkroad Sugar Private Limited, 93.52% stake in US Nutraceuticals LLC, USA with 100% voting rights, a 100% stake in Sadashiva Sugars Limited and a 65% stake in Parrys Sugar Industries Limited.
EID Parry together with its subsidiaries has nine sugar factories having a capacity to crush 34750 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 Murugappa Group
Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies 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., Sabero Organics Ltd., Shanthi Gears 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, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.