EID Parry Reports 269% Jump in EBITDA

 

Chennai, 31 July 2012: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, posted robust financial and operating performance for the Quarter ended 30th June 2012.

The standalone turnover of EID Parry for the Quarter was Rs. 576.46 Crore (Corresponding quarter of Previous Year: Rs. 397.13 Crore), with an EBITDA of Rs. 65.35 Crore (Corresponding quarter of Previous Year: Rs. 24.33 crores) and PAT of Rs. 22.47 Crore (Corresponding quarter of Previous Year: Loss of Rs. 7.18 crores).

The consolidated turnover for the quarter ended 30th June, 2012 was Rs. 2666.27 Crore (Corresponding quarter of Previous Year: Rs. 2488.93 crore) and Profit after Tax before Minority Interest of Rs. 106.01 Crore (Corresponding quarter of Previous Year: Rs. 95.50 Crore).

Sugar Division

EID Parry crushed 16.44 lakh MT of sugarcane (Corresponding quarter of Previous Year: 12.96 Lakh MT) during the quarter, registering a growth of 27%. The consolidated sugarcane crushing is 18.16 lakh MT (Corresponding quarter of Previous Year: 15.20 Lakh MT) for the quarter, registering a growth of 19%.

EID Parry exported Power of 1,111 lakh units (Corresponding quarter of Previous Year: 1,005 Lakh units) for the quarter. The consolidated Power export was 1,346 lakh units (Corresponding quarter of Previous Year: 1,199 Lakh units) for the current quarter, registering a growth of 12% over the previous quarter.

 

As a standalone entity, the Company’s Sugar Division reported a PBIT of Rs. 45.36 Crore (Corresponding quarter of Previous Year: Loss of Rs. 0.25 Crore)

 

The Consolidated Sugar Division reported a PBIT of Rs. 39.54 crore (Corresponding quarter of Previous Year: Loss of Rs. 7.84 crore) for the quarter.

Bio-products 

Bio-products Division (comprising of Bio-Pesticides and Nutraceuticals) at a consolidated level registered a loss of Rs. 0.57 Crore (Corresponding quarter of Previous Year: Loss of Rs. 1.06 Crore) for the quarter.

Farm Inputs 

During the quarter, Farm Inputs Division registered a gross income from operations of Rs. 1842.76 Crore as against Rs. 1790.11 Crore in the corresponding quarter of the previous year.

The Farm Inputs Division reported a profit (PBIT) of Rs. 212.20 Crore for the quarter as compared with Rs. 254.53 Crore in the corresponding quarter of the year 2011-12.

Overall performance

Commenting on the overall performance, Mr. Ravindra S Singhvi, Managing Director, EID Parry (India) Limited stated “I am happy to share that the company has demonstrated highest ever and record breaking performance for the 1st quarter on standalone basis. The robust increase in the recovery percentage combined with higher crushing and higher cogeneration and distillery operations has contributed to the overall high performance. The company also capitalized on the export opportunity by exporting 94337 MT of sugar during the quarter”.

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 50% stake in Silkroad Sugar Private Limited, a joint venture with Cargill, 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 Rs. 22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 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, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, 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.