EID Parry (India) Limited's un-audited financial results (provisional) for the year ended June 30, 2004

July 29, 2004: The turnover of E.I.D. Parry (India) Limited for the quarter ended 30th June, 2004 stood at Rs.153.20 crore (Rs.132.68 crore). The profit before tax for the period after absorbing interest cost of Rs.0.98 crore (Rs.1.90 crore) and depreciation of Rs.6.86 crore (Rs.7.52 crore) was Rs.31.66 crore (Rs.20.86 crore). After providing for the current tax of Rs.5.40 crore (Rs.1.75 crore) and deferred tax of Rs.1.71 crore (Rs.0.61 crore), the Profit after Tax for the current quarter was Rs.24.55 crore (Rs.18.50 crore). Profits for the quarter includes Rs.9.53 crore arising from sale of shares held in Parrys Confectionery Ltd.

Domestic prices of sugar showed an increasing trend throughout the first quarter. The Distillery at Nellikuppam commenced production of alcohol from June 2004. The experiment to process Raw Sugar was successfully completed in Pugalur factory. Considering that estimated sugar production has been at lower levels coupled with increase in consumption, sugar prices are expected to be better in the coming quarters also.

Parryware division registered an impressive growth of 21 per cent growth in sales and 32 per cent in PBIT for first quarter over the same period of previous year. Parryware is expanding its present sanitaryware capacities at all the three plants and the project is well underway to meet the growing demand. Parryware had extended taps and fittings into more markets during the first quarter. There has been a uniformly good response from both trade and end consumers to the products. With a customer oriented and innovative approach, Parryware is confident of maintaining its competitive advantage in the market.

Interest cost showed a drop of 51 per cent to Rs.0.98 crore, through effective utilisation of working capital facilities and retiral of borrowings.

Award
The CII - Southern Region HR Excellence Award 2003-04 has been awarded to EID Parry (India) Ltd. - Sugar, Chemicals & Bio-products division for its strong commitment to HR Excellence.

Sale of small Businesses
The businesses of Netlon, General Marketing and Travels were divested to Parry Engineering & Exports Ltd. on 1st July, 2004, for a consideration of Rs.12.25 crore

E.I.D.- Parry (India) Limited is part of the over US $ 1.2 billion Murugappa Group. A pioneer and market leader in several fields of business with manufacturing operations across 12 states in the country, the Group has a strong presence in Abrasives, Engineering, Bio-products, Sanitaryware, Sugar, Fertilizers, Pesticides, Finance, General Insurance, Plantations and Nutraceuticals.

For further details please contact:
Mr. D. Kumaraswamy,
Dare House, 234 NSC Bose Road,
Chennai - 600 001
Tel: (+91 44) 2534 0723