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E.I.D. PARRY (INDIA) LIMITED: Unaudited
financial results (provisional) for the three quarters ended
December 31, 2004
Chennai, January 21, 2005:
The turnover for the reporting quarter ended December 31,
2004, stood at Rs.189.17 crore. The profit before tax for
the period was Rs.20.75 crore as against Rs.3.27 crore for
the corresponding quarter ended December 31, 2003. After providing
for taxes of Rs.2.95 crore, profit after tax for the quarter
ended December 31, 2004, was Rs.17.80 crore (as against Rs.1.67
crore in the corresponding quarter of the previous year).
The turnover of E.I.D.- Parry (India) Limited
for the nine-month period ended December 31, 2004, stood at
Rs.482.87 crore as against Rs.400.64 crore for the corresponding
period ending December 31, 2003, recording a top line growth
of over 20%. The profit before tax for the period at Rs.83.38
crore (Rs.29.32 crore) is after absorbing interest cost of
Rs.2.64 crore (Rs.6.18 crore) and depreciation of Rs.20.93
crore (Rs.22.68 crore). After providing for the current tax
of Rs.12 crore (Rs.2.40 crore) and deferred tax of Rs.3.66
crore (Rs.6.50 crore), the profit after tax for the nine-month
period ended 31st December 2004 was Rs.67.72 crore (Rs.20.42
crore) registering a significant growth in the bottom line.
Sugar
The sugar business continues its impressive performance, aided
by higher prices in the domestic market. The company has successfully
launched its branded sugar under the brand name `Parry's sugar'.
The company has started processing raw sugar and has been
using its capacities to the full extent. With the Nellikuppam
automation becoming fully operational, the quality, operational
efficiency and throughput area reaching their optimum levels.
The government policy towards the sugar industry
has turned positive as it has introduced a slew of measures.
The Tuteja Committee report is being looked at favourably,
encouragement is being given to raw sugar import, there is
re-thinking on a rationalisation of duty structure, there
is a move towards goading sugar markets out of speculation,
etc. With favourable import policy towards raw sugar and good
sugar prices, the company is confident of doing well in the
next quarter as well.
Parryware
The Parryware business continues to record a robust growth
with a 21% improvement in the top line over the same period
in the previous year. The division has expanded its sanitaryware
capacity at Dewas and commercial production has commenced
from the new facility. With the expansion, the overall production
capacity moves from 29,800 mtpa to 34,500 MT mtpa. Parryware's
fourth `Experiencentre' opened at Delhi to enhance customer
experience with the brand. During the quarter, Parryware has
introduced a series of fresh new colours to set a stylish
& contemporary trend in bathroom colours in keeping with
consumer expectations. With the innovative marketing strategies
and complementary product profile, Parryware is expected to
continue its performance in the fourth quarter also.
Bio-products
The bio-products division continues its turnaround performance
with it contributing a turnover of Rs.6.96 crore and a positive
bottom line of Rs.1.24 crore for the reporting quarter. With
the order received from the Tamil Nadu government for supply
of 70,000 litres of NeemAzal formulation and the export market
improving, the division is poised to achieve a positive bottom
line in the ensuing quarter(s) also.
Finance
The interest cost at Rs.1.11 crore for the quarter continues
to drift downwards, thus helping improve the bottom line.
An effective working capital management and the interest subsidy
provided by the Government of India on the sugar buffer stocks
further enabled the reduction in interest outgo.
Projects
The company's expansion projects in both sugar and parryware
businesses are on schedule. The necessary statutory approvals
are being obtained and the company is confident of completing
the projects on time.
Awards/Recognitions
The company's Pettavaithalai sugar unit received the Appreciation
Award for Safety (2003) from the National Safety Council,
TN Chapter. The Thyagavalli unit (bio division) got the ISO
14001 certification. Further, its NeemAzal range of products
has been branded with the ISI mark, signifying the quality
standards.
About Us
E.I.D.- Parry (India) Limited is part of the US$ 1.2 billion
Murugappa Group. A pioneer and market leader in several fields
with manufacturing facilities spread across the country, the
group has a strong presence in Abrasives, Engineering, Bio-Products,
Sanitaryware, Plantations, Sugar, Farm Inputs, Finance, General
Insurance, and Nutraceuticals.
For further information, please contact:
Mr. D. Kumaraswamy, Chief Financial Officer
E.I.D.- Parry (India) Limited,
Dare House, 234 NSC Bose Road, Chennai - 600 001:
Tel: +44 - 2534 0723
Email: KumaraswamyD@parry.murugappa.com
Website: www.eidparry.com
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