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E.I.D.- Parry (India) Limited announces
un-audited financial results (provisional) for the quarter
ended 30th September, 2005
Chennai, October 20,
2005: The turnover of E.I.D. - Parry (India) Limited for
the quarter ended 30th September, 2005 stood at Rs.209.02
crore (Rs.130.95 crore). The Profit before Tax of Rs.38.06
crore (Rs.30.97 crore, which includes a one-time extra-ordinary
income of Rs.6.62 crore from profit on sale of undertaking)
for the period is after absorbing interest cost of Rs.2.34
crore (Rs.0.55 crore) and depreciation of Rs.7.43 crore (Rs.6.82
crore). The Profit after Tax for the current quarter was Rs.27.99
crore (Rs. 25.37 crore).
For the half-year ended 30th September 2005
The turnover of E.I.D.- Parry (India) Limited
for the half-year ended 30th September, 2005 stood at Rs.375.19
crore (Rs.273.38 crore). The Profit before Tax of Rs.54.09
crore (Rs.62.63 crore, which included an one-time income of
Rs.23.12 crore, representing profit on sale of shares, undertaking
etc) for the period after providing for interest cost of Rs.4.21
crore (Rs.1.53 crore) and depreciation of Rs.14.81 crore (Rs.13.68
crore). The profit after tax for the current half-year was
Rs.39.72 crore (Rs.49.92 crore).
Divisional performance
Sugar
The Sugar division recorded an impressive top line growth
of over 40 per cent during the first half of 2005-06, enabled
by improved off take in the addressable markets. The Company's
branded sugar "Parrys Pure" has gained acceptance
amongst consumers and the sales are going as per plan. With
the demand and supply scenario expected to be tight, the sugar
prices are likely to remain firm, ensuring better days for
the Company and the industry as a whole.
Parryware
Parryware division continues its impressive growth with top
line growing more than 30 per cent during the period under
review. The division's new range of products viz., "Grand
Range" was rolled out across key markets and was received
well. With new products contributing a significant portion
of the overall sales and the launch of tap sales across the
Country and Nepal, the division is expected to continue its
impressive growth in the second half of 2005-06.
Bio-products
The Bio-products division showed an impressive sales growth
of more than 40 per cent during the first half of 2005-06.
The division has launched "Abda" (plant vitaliser)
which has been well received. Efforts to improve extraction
efficiency in the plant and overall reduction in fixed expenses
ensured that the losses have been pruned by more than 30 per
cent over the corresponding period of last year.
Projects
The capital expenditure programmes at the Company's sugar
facilities at Pudukottai and Pugalur and setting up of a green
field sanitary ware factory at Perundurai, are progressing
well.
Acquisition
The acquisition of the assets of New Horizon Sugar Mills Limited,
Pondicherry is in the advanced stage. Most of the issues have
been resolved in the Company's favour for a smooth acquisition.
Amalgamation
The Hon'ble High Court of Judicature at Madras has approved
the Scheme of amalgamation of M/s. Santhanalakshmi Investments
Private Limited (wholly-owned subsidiary of the Company) with
the company effective from 1st of May 2005. Accordingly the
effect of the said scheme has been considered in the results
for the half-year ended 30th September 2005.
About Us
E.I.D.- Parry (India) Limited is part of the US $ 1.5 billion
conglomerate Murugappa Group. The group is one of India's
largest family promoted, professionally managed corporates
with over 28,000 employees. A pioneer and market leader in
several fields with over 40 manufacturing operations across
12 states in India, the Group has a strong presence in abrasives,
engineering and cycles, bio-products, sanitaryware, plantations,
sugar, farm Inputs, finance, general insurance, and nutraceuticals.
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