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Un-audited Financial Results for the quarter
ended December 31, 2007
Chennai 24January 2008: The
turnover of E.I.D. - Parry (India) Limited for the quarter ended
31st December, 2007 was Rs.197.28 crore (Rs.154.28 crore). A loss
of Rs.16.32 crore (Gross profit of Rs.3.15 crore) after absorbing
depreciation of Rs.11.03 crore, was incurred at the operating level.
After absorbing interest cost of Rs.6.85 crore (interest income
of Rs.0.92 crore) the loss for the quarter was Rs.23.17 crore (Profit
of Rs.4.07 Crore).
Low domestic and international prices, rupee appreciation
making exports unattractive and high inventory carrying cost have
resulted in a Net Loss of Rs.23.33 crore. The selling price of sugar
prevailing now is lower than the cost of production.
Sugar Division
During the quarter, the company crushed 5.16 lakh tonnes of cane
compared to 6.11 lakh tonnes in the corresponding period of 2006-07.
The overall production of sugar was 43784 MT (49827 MT). The average
sugar realization per MT for the quarter was Rs.12535 compared to
Rs.15985 for the corresponding period of 2006-07. The company exported
503 lakh units to the TNEB Grid compared to 221 lakh units for the
corresponding period of 2006-07.
During the quarter, the Company exported 83688 MT,
including 52691 M.T. of Raw Sugar.
The Sugar Segment reported a loss of Rs.28.12 crore for the quarter
(loss of Rs.0.61 crore). The loss consists of Rs.32.02 crore for
the quarter for Sugar (loss of Rs.2.27 crore) while the PBIT for
the Cogeneration Segment was Rs.2.26 crore (Rs.0.78 crore) and the
Distillery Segment Rs.1.64 crore (Rs.0.88 crore).
Bio-products division
Both the Neem based pesticides and the Nutraceuticals performed
better than the corresponding quarter of 2006-07.
While the Bio-pesticides Segment reported a profit
of Rs.2.20 crore for the quarter (profit Rs..71 crore), the loss
for the Nutraceuticals Segment was Rs.0.04 crore (profit Rs.0.32
crore).
Interest
Higher level of inventory and higher rate of interest have resulted
in higher interest cost of Rs.6.85 crore for the quarter compared
to previous year.
Addition to the Board
The Board of Directors have appointed Mr. K. Raghunandan, President
(Sugar) as Deputy Managing Director of the Company with effect from
1st February, 2008.
About the Murugappa Group
Headquartered in Chennai, the USD 2 billion (Rs.8500
crore) Murugappa Group is India's leading business conglomerate.
Market leaders in diverse areas of business including engineering,
abrasives, finance, general insurance, sanitary-ware, cycles, sugar,
farm inputs, fertilisers, plantations, bio-products and nutraceuticals,
its 29 registered companies have manufacturing facilities spread
across 14 states in India. The organization fosters an environment
of professionalism and has a workforce of over 30,000 employees.
The Group has forged strong joint venture alliances
with leading international companies like Roca, Cargill, DBS Bank,
Mitsui Sumitomo and Groupe Chimique Tunisien and has consolidated
its status as one of the fastest growing diversified business houses
in India
For further information, please
contact:
D. Kumaraswamy
Chief Financial Officer
E I D Parry (India) Limited
Tel: 044 2534 0723 / 98400 20958
Email: KumaraswamyD@parry.murugappa.com
Chandrika Raman
Asst. General Manager
Group Corporate Communications
Murugappa Group
Tel: 044 2530 6535 / 98400 71172
Email: chandrikaR@corp.murugappa.com
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