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EID Parry reports Rs 49.92 cr net profit in first half Economic Times 12 October, 2004, Chennai: EID Parry (India) Ltd, a part of the $1.2 billion Murugappa group, on Monday reported Rs 49.92 crore net profit for the first half of 2004-05, a 166 per cent growth over previous year, aided by one-time extraordinary income of Rs 22.28 crore. The company said it was also assisted by the good growth of the sugar division and announced that it was planning the launch of branded sugar shortly. In the three month period July-September, the net profit was Rs 25.37 crore, up from Rs 0.25 crore the same period last year, EID Parry said in a statement here. The extraordinary income comprised sale of undertaking (Rs 6.62 crore), dividend on investments (Rs 6.13 crore) and sale of investments (Rs 9.53 crore), it said. The net sales for the first half rose by a modest 13.92 per cent to Rs 293.70 crore, compared to Rs 257.79 crore. The figure for the second quarter stood at Rs 140.50 crore, up by 12.3 per cent from the last year's Rs 125.11 crore. "Stable/improved domestic prices of sugar enabled the sugar division to show good growth in both top and bottom line," it said. EID Parry, which commissioned its refinery plant at Nellikuppam during the second quarter for producing refined sugar, "will enable the company to launch its branded sugar." The company said it had imported raw sugar to substitute the non-availability of cane and ensured better utilisation of capacity. The government's policy steps, including changes in price fixation mechanism for sugarcane, also augurs well for the industry, it said.
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