EID Parry re­ports 28% drop in profit

The Hindu Business Line - - NEWS -

Con­sol­i­dated net profit of Mu­ru­gappa group-owned EID Parry fell by 28 per cent on a year-onyear ba­sis to ₹250 crore dur­ing this Septem­ber quar­ter as against ₹349 crore recorded for the cor­re­spond­ing quar­ter pre­vi­ous year.

Rev­enue from op­er­a­tions stood at ₹5,838 crore, an in­crease of 14 per cent in com­par­i­son to the cor­re­spond­ing quar­ter of pre­vi­ous year of ₹5,115 crore.

On a stand­alone ba­sis, profit af­ter tax was lower at ₹11 crore (₹80 crore). Rev­enue from op­er­a­tions also fell dras­ti­cally dur­ing Q2FY19 to ₹351 crore (₹612 crore).

“De­pressed sugar prices due to sur­plus pro­duc­tion in the coun­try con­tin­ued to im­pact the per­for­mance of the com­pany in Q2 2018-19 to­gether with re­duced sale vol­umes on ac­count of the Re­lease Or­der mech­a­nism. Also, heavy rains dur­ing the quar­ter af­fected the dis­tillery op­er­a­tions in Kar­nataka and Andhra Pradesh units,” said S Suresh, MD, EID Parry, while com­ment­ing on the re­sults.

Con­sol­i­dated sugar op­er­a­tions re­ported a loss be­fore in­ter­est and tax of ₹110 crore against last year’s profit of ₹31 crore.

How­ever, farm in­puts and nu­traceu­ti­cals divi­sion of the com­pany ended in green ter­ri­tory with profit be­fore in­ter­est and tax of ₹672 crore (₹577 crore) and ₹3 crore (₹3 crore) re­spec­tively.

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