EID Parry reports 28% drop in profit
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.