Bangalore, August 05, 2016: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter ended 30th June 2016.
Standalone performance for the quarter ended 30th June 2016:
The Standalone turnover for the quarter ended 30th June 2016 was Rs. 581 Crore in comparison to the corresponding quarter of previous year of Rs. 495 Crore. Profit before depreciation, interest and taxes (EBITDA) for the quarter was Rs. 87 Crore in comparison with the corresponding quarter of previous year of Loss of Rs. 69 Crore. Standalone profit after tax for the quarter was Rs. 25 Crore as against corresponding quarter loss of Rs. 138 Crore in the previous year.
The Standalone Sugar operations reported a Profit before Interest and Tax of Rs. 56 Crore (corresponding quarter of previous year: Loss before interest and tax of Rs. 90 Crore) for the quarter.
For the quarter, Bio-products Division (comprising Bio-Pesticides and Nutraceuticals) registered a Profit before Interest and Tax of Rs. 4 Crore (corresponding quarter of previous year of Loss before Interest and Tax of Rs. 1 Crore).
Mr.V.Ramesh, Managing Director commenting on the standalone results mentioned that
“The Company’s performance in Q1 of FY 2016-17 was satisfactory, largely due to better price realisation on sugar. The other factors which helped in improved performance were focus on costs besides better results of the Bio products division. The two Karnataka units in sugar did not crush any cane during the quarter unlike in the previous year. Power exports from the Tamilnadu cogeneration plants were also lower due to declined demand. The Company has completely fulfilled the mandated export quota on sugar across five of its Sugar Mills. Going by the current trend on sugar prices, the sugar scenario for the year remains positive.”
About E.I.D. - Parry (India) Limited
E.I.D. Parry is a significant player in Sugar with interests in promising areas of Bio Pesticides and Nutraceuticals. E.I.D Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International Limited. EID Parry has a 100% stake in Parry Sugars Refinery India Private Limited, 93.52% stake in US Nutraceuticals LLC, USA with 100% voting rights and a 65% stake in Parrys Sugar Industries Limited.
EID Parry, together with its subsidiaries, has nine sugar factories having a capacity to crush 39000 Tonnes of Cane per day, generate 160 MW of power and four distilleries having a capacity of 230KLPD. In the Bio Pesticides business, the Company offers a unique neem extract, Azadirachtin, having a good demand in the developed countries’ bio pesticide markets. In the Nutraceuticals business, it holds a strong position in the growing wellness segment mainly catering to the world markets with its organic products.
About the Murugappa Group
Founded in 1900, the INR 295 Billion Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Parrys Sugar Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Ladybird, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees. For more details, visit www.murugappa.com.