Sugar maker EID Parry posts net profit of Rs 22.47 cr in April-June quarter

CHENNAI: Sugar manufacturer EID Parry, part of the USD 4.4 billion Murugappa Group, today reported a standalone net profit of Rs 22.47 crore for the quarter ending June 30, 2012.

The company had posted a net loss of Rs 7.18 crore during the same period last fiscal.

For the year ending March 31, 2012, the net profits of the company stood at Rs 137.32 crore, the city-based company said in a statement.

The standalone total income of the company for the quarter ending June 30, 2012 stood soared to Rs 578.07 crore from Rs 398.49 crore registered during the same period of last year.

For the year ending March 31, 2012 the total income of the company stood at Rs 1,536.65 crore.

During the quarter ending June 30, 2012, the company crushed 16.44 lakh tonnes of sugarcane as against 12.96 lakh tonnes in the corresponding period last fiscal.

The bio-product division, comprising bio-pesticides and nutraceuticals, registered a loss of Rs 57 lakh for the quarter ending June 30, 2012 from Rs 1.06 crore registered during the same period of last year.

"I am happy to share that the company has demonstrated highest-ever and record breaking performance for the first quarter on standalone basis," EID Parry (India) Ltd Managing Director Ravindra S Singhvi said.

The robust increase in the recovery percentage combined with higher crushing and higher cogeneration and distillery operations has contributed to the overall high performance, he said.