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Murugappa group company EID Parry India has reported a net profit of ₹6 crore for the quarter ended September 30, 2019 when compared with a net profit of ₹11 crore in the year-ago period.
Its revenue grew 26 per cent at ₹442 crore when compared with ₹351 crore in the year-ago quarter.
S Suresh, Managing Director of the company said the performance of the company was impacted during the quarter due to muted sugar prices on account of higher sugar inventory and release order mechanism.
During the quarter, sugarcane crushing volumes in Tamil Nadu units were better compared to previous year numbers. Also, the Company has taken the approval of the Board of Directors to establish a 60 KLPD Greenfield Distillery plant at Bagalkot unit in Karnataka, he added.
For the half year ended September 30, 2019, the company reported a net after tax of ₹47 crore as against a profit after tax for the period of ₹65 crore in the year-ago quarter.
Profit before depreciation, interest and taxes (EBITDA) and before exceptional items stood at ₹21 crore in comparison to the loss of ₹64 crore. Revenue grew three per cent to ₹830 crore as against ₹807 crore.
Suresh said Centre’s various support measures in order to provide stability to the sugar prices and Tamil Nadu government’s measures would augur well for the Company in the coming quarters.
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