EID Parry reports dramatic rise in net profit

CHENNAI - The city-based EID Parry (India) Limited closed the first quarter of the current fiscal with a marginal increase in its top line while its net profit rose dramatically by Rs.23.48 crore compared to the corresponding period of the previous year.

The company, part of the diversified Murugappa group, on a standalone basis closed the first quarter with a turnover of Rs.205.34 crore and a net profit of Rs.34.89 crore, compared to Rs.203.80 crore and Rs.2.77 crore declared in Q1 the previous year.

The consolidated turnover and net profit for the period under review stood at Rs. 1,790.94 crore and Rs.76.41 crore as against Rs.1,604.48 crore and Rs.195.42 crore respectively for the comparable period in FY09.

While company officials were not available to comment on the results, a company statement said Wednesday that the sugarcane related operations yielded a profit of Rs.43.19 crore during the quarter, up from Rs.8.03 crore earned the previous year’s first quarter.

However, during the period under review the company crushed 728,000 tonnes of cane as compared to 11,61,000 ton crushed during the Q1 of FY09.

While the company’s bio-pesticides division posted a loss, the nutraceuticals segment showed profit during the quarter under review.