EID Parry increases turnover during the first half
19 Oct 2006
After considering one-time income of Rs118.12 crore, being profit on sale of investments and providing for tax of Rs35.40 crore (including Rs.26.40 crore on capital gains), the profit after tax for the current half-year is Rs134.61 crore. The previous year figures in the published results include the results of erstwhile Parryware Division (sales Rs126.22 crore and profit before interest and tax Rs16.68 crore) and hence not comparable with the current year results.
For the quarter ended 30th September, 2006 the company posted a turnover of Rs169.43 crore as against previous year's Rs160.30 crore. After providing for tax of Rs4.20 crore, the profit after tax for the current quarter was Rs26.31 crore.
During the first half of the current fiscal the sugar division recorded a top line growth of 27 per cent. The operation of the cogeneration plant at the sugar factory at Pudukottai got stabilised. The cogeneration power project at Pugalur sugar factory is progressing well. The company has also obtained endorsement on the distillery license for making Ethanol at Nellikuppam on 29th September, 2006. The registration of the assets of New Horizon Sugar Mills Ltd. Puducherry was completed on 24th August, 2006.
The bio-products division showed sales growth of 12 per cent during the first half of 2006-07. The plant has been achieving highest ever efficiencies and through put as a result of many improvements in the process taken up during the year.
Loss of Rs2.25 crore reported for the first half is mainly on account of product launch expenses. Meanwhile the company board has approved the proposal to amalgamate the wholly owned unlisted subsidiary Parry Nutraceuticals Limited with EID Parry. The amalgamation is subject to the approval of shareholders and the Madras High Court and other statutory authorities.