Not so sweet performance by EID Parry (India)
By Our Corporate Bureau | 07 May 2007
Chennai: The city-based EID Parry (India) has closed the FY07 logging a turnover of Rs 583.23 crore as compared to Rs 978.46 crore (Rs 746.93 crore excluding Parryware revenue) earned the previous year. However the after tax profit for FY07 stood at Rs 127.42 crore as against Rs 115.84 crore of the previous year.
According to the company, the lower turnover is owing to 30 per cent reduction in sales of sugar. However, the supply of power to the grid registered a growth of 73 per cent over last year mainly due to increase in generation of power from the 18MW cogeneration plant at Pudukottai, which was commissioned in March 2006.
During the year under review, the sugar division generated a revenue of Rs 556 crore with earnings before interest and tax of Rs 31 crore as against Rs 80 crore for the previous year. The lower profit figure is mainly due to the depressed selling price of sugar in the second half of the year.
Part of the Murugappa Group, EID Parry's fifth sugar plant at Puducherry has commenced operations and achieved the rated production capacity within a short period of time. According to the company, the projects to increase throughputs in the other four sugar units are progressing well and the total crushing capacity likely to be increased to 19500 tonnes per day by year-end.
During the year under review, the company commissioned 22 MW cogeneration units in Pugalur. With this, the total capacity of cogeneration facilities will be at 65MW. Another cogeneration plant is currently under construction in Pettavaittalai.
The company's bio-pesticides division and the nutraceuticals division earned revenue of Rs 26 crore and Rs 11.12 crore respectively last year.
The company's board has recommended a final dividend of Rs 1.40 per equity share (70 per cent) on equity shares of Rs 2 each. With this, the total dividend declared for the year is Rs 5.90 per equity share (295 per cent) including the interim dividend of Rs 4.50 (225 per cent).
According to the company, the lower turnover is owing to 30 per cent reduction in sales of sugar. However, the supply of power to the grid registered a growth of 73 per cent over last year mainly due to increase in generation of power from the 18MW cogeneration plant at Pudukottai, which was commissioned in March 2006.
During the year under review, the sugar division generated a revenue of Rs 556 crore with earnings before interest and tax of Rs 31 crore as against Rs 80 crore for the previous year. The lower profit figure is mainly due to the depressed selling price of sugar in the second half of the year.
Part of the Murugappa Group, EID Parry's fifth sugar plant at Puducherry has commenced operations and achieved the rated production capacity within a short period of time. According to the company, the projects to increase throughputs in the other four sugar units are progressing well and the total crushing capacity likely to be increased to 19500 tonnes per day by year-end.
During the year under review, the company commissioned 22 MW cogeneration units in Pugalur. With this, the total capacity of cogeneration facilities will be at 65MW. Another cogeneration plant is currently under construction in Pettavaittalai.
The company's bio-pesticides division and the nutraceuticals division earned revenue of Rs 26 crore and Rs 11.12 crore respectively last year.
The company's board has recommended a final dividend of Rs 1.40 per equity share (70 per cent) on equity shares of Rs 2 each. With this, the total dividend declared for the year is Rs 5.90 per equity share (295 per cent) including the interim dividend of Rs 4.50 (225 per cent).