EID Parry's turnover is Rs 251.45 cr

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The turnover of E.I.D. - Parry (India) Limited for the quarter ended 30^th September, 2008 was Rs. 251.45 Crore (Rs.161.53 crore).  Gross operating profit for the quarter was Rs. 10.29 crore (Gross loss of Rs. 20.83 crore) after absorbing depreciation of Rs. 12.35 crore (Rs. 10.87 crore).  After absorbing interest cost of Rs. 6.78 crore (Rs. 2.47 crore) and considering Other Income of Rs. 44.91 crore (Rs. 17.74 crore) and exceptional item of Rs. 749.18 crore, the Profit Before Tax for the quarter was Rs. 797.60 crore (loss of Rs. 5.56 Crore). The Profit After Tax for the quarter stood at Rs. 611.89 crore (loss of Rs. 5.74 crore).

 

The turnover of E.I.D. - Parry (India) Limited for the half year ended 30^th September, 2008 was Rs.455.25 Crore (Rs.234.79 crore).  Gross operating profit for the half year was Rs. 16.86 crore (Gross loss of Rs. 46.77 crore) after absorbing depreciation of Rs. 24.43 crore (Rs. 21.56 crore).

 

After absorbing interest cost of Rs. 12.43 crore (Rs. 2.92 crore) and considering Other Income of Rs. 47.99 crore (Rs. 18.86 crore) and exceptional item of Rs. 749.18 crore, the Profit Before Tax for the half year was Rs. 801.60 crore (loss of Rs. 30.83 Crore). The Profit After Tax for the half year stood at Rs. 614.66 crore (loss of Rs. 31.15 crore).

 

The consolidated turnover for the quarter ended 30^th September, 2008 was Rs. 3641.17 crore (Rs. 1991.39 crore). The Profit After Tax for the quarter stood at Rs. 761.37 crore (profit of Rs. 83.99 crore).

 

The consolidated turnover for the half year ended 30^th September, 2008 was Rs. 5245.61 crore (Rs. 2533.90 crore). The Profit After Tax for the half year stood at Rs. 956.79 crore (profit of Rs. 85.43 crore).

 

Sugar Division

During the quarter, the company crushed 9.08 lakh tonnes of cane compared to 12.15 lakh tonnes in the corresponding period of 2007-08. The overall production of sugar was 83860 MT (107463 MT). The average sugar realization per MT for the quarter was Rs.  14837 compared to Rs 12799 for the corresponding period of 2007-08. The company exported 785 lakh units to the TNEB Grid compared to 718 lakh units for the corresponding period of 2007-08. During the quarter, the Company exported 84835 M.T. (15858 M.T.)  of Raw Sugar and 8011 M.T. (30083  MT) of White Sugar.

 

The Sugar Segment reported a loss of Rs. 0.72 crore for the quarter (loss of Rs. 30.37 crore). This comprises of loss of Rs. 2.13 crore from sugar, (loss of Rs. 34.08 crore) and profit of Rs. 1.41 crore from the Distillery Segment (Rs. 3.71 crore). The profit from the Cogeneration Segment for the quarter was Rs. 11.20 crore (Rs.9.75 crore).

 

Bio-products division

The Bio-pesticides Segment reported a profit of Rs. 0.94 crore for the quarter (profit Rs.0.97 crore) and the Nutraceuticals Segment reported a profit of Rs. 0.36 crore (Rs.0.31 crore).

 

Interest

Higher rate of interest have resulted in higher interest cost of Rs.6.78 crore for the quarter compared to previous year.

 

Projects

The 20 MW Cogeneration Project at Pettavaittalai and sugar production capacity increase to derive operational efficiencies and to match the cogen facility are progressing well.  The company is also in the process of putting up distilleries at Pudukottai and Sivaganga to produce value added products from molasses.

 

Dividend

During the quarter, the Board of Directors have declared a special dividend of Rs. 4.00 per equity share (200 %) on Equity Shares of Rs. 2 each and the same was paid on 18^th October, 2008.

 

Stake Sale In Parryware Roca Private Limited

During the quarter, the company sold 10,03,375 shares held in Parryware Roca Private Limited (47%) and a profit of Rs. 746.39 crore has been considered.

 

Stake Sale In Parry Monsanto Seeds Private Limited

During the quarter, the investment in Parry Monsanto Seeds Private Limited has been sold and a profit of Rs. 2.79 crore has been considered.

 

Buy Back Of Equity Shares

The Board of Directors approved the proposal to buy-back the fully paid equity shares of Rs. 2/- each of the Company from the shareholders at a maximum price of Rs.160 per equity share. 

 

Sourced From: IPAN