EID Parry's April-June quarter consolidated net at Rs 20.33 cr

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Sugar manufacturer EID Parry recorded a 7.5 percent rise in consolidated net profits for this year's April-June quarter at Rs 20.33 crore.

The consolidated net profit after tax was at Rs 18.90 crore during the corresponding three months of last year, the Chennai-based Murugappa Group company, said in a BSE filing. For the year ending March 31,

For the year ending 31 March 2017 consolidated net profits after tax stood at Rs 708.25 crore. Consolidated total income for the quarter ending June 30 rose to Rs 3,430.25 crore from Rs 3,075.53 crore registered during the corresponding period of last year.

For the full year ending on 31 March 2017 consolidated the total income was at Rs 14,825.70 crore. Commenting on the financials, Managing Director S Suresh said the performance of the company in the first quarter was largely impacted due to sugarcane availability in Tamil Nadu following drought conditions.

"This had a cascading effect on the production and sale of sugar, power and alcohol. The impact has been mitigated to some extent by the better realisation of sugar price by 17 percent compared to corresponding quarter of the previous year", he said in a statement.

"We expect the sugar prices to remain firm for the year 2017-18", he said. On the company's operations in biopesticides division, he said higher neem seed cost dented the "profitability", while increased competition in the overseas market impacted the nutraceuticals business.