EID Parry (India) has reported encouraging results for the quarter ended June 30, 2011. In a tele-conference, Ravindra S. Singhvi, Managing Director, said that the total sugar production in the quarter under reference had increased to 1.15 lakh tonnes from 78,700 tonnes.
The total sugar production, including subsidiaries was 1.19 lakh tonnes as compared to 79,726 tonnes. The performance of co-generation and distillery grew by 65 per cent and 80 per cent respectively.
Cane crushing
Cane crushing has also grown to 12.95 lakh tonnes from 5.98 lakh tonnes and including subsidiaries, it was higher at 15.20 lakh tonnes against 6.11 lakh tonnes and achieved a recovery of 8.71 per cent, same as previously, Mr. Singhvi said.
The encouraging performance was also due to the contribution from bio pesticides and nutraeuticals division. As part of the growth in the sugar division, Mr. Singhvi said the acquisition of Sadashiva Sugars Limited had also paved the way for EID parry to enter into the high potential state of Karnataka.
During the quarter ended June 30, 2011, the company achieved a consolidated net profit of Rs. 95.50 crore as compared to Rs. 48.59 crore in the quarter ended June 30, 2010, with higher revenue and realisation in farm inputs.
Of the total revenue of Rs. 2,500.89 crore against Rs. 1,887.52 crore, the farm inputs division has contributed a revenue of Rs. 1,790.11 crore against Rs. 1,552.82 crore. This division has contributed a gross profit of Rs. 254.53 crore against Rs. 196.17 crore.
Revenue from the sugar division was Rs. 594.43 crore (Rs. 239.84 crore). While the gross loss from this division was lower at Rs. 29.43 crore against Rs. 74.84 crore with an improvement in price realisation.
