Business

EID Parry returns to profit, nets ₹226 cr.

Sugar and nutraceuticals company EID Parry (India) Ltd. has posted a standalone net profit of ₹226 crore for the first quarter ended June, against a loss of ₹53 crore in the year-earlier period, due to better realisation and cost-cutting measures.

Revenue from operations rose to ₹491 crore, from ₹389 crore. It also sold 2% stake, amounting to ₹363 crore, in its subsidiary, Coromandel International Ltd., to reduce high-cost debt.

“The operations of the company were relatively less affected on account of the lockdowns due to COVID-19 as sugar industry could operate under the essential products category,” S. Suresh, MD, EID Parry, said in a statement.

“We were able to export around 40,000 MT under the Maximum Admissible Export Quota scheme, which also helped in better cash flow and profitability,” he said.

Rane Brake posts loss

Rane Brake Lining Ltd., a leading manufacturer of brake linings, disc pads and clutch facings, reported a net loss of about ₹6.9 crore during the first quarter ended June 2020 due to truncated period of operations. The company posted a net profit of ₹7.3 crore registered in the corresponding year-earlier period.

During the period under review, a large portion of working days was lost due to the lockdown.

As such, the results for Q1 FY21 are not comparable with the corresponding period of the previous year, Rane said.

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Printable version | Sep 20, 2020 1:50:08 AM | https://www.thehindu.com/business/eid-parry-returns-to-profit-nets-226-cr/article32279501.ece

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