Chennai, Oct. 20
PARRYWARE, a division of EID Parry Ltd, which manufactures ceramic sanitaryware products, is to be hived off as a wholly-owned subsidiary of the company. The idea is to facilitate sale of stake to a "strategic foreign partner".
The Rs 200-crore sanitaryware business "is witnessing a high growth, thanks to increasing demand from homes and commercial complexes."
Meanwhile, EID Parry has reported for the quarter ended September a turnover of Rs 209 crore, compared with Rs 130.95 crore in the same period last year - a growth of 60 per cent.
Net profit increased to Rs 38.06 crore, compared with Rs 30.97 crore, which includes an extraordinary income of Rs 6.62 crore from profit on sale of undertaking.
For the half year ended September, EID Parry's turnover was Rs 375.19 crore (Rs 273.38 crore). Profit after tax was Rs 39.72 crore compared with Rs 49.92 crore previously.