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Sugar manufacturer EID Parry (India) Ltd has posted a huge jump in second quarter net profit to Rs 325 crore (from Rs 49.48 crore in the corresponding previous quarter), aided by an exceptional income.
The exceptional item is a dividend income of Rs 265 crore from subsidiary company Coromandel International.
The standalone turnover in the quarter rose 21 per cent to Rs 502 crore.
“Much of the growth has come from higher volumes of crushing,” said Ravindra S. Singhvi, Managing Director.
EID Parry’s flagship sugar division crushed 14.43 lakh tonnes of sugarcane in the second quarter, a growth of 13 per cent.
The division’s revenue was Rs 407 crore (Rs 325 crore.)
With sugar selling prices going up by Rs 2.50 to Rs 33 a kg, the company has seen higher realisation compared to last year, said Singhvi.
During the quarter, EID Parry exported power of 917 lakh units (890 lakh units).
The bio-products division (comprising bio-pesticides and neutraceuticals) registered revenues of Rs 33 crore (Rs 25 crore).
Consolidated results
The consolidated net profit, however, dropped 15 per cent to Rs 182 crore.
The consolidated turnover for the quarter was also down at Rs 3,253 crore (Rs 3,303 crore).
This includes a gross income of Rs 2,660 crore from the farm inputs division through the subsidiary Coromandel International.
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