Companies

EID Parry (India) Q3 net loss narrows to Rs. 20 crore

Our Bureau | Updated on February 06, 2020

Chennai, February 6

Murugappa group company EID Parry (India) standalone net loss for the quarter ended December 31, 2019 narrowed to ₹20 crore. The company posted a net loss of ₹31 crore for the same quarter last year and a net profit of ₹6 crore for the September 2019 quarter.

Standalone revenue from operations on a year-on-year basis declined to ₹437 crore (₹479 crore) for the December 2019 quarter.

“Performance of the company continued to be impacted on account of the muted sugar prices together with the limited sales volumes due to the release order mechanism,” S Suresh, Managing Director of the company was quoted in a press statement announcing the quarterly results.

The consolidated revenue from operations for Q3FY20 stood at ₹4,082 crore (₹3,713 crore) while the consolidated profit after tax (PAT) for the same period stood at ₹261 crore (₹145 crore).

The press statement also added that the Board of Directors have approved the capacity expansion of sugar and cogeneration at Haliyal unit at an estimated investment of ₹99 crore by relocating equipment from other units.

EOM

Published on February 06, 2020

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