EID Parry (India) Limited, one of the largest manufacturers of sugar in India, reported increased consolidated profit after tax and non-controlling interest of ₹318 crore during second quarter ended September 30, 2020 as against ₹182 crore in corresponding quarter of previous year.

The consolidated revenue from operations was ₹5,836 crore, an increase of 3 per cent over ₹5,675 crore in the corresponding quarter of previous year, says a company press release.

S Suresh, Managing Director, commenting on the results in a release, said the company’s performance was better in the second quarter as compared to corresponding quarter of previous year due to better realisation and the cost reduction measures which continued from the first quarter.

The company was successful in meeting the export obligation for sugar season 2019-20 under MAEQ scheme. Sugar prices remained in the same levels of that of Q1 2020-21 and release order mechanism continued to be in place, he said.

The government has increased the FRP by ₹Rs.100 per MT for the sugar season 2020-21 without any increase in MSP of sugar. Though the government has announced increase in ethanol procurement rates varying between ₹1.90 and ₹3.34 per litre depending on the grades of ethanol for the period December 2020 to November 2021, Industry is expecting an increase in MSP for sugar for covering the increase in cane and other costs for healthy survival .

Availability of cane is expected to be better in Karnataka for sugar season 2020-21 as compared to previous sugar season while in Tamil Nadu and Andhra it is expected to be in same lines as that of last year, he said.

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