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EID Parry (India) on Friday posted a 16 per cent growth in its second quarter net profit at ₹85.13 crore. The leading sugar manufacturer posted a net profit of ₹73.19 crore for the same quarter of the previous fiscal.
The Murugappa Group company posted a net profit of ₹13.14 crore in the first quarter, as high expenses led by huge inventory costs brought down its profitability in the previous quarter.
Revenue from operations of the company, on a year-on-year basis, grew by 47 per cent to ₹645.81 crore (₹ 438.09 crore) during Q2FY23.
“Sugar and Distillery segments have performed better in Q2 2022-23 as compared to the corresponding quarter of the previous year on account of increased sales volumes and realisations and better sales mix in Distillery, while the Cogen profitability has been impacted due to increase in coal prices," S Suresh, Managing Director, said in an earnings press release.
On a segment-wise basis, revenues from sugar business grew by 49 per cent to ₹466 crore (₹313 crore) while Distillery revenue grew by 53 per cent to ₹141 crore (₹92 crore). Nutracueuticals revenue during the latest quarter stood at ₹22 crore.
Consolidated revenue from operations for the quarter ended September 2022 stood ₹11,328 crore, an increase of 62 per cent as against ₹6,978 crore in the corresponding quarter of previous year.
The company informed that its board has approved an interim dividend of ₹5.50 per equity share.
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