E.I.D.-Parry (India) Ltd has reported a net profit of Rs 22.47 crore on an income of Rs 576.46 crore for the first quarter ended June 30, 2012.

The company had reported a net loss of Rs 7.18 crore on an income of Rs 397.13 crore during the corresponding period last year. The company has attributed the performance to robust sugar milling operations and related downstream performance of cogeneration and distillery.

The company crushed 16.44 lakh tonnes of sugarcane against 12.96 lt in the corresponding quarter last year. It exported 11.11 crore units (10.05 crore units) of electricity from the co-generation units, according to a press release from the company.

E.I.D.-Parry is among the largest sugar companies with nine sugar mills, including those with its subsidiaries Sadashiva Sugars and Parrys Sugar, spread across South India. It has total sugarcane crushing capacity of 34,750 tonnes a day, 146 MW of cogeneration and four distilleries with 230 kilolitres per day capacity.

The current year will be a crucial year in which the benefits of its acquisition of the sugar mills – now its subsidiaries — in Karnataka and Andhra Pradesh will come to the fore, said Mr A. Vellayan, Chairman, E.I.D.-Parry.

Addressing shareholders at the annual general meeting, he said by the year-end both the subsidiaries would be merged with the E.I.D.-Parry to create a monolithic entity. The first quarter results are an indication of what is to come.

The company’s shares closed Rs 211.60 up 4.7 per cent from the previous close on the BSE on Tuesday.

>balaji.ar@thehindu.co.in

Related Topics
comment COMMENT NOW