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Low sugar prices continue to take a toll on EID Parry despite diversified operations.
The Murugappa Group company has reported a net loss of ₹29.94 crore (net profit: ₹36.25 crore) on a total income of ₹4,347 crore (₹4,095 crore) on a consolidated basis for the quarter ended September 30, 2015.
During the quarter, farm inputs business contributed to net sales of ₹3,564 crore (₹3,466 crore) with profit before tax and interest of ₹309.94 crore (₹333.74 crore); sugar contributed ₹606.38 crore (₹475.02 crore) to sales, while losses more than doubled to ₹112.87 crore (loss: ₹42.67 crore); cogeneration sales were ₹38.04 crore (₹16.19 crore) with a profit of ₹8.18 crore (loss: ₹1.71 crore); and distillery contributed to sales of ₹48.20 crore (₹59.27 crore) with a profit of ₹4.68 crore (₹13.18 crore).
On a standalone basis, the company reported a net loss of ₹36.95 crore (net profit: ₹59.43 crore) on a total income of ₹579.24 crore (₹533.45 crore) during the quarter.
A press release quoting V Ramesh, Managing Director, said the performance was impacted by muted sugar prices during the first two months of the quarter.
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