‘Eid Parry Q2 net up 67 per cent

CHENNAI: EID Parry, a Murugappa group company, on Wednesday reported a 65.9 per cent increase in consolidated net profit for the second quarter ended September 30, 2017.

The city-based sugar manufacturer posted consolidated net profit at Rs 348.7 crore during the quarter under review against Rs 210.13 crore reported in the corresponding period last year. Consolidated total income grew to Rs 5,188.55 crore from Rs 4,757.26 crore during the year-ago period.

“The performance of the company has been largely impacted by 46 per cent drop in cane availability during the special crushing season in Tamil Nadu due to the earlier drought conditions. This had a cascading effect on the production and sale of sugar, power and alcohol,” said S Suresh, MD. However, the above impact has been mitigated to some extent by better realisation of sugar price by 10 per cent against year-ago period.