EID Parry Ltd, one of the largest manufacturers of sugar in India, reported standalone net profit stood at ₹339 crore for the third quarter ended December.
It had reported a net loss of ₹20 crore in the year-earlier period. Total revenue from operations stood at ₹439 crore (₹437 crore).
Performance during the quarter was impacted following an increase in fair and remunerative price without a corresponding increase in the minimum selling price of sugar and also due to lower selling prices.
The selling prices were under severe pressure due to the carry-over surplus and higher sugar production, said S. Suresh, MD.
“Further, the much-expected export programme did not come through during the quarter. Cane crushing is expected to be marginally better than the last sugar year in Karnataka.”
To reduce debt, the firm had sold 2% more stake in Coromandel International Ltd., a subsidiary.
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