Murugappa group firm EID Parry India reported a net profit of ₹73 crore for the quarter ended September 30a decline of 44 per cent compared to a net profit of ₹131 crore in the same period of the previous year.
Standalone revenue stood at ₹438 crore (₹529 crore), a decline of 17 per cent, according to a statement.
EBITDA was significantly lower at ₹115 crore compared ₹226 crore in the year-ago quarter.
Reduced exports
During the second quarter, the company received a final dividend of ₹99 crore for 2020-21 from its subsidiary, Coromandel International Ltd against ₹206 crore in the year-ago quarter.
“The company’s operating performance in Q2 of this fiscal was affected as compared with the corresponding quarter of previous year on account of reduced export sales coupled with lower order quota allocation,” S Suresh, Managing Director of the company, said.
On a consolidated basis, the company’s profit after tax and non-controlling interest was ₹244 crore(₹318 crore). Consolidated revenue was higher at ₹6,978 crore (₹5,836 crore).
Interim dividend
The board approved an interim dividend of ₹5.50 per equity share (550 per cent on face value of ₹1 each)
The company’s board also approved the proposal to set up a 120 KLPD distillery (grain/sugar syrup/molasses) in Sankili that will augur well for the growth of the company.