EID Parry Q2 net profit at Rs.26.31 Crores, turnover at Rs.169.43 Crores

QUARTER ENDED 30TH SEPTEMBER 2006:

The turnover of E.I.D. - Parry (India) Limited for the quarter ended 30th September, 2006 was Rs.169.43 Crore as against previous year’s Rs.160.30 crore. The Profit before Interest and Tax was Rs.30.36 crore compared to last year’s Rs.31.86 crore. The Profit before Tax stood at Rs.30.51 crore. After providing for tax of Rs.4.20 crore, the Profit after Tax for the current quarter was Rs.26.31 Crore. The previous year figures in the published results include the results of erstwhile Parryware Division (Sales Rs.63.08 crore and Profit before Interest and Tax Rs.8.54 crore) and hence not comparable with the current year results.

HALF-YEAR ENDED 30TH SEPTEMBER 2006

The turnover for the half-year ended 30th September, 2006 stood at Rs.345.59 Crore as against previous year’s Rs.274.83 Crore. The Profit before Interest and Tax for the half year was Rs.51.82 crore compared to last year’s Rs.41.62 crore. After considering one-time income of Rs.118.12 crore, being profit on sale of investments and providing for tax of Rs.35.40 crore, (including Rs.26.40 crore on capital gains) the Profit after Tax for the current half-year is Rs.134.61 Crore. The previous year figures in the published results include the results of erstwhile Parryware Division (Sales Rs.126.22 crore and Profit before Interest and Tax Rs.16.68 crore) and hence not comparable with the current year results.

DIVISIONAL PERFORMANCE:

SUGAR
The Sugar division recorded a top line growth of 27% during the first half of 2006-07. The profit before interest and tax registered an impressive growth of 53%.

The operation of the Cogeneration plant at the sugar factory at Pudukottai got stabilised. The Cogeneration power project at Pugalur sugar factory is progressing well. The company has also obtained on 29th September, 2006 endorsement on the distillery license for making Ethanol at Nellikuppam. The registration of the assets of New Horizon Sugar Mills Ltd. Puducherry was completed on 24th August, 2006.

BIO-PRODUCTS
The Bio-products division showed sales growth of 12% during the first half of 2006-07. The plant has been achieving highest ever efficiencies and through put as a result of many improvements in the process taken up during the year. Loss of Rs.2.25 crore reported for the 1st half is mainly on account of product launch expenses.

AMALGAMATION
Parry Nutraceuticals Ltd. (PNL) a wholly owned unlisted subsidiary of the company is in the Nutraceuticals business catering mainly to the export markets. The Board has approved the proposal of Amalgamation of PNL with the company with effect from 1st September, 2006. This is subject to the approval of shareholders, High Court of Judicature at Madras and other statutory authorities.

In NSE, the stock closed the day at Rs.167.35, down by 1.70% over its previous close of Rs.170.25.

Source : Equity Bulls

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