EID Parry India Ltd.’s standalone net profit for the second quarter ended September contracted 17% to ₹73 crore on account of reduced export sales and lower release order quota allocation.
Total revenue from operations saw a 17% de-growth to ₹438 crore. The company also received final dividend of ₹99 crore from subsidiary firm Coromandel International Ltd., EID Parry said in a filing.
On Monday, the board approved the setting up of a 120 KLPD distillery (grain/sugar/syrup/molasses) in Sankili and also payment of interim dividend of ₹5.50 for FY22.
The government has increased the Fair and Remunerative Price (FRP) by ₹50 per MT for the sugar season 2021-22 without any increase in minimum selling price of sugar. Industry is expecting an increase in MSP for sugar and ethanol price for covering the two consecutive increase in FRP for healthy survival,” said MD S. Suresh.
He also that availability of cane was expected to be better in Karnataka for sugar season 2021-22 compared with the previous season on account of transferred capacity from Pudukkottai to Haliyal, while it was expected to be as last year for Tamil Nadu and AP regions.
Standalone Nutraceuticals registered a reduction in profit from ₹4 crore in the corresponding quarter of the previous year to ₹2 crore in the current quarter on increased raw material cost.
