EID Parry Q3 net loss at over Rs 20 cr

Murugappa Group company EID Parry (India) Ltd today reported a consolidated net loss of Rs 20.37 crore for the third quarter ended December, 2012, due to sluggish sugar and farm inputs business sales.

The Chennai-based company had achieved a net profit of Rs 42.49 crore in the same quarter of 2011-12.

Net income from operations declined to Rs 2,798.23 crore during the quarter from Rs 2,991.80 crore in the year-ago period, the company said in a BSE filing.

Maximum fall in sales was seen in farm inputs segment, income from which fell to Rs 2,424.47 crore from Rs 2,561 crore, while income from sugar division declined to Rs 217.81 crore from Rs 314 crore in the review period.

However, net income from co-generation, distillery and bio-products businesses showed marked improved from the year-ago period.

The company's total expenses remained lower in the third quarter of this fiscal, while finance cost rose to Rs 91.05 crore in the same period.

In the consolidated results, the subsidiary firm Coromandel International Ltd has recognised subsidy income as per the prevalent nutrient based subsidy policy.

"Net sales/income from operations for the quarter ended December 31 included Nil," EID Parry said.

During the quarter, the company said it has raised its stake from 50 per cent to 90 per cent in Silkroad Sugar Pvt Ltd by buying out the entire stake of the foreign joint venture parter Cargil Asia Pacific Holdings Pte Ltd.

Consequent to this acquisition, the Silkroad Sugar has become subsidiary of the EID Parrry with effect from December 12, 2012, it added. Shares of the company today closed at Rs 178.55 on the BSE, down 0.92 per cent from their previous close.

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