Murugappa group company EID Parry India has reported a net profit of ₹12 crore for the quarter ended December 31, 2016, against a net loss of ₹43 crore in the same period previous year, on the back of better operating performance despite lower revenues.

Profit before depreciation, interest and taxes (EBITDA) for the quarter was ₹70 crore when compared with ₹14 crore. Revenues stood at ₹542 crore against ₹619 crore.

On a consolidated basis, the company’s net profit after tax and minority interest was ₹132 crore against ₹6 crore in the corresponding quarter of previous year.

EBITDA grew by 82 per cent at ₹403 crore (₹221 crore). Revenues stood at ₹3,509 crore against ₹3,855 crore, posting a decline of nine per cent.

“The company reported a positive PBT and improved financial results for the third quarter in running, for 2016-17. The operating performance witnessed a few positive and adverse factors, some of which will have an impact on the financials going forward,” said V Ramesh, Managing Director.

In sugar business, positives were on sugar prices, signing of PPAs (power purchasing agreement) in Tamil Nadu and Karnataka and prices of some distillery end products.

The bio segment witnessed a steady performance of the nutraceuticals business. However, the bio pesticides segment was impacted on the top line by lower sales due to drought conditions, particularly in the southern states and on profitability in addition due to higher seeds cost.

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