Chennai: EID Parry (India) Ltd, engaged in producing sugar, distillery and nutraceuticals, on Thursday said the company reported standalone net profits at Rs 68.84 crore for the fourth quarter ending March 31, 2020.
The city-based Murugappa group company had registered net profit at Rs 129.18 crore during the corresponding quarter last year.
The standalone profit after tax (PAT) for the year ending March 31, 2020 was at Rs 1.83 crore as against Rs 163.13 crore during the same period last fiscal, according to the filing of the company on the BSE (Bombay Stock Exhange).
The standalone total income for the January-March 2020 quarter stood at Rs 635.11 crore as against Rs 647.91 crore a year ago.
For the full year ending March 31, 2020 standalone total income was at Rs 2,015.57 crore as against Rs 2,046.44 crore made a year ago.
On the impact of COVID-19, the firm said its factory was operating to produce sugar during the lockdown except for a few days in the initial lockdown period.
“Uncertainty cost by the current situation has resulted in delays in dispatches on account of logistical issues. The company will continue to monitor any material changes to future economic conditions(in view of COVID-19 pandemic)”, it said.
During the year ending March 31, 2020, the company said it has sold its bio-pesticides division and investment in the wholly-owned subsidiary – Parry America Inc to subsidiary entity Coromandel International Ltd.
“Consequently, the company reaped a profit of Rs 208.76 crore on sale of bio-pesticides division and Rs 35.16 crore on sale of investments in Parry America Inc,” it added.
Source: ET Markets