E.I.D Parry (India) Ltd, a part of the Rs 3,900 crore Murugappa group, has reported a 22 per cent decline in net profit during the three months ended September 2001 at Rs 14.35 crore as against Rs 18.41 crore in the corresponding period last fiscal.
For the half-year ended September 2001, the net profit declined by 35.29 per cent to Rs 15.82 crore, from Rs 24.45 crore in the corresponding half-year last fiscal. Operating profit during the same period declined by 7 per cent to Rs 74.92 crore against Rs 80.59 crore in first half of last fiscal. Turnover during April- September 2001 increased by 6 per cent to Rs 735.16 crore compared with Rs 696.06 crore in April- September 2000.
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The company has attributed lower profits to unfavourable market conditions which continued to impact adversely on the sales of phosphatic fertilisers and pesticides. The sale of phosphatic fertilisers and pesticides declined by 4 and 9 per cent respectively during April- September 2001 compared to the same period last year.
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Higher sugar recovery during the first-half of this fiscal and export of 60000 MT of sugar, which helped reduce the inventory level, has improved the cash flow to the company. Despite 6 per cent increase in sanitaryware sales during the first half, the division posted lower profits because of lower capacity utilisation.
On the future outlook, the company was hopeful of sales picking-up with good monsoon in September 2001, adding that sales in the second half would be better.