The board of EID-Parry (India) has approved setting up a 120 kilo litres per day (KLPD) grain/sugar syrup/molasses based distillery at its Sankili unit in Andhra Pradesh.
Currently, EID-Parry (India) has a capacity of 297 kilo litres per day (KLPD) at its Sankili unit in Andhra Pradesh, which function at a capacity utilisation of 90%-95%.
The proposed capacity addition of 120 KLPD at Sankili will require an investment of Rs 92.50 crore and is expected to be added by November 2022.
The Government of India had announced an ethanol blending program of 20% by the year 2025. EID-Parry (India) intends to avail this opportunity by increasing its foray into ethanol production. The proposed distillery will utilize sugarcane juice/ syrup as its principal feedstock during the cane crushing season and grains like broken rice/ maize/ bajra during the off season for the manufacture of ethanol, which is expected to have an assured off take by the oil marketing companies under a clear pricing mechanism.
EID Parry (India)'s consolidated net profit surged 115.1% to Rs 279.88 crore on a 5.1% increase in net sales to Rs 4,354.49 crore in Q1 FY22 over Q1 FY21.
EID Parry (India) is engaged in the manufacturing and marketing of sugar, bio pesticides and nutraceuticals.
Shares of EID-Parry (India) rose 0.21% to Rs 404.80 on the BSE.
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