The Indian government has increased vigilance on agricultural commodity companies and traders to control food prices ahead of the general election. The government has penalised nearly 80 sugar firms for selling more than their quota, asked wheat companies to disclose their stock during the harvest season, and directed rice exporters to pay export duty even on freight charges to discourage exports.
EID Parry (India) Limited, one of the largest manufacturers of sugar in India and part of Murugappa Group, has reported a standalone Profit of Rs 339 Crore during the quarter ended December 31, 2020 as against a loss of Rs 20 Crore during the same period last year. Revenue from operations for the quarter ended December 31, 2020 was Rs 439 crore in comparison to the corresponding quarter of previous year of Rs 437 Crore, a year ago. Consolidated revenue from operations for the quarter ended December 31, 2020 was up 15 per cent at Rs 4,701 crore, from Rs 4,082 crore a year ago. Earning before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter ended December 31, 2020 was Rs 559 Crore, up 10 per cent over the corresponding quarter of previous year of Rs 509 Crore. Consolidated profit after tax and non-controlling interest was Rs 107 Crore compared to Rs 157 Crore in corresponding quarter of previous year.