EID Parry, one of the largest manufacturer of sugar in India.
The board has cleared about raising of ₹250 crores on private placements.
Revenue collected was ₹479 crore against ₹424 crore.
One of the largest manufacturers of sugar in India, EID Parry will shut down its sugar factory.A non-operative sugar unit at Puducherry is expected not to function in future.
The cane cultivation in the area is terrible inclusive of various factors; thus, the company has decided to transfer its assets to other units, and the leftovers are to be allocated accordingly.
Mr S. Suresh, MD of EID Parry stated, “For the quarter, the cane crush quantity has been lower compared to the same quarter of the previous year. However, the overall crushing for the sugar season is expected to be normal.”
In the quarter end, December 2018 the company had gone through a loss of ₹31 crore against ₹83 crore in the earlier year. In the quarter phase, the company had exported 14,140 million tonnes of sugar and had produced ethanol from B heavy molasses.
The revenue collected was ₹479 crore against ₹424 crore, and besides it, the company aims at the cost and cash management.
