Murugappa merges Parry Phyto with EID Parry

Chennai: Sugar major EID Parry India Ltd has decided to merge its wholly owned subsidiary, Parry Phytoremedies Private Limited with the company retrospectivly from April 1, 2014.

The Murugappa Group firm  acquired full control of the Pune-based company in May 2014.

Parry Phytoremedies is into manufacturing of specialty ingredients, vitamin health supplements and tomato lycopene supplements for nutritional, food and pharmaceutical industry.

Parry Phyto, being a wholly owned subsidiary of EID Parry and with the entire equity share capital of Parry Phyto being held by the latter, there will be no issue of equity shares by the transferee company pursuant to the amalgamation, a company statement said.

The company has reduced its net loss to Rs 27 crore for the quarter ended June 30, 2014 when compared with the net loss of Rs 72 crore in a year-ago period on the back of improved operating profit, driven by strong topline growth.

Its profit before other income, finance costs and exceptional items stood at Rs 6 crore while net sales of the company grew by 57 per cent at Rs 633.

On a consolidated basis, the company’s net loss (after taxes and minority interest) reduced to Rs 44 crore when compared with Rs 108 crore in Q1 of previous fiscal. Net sales stood at Rs 2547 crore as against Rs .2342 crore, up nine per cent.