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E.I.D. Parry (India) Ltd. Interim / Quarterly Report 2022
60326_rns_2021-08-12_8d26f5ed-d160-4edc-a3c2-728492b9ccfb.pdf
Interim / Quarterly Report
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E.I.D . • Parry (India) Umlted Regd.Office : Dare House, 234,N.5.C.Bose Road, Parrys Corner, Chennai-GOO DOl, India. Tel : 91.44.25306789 Fax: 91.44.25341609 / 25340858 CIN : L24211TN1975PLC006989 Website: www.eidparry.com
August 12, 2021
BSE Limited 1st Floor, New Trading Ring, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001. Bandra (E) Scrip Code: 500125 Mumbai - 400051
National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. Cll, G. Block Bandra Kurla Complex Scrip Code: EIDPARRY
Dear Sir IMadam,
Sub: Intimation on the outcome o(the Board Meeting held on August 12. 2021.
This is further to our letter dated August 2,2021, intimating the date of the Board Meeting to consider the unaudited financial results for the quarter ended June 30, 2021.
1. Unaudited Financial Results for the Quarter ended lune 30. 2021:
Pursuant to Regulations 30, 33 and other applicable provisions, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (,SEBI LODR'), we would like to inform you that the Board of Directors at their meeting held today (August 12, 2021), approved the unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2021.
In this connection, we enclose the following:
(a). Unaudited Standalone Financial Results for the quarter ended June 30, 2021;
(b). Unaudited Consolidated Financial Results for the quarter ended June 30, 2021;
(c). Limited Review Report of Mis. Price Waterhouse Chartered Accountants LLP, Statutory Auditors on the Standalone and Consolidated Financial Results for the quarter ended June 30, 2021.
A copy of the press release made with regard to the unaudited Financial Results for the quarter ended June 30,2021, is also enclosed.
Pursuant to Regulation 47 of the SEBI LODR, we would be publishing an extract of the Consolidated Financial Results in the prescribed format in English and Tamil Newspapers witpin the stipulated time. The detailed standalone financial .results and consolidated financial results of the Company would be available on the website of the Company www.eidparry.com as well as on the websites of Stock Exchanges.
The meeting of the Board of Directors of the Company commenced at 2.00 pm and concluded at 7.20 pm.
Kindly take the above information on record.
Thanking you, Yours faithfully,
For E.I.D. - PARRY (INDIA) LIMITED
B;S Ratb Company Secretary Encl.: ala r
Price Waterhouse Chartered Accountants LLP
Independent Auditors' Report on Review of Interim Standalone Financial Results
To The Board of Directors E.I.D. - Parry (India) Limited Dare House, New No.2, Old 234, NSC Bose Road, Chennai - 600001
-
- We have reviewed the standalone unaudited financial results of E.I.D. Parry (India) Limited (the "Company") for the quarter ended June 30, 2021 which are included in the accompanying 'Standalone Unaudited Financial Results for the Quarter ended June 30, 2021' (the "Statement"). / The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes.
-
- This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS / 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our reVlew of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and / accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
-
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard / and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accounta~
Partner Ba~~~~
Membership Number: 213126 UDIN: 21213126AAAAFH4421
Place: Chennai Date: August 12, 2021
Price Waterhouse Chartered Accountants LLP, Bt" Floor, Prestige Palladium Bayan, 129-140, *Greams Road, Chennai-*600 006, India
Registered office and Head Office: Sucheta Bhawan. 11.'1. Vishou Digambar Marg. New Delhi - 110002
Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-SOOl) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its leAl registration number is 012754N/Nso0016 (IC.'\1 registration number before conversion was 012754N)
T: +91 (44) 4228 5000, F: +91 (44) 42285100
E.I.D.- PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Comer, Chennsi - 600 001
Standalone Unaudited Financial Results for the Quarter ended June 30, 2021
CIN: L24211TN1975PLC006989
WM'.eidparry.com
| Rs. in Crore excellt for per share data | ||||
|---|---|---|---|---|
| Stand-alone Results | ||||
| Ouarter ended | Year ended | |||
| Particulars | June 30, | March 31, | June 30, | March 31,2021 |
| 2021Un-audited | 2021Audited | 2020Un-audited | Audited | |
| frefer note 71 | ||||
| PART I | ||||
| 1 Income | ||||
| a) Revenue from operations | 449.69 | 564.34 | 491.06 | 2,024.25 |
| b) Other income (including other gains/losses) | 12.04 | 135.93 | 17.18 | 385.40 |
| Total Income | 461.73 | 700.27 | 508.24 | 2,409.65 |
| 2 Expenses | ||||
| a) Cost of materials consumed | 79.05 | 553.34 | 152.89 | 1,370.63 |
| b) Purchases of stock-in-trade | 0.37 | 20.71 | 0.31 | 23.08 |
| c) Changes in inventories of finished goods, by products | ||||
| work-in -progress and stock-in-trade | 279.31 | 1302.41) | 242.07 | (653) |
| d) Employee benefits expense | 36.69 | 30.99 | 36.47 | 137.50 |
| e) Finance costs | 11.48 | 17.40 | 32.65 | 92 .72 |
| f) DepreciatIon and amortisation expense | 28.12 | 27.66 | 30.56 | 119.99 |
| gJ Other expenses | 70.64 | 104.01 | 70.81 | 329.04 |
| Total expenses | 505.66 | 451.70 | 565.76 | 2,066.43 |
| 3 Profit/(loss) before tax and exceptional items II - 2) | (43.93) | 248.57 | 343.22 | |
| 4 Exceptional item Irefer note 3) | - | (14 .24) | (57.521362.81 | 715.17 |
| 5 Profit/(loss) before tax (3 + 41 | (43.93) | 234.33 | 305.29 | 1,058.39 |
| 6 Tax Expenses | ||||
| Current tax | - | (0.69) | - | 10.69) |
| Deferred tax (refer note 4) | 110.83) | 66.42 | 79.64 | 194.22 |
| Total tax expenses | (10.83) | 65.73 | 79.64 | 193.53 |
| 7 Profit/(Loss) after tax for the period (5 - 6) | (33.10) | 168.60 | 225.65 | 864.86 |
| 8 Other Comprehensive income: | ||||
| Items that will not be reclassified to profit or loss | ||||
| Effect of measuring investments at fair value | 0.50 | 13.88 | (0.06) | 14.68 |
| Actuarial loss on dermed benefit obligation | - | 10.07) | - | 0.35 |
| Income tax relating to above items | (0.05) | (3.09) | 10.74) | 13.931 |
| Total Other Comprehensive (loss) I income net of tax | 0.45 | 10.72 | (0.80) | 11.10 |
| 9 Total Comprehensive income / (loss) (7+8) | (32.651 | 179.32 | 224.85 | 875.96 |
| 10 Paid up Equity Share Capital | 17.71 | 1771 | 17.70 | 17.71 |
| (Face value Re.1 per equity share) | ||||
| 11 Reserves excluding Revaluation Reserve | 2,576.38 | |||
| 12 Networth | 2,594.09 | |||
| 13 Earnings per Share INot annualised) (Rs.per Equity Share) | ||||
| (i) Basic | (1.87) | 9.52 | 12.75 | 48.86 |
| (ii) Diluted | 11.87) | 952 | 12.75 | 48.85 |
See accompanying notes to the financial results
E.I.D.- PARRY (INDIA) LIMITED Standalone Unaudited Financial Results for the Quarter ended June 30, 2021 Segment·wise Revenue, Results, Assets and Liabilities
| Rs. in Crore | |||||
|---|---|---|---|---|---|
| Stand-alone results | |||||
| Quarter ended | Year ended | ||||
| June 30, 2021 | March 31 , 2021 | June 30, 2020 March 31, 2021 | |||
| Un-audited | Audited_lrefer note 7) | Un-audited. | Audited | ||
| l.Segment Revenue | |||||
| (Sales([ncome from each segment) | |||||
| a Sugar | 341.52 | 411.31 | 373.99 | 1,500.58 | |
| b Co-generation | 8.92 | 7049 | 14.27 | 14195 | |
| 8177 | 9420 | ||||
| c Distilleryd Nutraceuticals | 20.17 | 91.531398 | 361.617174 | ||
| e .O thers | 13.90 | - | |||
| -452.38 | (025) | 0 .05 | |||
| Sub-total | 590.15 | 493.82 | 2,075.88 | ||
| Less Intersegmental Revenue | 2.69 | 25.81 | 2.76 | 51.63 | |
| Revenue from Operations | 449.69 | 564.34 | 491.06 | 2,024.25 | |
| 2.Segment Results:[profit/(Loss) before Tax and Interest from each segmem) | |||||
| a.Sugar | (2885) | 11970 | [23.04) | 75.28 | |
| b.Co-generation | (1952) | 11.03 | (21.28) | (2070) | |
| c Distillery | 704 | 1772 | 8.69 | 31.55 | |
| d.Nutraceuticals | 2.26 | 2.71 | 12.97) | 5.33 | |
| Sub-total | (39.07) | 151.16 | (38.60) | 91.46 | |
| Less: Ii) Fmance costs (refer note below) | 11.48 | 1740 | 32.65 | 92.72 | |
| (ii) Other un-allocable expenditure | |||||
| net of un-allocable income | [6.62) | 1114.81) | (1373) | (344.48) | |
| Add Exceptional I, ems [reie. note 3) | - | (14.24) | 362.81 | 715.17 | |
| Profit/lLoss) Before Tax | (43.93) | 234.33 | 305.29 | 1,058.39 | |
| Note: Finance co~t also includes finance cost attributable to specific borroWlngs of certain segments. The same are not included in theme s u r.: of segment result as the Chief Operating Decision Maker reviews the result before allocation of tinance cost.3.Segment Assets: | |||||
| a.Sugar | 1,597.54 | 1.844.54 | 1,71528 | 1,844.54 | |
| b.Co-generation | 260.13 | 283.31 | 33675 | 283.31 | |
| c.Distillery | 405.96 | 389.32 | 324.48 | 389.82 | |
| d.Nutraceuticals | 125.83 | 115.69 | 111.70 | 115.69 | |
| e.Un-allocated | 1.532.66 | 1.641.21 | 1.252.97 | 1,641.21 | |
| Total | 3,922.12 | 4,274.57 | 3,741.18 | 4,274.57 | |
| 4.Segment Liabilities: | |||||
| a Sugar | 853.26 | B80.61 | 935.B7 | 880.61 | |
| b Co-generation | 19.59 | 19.41 | 31.64 | 1941 | |
| c Distillery | 35.09 | 23.59 | 2817 | 23.59 | |
| d.Nutraceuticals | 18.83 | 14.40 | 18.16 | 14.40 | |
| e Un-allocated | 433.86 | 742.47 | 788.57 | 742.47 | |
| Total | 1,360.63 | 1,680.48 | 1,802.41 | 1,680.48 |
Notes on Segment information:
a. The Company IS focussed on the following busmess segments: Sugar, Co-generation, Distillery and Nutraceuticals. Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the ChIef Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the finanCIal results are consistently applied to record revenue and expenditure in individual segments.
b. Segment result represents the profit before interest and tax earned by each segment Wlthom allocation of central administrative costs and other income.
E.I.D.- PARRY (INDIAI LIMITED Registered Office: 'Dare HDuse', Parry's Corner, Chennai - 600 001
StandalDne Unlllldited Financial Results rDr the QWlrtc. ended June 30. 2021
- The above Finandal Results were reviewed and recommended by the Audlt Committee and approved by the Board of Dlrectors a t etIelT respective meetings held on August 12, 2021. The Statutory auditors have carried out a ltmited review of these financial results
- 2 Pursuant to the reqUlrements of SEBI circular no SEBl/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019, the Company has listed commercial papers on a recognised stock exchange
a. The Company has a short term credit rating of "CRISIL AU" by CRISIL Limited and "CARE Al +" by CARE Ratings Limited ioc its Commercial Papers at the time of issue.
D, The Company has the following Ratios:
| Particulars | As at June 30,2021 | As at March 31,2021 |
|---|---|---|
| Debt Equity Ratio | 0 .10 | 0.21 |
| Debt Service Coverage Ratlo (DSCR) | (0,13) | 2,98 |
| Interest Service Coverage Ratio (ISCR) | (0.38) | 1462 |
Debt-Equity Ratio: (Long term borroMngs + Short term borroMngs + Current maturities of long term debt)/Total Equity Debt service coverage ratio: (Earnings before interest on long term borroMngs, tax, dep.eciation and arnortisation)/(Interest on long tern, tlorroMng + Long term borrowings principal repayment)
Interest service coverage ratio: EBlTDA/lnterest
c, Subsequent to the quarter ended June 30, 2021, the Company has redeer.led listed Commercial Papers which were active as on June 30, 2021
3 Exceptional items for the quarter ended June 30, 2020 and year ended March 31, 2021 tndude the followL"lg:
a. Rs 362,81 Crores gam on sale of 58,50,000 numoer of eqUlty shares representing 2% stake m its subsidiary, Coromandel International Limited at Rs, 629 19 per share aggregatmg to a value of Rs. 368 Crores in the quarter ended June 30. 2020,
b, Rs, 464.44 Croces gam on sale of 58,50,000 number of equlty shares representing 2% stake in its subSidiary, Coromandel Interna tional. Limited at Rs. 800.7 aggregatmg to a value of Rs, 468 Crores m the quarter ended December 31,2020.
c , Consequent to the closure/ transfer of units, the Company had charged Rs. 96.28 Crores to the profit and loss account (representing Rs. 68 ,57 Crores of impairment charges and Rs. 27 71 Crores towards dismantling/ transportation expenses) for the year ended March 3 1, 202 1. Of the said amount. Rs. 83.32 Crores (representing Rs. 6553 Crores of impairment charges and Rs, 17 79 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended December 31 , 2020 and Rs 12,96 Crores (representing Rs. 3,04 Crores of impairment charges and Rs 9 92 Crores towards dismantling/ transportation expenses) was charged to profit and loss account during the quarter ended March 31, 2021.
d The Company has impaired Goodwill of Rs. 14.52 Crores relating to Ramdurg factory based on evaluation of the recoverability, being a leased plant, during the quarter ended December 31, 2020,
e The Company has impaired Rs, 1.28 Crores relating to fL':ed assets of its Lycopene facility in Pune during the quarter and year Qodcd March 31. 2021.
- .. Consequent to the Company's decision to move to the new ta'{ regime under sectlOn 115BAA of the Income Tax Act, 1961 , the Company hns remeasured its deferred tax balance and has written ofi the unutilised Minimum Alternate Tax credit. On account of this change, the charge to the statement of profit and loss for the quarter ended June 30, 2020 and year ended March 31. 2021 is Rs, 88,90 Crores.
- 5 The spread of COVID 19 has severely impacted businesses around the globe. Due to outbreak of coronavlrus global pandemic, Government of India, implemented a Pan India lockdown from March 2020 Mth certain relaxatlOns and exceptions The Company's significant business IS sugar and it has been identified as an essential sennce. The Company's factory was operatmg during the lockdown except for few days III the initial lock down period and was able to complete the crushing of sugarcane as per the schedule with slight delay, The Company has made detailed assessment of its liquidity position induding the ability of the Company to continue as gomg concern. The Company has sanctioned credit facilities which can be used as and when necessary and has the ability to repay the debts as and when it falls
due. Management believes that it has taken into account all the possible impact of events arising from COVlD 19 pandemic III the preparatton of the standalone financial results for the quarter ended June 30, 202 l which are not significant.
- 6 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits recc:iv~ Presidential assent m September 2020. The Code has been published In the Gazette of India. However, the date on which the Code wil! come mto effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related tmpact in the period the Code becomes effective,
- 7 The figures for the quarter ended March 31, 2021 are the balancing figures between the audited figures for the full financial year e n ded Ma:-ch 31, 2021 and the published year to date figures up to third quarter ended December 31,2020.
- 8 Due to the seasonal nature of the business, ligures for the current and previous quarters are not comparable
- 9 Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification,
On behalf of the Boan!
S. Suresh Managmg Director
Chennai August L2, 2 021
Price Waterhouse Chartered Accountants LLP
Independent Auditors' Report on Review of Interim Consolidated Financial Results
To The Board of Directors E.I.D. - Parry (India) Limited Dare House, New No.2, Old 234, NSC Bose Road, Chennai - 600001
-
- We have reviewed the unaudited consolidated financial results of E.I.D. Parry (India) Limited (the "Parent"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group"), joint ventures and associate company (refer Note 10 on the Statement) for the quarter ended June 30, 2021 which are included in the accompanying 'Consolidated Unaudited Financial Results for the Quarter / ended June 30, 2021 (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialed by us for identification purposes.
-
- This Statement, which is the responsibility of the Parent's Management and has been approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), ./ prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
- The Statement includes the results of the following entities:
Subsidiaries:
-
- Coromandel International Limited, its subsidiaries, joint ventures and an associate
-
- Parry Infrastructure Company Private Limited
-
- Parrys Sugar Limited
- IV. Parrys Agrochem Exports Limited (by itself and investments through its subsidiary Parrys Investments Limited)
- v. Parrys Investments Limited
- VI. Parry Sugars Refinery India Private Limited
- vii. Parry International DMCC (subsidiary of Parry Sugars Refinery India Private Limited)
- VI11. US Nutraceuticals Inc (Formerly known as US Nutraceuticals LLC) and its subsidiary
- ix. Alimtec S.A.
- x. E.I.D. Parry Europe B.V.
~ Pri~~ Wt~~;;"iLs~ Ch-;;'t~~~dA~~~"i.ita"n ts iLP: 'sri. ioor P~~stige p(iiiridiu jjai;a~; : Chennai - 600 006, India
- T: +91 (44)4228sooo,F: +91 (44) 4228S100
Registered office and Head Office: Sucheta Bhawan. 11A Vishnu Digambar Morg. New Delhi - 110002
Price Waterhouse Ca Partnership Firm) Converted into Price Waterhouse Chartered Accouotants LLP Ca Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25. 2014_ Post its conversion to Price Waterhouse Chartered Accouotants LLP, its ICAI registration number is 012754N/N500016 (lCAl registration number before conversion was 012754N)
Price Waterhouse Chartered Accountants LLP
Joint Venture:
-
- Algavista Green Tech Private Limited
-
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in an material respects in accordance with the recognition and measurement principles laid down in the / aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
- We did not review the interim financial results of one subsidiary (including their relevant subsidiaries/joint ventures/ associate company) included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs. 3,663.87 crores, total net profit after tax of Rs. 337.78 crores and total comprehensive income of Rs. 339.05 crores for the quarter ended June 30, 2021, as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditor in accordance with SRE 2410, Review of Interim Financial Information performed by the Independent Auditor of the Entity and their report vide which they have / issued an unmodified conclusion, have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of subsidiary (including their relevant subsidiariesfjoint ventures/ associate company), is based solely on the reports of the other auditor and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of the above matter.
- The consolidated unaudited financial results includes the interim financial information / financial results of 8 subsidiaries (including one step down subsidiary) which have not been reviewed by their auditors, whose interim financial information / financial results reflect total revenue of Rs. 62-41 crores, total net loss after tax of Rs. 4.54 crores and total comprehensive loss of Rs' 1.40 crores for the quarter ended June 30, 2021 as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group's share of net loss after tax of Rs. 0.86 crores and total comprehensive loss of Rs' 0.86 crores for the quarter ended June 30,2021, as considered in the consolidated unaudited financial results, in respect of a joint venture, based on their interim financial information/results which have not been reviewed by their auditor. According to the information and explanations given to us by the Management, these interim financial information / financial results are not material to the Group.
Our conclusion on the Statement is not modified in respect of the above matter.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants
Membership Number: 213126 UDIN: 21213126AAAAFI4514
Place: Chennai Date: August 12, 2021
#### E.I.D.- PARRY IINDIAI LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001
Consolidated Unaudited Financial Results Cor the quarter ended June 30, 2021
CrN L24211TNI975PLC006989
\V\\w eldparry com
| | | | Rs. in Crore except for per share data | |
|--------------------------------------------------------------------------|------------|-----------------|----------------------------------------|------------|
| | | | Consolidated Results | |
| | | Quarter ended | | Year ended |
| Particulars | June 30, | March 31, | JUDe 30, | March 31, |
| | 2021 | 2021 | 2020 | 2021 |
| | Un-audited | Audited | Un-audited | Audited |
| | | Ire fer note 91 | | |
| PART I | | | | |
| 1 Income | | | | |
| a) Revenue from operations | 4,35449 | 3,90796 | 4,142.09 | 18.587.45 |
| b) Other income (including other gains/losses) | 5730 | 20.56 | 15.45 | 4315 |
| Total Income | 4,411.79 | 3,928.52 | 4,157.54 | 18,630.60 |
| | | | | |
| 2 Expenses | | | | |
| a) Cost of materials consumed (refer note 3) | 2,712.09 | 3,205.42 | 1,916.69 | 10,454.51 |
| b) Purchases of stock-in-trade | 504,89 | 13254 | 62311 | 2,184.58 |
| c) Changes in inventories of finished goods, by products, | | | | |
| work-in-progress and stock-in-trade | 111878) | (540.91) | 50490 | 59368 |
| d) Employee benefits expense | 192 91 | 179.28 | 17148 | 724.84 |
| e) Finance costs | 34.22 | 40.07 | 8880 | 235.61 |
| f) Depreciation and amortisation expense | 80.68 | 8141 | 8375 | 33170 |
| g) Other e,,"penses | 628.89 | 62944 | 49534 | 2,45636 |
| Total expenses | 4,034.90 | 3,727.25 | 3,884.07 | 16,981.28 |
| | | | | |
| Profit before share of profit of equity accounted investees, exceptional | 376.89 | 20127 | 27347 | 1,64932 |
| 3 items and tax (1 - 2) | | | | |
| 4 Exceptional item (refer note 4) | - | (14 24) | | (112.08) |
| 5 Profit before share of profit of equity accounted investees and tax | | | | |
| (3 +41 | 376.89 | 187.03 | 273.47 | 1,537.24 |
| Add: Share of Profit/(Loss) from Assoclates | - | - | 0 .08 | 0.04 |
| Add: Share of Profit/(Loss) from Jomt Ventures | 187 | (133) | 198 | 2.04 |
| 6 Profit before Tax | 378.76 | 185.70 | 275.53 | 1,539.32 |
| 7 Tax Expenses | | | | |
| Current Ta" | 11353 | 55.43 | 9176 | 459.22 |
| Deferred Tax (refer note 5) | (1465) | 68.66 | 53.63 | 8028 |
| Total tax expense | 98.88 | 124.09 | 145.39 | 539.50 |
| 8 Profit after Tax (6 - 7) | 279.88 | 61.61 | 130.14 | 999.82 |
| Profit for the period attributable to: | | | | |
| a. Owners of the Company | 132.61 | 16.34) | 2933 | 44737 |
| b. Non-controlling Interest | 147.27 | 67.95 | 100.81 | 55245 |
| 9 Other Comprehensive Income IOCII: | | | | |
| a Items that will not be reclassified to profit Dr loss | | | | |
| Effect of measuring investments at fair value | 438 | 20.09 | 5.30 | 2779 |
| Actuarial loss on defined benefit obligation | - | (11.40) | - | (949) |
| Gain on Bargain Purchase | - | 073 | - | 266 |
| Income tax relating to above items | (027) | (155) | (081) | 1293) |
| b. Items that will be reclassified subsequently to profit or loss | | | | |
| Exchange differences on translation of foreign operations | 1233) | 2.40 | 063 | 2.72 |
| Fair value movemem of cash flow hedge instrument (net of ta'<) | 33.46 | 62.23 | (3134) | (1217) |
| Total Other Comprehensive Income/(Lossl [OCII net De tax | 35.24 | 72.50 | (26.221 | 8.58 |
| oel for the period attributable to: | | | | |
| a _ Owners of the Company | 34.69 | 74.92 | | 3 .36 |
| | | | (29.64) | |
| b. Non-controlling Interest | 0.55 | (242) | 342 | 5 .22 |
| 10 Total COlllprehensive incOlne 18+9) | 315.12 | 134.11 | 103.92 | 1,008.40 |
| Total Comprehensive income for the period attributable to: | | | | |
| a _ Owners of the Company | 16730 | 68.58 | (0.31) | 450.73 |
| b. Non-controlling [merest | 147.82 | 65.53 | 10423 | 55767 |
| 11 Paid up Equity Share Capital | 17.71 | 1771 | 1770 | 1771 |
| Wace value Re 1 per equity share) | | | | |
| 12 Reserves excluding Revaluation Reserve | | | | 4.56531 |
| 13 Networth ITotal Equity) | | | | 6.828.69 |
| 14 Earnings per Share (EPS) (Not annuaiised) IRs.per Equity Share) | | | | |
| Ii) Basic | 749 | 10.36) | 1.66 | 25.27 |
| Iii) Diluted | 747 | 10.37) | 164 | 25.15 |
| See accompanying notes to the financial resu1ts | | | | |
### E.I.D.- PARRY (INDIA' LIMITED
Consolidated Unaudited Financial Results for the quarter ended June 30, 2021 Consolidated Segment-wise Revenue, Results, Assets and Liabilities
| | | | | Rs. in Crore |
|-------------------------------------------------------------------------------------------------------------------------------------------|---------------|-----------------------------|---------------|-----------------------------------------------------------------------|
| | | <b>Consolidated Results</b> | | |
| | | Quarter ended | | Year ended |
| | June 30, 2021 | March 31, 2021 | June 30, 2020 | March 31, 2021 |
| | Un-audited | Audited<br>(refer note 9) | Un-audited | Audited |
| 1.Segment Revenue | | | | |
| (Sales/Income from each segment and other operating income) | | | | |
| a. Nutrient and allied business | 3,070.46 | 2,365.21 | 2,807.20 | 12.231.84 |
| b. Crop Protection | 631.45 | 515 21 | 420.21 | 2,083.87 |
| c Sugar | 530.57 | 853.33 | 752 59 | 3,684.82 |
| d. Co-generation | 8.91 | 70.49 | 14.27 | 14195 |
| e Distillery | 81.78 | 94.20 | 91.53 | 361.61 |
| f. Nutraceuticals | 74.23 | 66.41 | 74.23 | 254,38 |
| g Others | $\omega$ | (0.25) | 0.05 | $\omega$ |
| Sub-rotal | 4,397.40 | 3,964.60 | 4,160.08 | 18,758.47 |
| Less Intersegmental Revenue | 4291 | 56.64 | 17.99 | 171.02 |
| <b>Revenue from Operations</b> | 4,354.49 | 3,907.96 | 4,142.09 | 18,587.45 |
| 2. Segment Results: | | | | |
| (Profit/(Loss) before Tax and Interest from each segment) | | | | |
| a. Nutrient and allied business | 398.68 | 200.55 | 369 54 | 1,685 18 |
| <b>b</b> Crop Protection | 82 31 | 64.61 | 54.24 | 346.81 |
| c Sugar | (39.17) | (49, 46) | (16.56) | (68, 20) |
| d. Co-generation | (19.52) | 1103 | (21.28) | (20.70) |
| e. Distillery | 7.04 | 17.72 | 8.69 | 31.55 |
| f Nutraceuticals | (0.43) | 19.23 | (3.39) | 1934 |
| Sub-total | 428.91 | 263.68 | 391.24 | 1,993.98 |
| Less : (i) Finance costs (refer note below) | 34.22 | 40.07 | 88.80 | 235.61 |
| (ii) Other un-allocable expenditure net of | | | | |
| un-allocable income | 17.80 | 22 34 | 28 97 | 109.05 |
| | | | | |
| Less : Exceptional Items (refer note 4) | $\sim$ | 14.24 | × | 112.08 |
| Add: Share of Profit/(Loss) from Joint | | | | |
| Venture/Associate | 1.87 | (1, 33) | 2.06 | 2.08 |
| Profit/(Loss) Before Tax | 378.76 | 185.70 | 275.53 | 1,539.32 |
| Note: Finance cost also includes finance cost attributable to specific borrowings of certain segments. The same are not included in the | | | | |
| | | | | |
| measure of segment result as the Chief Operating Decision Maker reviews the result before allocation of finance cost<br>3.Segment Assets: | | | | |
| a. Nutrient and allied business | 6,359.71 | 4,958.72 | 7,501.05 | |
| b. Crop Protection | 1,554.90 | 1,454.72 | 1,304.85 | |
| c. Sugar | 3,090.10 | 2,944.55 | 3,071.08 | |
| d. Co-generation | 260.13 | 283.31 | 336.75 | 283.31 |
| e Distillery | 405.33 | 389 49 | 323.57 | |
| f. Nutraceuticals | 298.89 | 311.55 | 281.70 | 4,958.72<br>1,454.72<br>311.55 |
| g. Others | 29.04 | 27.01 | 24.57 | 27.01 |
| h. Unallocated Assets | 2,564.41 | 2,894.26 | 1,818.54 | |
| Total | 14,562.51 | 13,263.61 | 14,662.11 | |
| | | | | 13,263.61 |
| a. Nutrient and allied business | 3,035.23 | 2,910.06 | 3.104.94 | |
| 4. Segment Liabilities:<br>b. Crop Protection | 783.67 | 658.91 | 499.64 | 2,894.26<br>658 91 |
| | 2,411.98 | 1,838.37 | 2,388.22 | |
| c. Sugar<br>d. Co-generation | 19.59 | 19.41 | 31.86 | 1941 |
| | 35.06 | 23.59 | 28.29 | |
| e. Distillery | 60.43 | 78.05 | 66.90 | |
| f. Nutraceuticals | 1,09 | 1.13 | 0.75 | 23.59 |
| g. Others<br>h. Unallocated Liabilities | 1,191.55 | 905.40 | 2,823.76 | 2,944.55<br>389.49<br>2,910.06<br>1,838.37<br>78.05<br>1.13<br>905 40 |
Notes on Segment inform.ation:
a The Group is focused on the following busmess segments: Nutrient and alhed business, Crop protection, Sugar, Co-generation, Distillery and Nutraceuticals Based on the "management approach" as detined in Ind AS 108 - Operating Segments, the Chief Operating, Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by busjnes..~ segtnents Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial results are consistently applied to record revenue and expenditure in individual segments
b Segment result represents the profit before interest and ta.x earned by each segment \\ithaut allocation of central adminIstrative costs and other income.
#### E.I.D.- PARRY (INDIA) LIMITED Registered Office: 'Dare House' , Parry's Corner, Chennai - 600001 Consolidated Unaudited Financial Results for the quarter ended June 30, 2021
The above Consolidated Financial Re sults were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetmgs held on August 12, 2021 The Statutory auditors have carried out a limited review of these financial results.
2 Summarised figures of E.I.D.- Parry (India) Limited as a Standalone entity are as below:
| | Quarter ended | R&. in Crare<br>Year ended | | | |
|------------------------------------------------------------------------------------------------------------|-----------------|----------------------------|-----------------|------------------|--|
| Description | June 30<br>2021 | March 31<br>2021 | June 30<br>2020 | March 31<br>2021 | |
| | Un-audited | Audited | Un-audited | Audited | |
| Revenue from QDerations | 449_69 | 564.34 | 491 .06 | 2 .024.25 | |
| EBIDTA | 14.33 | 279.39 | 368 50 | 1 271.10 | |
| Proflt/{Loss) Before Tax' | (43.93) | 234.33 | 305.29 | 1.058-39 | |
| Profit/lLoss) After Tax" | 133.10 | 168.60 | 225.65 | 864.86 | |
| Total comvrehensive income//loss) | 132.65 | 179.32 | 224.85 | 875.96 | |
| June 30, 2020 and year ended March 31, 2021 respectively.<br>Disclosures as per Listing of Debt Securities | | | | | |
| Debt Equitv ratio | 1<br>0. 10[ | | I | 0.21 | |
| Debt Service Coverage Ratio IDSCR) | (0.13\1 | | | 2 .98<br>1 | |
| [nterest Service Coverage Ratio tISCR] | (0.381 | | I | 14.62 | |
| Debt-Equity Ratio: (Long term borrowings + Short term borrowings + Current maturities of | | | | | |
| long term debt)/Total Equity | | | | | |
| Debt service coverage ratio: (Earnings before interest on long term borrowings, tax. | | | | | |
| depreciation and amortisation)/(Interest on long term borrowing + Long term borrowings | | | | | |
| principal repayment) | | | | | |
| Interest service coverage ratio: EBlTDA/lnterest | | | | | |
Subsequent to the quarter ended June 30, 2021. the Company has redeemed listed Commercial Papers which were active as on June 30. 2021.
The Standalone financial results can be accessed at Stock Exchange web sites www.nseindia.com and www.bseindia.com The results can also be accessed at the company's website www.eidparry.com.
- 3 Results for the quarter and year ended March 3 I, 2021 includes Rs 120 45 Crores, recorded under cost of material consumed, representing cumulative adjustment (including for the quarter/year ended March 31.2021 and previous periods) relating to the inventory differences out of the annual phySIcal verification conducted in March 2021 in one of its subsidiaries.
- 4 Exceptional items during the quarter and year ended March 31, 2021 include the following:
a . Consequent to the closure / transfer of units, the Holding Company had charged Rs. 9628 Crores to the profit and loss account (representing Rs. 68.57 Crores of impairment charges and Rs. 27.71 Crores towards dismantling I transportation expenses) for the year ended March 31. 2021. Of the said amount, Rs. 83.32 Crores (representing Rs. 65.53 Crores of impairment charges and Rs. 17.79 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended December 31,2020 and Rs. 12.96 Crores (representing Rs. 3.04 Crares of impairment charges and Rs. 9.92 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended March 31, 2021.
b. The Holding Company has impaired Goodwill of Rs. 14.52 CraTes relating to Ramdurg factory based on evaluation of the recoverability, being a leased plant, during the quarter ended December 31,2020.
c. The Holding Company has impaired Rs. 1.28 Crores relating to fIXed assets of its Lycopene facility in Pune during the quarter and year ended March 31 , 2021
- 5 Consequent to the Holding Company's decision to move to the new tax regime under section 115BAA of the Income Tax Act, 1961, the Holding Company has remeasured its deferred tax balance and has written off the unutilised Minimum Alternate Tax credit. On account of this change, the charge to the statement of profit and loss for the quarter ended June 30, 2020 and year ended March 31, 2021 is Rs. 68.59 Crores
- 6 Pursuant to Share Purchase Agreement dated 10 July 2020. Coromandel International Limited (CIL). a SUbsidiary of the Company, has acquired 50,00,000 equity shares held by M/s Soquirnich European Holdings B. V for a consideration of Rs. 12 crores. Consequent to this acquisition, Caramandel SQM (India) Private Limited (CSQM) has become a wholly-owned subsidiary of CIL with effect from August 24, 2020. The transaction was accounted in accordance with lnd AS 103 - Business Combinations and the initial accounting has been provisionally determined at the end of the reporting period, and values have been considered as per books of accounts. The excess of identifiable assets acquired and the liabilities assumed over the consideration paid has been recognised as gain on bargain purchase in capital reserve through other comprehensive income in Consolidated Financial Results. Consolidation of CSQM as a subsidiary was done w.e.f. August 31 2020 as there were no material transactions between August 24, 2020 to August 31, 2020.
- 7 The Board of directors of Coromandel International Limited (CIL) approved the proposed Scheme of Amalgamation of Liberty Pesticides and Fertilizers Limited and Coromandel SQM (India) Private Limited with CIL and have decided to make the requisite application to the Honble National Company Law Tribunal. Hyderabad (NCLT) under section 230 and 232 of the Companies Act 2013. Upon approval of the Scheme by NCL T, the undertakings of Liberty Pesticides and Fertilizers Limited and Coromandel SQM (India) Private Limited shall get transferred to and vested in CIL with the Appointed Date of April 01,2021 or such other date as the NCLT may approve.
| 8 The spread of COVID 19 has severely impacted businesses around the globe Due to outbreak of coronavirus global pandemic, Government |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| of India, implemented a Pan India lockdown from March 2020 with certain relaxations and exceptions. The Group's significant business is |
| in Agriculture and allied products (Fertihser, Sugar etc)and it has been identified as an essential service. The Group's factories wer~ |
| operating during the lockdown except for few days in the milial lock down period and was able to conduct the operations with minor delays |
| in certain factories/business. The Group has made detailed assessment of its liquidity position including the ability of the Group to |
| continue as going concern. The Group has sanctioned credit facilities which can be used as and when necessruy and has the ability to |
| repay the debts as and when it falls due. Management believes that it has taken into account all the possible impact of events arising from |
| COVID 19 pandemic in the preparation of the Consolidated financial results for the quarter ended June 3D, 2021, which are not significant. |
| 9 The figures for the quarter ended March 31, 2021 is the balancing figure between the audited figures for the financial year March 31, 2021 |
| and the published year to date figures up to third quarter ended December 31, 2020. |
# 10 The consolidated unaudited results (the 'Statement') includes the results of the followin~ entities:
- *Subsidiaries:* i. Coromandellntemational Limited, its subsidiaries, joint ventures and an associate
- ii. Parry Infrastructure Company Private Limited
- iii. Parry. Sugar Limited
- iv Parry Agrochem E:xports Limited (by itself and investments through its subsidiary parrys lnvestments Limited)
- v. Parrys Investments Limited
- **vi Parry Sugars Refinery lndia Private Limited**
- vii. Parry International DMCC (subsidiary of Parry Sugars Refinery India Private Limited)
- viii. US Nutraceuticals Inc and its BU bsidiary
- ix. Alimtec S A
Chennai August 12, 2021
x. E:.l.D. Parry Europe B V.
*Joint Venture:*
- i. Algavista Green Tech Private Limited
- 11 Due to the seasonal nature of the business, figures for the current and previous quarters are not comparable.
- 12 Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.
On behalf of the Board
**s. Buresh** Managing Director
E.I.D . • Parry (India) Limited Regd.Office : Dare House, 234,N.5.C.aose Road, Parrys Corner, Chennai-600 001, India. Tel : 91.44.25306789 Fax : 91.44.25341609/25340858 CIN : L24211TN197SPLC006989 Website: www.eidparry.com
# Press Release - E.I.D.-Parry (India) Ltd. Financial Results
Chennai, August 12, 2021: EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter ended 30th June 2021.
# Consolidated performance fOT the Quarter ended 30th rune 2021:
The consolidated revenue from operations for the quarter ended 30th June 2021, was Rs. 4,354 Crore registering an increase of 5% in comparison to the corresponding quarter of previous year of Rs. 4,142 Crore. Earnings before depreciation, interest and taxes (EBITDA) for the quarter ended 30th June 2021 was Rs. 494 Crore registering an increase of 10% in comparison to the corresponding quarter of previous year profit of Rs. 448 Crore. Consolidated profit after tax and non-controlling interest was Rs. 133 Crore compared to Rs. 29 Crore in the corresponding quarter of previous year.
# Standalone performance for the quarter ended 30th rune 2021:
The Standalone revenue from operations for the quarter ended 30th JUne 2021 was Rs. 450 Crore in comparison to the corresponding quarter of previous year of Rs. 491 Crore. Loss before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter was Rs. 4 Crore compared to a profit of Rs. 6 Crore in corresponding quarter of the previous year. Standalone loss after tax for the quarter was Rs. 33 Crore as against a profit of Rs. 226 Crore in the corresponding quarter of previous year.
# Sugar Division
The Consolidated Sugar operations reported an operating loss of Rs: 52 Crore (corresponding quarter of previous year: loss of Rs. 29 Crore) fodhe quarter.
# Farm Inputs Division
The Consolidated Farm Inputs operations reported an operating profit ofRs. 481 Crore (corresponding quarter of previous year: profit of Rs: 424 Crore) for the quarter.
# Nutraceuticals Division
For the quarter, Nutraceuticals Division registered a Loss before Interest and Tax of Rs. 0.43 Crore (corresponJiing quarter of previous year: loss of Rs. 3.39 Crore).
E.I.D .• Parry (India) Limited Regd.Office : Dare House, 234,N.S.C.Bose Road, Parrys Comer, Chennai-600 001, India. Tel : 91.44.25306789 Fax : 91.44.25341609/25340858 CIN : L24211TN197SPLCOO6989 Website: www.eidparry.com
# Mr. S. Suresh, Managing Director commenting on the standalone results mentioned that
"The Company's operating performance in Q1 2021-22 was almost in line with the performance of corresponding quarter of the previous year as sugar prices remained muted for the quarter. The debt reduction measures have helped in reduction of finance cost. During the quarter sugar prices continued to be under severe pressure due to the carryover surplus, higher sugar production in the country and release order mechanism. Industry is expecting an increase in MSP for Sugar which is long overdue.
We were able to export around 36,500 MT under the MAEQ scheme which also helped in better cash flow and profitability.
The Company has commenced the operations of 60 KLPD Bagalkot Distillery project at the end of the quarter.
Standalone Nutraceuticals business registered a strong performance during the quarter with a 44% . percentage increase in Revenue compared with the corresponding quarter of the previous year from Rs. 14 Crore to Rs. 20 Crore and a 176% percentage increase in profits. The Consolidated Nutraceutical Operations registered a Loss before Interest and TaX of Rs. 0.43 Crore (corresponding quarter of previous year: loss of Rs. 3.39 Crore). This was mainly due to expenses incurred for the B2C launch in the US."
# About E.I.D. - Parry (India) Limited
E.I.D. Parry is a significant player in Sugar with interests in promising areas of Nutraceuticals business. E.I.D. Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandellnternational Limited. EID Parry has a 100% stake in Parry Sugars Refinery India Private Limited and US Nutraceuticals Inc, USA.
E.I.D. Parry has six sugar factories having a capaCity to crush 40,300 TonIies of Cane per day, generate 140 MW of power and four distilleries having a capacity of 297 KLPD. In the N utraceuticals business, it holds a strong position in the growing well ness segment mainly catering to the world markets with its organic products.
**E.I.D . • Parry (India) limited** Regd .Office : Dare House, 234,N.S.C.Bose Road, Parrys Corner, Chennai-600 001, India. Tel : 91.44.25306789 Fax : 91.44.25341609 / 25340858 CIN : L24211TN1975PLC006989 Website: www.eidparrv·com
# **About the Murugappa Group**
Founded in 1900, the INR 381 Billion (38,105 Crores) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments ofIndia Ltd., and Wendt (India) Ltd.
Market leaders in served segments induding Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Qufmica y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry's, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 51,000 employees.
For more details, visit www.murugappa.com
**For Further Information, please contact:** Gopi Kannan. S Murugappa Group +919500011238
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