The company has registered a turnover of Rs 609.30 crore compared to Rs 510.68 crore in the first half of 1998-99. Fertiliser sales grew by 32 per cent, sugar sales by 12.5 per cent and sanitary and allied products sales improved by six per cent. The net profit was up to Rs 33.26 crore from Rs 17.28 crore in the first half of the previous fiscal.

Operating profit was Rs 81.07 crore (Rs 65.69 crore) up 23 per cent. Margins at that level showed a marginal improvement from 12.86 per cent to 13.30 per cent.

EID Parry has managed to rein in the interest cost to previous year's level despite funding a series of acquisitions such as Cauvery Sugars, Coramandel Fertilizers buyback and Johnson Peddar. This has been achieved through prudent financial management including opting for commercial programme at an average rate of 10 per cent for its working capital requirements. Interest cost for the period was Rs 28.61 crore (Rs 28.35 crore).

Gross profit works out to Rs 52.46 crore (Rs 37.34 crore) but includes Rs 8.79 crore on account of change in the method of stock valuation as per revised accounting standard (AS-2). A depreciation of Rs 18.08 crore (Rs 18.16 crore) and a tax provision of Rs 3.75 crore (Rs 1.90 crore) has been made. The bottom line also includes extra-ordinary income to the tune of Rs 2.62 crore representing profit on sale of magnetic media unit to RPG.