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Thursday, March 29, 2012

Parrys Sugar Industries Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Parrys Sugar Industries Ltd

Story:Last year Company’s total income was 41794.67 lakhs as against 22756.26lakhs for the previous year.The profit before interest and depreciation of 1035.42 lakhs was marginally higher compared to last year.The loss before taxation was 10453.62 lakhs compared to a loss of 5983.64 lakhs of the last year.The performance of the Company was adversely affected mainly due to the low sugar selling price and high cost of sugarcane. The sugar prices remained sluggish due to higher sugar output during the year 2010-11 which witnessed a 30-35 percent growth driven mainly by improved cane acreage in response to higher cane prices paid in last two sugar years. Further, during the year in line with the industry, the Company had to pay 200 per tonne of cane in Karnataka units as additional cane price for the cane supplied during the previous year.In Karnataka, the unit at Haliyal had a major technical breakdown which affected the production for nearly a month during the peak season thereby seriously affecting performance of the unit. The performance of the plant at Ramdurg was significantly better than last year with a crushing of457703 MT of cane Vs 205071 MT last year, an increase of 123%. The Company has more or less stabilised the operation of mobilising the harvesting and transportation labour to ensure smooth, continued and unhindered crushing operations.The performance of the plant at Sankili was better than last year despite adverse impact due to heavy rains leading to delay in start of the crushing season and disruptions in cane supply.During the year, the Company crushed a total 1295502 MT of cane, produced 1397519 qtls of sugar as against 585352 MT of cane and 566855 qtls of sugar during the previous year, an increase of 121.32% and 146.54% respectively. The average recovery rate was 10.80% Vs 9.70% last year.Any major improvement in the financial numbers would help the company recoup higher levels in the bourses.

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