Buoyed by a 56 per cent rise in net income,E.I.D Parry (India) today reported an over 55 per cent increase in net profit to Rs 297.45 crore for the second quarter ended September 30,2010. E.I.D Parry,which has interests in farm inputs,sugar and co-generation among others,had recorded Rs 191.71 crore net profit in the same quarter last fiscal,it said in a statement to the stock exchange. Net income of the USD 3.3-billion Murugappa group firm during the July-September period of the current fiscal stood at Rs 3,081.68 crore,up from Rs 1,974.74 crore in the same quarter last fiscal. Farm inputs contributed Rs 2,773.36 crore to the E.I.D Parry's total income during the reporting quarter,while other businesses,including sugar and co-generation contributed the remaining. Increase in sales from the farm inputs business,Rs 2,773.36 crore vis-a-vis Rs 1,698.41 crore,is a near mirror reflection of the surge in company's total income. Meanwhile,in a separate communique to the exchange,the company said its Board has approved a sub-division of equity shares of Rs 2 each into two equity shares of Re 1 each.
