Interest was marginally lower at Rs 14.35 crore (Rs 15.73 crore) despite higher sugar stocks and delayed subsidy receipts. Profit before tax (PBT) slipped by 35 per cent to Rs 7.48 crore (Rs 11.53 crore previous corresponding quarter). However, PBT last year included the benefit of Rs 10.03 crore being the impact on stock valuation as per Mandatory Accounting Standard (AS2).

Production of complex fertilisers at Ennore registered a 7 per cent growth. Sale of both manufactured and traded phosphatic fertilisers were maintained at previous year's levels. As a conservative policy, fertiliser subsidy under the concession scheme for the current quarter is based on the reduced provisional rate of subsidy notified by the Indian Government for the kharif season of 2000. As and when the final rates are notified necessary adjustments will be made.

Export of technical grade pesticide registered an impressive growth in the pesticides formulations segment, five new products were introduced and registration obtained for as many as 19 products. Reduction in cotton acreage in Gujarat, Rajasthan and Karnataka is a cause of concern for the company.

Sugar factories registered higher volume of cane crushing at better recovery with sales registering a volume growth of 14 per cent. The free market realisation was lower compared to the corresponding quarter of the previous year. However, international and domestic prices are showing an improving trend. High level of sugar stocks continues to be a cause of concern and efforts are on to export the surplus sugar at a remunerative price. The Pudukottai sugar plant which which was commissioned in March 2000 is getting stabilised.

Sales of Parryware registered a 20 per cent growth mainly on account of better realisation in top line products. The market share improved in north, east and western markets.