Murugappa group firm EID Parry India has announced a new managing director for the

RELATED ARTICLES Ranbaxy reappoints Arun Sawhney as CEO & MD for 5 years

company. Its board, on Friday, appointed Ravindra S Singhvi (53) as managing director of the company for a period of five years effective January 29, 2011.

The present managing director K Raghunandan stepped down from the post from close of office hours of January 28, said a company statement.

The new managing director Singhvi, a chartered accountant, company secretary and LLB, was president of Indo-Rama Synthetics before moving to EID Parry India as chief executive officer of EID Parry in December 2010.

Mean while the company has reported a net loss of Rs 37.20 crore for the quarter ended December 31, 2010 as against a net profit of Rs 34.05 crore in the same period previous year on lower topline.

The turnover of the company for the quarter fell 28 per cent to Rs 252.35 crore when compared with Rs 351.66 crore in a year-ago period.

For the nine month period ended, the company’s net loss was Rs 81.7 crore on a turnover of Rs 841.53 crore when compared with a net profit of Rs 100.48 crore on a turnover of Rs 827.01 crore.

However, on a consolidated basis, the company reported a net profit of Rs 63.35 crore for the October-December quarter of current fiscal when compared with a net profit of Rs 171.17 crore in a year ago period. Net sales stood at Rs 2,454.12 crore as against Rs 2,109.94 crore.

The consolidated figures include numbers of its subsidiary firm Coromandel International, which is coming under farm inputs division of EID Parry.