Indian sugar maker EID-Parry reported its first profit rise in four quarters on Wednesday after a rise in domestic demand and prices offset government export restrictions, sending its shares up as much as 5%.
Profit after tax rose 1.2% year-on-year to 861.8 million rupees ($10.35 million) in the quarter ended September 30.
Operating revenue rose 12.7% to 7.26 billion rupees.
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IMPORTANT CONTEXT
India, the world’s second-largest sugar producer, saw its weakest monsoon since 2018, leading to a price increase.
According to Elara Capital, sugar prices in India rose 5-8% year-on-year in the second quarter.
India had allowed factories to export only 6.2 million tonnes of sugar in the 2022-2023 season till September 30, after allowing them to sell a record 11.1 million tonnes in the 2021-2022 season.
COMPARISON WITH OTHERS
Rating (next 12 Estimate Analyst
months) s (next s’
12 sen time
months) n
RIC PE EV/EBIT Price Turnover Profit Average # Shares Misc
DA /Sales growth growth rating* analysis to revenue
s ts price (%)
goal*
*
EI D-Parry 27.25 37.43 NULL -1.60 15.20 Strong 1 0.77 1.99
(India) Ltd Buy
Balrampur 13.78 10.88 3.57 11.91 35.61 Buy 4 0.95 0.58
Chini Mills
Ltd
Dhampur Sugar 8.87 5.37 3.60 NULL NULL Buy 1 0.78 1.89
Mills Ltd
Dalmia Bharat 10.95 5.72 NULL 8.73 NULL Buy 1 0.87 0.86
Sugar and
Industries
Ltd
* Average analyst rating, standardized on a scale of strong buy, buy, hold, sell and strong sell.
** Ratio between the last share price and the average analyst price target; a ratio above 1 means the stock is trading above PT.
JULY-SEPT STOCK PERFORMANCE
— All data from LSEG
— $1 = 83.2550 Indian rupees
Tags: Indian sugar maker EIDParrys #2nd quarter profit grows domestic demand prices November
