E.I.D-Parry India reports lower Q2 profit on rising costs amid export ban

Dalmia Bharat Sugar And Industries

14/11/2024 12:05

Nov 14 - India's E.I.D.-Parry (India)  EIDP.NS  reported a fall in quarterly profit on Thursday, hurt by
higher expenses, which weighed on its margins, amid an extended ban on exports.
    The company reported a 67.2% year-on-year decline in its profit after tax to 282.5 million rupees ($3.4 million)
for the July-September quarter.
    Its total expenses jumped 11.2%, with margins contracting to 4% for the quarter from 12% a year ago.
    The firm's revenue from operations, however, rose 4.1% to 7.55 billion rupees.
    For further results highlights click  urn:newsml:reuters.com:*:nFWN3ML05H
        
  
    KEY CONTEXT

    Last month, India - the world's second-largest sugar producer - extended its restriction on sugar exports beyond
October as it tried to bring down domestic prices by increasing supplies ahead of state elections.
    The country had earlier banned exports for the 2023/24 season after India saw its driest year in five years in
2023.
    E.I.D. Parry also reported higher costs for the last two quarters, which drove down its margins.
    Peer Dalmia Bharat Sugar and Industries  DLMI.NS  reported a decline in second-quarter profit.

    PEER COMPARISON        
                                        
                                        
                                 Valuation (next      Estimates (next 12           Analysts' sentiment           
                                    12 months)             months)                                           
                         RIC       PE     EV/EBIT    Revenue       Profit     Mean     # of      Stock to      Div
                                            DA      growth (%)   growth (%)  rating*  analyst     price       yield
                                                                                         s       target**      (%)
 E I D-Parry (India)   EIDP.NS    11.75    4.50       10.71          -       Strong      1         0.86        0.98
                                                                               Buy                           
 Dalmia Bharat Sugar   DLMI.NS    11.16    6.42       13.26        12.39      Hold       1         0.63        1.16
   and Industries                                                                                            
   Dwarikesh Sugar     DWAR.NS    13.37    6.16        7.50        51.64       Buy       2         0.89         -
     Industries                                                                                              
   Balrampur Chini     BACH.NS    18.54    12.24      10.89         9.58       Buy       4         0.93        0.79
        Mills                                                                                                
 
                                        
  
 * The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
 ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading
above the PT
    
    JULY-SEPTEMBER STOCK PERFORMANCE
  
** 

 
    -- All data from LSEG
    -- $1 = 84.4190 rupees
    

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EID Parry July-Sept    https://tmsnrt.rs/4fMEOYB
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 (Reporting by Yagnoseni Das in Bengaluru; Editing by Sonia Cheema)
 ((Yagnoseni.Das@thomsonreuters.com;))