EID-Parry (India) swings to quarterly loss on higher input costs

E I D-Parry (India)

09/08/2023 11:25

BENGALURU, Aug 9 (Reuters) - Sugarmaker E.I.D.-Parry (India)  EIDP.NS  on Wednesday posted a first-quarter loss weighed
by higher input costs and fallen sales. 
    The company reported a loss after tax of 457.7 million rupees ($5.53 million) in the quarter ended June 30 from a profit of
131.4 million rupees a year earlier. It also posted a profit in the previous quarter.
    Total expenses rose nearly 1% to 7.73 billion rupees, driven by higher input costs. Revenue from operations fell nearly 3% to
6.98 billion rupees. 
    For further earnings highlights, click: (Full Story)
    
 KEY CONTEXT
    India's sugar production could fall 3.3% to 31.7 million metric tons in the 2023/24 marketing year, which starts on Oct. 1,
as lower rainfall in key producing states could dent yields, Reuters reported earlier this month.
    Sugar output is expected to drop in the western state of Maharashtra and neighbouring Karnataka, which together accounts for
more than half of India's total output, the Indian Sugar Mills Association (ISMA) said in a statement.
    Peers Dwarikesh Sugar Industries  DWAR.NS  and Dhampur Sugar Mills  DAMS.NS , however, reported a rise in quarterly profit. 
   
    PEER COMPARISON
                                              Valuation (next 12    Estimates (next 12        Analysts' sentiment         
                                                   months)               months)                                          
                                 RIC        PE     EV/EBIT  Price/  Revenue    profit   Mean        # of     Stock to     Div
                                                   DA       Sales   growth     growth   rating *    analyst  price        yield
                                                                                                    s        target **    (%)
 E I D-Parry (India) Ltd          EIDP.NS   23.61    30.20  NULL      2.09      16.39   STRONG BUY        1     0.75         1.98
 Balrampur Chini Mills Ltd        BACH.NS   13.30    10.54  3.54      18.11     51.81   BUY               4     0.87         0.63
 Dwarikesh Sugar Industries Ltd   DWAR.NS   10.43     7.25  3.44      2.16      30.27   STRONG BUY        4     0.75         2.20
 Dhampur Sugar Mills Ltd          DAMS.NS    9.95     7.14  3.60      1.42      19.05   BUY               1     0.82         1.79
  
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
 ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
    
    APRIL - JUNE STOCK PERFORMANCE
  
 
    -- All data from Refinitiv
    -- $1 = 82.7720 Indian rupees

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
APRIL - JUNE STOCK PERFORMANCE EID-Parry    https://tmsnrt.rs/44VBzsO
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))