Indian sugar maker EID-Parry posts Q3 loss hurt by export curbs

E I D-Parry (India)

06/02/2024 13:41

BENGALURU, Feb 6 (Reuters) - Indian sugar maker E.I.D.- Parry  EIDP.NS  reported a third-quarter loss on
Tuesday, hurt by government restriction on exports and a fall in production.
    The company reported a loss after tax of 135.9 million rupees ($1.64 million) in the quarter ended Dec. 31,
compared to a profit after tax of 157.8 million rupees a year ago.
    Revenue from operations fell 7.9% to 6.68 billion rupees.
    For further results highlights, click  urn:newsml:reuters.com:*:nFWN3ER0J8

    KEY CONTEXT
  
        
  
        The world's second-largest sugar producer, India, logged a 7.6% fall in sugar production in the
October-December quarter due to poor monsoon rains, with key producing states Maharashtra and Karnataka taking
the biggest hits. The two states together account for more than half of the country's total sugar output.
    India's monsoon rainfall in 2023 was its lowest since 2018 as the El Nino weather pattern made August the
driest in more than a century.
    The government extended its restriction on sugar exports beyond October in its efforts to bring down
domestic prices. 
    Peers Dalmia Bharat Sugar and Industries  DLMI.NS  and Dhampur Sugar Mills  DAMS.NS  also reported declines
in third-quarter profit.
    
    
    OCTOBER-DECEMBER STOCK PERFORMANCE
  

    
    
    
    
    PEER COMPARISON
  

                               Valuation (next 12      Estimates (next 12        Analysts' sentiment      
                                    months)                 months)                                       
                    RIC       PE    EV/EBIT  Price/S   Revenue     Profit     Mean      # of    Stock to   Div
                                      DA      ales     growth %   growth %   rating*  analysts   price    yield
                                                                                                target**   (%)
 E I D-Parry      EIDP.NS   33.68    36.66    Null       5.15       30.61    Strong      1        0.98     1.24
 (India) Ltd                                                                   Buy                        
 Balrampur        BACH.NS   13.84    8.91     3.59      11.79       5.61       Buy       4        0.81     1.07
 Chini Mills                                                                                              
 Ltd                                                                                                      
 Dhampur Sugar    DAMS.NS    8.19     NaN     3.60       Null       Null      Null       0        0.77     1.92
 Mills Ltd                                                                                                
 Dalmia Bharat    DLMI.NS    9.47    5.37     Null      14.43       Null       Buy       1        0.84     1.03
 Sugar and                                                                                                
 Industries Ltd                                                                                           
 
* 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          

-- All data from LSEG


        
    


($1 = 83.0499 Indian rupees)

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EID Parry Dec Qtr 2024 vs Peers    https://tmsnrt.rs/4boNKSF
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 (Reporting by Ashish Chandra in Bengaluru; Editing by Eileen Soreng)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))