EID Parry (India) Ltd's consolidated revenue for Q1FY19 came in at Rs3,362.62cr, marginally up 1.5% yoy. The operating profit for Q1FY19 was at Rs110.24cr, a decline of 50% yoy. EBITDA margin contracted ~338bps yoy to 3.3% in Q1FY19. The adjusted net loss after tax (attributable to shareholders) for the quarter stood at Rs195.10cr vs. net loss after tax of Rs9.42cr in Q1FY18.
• Consolidated gross profit margin of the company declined by ~51bps yoy to 24.6% in Q1FY19. This is on account of subdued performance of sugar business resulting in the drag in blended gross profit margin.
• The fall in EBITDA margin is majorly on fall in the realization value of sugar coupled with rising cost of inputs and raw materials. The employee benefits expense and other expenses also increased significantly by 13.8% and 15.5% yoy to Rs144.7cr and Rs608.5cr respectively in Q1FY19.
• Finance cost increased significantly by 28.2% yoy to Rs109.5cr in Q1FY19. This led to overall decline in the net profits of the company.
• Segment revenue from sugar business (including co-generation and distillery) declined by 23.5% yoy to Rs780.99cr in Q1FY19. This is on account of average decrease in the realization value of the sugar leading to a net drop in the sugar turnover.
• Segmental loss before interest and tax from sugar business stood at Rs180.24cr in Q1FY19 vs. Rs22.04cr in Q1FY18.
EID Parry (India) Ltd ended at Rs223.25, down Rs6.35, or 2.77%, from its previous close of Rs229.60 on the BSE.
The scrip opened at Rs230.95 and has touched a high and low of Rs231.90 and Rs219, respectively. A total of 5,65,501 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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