Shares of this small cap sugar company jumped 2.95 percent today after the company announced results for Q2FY24 and reported robust profit growth of 130 percent and more. The company has a market capitalization Rs. 8,503.09 crores.
On 8th November shares of E I D- Parry Ltd closed at Rs. 492 per share, up by 2.95 percent from previous closing price of Rs. 477.90 per share. The stock has gained 5.22 percent in the last 5 trading days.
Such bullish stock price movements were observed after the company announced results for Q2FY24 and reported 31.3 percent increase in revenue to Rs. 9,210.31 crores from Rs. 7,015.27 crores in previous quarter. Moreover, the profit increased by 130 percent to Rs. 873.88 crores from Rs. 380.59 crores in the previous quarter.
Looking at the profitability ratios, the company reported return on equity (ROE) of 32.1 percent and return on capital employed (ROCE) of 42.65 percent in the last financial year.
The company’s promoters possess roughly 44.51 percent of the shares, while the public owns 41.94 percent with the foreign institutional investors (FIIs) holding about 9.03 percent leaving the remaining 4.52 percent shares with the domestic institutional investors (DIIs).
E I D- Parry Ltd is one of the leading sugar manufacturers in India with 6 sugar plants and 1 distillery spread across south India. E.I.D. Parry is a global frontrunner in the Nutraceuticals industry, specialising in organic spirulina and microalgal products. Their flagship product, ‘Parry’s Spirulina,’ holds three significant international certifications and is distributed in over 41 countries worldwide. The company is also expanding its ethanol production capacity by investing Rs. 87 crores for the production of ethanol from syrup and B-heavy molasses.
Written by: Vinit Israni
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