Share price of a company engaged in the manufacturing of sugar, bio pesticides, and nutraceuticals moved down by 5.24 percent to Rs. 602 on Wednesday, while its previous closing price was Rs. 635.25, after the company announced its financial results for Q3 FY23-24.
With a market cap of Rs. 10,699 crore, EID Parry (India) Ltd. has delivered nearly 23.60 percent returns in the last six months, whereas it has given over 15.0 percent in the last one year. So far, it has given positive returns of around 7.40 percent in 2024.
The fluctuations in the share prices were observed after the company announced its financial results on Tuesday, for the third quarter and nine months ended 31st December 2023, through a recent filing with the stock exchanges.
The net profit of the company decreased by 72.25 percent on a QoQ basis from Rs. 782 crore in Q2 FY23-24 to Rs. 217 crore in Q3 FY23-24.
On a year-on-year basis, the net profit decreased by around 55% to Rs. 217 crore in Q3 FY23-24 from Rs. 482 crore in Q3 FY22-23.
The company’s revenue from operations decreased by nearly 21.62 percent on a year-on-year basis from Rs. 9,914 crore in Q3 FY22-23 to Rs. 7,770 crore in Q3 FY23-24.
On a quarterly basis, the revenue from operations of the company fell by 14.22 percent from Rs. 9,059 crore in Q2 FY23-24 to Rs. 7,770 crore in Q3 FY23-24.
As of December 2023, the FIIs hold 8.71 percent of the shares, and DIIs hold 4.92 percent of the shares in the company, aggregating to 13.63 percent of the Institutional holdings.
The Promoters’ holdings reduced by 2.28 percent from 44.52 percent in Q2 FY23-24 to 42.24 percent in Q3 FY23-24.
Incorporated in 1975, EID Parry (India) Limited operates in the sweeteners and nutraceuticals space. Headquartered in Chennai, the company is a part of the Rs. 57,000 crore Murugappa Group, one of the leading business conglomerates in India.
E.I.D. Parry is a pioneer and world leader in organic spirulina and micro algal products in the Nutraceuticals space and is the first sugar company in India to manufacture sugar in 1842. The company is also amongst the earliest sugar manufacturers in the world.
Written by Shivani Singh
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