E I D Parry India (EIDPARRY) Q3 24/25 earnings summary

Executive summary

• Global sugar supply-demand deficit widened to 2 million metric tons for 2024-25, driven by production cuts in Asia and Mexico, with Brazil and Russia also reporting lower output.

• Indian sugar production for 2024-25 is estimated at 30.25 million metric tons, down from 34 million metric tons last year, with further reductions expected due to lower yields in key states.

• FY24 consolidated revenue at ₹7,355 Cr and EBITDA at ₹387 Cr, excluding Coromandel International Ltd.

• Consolidated revenue for Q3 FY25 rose 12% YoY to ₹8,720 crore; EBITDA up 79% YoY to ₹811 crore; consolidated PAT after non-controlling interest at ₹195 crore, up from ₹118 crore YoY.

• Focus on optimizing cane volume, expanding distillery capacity, and growing consumer product group.

Financial highlights

• Sugar crushing for the quarter was 12.7 lakh metric tons, down from 17.8 lakh metric tons year-over-year; sugar production was 1.08 lakh metric tons versus 1.5 lakh metric tons.

• Sugar revenue was INR 392 crores, down from INR 435 crores; average selling realization was INR 38.31/kg, slightly lower year-over-year.

• Distillery segment sold 422 lakh liters (up from 273 lakh liters), with ethanol sales at 304 lakh liters and improved price realization at INR 65.83/liter.

• Consumer products revenue rose to ₹549 Cr from ₹179 Cr year-over-year.

• Consolidated PBT dropped to ₹(177) Cr from ₹119 Cr year-over-year, mainly due to lower cane volume, sugar sales, and higher input costs.

Outlook and guidance

• Management expects robust sugar pricing in the coming quarters, supported by government export quotas and shortfall in production.

• Global sugar prices expected to hover around $500–$530/MT in the next 12 months, with a downward trend from Q2 FY26.

• Ethanol blending target for ESY 2024-25 set at 18%, up from 14.6% in 2023-24.

• Consumer Products Group expected to benefit from expanded product portfolio and branded staples.

• Distillery segment to leverage enhanced capacity utilization post-expansion.