 "EID-Parry Q1 results: Net loss widens to Rs 78.59 cr on high inventory cost")
Indian sugar maker E.I.D.-Parry reported a wider first-quarter loss on Wednesday, hurt by high inventory cost.
The company reported a loss of Rs 78.59 crore ($9.4 million) in the April-June quarter, compared to a loss of Rs 45.77 crore a year ago.
Revenue from operations rose 7.6 per cent to Rs 751 crore.
KEY CONTEXT
Indian sugar companies are facing rising inventory costs. Peers such as Dalmia Bharat, Dwarikesh Sugar and Dhampur Sugar Mills also saw an increase in these expenses in the April-June quarter.
India's restrictions on sugar use for ethanol and export bans in the 2023/24 marketing year have led to higher inventories.
The country's sugar production may drop 2 per cent to 33.3 million metric tons in the 2024/25 marketing year due to reduced planting from last year's drought. This decline could limit exports and support global prices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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