EID Parry hits 52-week low on disappointing Q4 results

Shares of EID Parry hit 52-week low of Rs 251 per share, down 7% on the BSE, after the company reported a sharp 87% year-on-year (y-o-y) drop in consolidated net profit at Rs 405 million for the quarter ended March 2018 (Q4FY18), on account of poor performance by sugar and nutrient and allied business. It had profit a of Rs 3 billion in year ago quarter.

Income from operations during the quarter grew 0.6% to Rs 33.44 billion against Rs 33.64 billion in the corresponding quarter of previous fiscal.

The sugar segment reported loss before tax and interest of Rs 200 million against profit of Rs 810 million, while nutrient and allied business recorded 33% decline in PBIT at Rs 1.47 billion during the quarter.

Meanwhile, the board has recommended a final dividend of Rs 3 per equity share (on a face value of Re 1) for the year ended March 31, 2018 out of the profits of the company.

At 02:54 pm; the stock erases loss and trading 3% lower at Rs 260 on the BSE, as compared to 0.29% rise in the S&P BSE Sensex. A combined 1.29 million shares changed hands on the counter on the BSE and NSE so far.