Profit after tax rose 1.2% year-on-year to 861.8 million rupees ($10.35 million) in the quarter ended Sept. 30.

Revenue from operations rose 12.7% to 7.26 billion rupees.

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KEY CONTEXT

India, the world's second-biggest sugar producer, saw its weakest monsoon since 2018, leading to a rise in prices.

According to Elara Capital, sugar prices in India increased 5-8% year-on-year in the second quarter.

India had allowed mills to export only 6.2 million tons of sugar during the 2022-2023 season to Sept. 30, after letting them sell a record 11.1 million tons in the 2021-2022 season.

PEER COMPARISON

Valuation (next 12 Estimate Analyst

months) s (next s'

12 sentime

months) nt

RIC PE EV/EBIT Price Revenue Profit Mean # of Stock Div

DA /Sale growth growth rating* analys to yield

s ts price (%)

target*

*

E I D-Parry 27.25 37.43 NULL -1.60 15.20 Strong 1 0.77 1.99

(India) Ltd Buy

Balrampur 13.78 10.88 3.57 11.91 35.61 Buy 4 0.95 0.58

Chini Mills

Ltd

Dhampur Sugar 8.87 5.37 3.60 NULL NULL Buy 1 0.78 1.89

Mills Ltd

Dalmia Bharat 10.95 5.72 NULL 8.73 NULL Buy 1 0.87 0.86

Sugar and

Industries

Ltd

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JULY-SEPT STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.2550 Indian rupees

(Reporting by Ashish Chandra in Bengaluru; Editing by Sohini Goswami)