EIDPARRY · Fast Moving Consumer Goods
E.I.D. Parry (India) Ltd. reported revenue of ₹6,811 cr for January to March 2025, +22.6% on the year and −21.9% on the quarter. Over the last four quarters revenue comes to ₹31,608 cr, +7.5% on the four before.
Operating profit (EBITDA) was ₹513 cr, a margin of 7.5%, −73 bps on the year and −43 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.3% to 11.6%, averaging 8.4%. Operating costs grew +23.5%, faster than revenue at +22.6%, so operating profit grew less than sales.
Net profit was ₹539 cr, +83.3% on the year and +29.6% on the quarter, with earnings per share of ₹16.12. Profit before other income, one-offs and tax grew 6.6%, so 77 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹1,773 cr, +9.6% on the four before.
On earnings per share of ₹49.44 over the last four quarters, the stock at ₹654.90 trades at 13.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,059 cr | ₹7,770 cr | ₹5,557 cr | ₹6,747 cr | ₹9,330 cr | ₹8,720 cr | ₹6,811 cr | ₹8,720 cr | ₹11,624 cr | ₹10,312 cr | ₹7,882 cr | ₹9,018 cr |
| YoY | — | — | — | −4% | +3% | +12% | +23% | +29% | +25% | +18% | +16% | +3% |
| EBITDA margin | 11.6% | 5.3% | 8.3% | 6.9% | 10.3% | 8.0% | 7.5% | 9.2% | 10.3% | 8.1% | 7.8% | 8.3% |
| Other income, % of PBT | 15% | 14% | 32% | 18% | 9% | 20% | 62% | 15% | 14% | 10% | — | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 23% | 31% | 27% | 29% | 27% | 25% | 28% | 26% | — | 26% |
| Net profit | ₹782 cr | ₹217 cr | ₹294 cr | ₹226 cr | ₹592 cr | ₹416 cr | ₹539 cr | ₹464 cr | ₹766 cr | ₹437 cr | −₹287 cr | ₹312 cr |
| YoY | — | — | — | −30% | −24% | +92% | +83% | +105% | +29% | +5% | −153% | −33% |
| Core profit YoY | — | — | — | −45% | −15% | +88% | +7% | +97% | +23% | +14% | −3% | −25% |
| EPS | ₹25.48 | ₹6.66 | ₹12.41 | ₹5.14 | ₹17.21 | ₹10.97 | ₹16.12 | ₹13.85 | ₹23.86 | ₹13.05 | −₹18.74 | ₹7.96 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
E.I.D. Parry (India) Ltd. reported revenue of ₹6,811 cr (+22.6% on the year) and net profit of ₹539 cr (+83.3% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +6.6% on the year, against +83.3% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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