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Goods news has started pouring in for sugar players following recent rains in south India, especially Tamil Nadu.
In calendar year 2017, unlike Karnataka and Andhra Pradesh, Tamil Nadu had seen below-normal rains in July-August. This had impacted sugar firms, including EID-Parry that has nearly half of its capacities in the state. An improved rainfall bodes well for the sugarcane crop and should improve cane availability for crushing.
The below-normal rains had impact EID’s September quarter (Q2) performance, too. Even though some respite came from raw sugar imports and EID sourced external molasses for its distillery operations, the profitability suffered.
The EID stock
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