EID Parry plans to transform into a bioenergy, food & nutrition firm

EID Parry, a major sugar producer in the South, is transitioning to a bioenergy, food and nutrition company. The Murugappa group company has added non-sugar businesses to its core to generate more value and be closer to consumers. Its reimagining journey is progressing well, with strong platforms created for growth, and 30% of revenue now coming from non-sugar businesses. The company is aiming to become a part of the home-maker's shopping list, presenting a complement of branded products.

EID Parry (India) Ltd., one of the major producers of sugar in the South, is planning to largely position itself in the future as a bioenergy, food and nutrition company, said its chairman M.M. Venkatachalam.

“This reimagining will help delink our company from the cyclical and tightly-controlled aspects of the conventional sugar industry and empower it to compete and succeed based on the strength of its business model and capabilities,” he said in the latest annual report.

The Murugappa group company began reimagining its business model, a decade ago by adding non-sugar business to core business to generate more value, to be closer to consumers and to sustain its operations.

“The steps taken in that direction have given the organisation a clear path that is now actively being pursued to ensure profitable and sustainable growth,” he said.

According to him, reimagining journey is progressing well with strong platforms created for growth.

The company is headed towards a sustainable multi-year growth phase, transforming from a single vertical (sugar) to multiple verticals (sugar, bioenergy, food & nutrition) making it increasingly intrinsic in all our lives, he said.

The reinvention is already happening. During FY23, the company generated 30% of revenue from non-sugar businesses against 26% in the previous year, said its managing director S. Suresh.