EID Parry (India) Ltd (NSE: EIDPARRY) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Muthiah Murugappan — Whole-Time Director and Chief Executive Officer
Y. Venkateshwarlu — Chief Financial Officer
Balaji Prakash — Chief Operating Officer & Business Head
Suresh Kannan — whole-Time Director
Analysts:
Unidentified Participant
Payal Shah — Analyst
Vaishnavi Gurung — Analyst
Somnath Saha — Analyst
Rushabh Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to EID PARI India Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Payal Shah from Dam Capital. Thank you and over to you Mishya.
Payal Shah — Analyst
Hello everyone and a warm welcome on behalf of DAM Capital Advisors to the Q3FY26 earnings call of Eid Parry. We thank Eid Parry’s management for giving us the opportunity to host this call. On the call Today we have Mr. Muthaya Murgappan, full time Director and CEO along with the senior management team of Eid Parry. I hand over the call to the management for opening remarks followed by a Q and a session. Thank you and over to you sir.
Muthiah Murugappan — Whole-Time Director and Chief Executive Officer
Thanks Payal and very good morning to everyone. Gives me great pleasure to be a part of the call to share our QT performance. But prior to that I will start with a brief update on the global scenario, the global super scenario and then also come to the Indian scenario after that. The global sugar market is expected to remain in a mild surplus right to the sugar year 2526. S&P Platts projects a global surplus of 3.5 million metric tons for 2526. This is despite some reduction of output from India, EU and Thailand. Brazil for 2526 is estimated at about 40 million metric tonnes.
However, some lower yields and a fat price trading below production cost may impact the mix for the subsequent year. The raw sugar prices have been trading lower. Lower hedge exposure by Brazilian and Thai millers and a short position build up by hedge funds is keeping a lid on the price rally. Raw demand from Indonesia has been revised downwards for the second consecutive year. White premium values continue trading in the range of USD 90 to 105 per metric ton. Due to estimates of surplus trade flows, large Indian export surplus and higher supplies from Brazil. Weak oil prices are keeping ethanol parities at lower levels.
Our geopolitical risks persist and any rally in oil prices can impact sugar as well. So coming to the Indian scenario Last year in 2425 sugar year, India’s net sugar production is 26.1 million metric tons. Gross was 29.6 million metric tonnes. Last year’s diversion to ethanol was just around 3 1/2 million metric tons. Domestic consumption is 28.1 million metric tons and exports was under a million metric tons. We had closing stocks of about 5 million metric tons. Sugary 2526. Estimates are as follows. This is as per USMA Cross production is 34.3 million metric tons. Diversion to ethanol considered is about 3.4 million metric tons, domestic consumption at 28.5 million metric tons and the export quota which has been given is 1.5 million metric tonnes.
This puts closing stock levels at about 6 million metric tons for sugar year 2526 so far the key states have seen some mild increase in crushing output. Maharashtra, Karnataka and UP all have together reported about a 25% increase at an amalgamated level as compared to the previous period of last year. However, production in some states at the stream continues to lag behind last year’s levels in terms of the monsoons. IMD has warned that there are some El Nino signs from August to September and this may impact some of the rainfall distribution and reservoir levels later on in the year.
I’ll now hand the call over to my colleague Venkat to take you through the operating and financial performance.
Y. Venkateshwarlu — Chief Financial Officer
Thank you Muthu and good morning to all participants. It’s a great pleasure to be part of the analyst call to share the key information of operational and financial performance of the company. I would like to share with you the key operating parameters of each each of the crushing season. The crushing operations across all the states has been operated in the during the quarter so namely the Karnataka, Tamil Nadu and AB so we crushed average crushing was about 54 days during the quarter against the 45 days of the corresponding quarter of the previous previous year. I would like to share the quantitative details as under so as far as the crushing is concerned we crushed about 15 15.31 lakhs metric tons as against the 12.7 lakhs metric tons of the corresponding quarter of the previous year.
As far as the Recoveries is concerned 11.19 against the 7.78% of the corresponding quarter of the previous year. As far as the sugar production is concerned we produced about the 1.39 lakhs metric tons during this quarter against 1.07 lakhs metric tons of the corresponding quarter of the previous year. Cane landed cost is at 4122 rupees. This is due to impact of the FRP as against 3899 per metric ton of the corresponding quarter of the previous year. As far as the sugar is concerned sales volume is about 94,000 metric tons as Agnes 1 lakh 3 crore the metric tons of the corresponding previous quarter selling price Average selling price is about the 40 rupees around 40 rupees 37 rupees 69 price of the corresponding previous year’s quarter.
As far as we maintain the closing stock at 1:14,000 metric tons we valued at a 37 rupees also. As far as the revenue is concerned for the current quarter is the 389crores against the corresponding quarter of the previous year was 391crores. All FRPs are paid as per the timeline. As far as the consumer product group is concerned, the consumer product group has achieved a turnover of 143 crores during the Q3 during the current quarter as agnostic 236 crores for the corresponding quarter of the previous year. The reason for reduction mainly on account of the restructuring of the distribution channel and lower release quota for the seat.
Further the focus more on the retail pack and profitable product mix in non fitness segment. As far as the cogen is concerned we produced about 1108 lakhs units as against 954 lakhs units in the corresponding period of the previous year. We exported about 605 lakhs units as against 503 lakhs units in the corresponding period of the previous year. The average tariff realized is 4.4 per unit as Agnes 3.98 per unit in the corresponding period of the previous year. Revenues for the quarter is about 37 crores as against 41 crores in the corresponding period of the previous year.
As far as the distillery is concerned we sold about 400 lakhs liters as against 422 lakhs liters of the corresponding previous year’s project of which about ena was about 20 lakh 215 lakhs liters and Ethanol was 792 lakhs liters. The price realized is about 67 rupees 91 paisa as against the previous year released in SIR 61.83 per liter revenues more or less at stand 289 crores has Agnes to 290 crores during the corresponding period of the previous year. As far as the neutral is concerned turnover from Indian operations Is for about 6 crores has against 12 crores in the previous year.
At the consolidate level the neutra business 62 crores current quarter against the corresponding previous period which was about 43 crores as far as the refinery operation is concerned the operational revenues for the current quarter is 714 crores. Against the Q3 of December 24, about 915 crores. The last for the quarter is about 4.53 crores versus Q3 of 2425, about 17.53 crores. The refined sugar production Q3 is 2.23 lakhs metric tons. As against Q3 December 24 of 2.09 lakhs metric ton, refined sugar sales for the quarter is a 1.57 lakhs matrix done versus 1.87 lakhs metric tons.
There is no ICD. ICD as on 31st December, it has been repaid. External borrowings is about 78 crores. As on 31st December. As against 31st December 24th, it was about 532 crores. This is a financial and operational performance of the quarter. The floor is open for the question.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of craving Alpha Wealth Fund. Please go ahead.
Vaishnavi Gurung
Hi, good morning, sir. Thank you for taking my question.
operator
Sorry for interrupting. Your voice is not audible. Can you come in the range and talk? No. Can you speak a little louder please?
Vaishnavi Gurung
Yeah. Is it better?
operator
Yes, please come in.
Vaishnavi Gurung
My first question is on sugar and distillery business which is apparently facing challenges. Plus our consumer product has not been growing. So just wanted to understand and take a future outlook from the management. How are we planning to like overcome this and which segment you think will lead the revenue growth?
Muthiah Murugappan
Yeah, so Vaishnavi, thanks for your question. Let me just start with the sugar and distillery business. Now if you look at the numbers on the sugar business, we’ve had some better pricing from a sugar perspective. When you compare to the same quarter last year. Whilst we’ve had better pricing, of course costs have gone up because the FRP sort of goes up every year. There’s still really no clarity on any upward revision of the msp. So this continues to put a strain from a sugar perspective. If you look at the distillery segment, volumes have sort of largely hovered around last year’s volumes.
The challenge here is the ethanol uptake. Prices have also not gone up and this has been now almost three years at the same ethanol optic prices. There’s also been increased saliency towards green ethanol as compared to sugarcane. This apart operations in TN and in AP as well are subscale. There’s been lesser cane planting in these two regions and this again impacts, you know, throughputs. It also causes for us to insource a lot of molasses to run our distilleries, particularly in the state of tn. So there is a lot of, you know, cost pressure on the business.
In the case of the sugar and biofuel operations, however, I will say that I think the team has done an excellent job on managing cost and improving efficiency, which is why you see better bottom line on this segment. In terms of the consumer product group, I think the sweetener segment continues to fare well. We of course launched in two years ago into the Staples segment. Here we’ve consciously taken a bit of a correction. We just want to correct the business model to better manage working capital and to have a sort of a stronger distribution model.
This is a conscious correction which will last two quarters, which is one reason why you have seen volumes drop. The other reason is that market pricing itself for pulses, particularly lentils, etc, has been lower. And this will naturally bring revenues down as well because your realizations in the market are lower. This correction, which we’ve taken and the strengthening of the incumbent business model should conclude in Q4. And I think we should be back in a better clip in Q1 with a more efficient operating model from the Staples perspective. So this is just to give you a sense of where things are.
Vaishnavi Gurung
Thank you, sir. And just wanted to understand what is our future outlook in these segments.
Muthiah Murugappan
So in terms of the sugar and biofuel segments, I think we will continue to, you know, run efficiently. We will really need to look towards the policymakers for some respite on upward revision of MSP and perhaps ethanol price as well. We haven’t really seen any positive changes from that front. So I think we’ll just continue to focus on efficiency, focus on driving, planting and, you know, running, running our operations better. But I think really to move the needle, we’ll need support from policy on that front. In terms of the CPD segment, I think the growth story will continue.
It is a key segment for the business. While we’ve taken two quarters to really strengthen our operating and our economic model, what you will see in Q1 is a stronger operating model. We will also announce in Q1 the newer categories we wish to enter in the food FMCG space. This is a body of work which is being done currently with some industry experts. And when we meet in May. We will give you a clear picture as to which categories you know, beyond staples and speed nurse. We will enter in the food FMCG space.
Vaishnavi Gurung
Okay, so I’ll note this just two more questions on consumer end. One is I wanted to understand what are our competitive advantages in this segment and what is the total anticipated amount or impact for the channel correction we are taking?
Muthiah Murugappan
So we have taken some impairments on account of this channel correction and that’s reflected in the numbers this year. We’ve already taken in Q3, a 10 crore impairment. So that’s from an impact perspective. Can you just go over your first question again?
Vaishnavi Gurung
Yeah, I wanted to understand the competitive advantage.
Muthiah Murugappan
Sure. So I’ll just take you back to when we launched into this segment about seven, eight years ago. I think obviously we had the brand Parry, which is with us and it’s a known brand from before. I think we have reinvigorated the brand and launched it into the sweetener space where it already has a lot of brand equity. I think we’ve enhanced that significantly. So I think that’s the bedrock upon which we started further building the platform. Given we are a sugar manufacturer, I think we do understand the back end and the supply chain. We also now make brown sugar and jaggery in our plants.
So this again is a competitive advantage. We don’t see too much competition in this segment. We are in the Southern Region, a 55% market shareholder now. I think as we expand into other categories, if you look at the Staples category, we have done some vertical integration, particularly on DALs. I think this will give us better quality control and also improve margin capture going forward. So I think we’re building our competitive advantage further as we go along when it comes to the newer categories, which we’ll talk about in the subsequent quarter. It will also give you guys some kind of an overview on how we wish to expand the business into these categories.
Vaishnavi Gurung
So in long term, do we plan to shift from trading to manufacturing in house of these products?
Muthiah Murugappan
So, you know, we make a lot of our sweetener products are made in house. We do have third party manufacturing partnerships as well. Similarly for Staples, it will be a hybrid going forward.
Vaishnavi Gurung
Okay, so this last question on channel correction you mentioned, the impact will be impact for quarter three, 10 color. I wanted to know the total impact we’re anticipating.
Muthiah Murugappan
So we will review at the end of quarter four whether there’s any further impact. We’re not foreseeing such a high impact, if at all.
Vaishnavi Gurung
Okay, thank you for taking the questions. I’ll Join back with you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Prashant, an individual investor. Please go ahead. Mr. Prashant, we cannot hear you. Can you come in the range and talk? Yes, now it’s audible. Please go ahead.
Unidentified Participant
Yeah. Just one accounting question. What is the number for inventory receivable and payable as on 31st December?
Y. Venkateshwarlu
Here you are looking at that. Prashant.
Muthiah Murugappan
Yeah. Prashant, can you hear us? Prashant?
operator
Mr. Prashant, can you hear the speaker? We cannot hear you. I think your voice is breaking. Can you come in the range and talk?
Unidentified Participant
Is it better now?
operator
Yes, please come.
Unidentified Participant
Yeah. So what is the number for inventory receivable and payables as on the 31st of December?
Y. Venkateshwarlu
Okay, so as far as the receivable fix is concerned about 170 crores or so. Prashant, as far as the payables is concerned about the two, something will be there. So as far as the inventory is concerned, about 800 crores will be there.
Unidentified Participant
Okay, so is it, Am I right in interpreting that the cash generated had been used to pay off the borrowings?
Y. Venkateshwarlu
No, because there will be short term borrowings also will be there to fund the working capital.
Unidentified Participant
Okay, so what will be the borrowing number? We like just.
Y. Venkateshwarlu
We have already mentioned in the investor presentation, Prashant. So short term will be about 8, 750 crores as well.
Unidentified Participant
Okay. And just one last sugar. I mean what is the recovery rate till 31st December and how do you see going it? See that going forward recovery is as.
Y. Venkateshwarlu
Of 31st December it is about 11.19%. Okay, so. So going forward maybe though like a January, February, if you look at it this slightly may increase.
Unidentified Participant
That’s all from my side. Thank you and wish you all the best.
Y. Venkateshwarlu
Thank you. Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Vaishnavi Gurung with Craving Alpha wealth fund. Please go ahead.
Vaishnavi Gurung
Yeah, thanks for taking my question again. Sir. You mentioned 55% market share in consumer product. Just wanted to know is this with respect to a particular product segment?
Muthiah Murugappan
Yeah, this is the sweetener segment.
Vaishnavi Gurung
Thank you. That’s it from my side.
operator
Thank you. A Reminder to all the participants that you may best star and want to ask a question. Next question comes in the line of Somnath Saha with 361 capital PNK.
Somnath Saha
Hello sir. Thank you for the opportunity. So my question is. Already you have mentioned that you will sell around 15 lakh shares of the Koro Mundals. Can you give some idea about the outlook going forward and when the timeline for that sells it?
Muthiah Murugappan
Sorry I didn’t get the last part of your question Mr. Saha.
Somnath Saha
So basically. Basically I’m asking about the. You have mentioned that you are going to sell 15 lakh shares of Coromandel. Around 0.51% of your total stake. What is the timeline for the deal and going forward what is the outlook of that investment in Koromundal?
Muthiah Murugappan
So Mr. Saha, the. It’s an enabling resolution which the board has taken. So we will determine at the right time, you know basis any appropriate use of funds which we may have we will determine at that point in time.
Muthiah Murugappan
Time. It’s an enabling resolution for now.
Somnath Saha
Okay. So no in timeline that by study will execute that deal now As I.
Muthiah Murugappan
Said it’s an enabling resolution for now. We will determine you know basis appropriate requirements what is to be done further.
Somnath Saha
Okay. So secondly sir, can you give some idea of the current number of store count on your CPG segment and how much growth we can expect in next couple of years?
Balaji Prakash
Yeah, so much. This is Balaji here and I head the CPG business. So if you look at our current coverage it will be in the range of about 1 to 1.2 lakh outlets. And there are about 70,000 outlets which buy from us on a quarterly basis. This will be growing as per our requirements of the business in the next few quarters.
Somnath Saha
And sir, only on the distillery front can you give. Can you give the breakup of your grain route is and all how much is coming from maize and how much is coming from your FCI rise. And any idea of the current DNA pricing.
Y. Venkateshwarlu
On the grain route? We have only one facility in Andhra roughly about 120 klpd. The balance of 400 odd klpds in the molasses route. The current pricing on Ena has been under pressure due to under allocation of ethanol in Karnataka resulting in most players trying to sell Ena. It’s hovering in Karnatakar on 58 to 60. We have a better ANA price in Karnataka around 72. Sorry in Tamil Nadu of around 72. We expect the pressure on ANA to continue for another month or so after which you will see an upward division once the crushing comes to a close in Karnataka markets.
Somnath Saha
And so lastly, if I see the sugar division performance despite this strong your realization in the market, we made loss this time also. This is only for the lower quota or anything that we are missing outside.
Y. Venkateshwarlu
If you look at it, the seasonal business, if you see the better results in a Q4 because normally all the sugar companies like you will have only the two months operations during the quarter. When it comes to the next quarter, the operations results will be good. You can look at it all the sugar industries.
Muthiah Murugappan
So Somnath, usually in Q3 we will report a loss. That’s just the way I mean our Tamil Nadu season start very late Q3. Karnataka kind of starts early November. So you know the plants are technically not running Jan. I think December, Jan, Feb is when plants are generally running all together. So these are the more profitable months. So you will, as Venkat said, you will see, you will see that in Q4 this has been the trend for us kind of every year. But I mean maybe what, what you really want to compare is the level of losses versus the same quarter quarter last year where in which we fared better.
So certainly from an EBITDA delivery we have fared better. This is obviously despite FRP increases and increases in other input costs. And this has really been driven by efficiency and cost work which the business has done over the last year.
Somnath Saha
Thank you, sir.
operator
Thank you. Next question comes from the line of Atul Rastogi, an individual investor. Please go ahead.
Unidentified Participant
Yeah, good morning sir. Thanks for taking my question. My question was on the refinery business. So I think your costs have come down significantly over the last nine months or so. So you think that cost of $41 per metric ton is sustainable. How do you see that?
Suresh Kannan
Yeah, thank you for the question. This is Suresh Khanan. You’re right. The costs have come down during the current year mainly on account of energy efficiency projects that are implemented over end of last year giving results. So we expect we should be able to sustain these cost levels going forward.
Unidentified Participant
And I think if I see correctly, the spread this quarter has come down significantly. What is your view on that and why these spreads have come down?
Y. Venkateshwarlu
As Mithu explained as part of his opening remarks, the world is turning into a sugar surplus scenario. And we also have higher white sugar stocks that are sitting in origins such as Brazilian, Thailand as well as India waiting for the world market to capture them as far as the right opportunity is concerned. So the white premiums, which is the indication of spread availability has been under pressure over the last six months. So this is basically a reflection of the surplus refined sugar and white sugar availability globally. So we expect this tightness or the lower white premium for the next two quarters going forward.
Unidentified Participant
So just one more question on this. I noticed that the net working capital investment is hugely negative like $55 million as of December 25 and it has jumped from $25 million as of 24. So what is the main reason for this and do you think will continue? Because. Yes, please go ahead. Yeah, no, And a related question is. I mean if working capital is this negative, then it should throw up a lot of cash if I’m not wrong.
Y. Venkateshwarlu
Okay. As far as the networking capital is concerned, you must see it in conjunction with the borrowings, external borrowings that are there. As the external borrowings have come down, negative working capital has increased. So this is on account of basically a higher inventory turnover that we are able to get as well as the long credit period that we have from the suppliers. If you look at our investor position 28, page 28 there you can see PSR. We have given the note because if you look at it ytDC is the 532, whereas December 25 has come at 78.
We also given the note that why there is any reduction? Because non fund based limits has increased. So thereby you can see the upside in the negative working capital increase coincide with the reduction in the short term borrow.
Unidentified Participant
Just from an operational perspective, do you have huge, I mean your payables are much, much more than inventory and receivables, is that correct?
Y. Venkateshwarlu
Yeah, that is the situation at the moment based on the sale and the inventory numbers.
Unidentified Participant
Okay, so that’s not every time. It’s like this is a peculiar situation this quarter. Right.
Y. Venkateshwarlu
This quarter may not be reflective of the normal state of class.
operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Once again, a reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Ajit from Nizar. Please go ahead.
Unidentified Participant
Hello. Am I audible? Sir?
Muthiah Murugappan
Yeah.
Unidentified Participant
Sir, Sorry I joined little late. I just wanted to understand, you know, why did our non sugar branded business, you know, degrow and what is the. I mean your expectations going ahead?
Balaji Prakash
Yeah, so I think on value. Value terms. On value terms, you know the price of pulses itself was about 35 to 40% lower in the market compared to the previous year. So if you look at at value turnovers for the quarter for non sweetener business, we would have de grown from 221 crores to about 155 crores and that is for YTD. And that’s largely because of the reduction in the price of Dal which degrew. The other reason is that we are focusing on. We are taking some corrective actions in terms of channel corrections in order to revise the way in which we are doing our business.
In terms of volume our focus is also shifting more towards the profitable SKUs and we’ve done backward integration of DALs so we’ve got our own Dal processing plant. So our focus is more on dals because the product mix moved more towards dals and the price of DAL in the market was significantly lower than last year. You see us de growth in the value turnover of the non sweetener business.
Unidentified Participant
And sir, how do you see it going forward? I mean volume growth and probably are we trying to enter into some other state except probably Tamil Nadu and Karnataka.
Balaji Prakash
So I think going forward the business will be consolidated and we will stay focused on ensuring that we sell more of the profitable SKUs. Our focus on the backward integration will remain and we will continue to run our plants at max capacity expansion into non south markets for non sweetener. We will consider it only at the relevant point of time. As of now there are no plans to go beyond south for non sweetener.
Unidentified Participant
Okay. Understood sir. Thank you so much.
operator
Thank you. A reminder to all the participants. Now you may press star and one to ask a question. Once again a reminder to all the participants that you may press star and one to ask a question. Once again a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Rushab with RBSA Investment managers llp. Please go ahead.
Rushabh Shah
Just to understand the consumer product business on the non sweetener category since we have initiated the foray into this what have been the learnings and what is the strategy? How have we changed the strategy? And we’ll just share the thoughts going forward from a two to three year perspective and what is there? I understand south market will be. We have a good right to win there. So how are you planning to scale it up?
Balaji Prakash
So Rishabh, I think some of the. We’ve had some of the learnings. This business also follows a certain amount of cyclicality and seasonality. So. So there are periods of the year when the price goes up and down and depending upon the export import policies of the government the raw material prices of imported and domestic will vary accordingly. So we have got our share of learnings we have also done this year. We had bought Lentil in the raw form and we had bought our own plant and we have processed it. So we have done a full scale backward integration of this entire exercise and our learnings in that area are significant in terms of the cost of conversion as well as how do we play out on the pricing.
So there has been significant learnings in that aspect. There is also a significant learning in terms of the channel and how the channel responds to a new brand which comes into this business and this category. So there are significant learnings and our attempt is to try and build all of them into a more robust strategy for the next financial year as we go forward into it. And can you please repeat the second part of your question that was not very clear to me?
Rushabh Shah
I’m just asking, in the south market at least I think we have a reasonable right to win. So how are you planning to scale it up since I think the learning curve has been achieved or you think there is still more to go in terms of new product launches and the learning curve in the existing products?
Balaji Prakash
See, I think the learning curve will never stop because there will always be something more that we will be learning on this business. So I wouldn’t say that we are experts in this business as a of now, but we have got significant learning and the right to win is very, very clear in the south markets because of the Barry brand and the share that we have in the sweetener business is a very dominant share. So I think we will be focusing more on the south markets in order to stay focused on the business.
Rushabh Shah
And what about the new product launches that you are planning earlier? I think so.
Balaji Prakash
There is a lot of work in progress on some of those new products and I think we will come back to you maybe by the end of next quarter in terms of what the plans are. We’ll probably be able to outline some of the plans to you when the time is more relevant for it, please.
Muthiah Murugappan
Yeah. So Rishabh, just to overlay what Balaji said and I think I sort of covered it earlier in the call as well where of course in the Staples and in the sweetener segment. For now we do aspire to go deeper into both these segments as the build of the business progresses. And if particularly in the Staples segment we will aspire to build a more profitable model, certainly on sweeteners, we will be doing this as well. We will also give you guys an overview as to the newer categories we wish to enter and we will do this in the May call as I said there is a body of work which we are just about concluding with some industry experts to help us really poor that narrative together on what new categories we want to enter are.
Rushabh Shah
Okay. And are you looking at inorganic opportunity in this consumer non sweetener business?
Muthiah Murugappan
Yes, we are.
Rushabh Shah
Okay, thank you.
operator
Thank you. A reminder to all the participants that you have a star and one to ask a question. Next question comes from the line of Ajit Bid Nizar. Please come on.
Unidentified Participant
Yes, sir. Just a follow up on the previous participants question. You said that you know, you are discussing with some industry experts to expand your product portfolio. So have you appointed any, you know, external consultant or is it internal team only or what is it exactly?
Muthiah Murugappan
Yeah. So the industry expert is external.
Unidentified Participant
Okay. Okay, understood.
Unidentified Participant
And we are expecting the report by probably this year, right?
Muthiah Murugappan
Yes, it should be done in the next six weeks. As I said, we’ll cover, you know, elements of that in May. We’ll give you a clear picture of which categories we’re going to be going after by the time we will, you know, get into the next phase of implementation.
Somnath Saha
Understood? Understood. Thank you, sir.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Gautam with Nalanda securities. Please go ahead.
Unidentified Participant
Yeah, hi, just a follow up. Did you mention that you’re open to inorganic opportunities in the consumer segment? And if so, what would be like a typical product category or size of business that you would be looking at?
Muthiah Murugappan
So. Hi Gautam. Yes, we are open to inorganic opportunities. I think it would be the would be a nice optimal way to grow. I think as I mentioned earlier, we’ll come back clearly with the categories we’re looking to expand into. We don’t see on sweeteners. There won’t be any need for inorganic in the segment which we have built over the last couple of years and will continue to build so too on the staples. There are other segments in the realm of food, fmcg, wherein we certainly consider inorganic growth. And maybe we’ll give you guys an overview or some color of that in the May call.
Unidentified Participant
Okay, thank you.
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Muthiah Murugappan
Thank you all for logging into our Q3 earnings call. We look forward to meeting you all again at the end of the next quarter. Thank you and have a good day.
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