LT Foods, the parent company of the renowned basmati rice labels ‘Daawat’ and ‘Royal’, reported a 14 percent jump in consolidated net profit at INR 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales. The company’s profit stood at INR 131.81 crore a year earlier.
According to a regulatory filing, total income increased to INR 2,091.73 crore during the January-March quarter of 2023-24, compared to INR 1,834.95 crore in the corresponding period of the previous year.
Expenditures remained elevated at INR 1,898.46 crore compared to INR 1,685.92 crore from the previous year.
Continue Exploring: LT Foods Q3 profit soars by 52%, reaching INR 152.64 Crore
For the full fiscal year 2023-24, LT Foods reported a net profit of INR 597.59 crore, marking a 41.35 percent increase compared to INR 422.75 crore in the previous year.
Total income increased to INR 7,822.05 crore, up from INR 6,978.81 crore the previous year.
Commenting on the performance, LT Foods Managing Director Ashwani Arora stated that the company achieved stellar growth in both revenue and profitability for yet another year, despite a challenging external environment.
He stated that the three key segments—Basmati and other specialty rice, organic food and ingredients, and Ready-to-Eat and Ready-to-Cook products—have collectively delivered an impressive 12 percent year-on-year (YoY) growth.
“This steady growth underscores our strategic focus on continuous investment on brands across geographies and innovation, which has substantially bolstered our domestic and international market position,” he stated.
By 1500 hours on Friday, shares in LT Foods climbed 0.44 percent to INR 229.40 on the Bombay Stock Exchange.
Continue Exploring: Daawat earns top spot in Canstar Blue’s dry rice ratings in Australia