LT Foods reports strong Q2 results with a 64.86% rise in net profit

LT Foods Ltd announced a robust performance for the second quarter ending September 30, with a consolidated net profit of Rs 157.26 crore, marking a significant increase of 64.86 per cent. This impressive growth is attributed to the company's expansion efforts in both domestic and international markets.

Comparatively, the net profit for the same period last year was Rs 95.39 crore, as disclosed in a regulatory filing by LT Foods Ltd, renowned for its basmati rice brands, Daawat and Royal.

The revenue from operations also saw substantial growth, rising by 14.66 per cent to reach Rs 1,977.78 crore during the quarter under review, up from Rs 1,724.83 crore in the previous year.

While the total expenses for the September quarter surged by 11.94 per cent to Rs 1,792.33 crore, the company's total income witnessed a 15.02 per cent increase year-on-year, reaching Rs 1,991.81 crore.

LT Foods' Managing Director and CEO, Ashwani Arora, expressed satisfaction with the company's expansion efforts, which resulted in substantial growth, including a 55 per cent increase in profit after tax during H1 FY24.

Background

LT Foods holds a prominent position in the global speciality rice and rice-based foods sector. Looking ahead, Arora emphasised the company's commitment to adapting to evolving consumer trends and preferences. LT Foods plans to focus on growing its core business, introducing innovative product offerings, and diversifying its product portfolio.

Arora expressed confidence in the company's long-term performance and its ability to deliver consistent, sustainable, profitable, and responsible growth.

During afternoon trading on Monday, shares of LT Foods Ltd were valued at Rs 162.25 on the BSE, representing a marginal decrease of 0.46 per cent from the previous close.

(With PTI inputs)