LT Foods Q2 2023-24 net profit rises 64.8% to Rs 157.26 cr

New Delhi, LT Foods Ltd on Monday reported a 64.86 per cent rise in consolidated net profit to Rs 157.26 crore for the second quarter ended September 30, helped by expansion in domestic and foreign markets. It had reported a net profit of Rs 95.39 crore for the July-September quarter a year ago, according to a regulatory filing by LT Foods Ltd, which owns basmati rice brands -- Daawat and Royal.

Its revenue from operation increased 14.66 per cent to Rs 1,977.78 crore during the quarter under review. It was Rs 1,724.83 crore a year ago.

The total expenses in the September quarter surged 11.94 per cent to Rs 1,792.33 crore.

Its total income in the September quarter rose 15.02 per cent year-on-year to Rs 1,991.81 crore.

LT Foods Managing Director and CEO Ashwani Arora said: "Our ongoing efforts to expand our presence in India and International markets have yielded substantial results, with our total business growing by 13 per cent during H1 FY24 and profit after tax (PAT) grew by 55 per cent".

LT Foods is a leading player globally in the speciality rice and rice-based foods business.

Over the outlook, Arora said in response to the evolving consumer trends and preferences, LT Foods will grow its core business and innovate and introduce new product offerings diversifying its product portfolio.

"We are confident of continued improvement in our performance over the long term and in our ability to deliver consistent, sustainable, profitable, and responsible growth," he said.

Shares of LT Foods Ltd on Monday were trading at Rs 162.25 on BSE during the afternoon, down 0.46 per cent from the previous close.