LT Foods posts 14% jump in Q4 net profit on strong sales

New Delhi: LT Foods, owner of basmati rice brands 'Daawat' and 'Royal', on Friday posted a 14 per cent jump in consolidated net profit at Rs 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales.

The company's profit stood at Rs 131.81 crore a year earlier.

Total income rose to Rs 2,091.73 crore during the January-March quarter of 2023-24, from Rs 1,834.95 crore in the same period a year ago, the company said in a regulatory filing.

Expenses remained higher at Rs 1,898.46 crore versus Rs 1,685.92 crore a year earlier.

For the full fiscal year 2023-24, LT Foods reported a 41.35 per cent increase in net profit at Rs 597.59 crore, compared with Rs 422.75 crore in the previous year.

Total income rose to Rs 7,822.05 crore from R 6,978.81 crore a year earlier.

Commenting on the performance, LT Foods Managing Director Ashwani Arora said the company has delivered stellar growth in revenue and profitability for yet another year, despite facing a challenging external environment.

The three key segments -- Basmati and other speciality rice; organic food and ingredients; and Ready-to-Eat and Ready-to-Cook -- have collectively delivered an impressive 12 per cent year-on-year (YoY) growth, he said.

"This consistent performance underscores our strategic focus on continuous investment on brands across geographies and innovation, which has significantly bolstered our domestic and international market position," he added.

Shares in LT Foods rose 0.44 per cent to Rs 229.40 by 1500 hours on the Bombay Stock Exchange.