LT Foods Q1 profit up 13% to Rs 155.3 cr, revenue up 16.4% to Rs 2,070.5 cr

New Delhi: LT Foods Ltd on Thursday reported a 13 per cent increase in consolidated net profit to Rs 155.28 crore for the first quarter ended on June 30, 2024.

It had reported a net profit of Rs 137.44 crore for the April-June quarter a year ago, according to a regulatory filing from LT Foods Ltd, which owns basmati rice brands Daawat and Royal.

Its revenue from operations was up 16.44 per cent to Rs 2,070.50 crore during the quarter under review compared to Rs 1,778.07 crore a year ago.

Total expenses for LT Foods in the June quarter were at Rs 1,890.30 crore, up 16.54 per cent.

LT Foods’ total income was at Rs 2,088 crore in the June quarter, up 16.72 per cent from the corresponding quarter a year ago.

Commenting on results, LT Foods Managing Director & CEO Ashwani Arora said, "Our premiumization strategy continues to yield significant results, driving higher margins and reinforcing our brand's reputation for providing quality products to consumers and continuously innovating ourselves to stay relevant to consumers." LT Foods Ready-to-Eat (RTE) and Ready-to-Cook (RTC) segments, witnessed 37 per cent year-on-year growth in the first quarter, he said.

Meanwhile, the board of LT Foods, in a meeting held on Thursday, declared a second interim dividend of 0.50 per equity share, of 1 each of the Company Shares of LT Foods Ltd on Thursday settled at Rs 290.15 on BSE, down 0.15 per cent from the previous close.