Leading rice firm LT Foods has posted 16.28 percent jump in its consolidated net profit at Rs 38.55 crore in the third quarter of this fiscal on strong sales.
According to a PTI report: Net profit stood at Rs 33.15 crore in the year-ago period, the company said in a regulatory filing.
Total income increased substantially to Rs 958.42 crore in the October-December period of the 2017-18 fiscal from Rs 798.03 crore in the year-ago period.
Expenses remained higher at Rs 899.74 crore as against Rs 751.44 crore in the said period.
Ashwani Kumar Arora, CEO and Managing Director, LT Foods said the company has made substantial investment in the last nine months.
“Our focus on building strong brands and diversifying product offerings has helped us to increase our market share by 28 percent in the last quarter in India as per AC Nielsen report,” he told PTI.
LT Foods has launched a new ready to heat organic retort rice plant in the US and a rice processing facility in Europe. It has also launched a premium rice based snacks brand ‘Kari Kari’ in partnership with Japanese snack major Kameda Seika.
LT Foods is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in India and the international market.