Google News
spot_img

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

Must Read

This consistent performance underscores our strategic focus on continuous investment on brands across geographies and innovation

New Delhi: LT Foods, a more than 70-year-old Indian-origin global FMCG company in the consumer food space, on Friday posted a 14% jump in consolidated net profit at Rs 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales.

The profit of the company — which is the owner of basmati rice brands ‘Daawat’ and ‘Royal’ — stood at Rs 131.81 crore in the year-ago period.

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% 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 Rs 6,978.81 crore a year earlier.

Commenting on the performance, LT Foods MD and CEO 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% 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% to Rs 229.40 by 1500 hours on the Bombay Stock Exchange.

Latest News

D2C brand Beyoung to go international with the first store in Dubai

The brand is focusing on increasing its presence in the Middle East and achieving a GMV of Rs 650...