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Rice exporter LT Foods has reported a more than seven-fold rise in net profit to Rs 9.69 crore for the quarter ended March 31, 2011, against Rs 1.28 crore last fiscal due to higher sales.
“Our net profit has grown due to higher sales in last fiscal and also because of forex losses in the fourth quarter of the previous year,” the LT Foods Joint Managing Director, Mr Ashwani Arora, said.
Net sales during the fourth quarter of last fiscal rose 52 per cent to Rs 449.03 crore from Rs 294.84 crore in the same period of the previous fiscal.
However, the net profit in 2010-11 fiscal fell by 24 per cent to Rs 25.65 crore from Rs 33.15 crore in the previous fiscal. Net sales rose 20 per cent to Rs 1,281.38 crore (Rs 1,067.40 crore).
When asked about the fall in profit during last fiscal, Mr Arora said the company’s operational profit has gone up, but profit after tax (PAT) has declined as the company had earned Rs 10 crore in forex in 2009-10 financial year.
LT Foods has five rice processing plants with a capacity of 2.5 lakh tonnes. The company sold 1.9 lakh tonnes last fiscal, out of which about 50 per cent were exports. Its major export destinations include West Asia, America and Europe.
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