Companies

LT Foods Q1 net profit rises 88.57% at ₹82.65 crore

PTI New Delhi | Updated on July 30, 2020 Published on July 30, 2020

Leading basmati rice firm LT Foods on Thursday posted 88.57 per cent increase in its consolidated net profit at ₹82.65 crore for the first quarter of 2020-21 fiscal on strong sales.

Its net profit stood at ₹45.42 crore in the year-ago period, according to the regulatory filing.

The company’s consolidated net profit in the first quarter of the current fiscal rose on a rise in revenue largely from its subsidiaries and joint ventures.

LT Foods’ consolidated net income increased to ₹1,220.71 crore in the April-June quarter of 2020-21 fiscal from ₹985.31 crore in the same quarter previous year.

Expenses remained higher at ₹1,110.49 crore when compared with ₹916.62 crore in the said period.

On a standalone basis, the company’s net profit rose to ₹26.42 crore in the first quarter of the current financial year from ₹21.02 crore in the year-ago.

Net income on a standalone basis increased to ₹642.26 crore from ₹604.49 crore in the said period.

LT Foods, which has 12 subsidiaries and joint venture firms, is engaged in milling, processing and marketing of branded and non-branded basmati rice.

It has manufacturing units of rice food products in India and the international market. Its major brands are Daawat and Royal.

The company’s shares on Thursday closed 15.95 per cent up at ₹52.70 per piece on the BSE.

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Published on July 30, 2020
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