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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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