LT Foods Q2 net profit up 36% to Rs 36 cr

PTI New Delhi | Updated on January 09, 2018 Published on November 15, 2017

LT Foods today posted 36.43 per cent jump in consolidated net profit to Rs 36.40 crore for the September quarter of the current fiscal.

Its net profit was Rs 26.68 crore in the July-September period of last fiscal, the company said in a regulatory filing.

The total income of the company increased marginally to Rs 854.67 crore in the September quarter of 2017-18 from Rs 844.96 crore in the year-ago period.

Its expenses remained at almost the same level of Rs 797.39 crore as against Rs 800.87 crore.

LT Foods Managing Director Ashwani Arora said: “In India, the business has been growing at a CAGR of 11 per cent.”

To strengthen the position in Europe and to unlock full potential of this segment, the company has recently set up a plant in Europe which will help save import duty of €170 per tonne on white rice, he said.

Further, to tap one of the fastest growing segments in the US, the company has also set up a plant for ‘Organic Ready to Heat products’

“All these initiatives will help us achieve our strategic objectives and maintain the momentum of growth across geographies including India,” he added.

LT Foods is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the India and international market.

The company’s stock fell 3.55 per cent to close at Rs 69.25 on BSE.

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Published on November 15, 2017
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