LT Foods Navigates Challenges to Expand Global Rice Empire

LT Foods, known for basmati rice brands Daawat and Royal, has seen a 4.22% decline in net profit during the September 2024 quarter due to rising expenses, despite revenue growth. The company has expanded its market share globally, particularly in North America, Europe, and the Asia-Pacific.

LT Foods, renowned for its Daawat and Royal basmati rice brands, reported a 4.22% decrease in net profit for the September 2024 quarter. Rising expenses and global shipping disruptions ate into profits, despite an uptick in revenue, the company said on Thursday.

In its latest regulatory filing, LT Foods disclosed that its consolidated net profit dropped to Rs 150.61 crore, down from Rs 157.26 crore in the same period last year. Nonetheless, total income saw a 7.18% increase to Rs 2,134.04 crore, up from Rs 1,991.91 crore a year ago, while expenses surged to Rs 1,942.91 crore from Rs 1,792.33 crore in the previous year.

Despite these challenges, CEO Ashwani Arora pointed to substantial market share gains, particularly in North America, Europe, and the Middle East. LT Foods has capitalized on its resilience through expanded distribution networks and brand diversification, including a notable entry into Saudi Arabia and the launch of Daawat Jasmine Thai Rice in India.

(With inputs from agencies.)