LT Foods Ltd Reports Resilient Growth Amid Market Challenges

LT Foods Ltd reported a 4.22% decline in Q2 net profit to Rs 150.61 crore despite revenue rising by 6.57% to Rs 2,107.78 crore. The company credits brand investment and distribution expansion for 7% revenue growth, especially in its basmati rice and organic food segments.

LT Foods Ltd announced a 4.22% drop in its consolidated net profit for the second quarter of 2024, totaling Rs 150.61 crore. Despite this decline, the company reported a revenue increase of 6.57% to Rs 2,107.78 crore compared to the same period last year.

The basmati rice giant, known for its Daawat and Royal brands, attributed its growth to intensified brand investments and a broader distribution network, especially in the Basmati & Specialty Rice category, which saw a 9% year-over-year growth.

Amidst external market challenges like the Red Sea crisis, CEO Ashwani Arora highlighted the company's resilience, pointing out a robust performance in the Organic Food & Ingredients segment with a 41% growth. Shares closed at Rs 352.35 on BSE, down 13.06% from the previous day.

(With inputs from agencies.)