LT Foods Faces Profit Dip Amid Rising Expenses

LT Foods, prominent in the basmati rice market, reported a 4.75% decline in net profit due to increased expenses. The company's revenue increased, but costs also surged. The Board reappointed key directors and approved a 4% stake acquisition in Raghunath Agro Industries.

LT Foods, a key player in the basmati rice industry, announced a 4.75% decline in consolidated net profit for the quarter, attributing the decrease to rising expenses.

The company reported a net profit of Rs 145.38 crore, down from Rs 152.64 crore in the same period last year. Income saw an uptick, rising to Rs 2,288.25 crore from Rs 1,949.68 crore, but this was offset by increased expenditures totaling Rs 2,094.42 crore compared to Rs 1,757.67 crore previously.

In corporate developments, the Board has reappointed Ashwani Kumar Arora and Surinder Kumar Arora as Managing Directors, pending shareholder approval. Additionally, approval was given for acquiring a 4% stake in Raghunath Agro Industries. LT Foods' shares fell 7.08% to Rs 370.30 on the BSE amid these announcements.

(With inputs from agencies.)