India's LT Foods posts higher quarterly profit on strong demand
May 15 (Reuters) - India's LT Foods (LTOL.NS), opens new tab, which makes the Daawat and Royal brands of basmati rice, posted a 7.9% rise in fourth-quarter profit on Thursday, on strong demand.
The company said its consolidated net profit rose to 1.61 billion rupees ($18.8 million) in the three months ended March 31, up from 1.49 billion rupees last year.
The Gurugram-based firm said its basmati and other speciality rice segment grew 10%, organic food and ingredients rose 29%, and ready-to-heat and ready-to-cook products climbed 21% from last year.
LT Foods does not segregate its revenue by segments or geography.
The company, which currently accounts for about half of India's rice exports to the United States, said its international business delivered a strong performance, with all key markets contributing to growth.
The Indian government lifting the export ban on non-basmati rice and removing the minimum export price for basmati in September 2024 boosted exports from India, according to analysts, with overall export volumes jumping 50% in January 2025 from a year earlier.
Exports make up around 45% of LT Foods' overall revenue, which rose 7.4% to 22.28 billion rupees.
($1 = 85.4640 Indian rupees)
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