LT Foods Q2 Profit Down 4.2%, Revenue Up 6.5%

New Delhi, Oct 24 (PTI) LT Foods Ltd on Thursday reported a 4.22 per cent decline in its consolidated net profit to Rs 150.61 crore for the second quarter ended on September 2024.

It had reported a net profit of Rs 157.26 crore for the July-September quarter a year ago, according to a regulatory filing from LT Foods Ltd, which owns basmati rice brands -- Daawat and Royal.

Its revenue from operations was up 6.57 per cent to Rs 2,107.78 crore during the quarter under review compared to Rs 1,977.78 crore a year ago. Total expenses for LT Foods in the September quarter were at Rs 1,942.91 crore, up 8.4 per cent.

LT Foods' total income, which includes other revenue, rose by 7.14 per cent to Rs 2,134.04 crore in the September quarter.

Commenting on results, the company's Managing Director & CEO Ashwani Arora said despite a disrupting external environment, especially the Red Sea crisis, LT Foods remained resilient and delivered sustained growth this quarter.

"Revenue grew by 7 per cent year-over-year, driven by accelerated brand investments and the expansion of our distribution network, particularly in the Basmati & Specialty Rice segment," he said.

Its Basmati & Specialty Rice segment achieved 9 per cent YoY growth, while the Organic Food & Ingredients segment registered 41 per cent growth, said LT Food in its earning statement.

"The RTE and RTC segment also performed well, with 8 per cent YoY growth, highlighting our commitment to scaling these segments and positioning them as key drivers of future expansion," it added.

Shares of LT Foods Ltd on Thursday settled at Rs 352.35 on BSE, down 13.06 per cent from the previous close.