Basmati rice brands ‘Daawat’ and ‘Royal’ lead growth amid challenging market conditions
LT Foods, a global FMCG company with Indian origins and over 70 years in the consumer food sector, reported a 14 per cent increase in consolidated net profit, reaching Rs 150.24 crore for the fourth quarter of fiscal 2023-24, buoyed by strong sales.
The company, which owns basmati rice brands ‘Daawat’ and ‘Royal,’ had a net profit of Rs 131.81 crore during the same period last year. Total income for the January-March quarter of 2023-24 rose to Rs 2,091.73 crore, up from Rs 1,834.95 crore in the corresponding period the previous year, as detailed in a regulatory filing. Expenses also increased, totalling Rs 1,898.46 crore compared to Rs 1,685.92 crore a year earlier.
For the entire fiscal year 2023-24, LT Foods reported a 41.35 per cent rise in net profit, amounting to Rs 597.59 crore, up from Rs 422.75 crore the previous year. Total income for the year climbed to Rs 7,822.05 crore, compared to Rs 6,978.81 crore the prior year.
Commenting on the company’s performance, Ashwani Arora, MD and CEO, LT Foods, noted that despite a challenging external environment, the company achieved remarkable growth in both revenue and profitability for another consecutive year. He highlighted that the three main segments—Basmati and other specialty rice, organic food and ingredients and ready-to-eat and ready-to-cook products—delivered a 12 per cent year-on-year growth.
