LT Foods Q2 profit up 63% at ₹77 crore1 min read . Updated: 30 Oct 2020, 03:12 PM IST
- Net income increased to ₹1,218.15 crore in July-September 2020-21from ₹984.35 crore in the year-ago period
- LT Foods is engaged in milling, processing and marketing of branded and non-branded basmati rice
Leading basmati rice firm LT Foods on Friday posted 63% jump in consolidated net profit at ₹77.46 crore for September quarter 2020-21. Its net profit stood at ₹47.34 crore in the same quarter of the previous financial year, according to a regulatory filing.
Net income increased to ₹1,218.15 crore in July-September 2020-21 from ₹984.35 crore in the year-ago period. Expenses remained higher at ₹1,108.87 crore as against ₹920.84 crore in the said period. The company has announced an interim dividend of ₹0.50 per share for half year (April-September).
“We have delivered yet another strong quarter with growth across our segments, as demand for 'in home' consumption remained strong during pandemic while 'out of home' consumption stayed under stress," LT Foods Managing Director and CEO Ashwani Arora said. The company has been able to capture the share of increased growth with the combination of strategies adopted and efforts made in implementing them along with investment in strong brands, robust distribution network, supply chain, he said.
"With a farm-to-fork approach, the company has demonstrated the strength of the business in these unprecedented times. We are confident that the company will continue this momentum of growth going forward as well," he added. LT Foods is engaged in milling, processing and marketing of branded and non-branded basmati rice. It has manufacturing units of rice food products in India and the international market. Its major brands are ''Daawat" and "Royal".
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