LT Foods stock has corrected 16 per cent from its 52-week high of Rs 447.95 reached on September 9, 2024, while soaring 134 per cent above its 52-week low of Rs 160.05 touched on March 14, 2024

SI Reporter New Delhi

LT Foods shares price rose up to 5.57 per cent at Rs 375 on the BSE in Tuesday’s intraday trade. LT Foods stock has corrected 16 per cent from its 52-week high of Rs 447.95 reached on September 9, 2024, while soaring 134 per cent above its 52-week low of Rs 160.05  touched on March 14, 2024.  

LT Foods share price swelled today after the fast moving consumer goods (FMCG) company on Monday announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh, to tap the $2 billion rice and rice-based food market in the Kingdom of Saudi Arabia (KSA). 

“The new office will act as a hub for LT Foods’ regional operations, enabling the company to leverage its deep expertise in rice and rice-based food products that align with Saudi Arabian consumers’ tastes and culinary traditions,” the company said in a statement. 

LT Foods plans to invest SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing a revenue of SAR 435 million over the next five years.  

With Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, LT Foods is also gearing up to set up local manufacturing facilities in the Kingdom, the company said.

“Saudi Arabia is one of the largest importers of rice and a key market for us. We see tremendous potential for growth in the market and are excited to bring our legacy of quality, innovation, and trust to the region,” said Gursajan Arora, CEO – Middle East Business, LT Foods. 

LT Foods Q2FY25 results

LT Foods, owner of basmati rice brands ‘Daawat’ and ‘Royal,’ reported a 4.3 per cent year-on-year decline in net profit, reaching Rs 150.6 crore for the second quarter ended September 30, 2024, compared to Rs 157.3 crore last year.  

Revenue from operations grew 6.6 per cent to Rs 2,107.8 crore, up from Rs 1,977.8 crore in the same period last year. However, Ebitda fell 4.7 per cent to Rs 229.3 crore, while the Ebitda margin decreased to 10.9 per cent from 12.2 per cent in the previous fiscal’s Q2.

The company has a total market capitalisation of Rs 12,473.33 crore. Its shares are trading at a price to earnings multiple of 63.92 times and at an earning per share of Rs 5.56.  

At 11:38 AM; the shares of the company were trading 1.27 per cent higher at Rs 359.70 a piece. By comparison, the BSE Sensex was down 0.1 per cent at 80,104.88 level. 

Published Date: November 26, 2024