BENGALURU, Oct 30 (Reuters) – Indian rice producer and exporter LT Foods LTOL.NS reported a 74.3% surge in quarterly profit on Monday, boosted by strong demand for its basmati rice.<\/p>\n\n\n\n
The company’s consolidated profit rose to 1.56 billion rupees ($18.74 million) in the quarter ended Sept. 30, from 895 million rupees, a year earlier.<\/p>\n\n\n\n
Consolidated revenue from operations rose more than 14% to 19.78 billion rupees, aided by a 23% growth in the company’s core basmati and other specialty businesses.<\/p>\n\n\n\n
Total expenses rose about 12% to 17.92 billion.<\/p>\n\n\n\n
The company said that increased investment in its Daawat brand basmati rice, marketing and market share gains have led to margin expansion in its core segment.<\/p>\n\n\n\n
“The market share of Daawat brand in India surged to 30.2%, increasing 160 basis points in the quarter,” said Managing Director and CEO Ashwani Arora.<\/p>\n\n\n\n
India, the world’s biggest exporter of rice, imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to cool local prices.<\/p>\n\n\n\n
It, however, reduced the minimum export price to $950 per metric ton this month, boosting expectations that the move will reinstate the competitiveness of Indian basmati rice shipments in global markets.<\/p>\n\n\n\n
Shares of LT Foods rose as much as 8.6% after results before paring gains.<\/p>\n\n\n\n
($1 = 83.2260 Indian rupees)<\/p>\n\n\n\n
(Reporting by Ashna Teresa Britto; editing by Eileen Soreng)<\/p>\n","protected":false},"excerpt":{"rendered":"
BENGALURU, Oct 30 (Reuters) – Indian rice producer and exporter LT Foods LTOL.NS reported a 74.3% surge in quarterly profit on Monday, boosted by strong demand for its basmati rice. The company’s consolidated profit rose to 1.56 billion rupees ($18.74 million) in the quarter ended Sept. 30, from 895 million rupees, a year earlier. Consolidated revenue from operations rose […]<\/p>\n","protected":false},"author":1,"featured_media":9380,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,46,167,160,159],"class_list":["post-9788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-asian-rice","tag-indian-rice","tag-rice-export","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"\n