Food processing company LT Foods Ltd on Wednesday reported a consolidated net profit of ₹59.73 crore in the quarter ended March 31, 2021, up 2.38 per cent compared to ₹58.34 crore in the corresponding quarter of the previous fiscal. Consolidated total revenues stood ₹1,146.52 crore, down 5.8 per cent compared to ₹1,218.12 crore in the corresponding quarter in the previous fiscal.
For the FY21, the company reported a consolidated net profit of ₹289 crore, up 45 per cent compared to the previous fiscal. Consolidated total revenues grew by 12.3 per cent to ₹4,686 crore.
The company said that its basmati and other specialty rice business was up by 9 per cent and organic business was up by 51 per cent in FY21. “New products business comprising of products i.e. Daawat Sehat, Daawat Cuppa Rice, Daawat Sauté Sauces, Kari Kari (Japanese Rice Snacks) and Royal Ready to Heat (in US), launched under the health and convenience category was up by 45 per cent in FY21 versus last year,” it added.
Ashwani Arora, CEO & MD, LT Foods, said the company responded to these unprecedented times with agility by prioritising the health and safety of its team members across globe along with ensuring the availability of its products through its global supply chain hubs.
“Despite the challenges, we achieved a healthy all-round performance on our strategic pillars of growth, margin expansion and strengthening of financial metrics aided by our integrated “Farm to Fork “model, strong brand presence across geographies, well entrenched distribution network with global supply chain hubs. We are optimistic on the outlook of the overall business as we progress on our journey of creating strong, progressive, sustainable, profitable and growing consumer business across all geographies,” he added.