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LT Foods Q2 net profit up 4.35% at Rs 80.83 crore

Net profit stood at Rs 76.17 crore in the same quarter previous fiscal, according to a regulatory filing.

October 29, 2021 / 08:53 PM IST
 
 
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Packaged food company LT Foods on Friday reported a 4.35 per cent jump in its consolidated net profit at Rs 80.83 crore in the second quarter of the 2021-22 fiscal on strong sales.

Net profit stood at Rs 76.17 crore in the same quarter previous fiscal, according to a regulatory filing.

Net income on a consolidated basis increased to Rs 1,322.52 crore in the second quarter of the current fiscal from Rs 1,236.16 crore in the year-ago period.

Expenses remained higher at Rs 1,212 crore as against Rs 1,126.87 crore in the said period.

LT Foods Managing Director and CEO Ashwani Arora said, "During the quarter, we delivered resilient performance with steady growth in revenue and margins across segments and geographies. Our balance sheet has further strengthened with free cash flow being utilised towards debt reduction.”

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With the economy moving back towards normalcy and the nation-wide vaccination drive, the food service industry has seen substantial recovery and has now bounced back to the pre-COVID levels, he said in a separate statement.

"We are confident that the company will continue to perform well on all its key strategic focus areas and will continue to work towards maximising its shareholders’ value as well as serving the community and people at large," he added.

The firm has five processing facilities in India, two packaging units and one ready-to-heat facility in the US and one processing facility in Rotterdam.

Key markets for LT Foods’ brands, besides India, cover the US, the UK, Europe, Middle East and Far East.

In rice, the company’s brands include DAAWAT, Royal, Heritage, Gold Seal Indus Valley, 817 Elephant, Devaaya and Rozana.

The organic food product range includes rice, soya, pulses, oil seeds, cereal grains, spices and nuts.

The company is also into rice-based convenience products that include saut sauces, rice-based premium snacks and staples.

Shares of the company were trading down by 2.66 per cent at Rs 69.60 a piece on BSE at 14.45 hours.



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PTI
first published: Oct 29, 2021 08:53 pm
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