LT Foods delivers healthy performance
Deepthi | Myequity news | Date : 15-11-2018 12:00:00 IST
LT Foods Limited, a Consumer Food Company with a focus on Specialty Rice - Basmati, Organic Food and Rice based Convenience Products, announced its financial results for the quarter and half-year ended September 30, 2018.
Q2 FY2019 performance overview compared with Q2 FY2018
• Total Income stood at Rs. 932 crore, higher by 9% from Rs. 854 crore
• EBITDA stood at Rs. 100 crore
• Profit After Tax stood at Rs. 38 crore, growth of 4%
• Cash Profit up by 16%, at 53 crore
H1 FY2019 performance overview compared with H1 FY2018
• Total Income stood at Rs. 1785 crore, higher by 10% from Rs. 1626 crore
• EBITDA stood at Rs. 206 crore
• Profit After Tax stood at Rs. 77 crore, growth of 9%
• Cash Profit up by 17%, at 109 crore
Commenting on the Q2 & H1 FY19 performance, Mr. Ashwani Arora, Managing Director and CEO, LT Foods said: “I am glad to highlight that we have continued the positive momentum from the previous half year and demonstrated solid growth during the half year under review. This was reflected in 10% growth reported in Total Revenues with 17% expansion in Cash Profit. Encouraging gains from the Branded business as well as higher realization from international business resulted in healthy performance overall.
During the half year, we further strengthened our presence across India and in the international markets through sustained engagement through our brands, which resulted in greater market share across key geographies. Branded contribution to the overall business was strong at 69%.
Our Organic business improved further in Q2 and we believe that the recent equity funding by Rabobank’s India Agri Business Fund will elevate our performance going forward and facilitate development of a strong consumer-focused portfolio under ‘Ecolife’.
Paddy procurement for the current season has commenced at key mandis. With the benefit of rich expertise and experience, our teams are engaged in building an optimal inventory position based on the requirements across our branded range.
The road ahead appears promising and we would continue to leverage the emerging opportunities prevalent in the market while prudently managing our debt commitments.”
About LT Foods Limited:
LT Foods Ltd., is a leading Consumer Food Company offering prominent brands aimed at a global customer for Basmati and other Specialty Rice, Organic Foods and Convenience Rice based products. The Company’s integrated operations cover a global footprint with procurement, milling and processing for Basmati Rice centered in India whereas further value addition and marketing – distribution are available worldwide. Key markets for LT Foods’ brands besides India cover the U.S., the U.K., Europe, Middle East and Far East. The rice portfolio comprises brown, white, steamed, parboiled, organic, quick cooking brown Rice, value added and flavored Rice. In Rice, the Company’s brands include Daawat, Royal, Heritage, Gold Seal Indus Valley and 817 Elephant. The organic foods product range includes Rice, Pulses, Oil seeds, Cereal grains, Spices, Nuts. The Company is also into value- added products that include sauté sauces, rice based premium snacks and staples.