LT Foods Ltd, a prominent player in the speciality rice and rice-based foods industry, has witnessed significant growth in its consolidated net profit for the second quarter of the fiscal year 2023-24, reaching Rs 157.26 crore. This marks a notable 64.86% increase compared to the net profit of Rs 95.39 crore reported during the same period last year.
Revenue and Expense Insights
The company’s revenue from operations also saw a substantial rise, climbing by 14.66% to Rs 1,977.78 crore in the second quarter of the current fiscal year, compared to Rs 1,724.83 crore recorded a year ago. However, total expenses during the September quarter surged by 11.94% to Rs 1,792.33 crore.
Total Income and Business Growth
In addition to the rise in net profit and revenue, LT Foods’ total income for the September quarter witnessed a significant increase of 15.02% year-on-year, reaching Rs 1,991.81 crore.
Strategic Initiatives and Market Expansion
Ashwani Arora, Managing Director and CEO of LT Foods, attributed the impressive financial results to the company’s strategic efforts in expanding its presence both in India and international markets. He highlighted that the total business grew by 13% during the first half of FY24, with profit after tax (PAT) experiencing a robust 55% growth.
Future Outlook and Growth Strategy
Looking ahead, Arora emphasized LT Foods’ commitment to adapting to evolving consumer trends and preferences. The company plans to focus on growing its core business while innovating and introducing new product offerings to diversify its product portfolio further.
Confidence in Long-Term Performance
Arora expressed confidence in LT Foods’ ability to deliver consistent, sustainable, profitable, and responsible growth over the long term. These positive financial indicators and strategic initiatives are aligned with the company’s vision for continued improvement and market leadership.
Market Performance
Shares of LT Foods Ltd were trading at Rs 162.25 on BSE during the afternoon, reflecting a slight decrease of 0.46% from the previous close. Despite the minor dip in trading, the company’s overall financial performance and growth trajectory remain robust and promising.
Ben Müller
