Rice exporter KRBL today reported a consolidated net profit of Rs 54.53 crore for the quarter ended September 30.
The company had posted a net loss of Rs 22.53 crore in the year-ago period, it said in a filing to the BSE.
"Our net profit has increased because of higher revenue. Besides that, last year in the same quarter we had suffered foreign exchange loss of nearly Rs 45 crore, while this year we have had a profit in foreign exchange earnings," KRBL Chairman and Managing Director Anil Mittal told PTI.
Exports contributed in the company's growth in revenue, he added.
The consolidated net sales of the company rose to Rs 571.30 crore in the second quarter this fiscal from Rs 392.09 crore in the same quarter of 2011-12 fiscal.
The company in the filing added that it "...Has treated gain amounting to Rs 35.45 crore arisen on account of foreign exchange fluctuations as an exceptional item, as during the quarter the rupee saw a considerable appreciation of 5.22% against US Dollar."
The company has 2 plants in Punjab and Uttar Pradesh with a total rice processing capacity of 195 tonne per hour.
Shares of the company rose by 0.95% to settle at Rs 26.65 apiece from their previous close the the BSE.