 "LT Foods to sue Oriental Insurance over fire claim rejection")
Leading basmati rice firm LT Foods Ltd on Wednesday reported a 2.38 per cent increase in consolidated net profit to Rs 59.73 crore for the fourth quarter of 2020-21.
The company had posted a net profit of Rs 58.34 crore in the same quarter previous fiscal, it said in a regulatory filing.
Net income declined on a consolidated basis to Rs 1,146.52 crore in the fourth quarter from Rs 1,218.12 crore in the year-ago period.
Expenses were lower at Rs 1,058.12 crore as against 1,132.89 crore a year ago.
For the full 2020-21, the company reported a 45 per cent rise in its consolidated net profit to Rs 289.07 crore, compared to Rs 199.30 crore in the preceding fiscal.
Net income rose to Rs 4,686.16 crore in 2020-21 from Rs 4,172.97 crore in the previous financial year.
"LT Foods has responded to these unprecedented times with agility...Despite the challenges, we achieved a healthy all-around performance, LT Foods Managing Director and CEO Ashwani Arora said.
"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 said in a separate statement.
The Board has appointed Ashok Kumar Arora as new managing director of the company with immediate effect till 2026, subject to shareholders' approval, the filing said.
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.
Besides India, the key markets for LT Foods' brands are the US, UK, Europe, Middle East and the Far East.
In the rice category, the company's brands include DAAWAT, Royal, Heritage, Gold Seal Indus Valley, 817 Elephant, Devaaya and Rozana.
The organic food product range includes rice, soy, pulses, oilseeds, cereal grains, spices and nuts. The company is also into rice-based convenience products that include saute sauces, rice-based premium snacks and staples.
At 1520 hours on Wednesday, the company's scrip on NSE was trading 10% lower at Rs 78.60.
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