Daawat brand basmati rice producer LT Foods Ltd posted a net profit of Rs 14.4 crore for the second quarter ended September 30, 2012 compared to a net loss of Rs 24 crore in the corresponding quarter previous year. Net sales of the company shot up by 88% to Rs 434.5 crore for Q2, 2013 versus Rs 231 crore in the same period previous year.
Vijay Kumar Arora , Managing Director of the company, attributed the turnaround in the financial performance to higher realization on overall improvement in sales across all major markets.
“With our flagship brands Daawat and Royal completing 25 years of their existence, we are ready for next phase of growth. As part of the plans we will extensively launch value added rice products, rice based snacks, organic foods. Additionally, under our new brand My My, the company is geared up to fill the void in the healthy snack market with rice-based namkeen, cakes and chips for an overall growth of 25%,” he said.
The company’s EBIDTA for the quarter stood at Rs 47.3 crore in Q2 FY 2013 as against Rs 24.3 crore in Q2FY12. EPS for the quarter stood at Rs 5.53.
During the first half of the current financial year ended September 30, 2012, the company reported sales of Rs 1,020 crore as against Rs 487 crore in the corresponding period; an increase of 109%. Net profit for the period stood at Rs 22.2 crore as against loss of Rs 20.2 crore in the comparable period last year.
EBIDTA for H1FY13 stood at Rs 116.3 crore as against Rs 54.35 crore for the same period last year.
