KRBL slumped 9.25% to Rs 207 after the company reported 50% drop in standalone net profit to Rs 73 crore despite a 3% rise in revenues to Rs 1,154 crore in Q3 FY22 over Q3 FY21.
The company said that the growth in revenue reflects robust gains in domestic business whilst continuing impact of unavailability of some key markets for exports.
Gross profit fell 24% YoY to Rs 249 crore during the quarter due to change in sales product mix and higher raw material input costs.
EBITDA was Rs 123 crore in Q3 FY22, down 43% YoY. EBITDA margin contracted to 10.6% in Q3 FY22 from 19.3% in Q3 FY21, owing to compressed Gross Margin combined with higher logistics costs and increased marketing spends.
"Exports growth renewal expected to drive profitability," the company said in a statement.
KRBL is a basmati rice producer and has fully integrated operations in every aspect of basmati value chain, right from seed development, contract farming, procurement of paddy, storage, processing, packaging, branding and marketing.
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