(Reuters) -India’s LT Foods, which sells the ‘Daawat’ and ‘Royal’ brands of basmati rice, posted a rise in profit for the third-straight quarter, helped by strong domestic demand and lower crop prices.
The company said its consolidated net profit rose 10.4% over the year earlier to 1.64 billion rupees ($18.7 million) during the quarter ended September 30.
For the first half of the financial year, revenue from the basmati and other specialty rice segment, which contributes to about 87% of its overall revenue, rose 24%, while the second-biggest organic food and ingredients segment grew 26%.
LT Foods, whose biggest export market is the United States, said revenue from operations rose 31.2% to 27.66 billion rupees, even as high U.S. tariffs hurt its exports business.
The company does not segregate its revenue by segments or geography.
LT Foods’ EBITDA also improved 24% to 3.16 billion rupees.
($1 = 87.8950 Indian rupees)
(Reporting by Komal Salecha and Vijay Malkar in Bengaluru; Editing by Shilpi Majumdar)
