Leading rice firm LT Foods, which sells under Daawat brand, today posted a 10.48 per cent jump in consolidated net profit at Rs 34.88 crore in the first quarter of this fiscal on strong sales. Net profit stood at Rs 31.57 crore in the same quarter last year, the company said in a statement. Total income increased on a consolidated basis to Rs 771.39 crore in the April-June period of 2017-18 fiscal from Rs 709.45 crore in the year-ago period. Expenses also rose to Rs 716.10 crore from Rs 664.87 crore in the said period. Commenting on the performance, LT Foods CEO and Managing Director Ashwani Kumar Arora said there is a revenue growth of 9 per cent and increase in share of overall branded rice business during the quarter. "We are focusing on increasing our margins as well in backend to stay competitive," he said. During first quarter, the company commenced a new rice processing unit in Rotterdam, Netherlands with an investment of USD 15 million with an initial capacity of 60,000 tonnes. The city-based LT Foods has 35 per cent market share in the premium basmati rice market in the country.
It also has presence in 65 countries. Shares of the company ended 5.69 per cent down at Rs 58.05 on BSE.