LT Foods Q2 results: PAT drops 4.9% to Rs 148 cr, revenue at Rs 2,108 cr

India's LT Foods posted its first profit decline in 13 quarters on Thursday, dragged down by higher input costs despite a healthy demand for its basmati rice, sending shares down 12 per cent.

The company, which makes 'Daawat' and 'Royal' basmati rice, said consolidated net profit dropped 4.9 per cent to Rs 148 crore ($17.6 million) in the July-September quarter from a year earlier.

The company reported a 8.4 per cent rise in its overall expenses, propelled by a 32.2 per cent rise in cost of its raw materials.

India's agricultural exports are facing challenges due to rising shipping costs stemming from the Red Sea crisis, analysts said.

This has increased transportation expenses for exporters, making it harder to stay competitive in the global market, they added.

LT Foods, whose biggest export market is the United States, said revenue from operations rose 6.6 per cent to Rs 2,108 crore. The company does not segregate its revenue by segments or geography.