 "Gurugram-based fast-moving consumer goods (FMCG) company LT Foods, which sells specialty rice under the brand Daawat, will focus on growing its organic range in India to drive double-digit growth in the coming years.")
LT Foods, a leading player in the basmati and speciality rice segment, on Monday posted 4.75 per cent drop in consolidated net profit at Rs 145.38 crore on higher expenses.
The company had logged a net profit of Rs 152.64 crore in the year-ago period.
Total income rose to Rs 2,288.25 crore from Rs 1,949.68 crore in the corresponding period of the previous year, according to a regulatory filing.
Expenses rose to Rs 2,094.42 crore from Rs 1,757.67 crore. ALSO READ: Indian Oil Q3 results: Net profit drops 77% to Rs 2,115 cr, revenue down 5%
The Board reappointed Ashwani Kumar Arora and Surinder Kumar Arora as Managing Directors of the company, subject to approval of shareholders.
It also approved the acquisition of 4 per cent stake in Raghunath Agro Industries.
Shares of the company were trading down 7.08 per cent at Rs 370.30 apiece on BSE.
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