The company's organic business reported a decline of 20 percent from last year during the quarter.
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Shares of LT Foods Ltd., the company that produces and sells rice under the ‘DAAWAT’ brand, dropped as much as 5 percent on Tuesday after announcing results for the September quarter.
Total revenue jumped 31 percent year-on-year during the September quarter to Rs 1,732 crore. Revenue growth was aided by the core basmati business, which grew 36 percent during the quarter.
EBITDA stood at Rs 178 crore, up 14 percent year-on-year. However, the EBITDA margin contracted nearly 200 basis points due to an increase in freight expenses.
Net profit jumped 16 percent from last year to Rs 94 crore.
LT Foods also declared an interim dividend of Rs 0.50 per share. The company has fixed November 11 as the record date for the same.
The company's market share in India also increased 180 basis points during the September quarter to 28.5 percent. MD & CEO Ashwani Arora highlighted that margin expansion will remain a key focus area for the company going forward.
Shares of LT Foods are trading 4 percent lower at Rs 121.3 as of 12:30 PM.