KRBL gets clearance to export rice to China, says Joint MD Gupta
KRBL Ltd, the maker of India Gate basmati rice, posted a lackluster set of earnings due to weakness in its agri business.
The net profit for the company was down 11 percent at Rs 100.5 crore versus Rs 112.9 crore for the same quarter last fiscal. The year on year (YoY) revenues were down 15.3 percent at Rs 744.4 crore versus Rs 878.9 crore. EBITDA margins came in at 24.4 percent versus 23.9 percent YoY.
Anoop Gupta, Joint MD, KRBL spoke to CNBC-TV18 about the results.
"Rs 200 crore revenue from export has been shifted to Q2 because goods could not be shipped in Q1 and were shipped in July. So there will be additional Rs 200 crore topline in second quarter," said Gupta.
China has cleared 14 Indian rice companies for exports and KRBL is one of them. Gupta confirmed this news and said they were ready to export to China.He said the basmati market in the Indian market looks good. Moreover, higher MSP rates would be good for them. Overall, they expect to grow by 5-10 percent in FY19.