India's largest basmati rice exporter KRBL posts Q1 profit growth on steady demand

KRBL

10/08/2023 12:02

By Bharath Rajeswaran
       BENGALURU, Aug 10 (Reuters) - KRBL, India's largest
exporter of branded basmati rice,  KRBL.NS  on Thursday said its
first-quarter profit rose 18.90% on steady demand for its India
Gate basmati rice and strong export prices.
    The company's consolidated net profit rose to 1.95 billion
rupees ($23.59 million) for the quarter ended June 30, from 1.64
billion rupees a year ago, it said in an exchange filing.
    Total revenue from operations rose 15.15% to 14.14 billion
rupees, while revenue from its mainstay agricultural segment,
which accounts for about 96% of total sales, increased 15.53%.  
              
    Earnings before interest, taxes, depreciation and
amortisation (EBITDA), as calculated by Reuters, rose 9.1% to
2.52 billion rupees.
    India, the world's biggest exporter of rice, ordered a halt
to non-basmati white rice exports in July. Analysts expect the
ban on white rice exports to be lifted soon due to adequate
monsoon rains and an increase in paddy sowing.
    KRBL said it had approved an offer to buyback shares worth
2.76% of the total paid-up equity capital, for an aggregate
amount not exceeding 3.25 billion rupees, at 500 rupees per
share. 
    The company also recommended a final dividend of 1 rupee per
share for fiscal 2023 and fixed August 25 as the record date to
identify eligible shareholders for the buyback and dividend.
    In July, LT Foods  LTOL.NS , which owns the rival Daawat
brand, posted a 53% surge in quarterly profit, aided by demand
for packaged rice and strong export prices.
    Shares of KRBL settled 3.44% higher on Thursday after the
results.


($1 = 82.6460 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia
Cheema)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))