India Gate basmati rice producer KRBL reports 8% rise in profit

KRBL

30/05/2023 15:11

BENGALURU, May 30 (Reuters) - India's KRBL Ltd  KRBL.NS 
on Tuesday said its fourth-quarter profit jumped more than 8% on
strong domestic demand for its India Gate-branded basmati rice.
    The company's consolidated net profit rose to 1.18 billion
rupees ($14.27 million) for the quarter ended March 31, from
1.09 billion rupees a year ago, it said in an exchange filing.
    Total revenue from operations rose almost 30% to 12.8
billion rupees, while revenue from its mainstay agricultural
segment increased 31.9%. 
    KRBL said that revenue from its India operations rose almost
32% to 9.83 billion rupees, boosted by strong distribution
growth and increased sales of its India Gate basmati rice brand.
    The company, which also operates in the Middle East and
Europe, saw international demand rise 18% to 3.31 billion rupees
during the quarter.
    Top exporters told Reuters in November that India's premium
basmati rice exports are likely to jump 15% in 2022/23 as buyers
in the Middle East build their inventories.
    The company benefited from a jump in revenue from its
agricultural segment, which produces rice products and
contributed 98.7% to the total revenue during the quarter.
    India, the world's biggest exporter of rice, reported
record-high rice exports in 2022 despite government curbs on
overseas sales.
    Earlier this month, LT Foods  LTOL.NS , which owns the rival
Daawat brand, reported a 79% increase in domestic basmati rice
sales.
    Shares of the company closed 0.37% higher ahead of results.


($1 = 82.6722 Indian rupees)

 (Reporting by Ashna Teresa Britto and Manvi Pant; Editing by
Sonia Cheema)
 ((AshnaTeresa.Britto@thomsonreuters.com;
manvi.pant@thomsonreuters.com))