Indian-origin global FMCG Company LT Foods reported its audited consolidated financial results for the fourth quarter and full year ended March 31, 2024. The company’s total revenue for FY’24 stood at Rs 7,822 crore; up 12% YoY from the previous year whereas gross profit came in at Rs 2,544 crore, which is 6% more on an annualised basis. Profit after tax at Rs 598 crore marked a 41% YoY growth.
In the March quarter, LT Foods posted revenue of Rs 2,092, crore, which is 14% higher than what it recorded in the corresponding period last year. Gross Profit stood at Rs 689 crore, up 13% YoY. Profit after tax at Rs 150 crore showed a 14% YoY growth.
The company’s three key segments – Basmati & Other Speciality Rice, Organic Food & Ingredients, and Ready-to-Eat (RTE) & Ready-to-Cook (RTC) – collectively delivered an impressive 12% year-on-year growth. “Specifically, Basmati & Other Speciality Rice segments have continued to outperform, showing a remarkable 17% YoY growth. Our RTE & RTC offerings, tailored for modern consumers, gained considerable traction, and the segment contributed to our overall revenue with a 23% YoY growth. This consistent performance underscores our strategic focus on continuous investment on brands across geographies and innovation, which has significantly bolstered our domestic and international market position,” said Ashwani Arora, Managing Director & CEO, LT Foods.
He added that the market share of flagship brand, Daawat in India stands at 30% (MAT March’24; AC Nielsen Retail Survey Audit). At the same time, the number of households consuming LT Foods products grew by 10.2% (vs. branded package rice growth of 2.8%) to reach 50.22 Lakh households (Kantar Households Panel Branded Basmati Rice MAT March‘24).
Commenting on the company’s performance in its major overseas markets, Arora said that flagship brand Royal continues to command more than 50% market share in the United States. In the Middle East, the brand reported a growth of 42% whereas in Europe it is growing at 11%. “Globally, our premium segment grew by 9.7% during FY’24. This growth is a testament to our strong brand equity, well-entrenched distribution network, innovative product portfolio, and targeted marketing strategies,” said Arora.
Looking ahead, LT Foods aims at solidifying its position further in the core Basmati and Specialty Rice segment while continuing to strengthen its presence in the Organic Food and ingredients and the RTE & RTC segment as well.
