LTFOODS

Jan 27 (Reuters) - India's Daawat' and 'Royal' basmati rice maker LT Foods LTOL.NS posted a 5.2% fall in third-quarter profit on Monday, as a surge in rice prices after the government eased export rules spiked costs, sending its shares down as much as 9.3%.

The company said consolidated net profit fell to 1.43 billion rupees ($16.56 million) from 1.53 billion rupees in the October-December quarter.

While revenue from operations rose 17.2% year on year to 22.75 billion rupees, total expenses jumped 19.2% to 20.94 billion rupees. Cost of its raw materials, which constitutes around 77% of total expenses, rose nearly 11%.

LT Foods does not segregate its revenue by segments or geography.

The profit drop comes despite the country seeing basmati rice exports in 2024 surging 16.3% to a record 5.7 million metric tons, as Saudi Arabia, Iraq and the United Arab Emirates increased buying, Reuters reported last week.

India removed a floor price for basmati rice exports in September last year to help farmers struggling with debt. Higher costs boost overseas sales while also helping the country retain its market share. India accounts for around 75% of global basmati production.

As the El Nino weather pattern raised the spectre of poor monsoon rains, India imposed various curbs on rice exports in 2023 and extended them into 2024 to keep local prices in check ahead of the April-June national election.

In November, LT Foods said it planned to invest 185 million riyals ($49.32 million) over the next 5 years in Saudi Arabia while eying revenue to the tune of 435 million riyals in the same period.

This comes as around 70% of India's basmati rice exports in FY24 went to the Middle East, with Saudi Arabia now the top destination at 21.4% share, according to Motilal Oswal.

($1 = 86.3670 Indian rupees)

($1 = 3.7510 riyals)

(Reporting by Ashish Chandra in Bengaluru; Editing by Rashmi Aich)

(([email protected]; +91 7982114624;))

Jan 8 (Reuters) - LT Foods Ltd LTOL.NS:

• INCORPORATES STEP-DOWN SUBSIDIARY LT FOODS ARABIA

Source text: ID:nNSE8nq45n

Further company coverage: LTOL.NS

(([email protected];;))

** LT Foods LTOL.NS rises as much as 5.7% to 375 rupees

** FMCG co will invest 185 mln riyals ($49.2 mln) in warehouses, stocks and people over the next five years in Saudi Arabia

** Co will also set up local manufacturing facilities in the country

** Eyes revenue of 435 mln riyals in the same period

** LTOL last up 1.2%, taking YTD gains to ~77%

($1 = 3.7548 riyals)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of basmati rice producer LT Foods LTOL.NS rise 3.9% to 396.20 rupees, eyes best day in two months

** Motilal Oswal initiates coverage of stock with "buy" rating, PT of 520 rupees - a 36% premium on last close

** Brokerage says LTOL's strong global presence augurs well for it to gain from rise in domestic and global consumption of basmati rice

** Adds LTOL's Daawat brand has 30% market share in India, while Royal brand has over 50% market share in U.S.

** Estimates a 14% annual growth rate for LTOL during FY24-27

** Sees climate risk for rice production, rising competition, currency volatility as key downside risks

** LTOL up ~95% YTD, on track to log biggest annual gain since 2020

** Peers KRBL KRBL.NS and Kohinoor Foods KOFO.NS down 24% and ~10% YTD, respectively

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of India's rice stocks uptick after New Delhi removes floor price for non-basmati white rice exports

** Removal of floor price will make Indian supplies competitive, as restrictions, to sell relatively cheaper grades of the staple in world markets, no longer exists

** "Kohinoor" brand owner Kohinoor Foods KOFO.NS jumps 5%

** GRM Overseas GRMO.NS and Chaman Lal Setia Exports CLSE.NS rise 3.8% and ~2% respectively

** KRBL KRBL.NS, which houses "India Gate" brand, climbs 2.4% respectively

** "Daawat" parent LT Foods LTOL.NS up 1%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Indian rice exporters gain between 1.4% and 4% after govt. lifts most curbs on exports of non-basmati white rice

** Kohinoor Foods KOFO.NS and Chaman Lal Setia Exports CLSE.NS, up 4% each, lead gains

** KRBL KRBL.NS and LT Foods LTOL.NS rise 1.5% and 1.9%, respectively, while GRM Overseas GRMO.NS adds 3%

** Export curbs lifted due to above-average monsoon rains seen boosting crop yields and overflowing stocks in state granaries

** YTD, LTOL top gainer among pack with ~99% rise, while KRBL, weakest stock, is down ~19%

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Indian rice companies surge on report of government removing floor price for basmati rice exports

** This will help boost overseas sales of the premium grade and aid farmers struggling with debt and higher costs

** India is the world's largest rice exporter

** 'India Gate' basmati rice brand owner KRBL KRBL.NS gains 4.7%, 'Daawat' brand owner LT Foods LTOL.NS jumps 5.7%

** GRM Overseas GRMO.NS and Kohinoor Foods KOFO.NS up 2.7% and 9.8%, respectively

** KOFO set to snap three straight sessions of losses, down ~8% YTD, while KRBL down ~15%

** YTD GRMO, LTOL up 39% and ~112%, respectively

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Aug 30 (Reuters) - LT Foods Ltd LTOL.NS:

• LT FOODS - GOT SHOW CAUSE NOTICE IN RELATION TO VIOLATION OF LEGAL METROLOGY ACT

Further company coverage: LTOL.NS

(([email protected];))

Aug 29 (Reuters) - LT Foods Ltd LTOL.NS:

• APPROVED ACQUISITION OF 17.5% STAKE IN NATURE BIO-FOODS

• DEAL FOR 1.10 BILLION RUPEES

Source text for Eikon: ID:nBSE7gfvBB

Further company coverage: LTOL.NS

(([email protected];))

July 30 (Reuters) - LT Foods Ltd LTOL.NS:

• GOT SUPREME COURT DECISION IN FAVOUR OF DAAWAT FOODS

• SUPREME COURT UPHELDS RULING IN FAVOUR OF UNIT WHICH AWARDED CLAIM OF 1.61 BLN RUPEES

Source text for Eikon: ID:nNSE9nXxRC

Further company coverage: LTOL.NS

(([email protected];))

BENGALURU, July 25 (Reuters) - India's LT Foods LTOL.NS posted a bigger profit for the twelfth consecutive quarter on Thursday, bolstered by strong demand for its basmati rice.

The company, which makes 'Daawat' and 'Royal' basmati rice, said consolidated net profit increased 11.5% to 1.53 billion rupees ($18.3 million) in the April-June quarter.

According to official data, India's basmati rice exports grew by 13% to $1.04 billion from April to May, highlighting strong performance in international markets during the quarter.

LT Foods, whose biggest export market is the United States, said revenue from operations rose about 16% to 20.71 billion rupees. It does not segregate its revenue by segments or geography.

India plans to lower the floor price for basmati rice exports as rice inventories hit a record high, helping it retain market share in the face of Pakistan's record exports.

This could benefit rice exporters, including LT Foods and its rival KRBL KRBL.NS, which makes 'India Gate' basmati rice. KBRL is due to announce its results next week.

LT Foods' shares were off 0.5% after the results, trimming their year-to-date gains to about 42.5%. KBRL's shares were down 3.5% on the day and are off 18% this year.

($1 = 83.7026 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza)

(([email protected];))

** Shares of LT Foods LTOL.NS rise as much as 6% to hit a record high of 297.50 rupees

** Rice exporter inaugurates new facility in UK with investment of 7 mln pounds ($9 mln) and said it would invest another 50 mln pounds in coming years

** LTOL expects annual revenue of 100 mln pounds in next 5 years from UK

** Stock set to rise for fourth straight session; it gained 8.5% in the last three sessions and hit record high on Tuesday

** Stock up nearly 44% so far in 2024, on track to post fifth straight year of gains

($1 = 0.7748 pounds)

(Reporting by Nishit Navin)

(([email protected];))

July 11 (Reuters) - LT Foods Ltd LTOL.NS:

• MADE INITIAL INVESTMENT OF £7 MILLION IN NEW FACILITY IN UK

• EXPECTING ANNUAL REVENUE OF £50 MILLION OVER NEXT 2 YEARS

Source text for Eikon: ID:nNSEhPGW4

Further company coverage: LTOL.NS

(([email protected];))

** Shares of Indian rice companies rise on report government considering relaxing restrictions

** Indian government might relax restrictions on exports of some rice varieties, local media reported citing sources

** Govt may cut export duty on parboiled rice, mulls minimum export price for basmati shipments, report adds

** 'Daawat' basmati rice brand owner LT Foods LTOL.NS jumps 13%; 'India Gate' brand owner KRBL KRBL.NS rises 8.8%

** GRM Overseas GRMO.NS and Kohinoor Foods KOFO.NS up 6.4% and 7.3%

** YTD GRMO and LTOL climbed 17% and 43%, KRBL and KOFO shed 11.2% and 2% respectively

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

BENGALURU, May 20 (Reuters) - Indian exporter of branded basmati rice KRBL KRBL.NS said on Monday its fourth-quarter profit fell 3.3%, as higher expenses outpaced a steady demand for its flagship product.

KRBL's consolidated net profit fell to 1.14 billion rupees ($13.7 million) for the quarter from 1.18 billion rupees a year earlier, marking its third consecutive quarterly profit decline following five quarters of growth, according to LSEG data.

The rice processing company known for its flagship brand 'India Gate' said its total expenses inched up to 11.74 billion rupees from 11.64 billion rupees a year earlier, due to a rise in cost of materials.

The basmati rice producer's agricultural segment, which includes India Gate basmati rice brand, non-basmati rice, seed and bran, saw a 2.2% in revenue. The segment accounted for about 96% of the company's total revenue.

KRBL's results come amid concerns due to prevailing geopolitical tensions in the Middle East, which is the company's key market, accounting for over 67% of basmati exports.

It said total revenue from operations rose nearly 3% to 13.18 billion rupees.

Peer LT Foods LTOL.NS reported a rise in quarterly profit last week, boosted by strong demand for its basmati rice.

KRBL recommended a final dividend of 4 rupees per share for the financial year ended March 31, 2024.

The company's shares fell 24% so far this year.

($1 = 83.2800 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Krishna Chandra Eluri)

(([email protected]))

BENGALURU, May 17 (Reuters) - LT Foods LTOL.NS, an Indian fast-moving consumer goods company, reported its eleventh straight quarterly profit rise on Friday, boosted by strong demand in its mainstay business, basmati rice.

The rice exporter's consolidated profit rose 16% year-on-year to 1.49 billion rupees ($17.9 million) in the quarter ended March 31.

Consolidated revenue from operations rose nearly 14% to 20.75 billion rupees.

Revenue from the company's core basmati and other specialty rice business, which alone form more than 85% of revenue, rose 15% during the quarter. Basmati is a premium long-grain variety famed for its aroma.

LT Foods, which is known for its basmati rice brands 'Daawat' and 'Royal', has the United States as its biggest market by revenue at 39%, followed by India at 31%, according to its latest annual report.

The company's results come at a time when Indian rice exporters are grappling with buyers delaying purchases due to increased freight costs caused by disruptions in the Red Sea. They also face competition from Pakistan, which is offering the grain at competitive prices amid ample supply.

India is expected to see a normal monsoon in 2024, benefitting nearly half of the country's farmland, which has no irrigation cover and depends on the annual June-September rains to grow crops such as rice.

LT Foods shares ended 0.7% lower at 226.90 rupees after the results.

($1 = 83.3663 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Eileen Soreng)

(([email protected]; +91 7982114624;))

** Shares of rice and tea exporters fall amid escalations in Middle East tensions after Iran's retaliatory attack on Israel over the weekend

** India is one of the top exporters of basmati rice and tea, and Iran is a leading buyer of those commodities

** Shares of rice exporters Kohinoor Foods KOFO.NS, Adani Wilmar ADAW.NS, LT Foods LTOL.NS, GRM overseas GRMO.NS, Mishtann Foods MIST.BO down between 2%-8%

** Tea exporters such as Tata Consumer Products TACN.NS, CCL Products CCLP.NS, Rossell India ROSS.NS decline between 1%-5%

** TACN is among top percentage losers on benchmark Nifty 50 index .NSEI, which is down 1%

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

** Shares of LT Foods LTOL.NS up 7.4% at 174.8 rupees

** Stock on track for best day since Feb. 7, if trend holds

** Stock sees busiest session since Nov. 2

** Abakkus Asset Manager bought almost 3.4 mln LTOL shares at 162.04 rupees each on Tuesday, a nearly 5% discount to Monday's close, bulk deal exchange data showed

** Stock had closed 4.5% lower on Tuesday

(Reporting by Varun Vyas)

(([email protected]))

BENGALURU, Feb 13 (Reuters) - KRBL KRBL.NS reported a nearly 35% drop in third-quarter profit on Tuesday, hit by a weak demand for its India Gate basmati rice brand in international markets, leading to a 6.4% decline in its shares.

Consolidated net profit was 1.34 billion rupees ($16.1 million) for the quarter ended Dec. 31, compared with 2.05 billion rupees a year earlier. The company marked its second consecutive quarterly profit decline, following five quarters of growth.

Export revenue slumped 47%, the company said in an exchange filing. Total revenue from operations fell 6.4% to 14.37 billion rupees.

KBRL earns more than two-thirds of its revenue from the Middle East, the world's largest consumer of basmati rice.

Revenue from the agricultural segment, which includes India Gate basmati rice brand, non-basmati rice, seed and bran, declined about 7%. The segment contributed more than 90% of its total revenue.

Earlier this month, LT Foods LTOL.NS, which owns rival Daawat brand, posted a nearly 37% jump in quarterly profit.

($1 = 83.0075 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Dhanya Ann Thoppil)

(([email protected]; +91 6001289066;))

Jan 25 (Reuters) - LT Foods Ltd LTOL.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.51 BILLION RUPEES VERSUS PROFIT 952.7 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 19.42 BILLION RUPEES VERSUS 17.78 BILLION RUPEES

• APPROVED ISSUANCE AND LISTING OF COMMERCIAL PAPER FOR 5 BLN RUPEES

• ISSUANCE AND LISTING OF COMMERCIAL PAPER FOR AN AMOUNT OF 5 BLN RUPEES

Source text for Eikon: ID:nBSE1Gs7Rt

Further company coverage: LTOL.NS

(([email protected];))

Jan 22 (Reuters) - LT Foods Ltd LTOL.NS:

• TO CONSIDER ISSUE OF COMMERCIAL PAPER FOR 5 BILLION RUPEES

Further company coverage: LTOL.NS

(([email protected];))

** Shares of rice manufacturers and exporters like KRBL KRBL.NS, LT Foods LTOL.NS and Chaman Lal Setia CLSE.NS shed between 1% and 4.5%

** Fall after government directs rice industry associations to ensure that the prices in domestic market are brought down to optimal levels, with immediate effect

** "Domestic prices of rice are rising despite a good crop this Kharif, ample stocks with Food Corporation of India and various regulations in place on rice exports," says government

** A cut in domestic rice prices will likely weigh on the revenue of rice manufacturers, according to two analysts

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of rice exporters Kohinoor Foods KOFO.NS, KRBL KRBL.NS, LT Foods LTOL.NS and Chaman Lal Setia CLSE.NS up between 2% and 3.3%

** Reuters reports India signed contracts to export about 500,000 metric tons of new season basmati rice after robust demand from top buyers in Europe and Middle East

** KOFO and KRBL down 29.4% and 10.7% YTD, respectively, while LTOL and CLSE have risen 73% and 65%

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

BENGALURU, Nov 9 (Reuters) - KRBL KRBL.NS on Thursday reported a 28.1% drop in second-quarter profit as India's top exporter of branded basmati rice was hit by weakness in its mainstay agricultural segment.

Consolidated net profit at the 'India Gate' basmati rice maker fell to 1.53 billion rupees ($18.37 million) for the quarter, from 2.13 billion rupees a year ago.

The company's agricultural segment, which includes agricultural commodities like rice, furfural, seed and bran, accounted for about 95.2% of total sales and fell 9.3%.

India, the world's biggest exporter of rice, had imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to cool local prices, a move that may have taken a hit on exports for rice producers and sellers.

However, it reduced the minimum export price to $950 per metric ton last month, expecting the move will reinstate the competitiveness of Indian basmati rice shipments in global markets.

The rice processing company said total revenue from operations fell 8.03% to 12.13 billion rupees.

For the preceding five quarters, KRBL has reported a rise in its profit.

KRBL shares fell as much 9.2% after earnings.

($1 = 83.2800 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]; +91 6001289066;))

** Shares of LT Foods LTOL.NS up as much as 8.6% to 177 rupees, their biggest intra-day pct gain since July 31

** Daawat basmati rice maker posts ~73% YoY rise in Sept-qtr consol net profit on strong demand; rev from ops up ~15% YoY

** Over 3.8 mln shares change hands as of 01:53 p.m. IST, 3.1x the 30-day moving average

** Stock last up 2.9%, extending YTD gains to ~45%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Indian rice companies like LT Foods LTOL.NS, KRBL KRBL.NS, Kohinoor Foods KOFO.NS, GRM Overseas GRMO.NS and Chaman Lal Setia Exports CLSE.NS up between 2.6% and 5.6%

** Rise after India cut floor price for basmati rice exports to $950 per metric ton from $1,200, according to a Reuters report citing a government source

** The reduction will reinstate competitiveness of Indian basmati rice shipments at the global markets - Atul Garg, GRMO MD, per the report

** KOFO, LTOL, CLSE, KRBL, GRMO have all risen since the floor price cut likelihood was reported earlier this week

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** Shares of rice exporters such as Kohinoor Foods KOFO.NS, KRBL KRBL.NS, LT Foods LTOL.NS and Chaman Lal Setia CLSE.NS climb between 3% and 7%

** India is expected to cut the floor price or minimum export price (MEP) for basmati rice exports to $950 per metric ton from $1,200 a metric ton set in August, Reuters reports

** A cut in floor price could boost trade in basmati rice that was hit after India imposed the $1,200 a metric ton MEP

** If gains hold, KOFO, KRBL and CLSE will likely snap four straight sessions of losses

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

** Shares of rice exporters such as Kohinoor Foods KOFO.NS, KRBL KRBL.NS, LT Foods LTOL.NS and Chaman Lal Setia CLSE.NS surge between 3% and 11%

** Reuters reports India to cut floor price - or minimum export price - for basmati rice exports to $850 a metric ton from $1,200 a metric ton

** Move to help millers and traders ship out the rice grade after they complained about a sharp drop in overseas sales

** Last month, India fixed floor price for basmati rice shipments at $1,200 a metric ton to help New Delhi ensure non-basmati rice was not exported as basmati rice

** CLSE soars as much as 10.6% to hit a record high; KOFO up 3.3%, LTOL up 6.1%, both scaling two-week highs

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

Adds LT Foods' statement; updates shares

** Shares of Indian rice exporters LT Foods LTOL.NS, KRBL KRBL.NS and Chaman Lal Setia Exports CLSE.NS fall between 4% and 8%

** Indian govt imposes $1,200 per ton minimum export price (MEP) on basmati rice shipments after slapping a 20% duty on exports of parboiled rice on Friday

** LT Foods down as much as 5% at 157.85 rupees

** Shares briefly reversed course during the session to trade 0.4% up after co says MEP won't hurt its exports

** KRBL down as much as 4.1% at 383 rupees; on track to fall for second straight session, if trend holds

** Chaman Lal Setia falls as much as 7.5%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

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)

(([email protected]; +91 9769003463;))