Packaged Foods company LT Foods announced Q1FY24 results: Total Revenue stood at Rs 1,789 crore; up 10% YoY Gross Profit stood at Rs 604 crore; up 6% YoY EBITDA stood at Rs 224 crore; up 27% YoY Profit After Tax stood at Rs 137 crore; up by 44% YoY Cash Profit stood at Rs 173 crore; up 39% YoY Current Ratio improved from 1.79 to 1.96 in Q1FY24. Interest Coverage Ratio stood at 8.6 in Q1FY24 compared to 8.7 in Q1FY23. Debt-Equity declined to 0.38 in Q1FY24 compared to 0.54 in Q1FY23. Debt-EBITDA declined to 1.2 in Q1FY24 compared to 1.7 in Q1FY23 on annualized basis. The Return on Capital Employed improved to 19.4% in Q1FY24 compared to 17.7% in Q1FY23. The Normalized Return on Capital Employed, on account of an insurance claim, stood at 20.1%. The Return on Equity improved to 19.2% for Q1FY24 compared to 17.3% in Q1FY23. Ashwani Arora, Managing Director & CEO, LT Foods, said, “We are delighted to announce a robust quarterly performance, led by a topline growth of 10% YoY along with earnings growth of 44%. We witnessed significant improvements in margins and return ratios. Our core business of Basmati and Other Specialty Rice reported a resilient growth of 24%. This is the result of our continuous investments in our brands, i.e. Daawat, Royal, Heritage, etc., as well as the expansion of our distribution network. Our market share in India has increased to 29.8%, displaying a consistent upward trend of 210 bps over the same period last year. In addition, in Q1FY24, LT Foods experienced an impressive offtake volume growth of 17.2% and this growth rate outperformed the category's growth rate, which stood at 9.0% during the same period. We are committed to growing our market presence and solidifying our position through a combination of organic and inorganic routes. The company will continue to invest in Marketing & Brand building initiatives, Research & Development (R&D;), and Product Innovation to enhance its competitive edge by expanding its market share and distribution reach. With an unwavering focus on having a sustainable, scalable, and profitable business, we are also optimistic about maintaining the growth momentum this year and further solidifying our position in consumer space in India as well as globally.” Result PDF
Packaged Foods company LT Foods announced Q4FY23 & FY23 results: Q4FY23: Total Revenue stood at Rs 1,836 crore; up 19% YoY Gross Profit stood at Rs 609 crore; up 18% YoY EBITDA stood at Rs 210 crore; up 29% YoY Profit After Tax stood at Rs 132 crore; up by 75% YoY Cash Profit stood at Rs 167 crore; up 52% YoY FY23: Total Revenue stood at Rs 6,979 crore; up 28% YoY Gross Profit stood at Rs 2,402 crore; up 31% YoY EBITDA stood at Rs 744 crore; up 20% YoY Profit After Tax stood at Rs 423 crore; up 37%YoY Cash Profit stood at Rs 550 crore; up 27% YoY EPS stood at Rs 12.59; up 38% YoY Book Value Per Share stood at Rs 80.06; up by 20% YoY Mr. Ashwani Arora, Managing Director & CEO, LT Foods said, “We are delighted to announce that despite challenging macroeconomic conditions, we have achieved robust revenue growth for yet another year. All three segments - Basmati & Other Speciality Rice, Organic Food & Ingredients, Health & Convenience, have collectively contributed to an impressive 28% YoY increase in growth. Our continued commitment to building brands and innovation has helped us strengthen our position in the market and our share in India continues to grow. Our India volume market share continues to increase and currently stands at 29.6% (MAT March’23; AC Nielsen Retail Survey Audit). LT Foods reported an offtake volume growth of 18.2% for FY23 vs the category growth of 9.0% in the same period. Number of households consuming LT Foods offerings grew by 31.26% (vs category growth of 5.5%) to reach 45.38 Lakh households. (Source: Kantar Households Panel Branded Basmati Rice MAT March’23) With an unwavering focus on providing greater value to our consumers, we continue to diversify our product offering across domestic and international markets. The dedication and skills demonstrated by our team, HR transformation, a robust distribution network, digitization, emphasis on sustainability are key pillars that will further help us strengthen our position as an internationally recognized speciality food company. We remain confident of scaling newer heights, meeting our consumer’s needs and drive sustained growth in the years to come.” Result PDF