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Mar 01, 2024, 08:30PM ISTSource: etimes.inSnehil Dixit Mehra aka BC Aunty will soon be seen in Madness Machayenge. Snehil Mehra shares with ETimes TV...
HomeBusinessBasmati rice processor KRBL's Q3 profit drops on weak export demand

Basmati rice processor KRBL’s Q3 profit drops on weak export demand



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.

net profit

was 1.34 billion rupees ($16.1 million) for the quarter ended December 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, which owns rival Daawat brand, posted a nearly 37% jump in quarterly profit.

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