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Basmati rice processor KRBL’s third quarter profit falls due to weak export demand

Bengaluru: KRBL It reported a nearly 35% decline in third-quarter profit on Tuesday due to weak demand. India Gate Its shares fell 6.4% due to its Basmati rice brand in international markets.
consolidated Net Profit It stood at 1.34 billion rupees ($16.1 million) in the quarter ended Dec. 31, compared with 2.05 billion rupees a year earlier. After five quarters of growth, the company’s profits declined for the second consecutive quarter.
Export revenues declined 47%, the company said in an exchange filing. Total revenue from operations fell 6.4% to Rs 14.37 billion.
KBRL earns more than two-thirds of its revenue from the Middle East, the world’s largest consumer of basmati rice.
Revenue from agriculture sector, including India Gate basmati rice Brands, non-basmati rice, seeds and bran declined about 7%. This segment contributed more than 90% of its total revenues.
Earlier this month, LT Foods, which owns rival Daawat brand, reported a nearly 37% jump in quarterly profit.

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