Latest News | LT Foods Aims at Crossing Rs 10,000 Cr Consolidated Revenue in 4 Yrs

Kolkata, Jun 19 (PTI) Global FMCG company LT Foods Ltd, which owns 'Daawat' brand of basmati rice, is aiming at crossing the Rs 10,000-crore revenue mark on a consolidated basis in the next four years, an official said on Monday.

At the group level, the revenue was close to Rs 7,000 crore in FY'23, he said.

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The company is also focusing on value-added products, including those in ready-to-cook and ready-to-eat categories, in a bid to strengthen its position globally, he said.

"We have grown by 28 per cent last fiscal and will maintain a 10-12 per cent CAGR (compound annual growth rate) over the next few years. At the group level, the revenue was close to Rs 7,000 crore in FY'23 and will cross the Rs 10,000-crore mark in the next four years," LT Foods CEO (India and Far East) Ritesh Arora said.

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The company is diversifying into new value-added product categories, and the revenue from this segment is projected to grow four-fold to be 10 per cent of the company's total turnover in the next 4-5 years, he said.

"We are open to acquisitions in the value-added segment to grow inorganically. The company had acquired 51 per cent in Jasmine rice brand 'Golden Star' in the US last year," Arora said.

'Daawat Biryani Kit' in three flavours and Cuppa rice are among the products placed in ready-to-cook and ready-to-eat categories, he said.

"The new categories are getting good traction, and the company will deepen the geography of presence", Arora said.

With its portfolio of six brands and a significant market share in the basmati rice category, the company is "well-positioned to capitalise on the growing demand for food products in India and abroad", he claimed.

India accounts for about 30 per cent of the company's total consolidated revenue, while the rest comes from various international markets like the US, Europe, the Far East, and the Middle East.

Arora said, "LT foods has a market share of nearly 30 per cent in the basmati rice category in 1 to 10 kg pack SKUs."

The company is also involved in the bulk basmati segment.

Commenting on India's growth plans, he said, "We see good traction in demand."

On promoters' holding which is now at 51 per cent, Arora stated that they will not dilute their stake further.

Saudi Agricultural and Livestock Investment Company (SALIC), through its arm SALIC International Corporation, acquired about a nine per cent stake in LT Foods last year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)