LT Foods Q1 consolidated profit falls to Rs 76 crore

Consumer food company LT Foods on Friday reported an 8.43 per cent decline in consolidated profit after tax at Rs 76t crore in the quarter ended June.

The company's consolidated profit after tax stood at Rs 83 crore in the same period a year ago, LT Foods said in a BSE filing.

Total revenue of the company, whose brands include Daawat, marginally declined in the latest June quarter to Rs 1,223 crore from Rs 1,238 crore in the year-ago period.

''In spite of disruptions caused due to the second wave of the pandemic, we delivered steady performance across segments and geographies. During the quarter, we focused our efforts towards strengthening our leadership team, product innovation, distribution network and brand building, which will drive our growth in the future.

''We are confident that with vaccination drive gaining pace, the economy will open up leading to recovery in HORECA segment,'' LT Foods Managing Director and CEO Ashwani Arora said.

HORECA refers to Hotel, Restaurant and Catering.

He also said that with a strong balance sheet and cash flow position, the company is rightly positioned to tap the growth opportunities in the sector.

Shares of the company dropped 5.30 per cent to close at Rs 76 on BSE.

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