Weak export demand causes Indian basmati rice producer KRBL's third-quarter earnings to decline
Compared to 2.05 billion rupees a year earlier, the combined net profit for the quarter that concluded on December 31 was 1.34 billion rupees ($16.1 million). The company's earnings decreased for the second straight quarter after five quarters of increase.
The poor demand for the India Gate Basmati rice brand in foreign markets caused KRBL to post a roughly 35% reduction in third-quarter earnings on Tuesday, which caused company shares to drop 6.4%.
Compared to 2.05 billion rupees a year earlier, the combined net profit for the quarter that concluded on December 31 was 1.34 billion rupees ($16.1 million). The company's earnings decreased for the second straight quarter after five quarters of increase.
The business said in an exchange statement that export revenues had decreased by 47%. At Rs 14.37 billion, the overall income from operations decreased 6.4%.
The Middle East, which is the region that consumes the most basmati rice worldwide, provides KBRL with more than two thirds of its income.
The agricultural sector's revenue fell by almost 7%, which includes non-Basmati rice, bran, seeds, and the India Gate brand of Basmati rice. Over 90% of its entire income came from this category.
The company that controls the competing Daawat brand, LT Foods, saw a roughly 37% increase in quarterly earnings earlier this month.
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