 "Basmati Rice, KRBL, India gate basmati, rice")
Revenue from its agricultural business, which includes all rice types besides seed and bran, fell 16.1 per cent | Image: Wikimedia Commons
India’s KRBL reported its fourth straight quarterly profit fall on Wednesday, hurt by slower demand for its basmati rice.
KRBL, which makes the ‘India Gate’ brand of basmati rice, said its consolidated net profit fell 55.5 per cent to Rs 8,656 lakh ($10.4 million) in the quarter ended June.
Revenue from operations fell 15.2 per cent to Rs 1199 cr.
The world’s biggest rice exporter imposed various curbs on exports in July last year and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May.
However, India plans to lower the floor price for basmati rice exports as rice inventories hit a record high, helping it retain market share in the face of Pakistan’s record exports, Reuters reported earlier this month. New Delhi is expected to lower the basmati rice’s minimum export price (MEP) to $800-$850 a metric ton, down from $950 a ton, to boost shipments, the report said.
Revenue from its agricultural business, which includes all rice types besides seed and bran, fell 16.1 per cent.
KRBL’s shares ended up 1.1 per cent ahead of the results, trimming their year-to-date losses to 15.1 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 31 2024 | 7:49 PM IST
