LT Foods advanced 3.83% to Rs 291.15 after the company announced that its step-down subsidiary LT Foods UK has commenced operations of its new facility in the United Kingdom (U.K.).
Located in Harlow, the new facility is spread over an area of 100,000 square feet and has a production capacity of 60,000 tonnes of rice per annum. This location would allow LT Foods to efficiently serve the U.K. market. The facility will offer both branded and private-label products. The company has already partnered with 4 leading retailers in the U.K. with plans to further scale this up.
The rice and rice-based food market in the U.K. is worth around 1 billion. To tap this opportunity, LT Foods has made an initial investment of 7 million in this new facility with a commitment of further investment upto 50 million in the coming years. The company is expecting annual revenue to the tune of 50 million over the next 2 years, with a targeted 100 million within the next 5 years.
Vijay Arora, chairman & managing director, LT Foods said: We are very excited about our newest cutting-edge facility in the U.K. It is an important market for our future growth as we intend to make deep inroads in this market.
LT Foods long-term goals include solidifying its market presence in the UK, becoming a leader in the rice and rice-based food segment, and continually innovating to meet the evolving demands of consumers.
This new facility is a critical step in achieving these objectives and furthering LT Foods’ mission of delivering high-quality rice products to global consumers.
LT Foods is a leading player globally in the specialty rice and rice-based foods business. The company sells its products in more than 65 countries across India, the U.S., Europe, the Middle East, the Far East and the rest of the world.
The company’s consolidated net profit rose 16.05% to Rs 148.76 crore on a 13.91% increase in revenue to Rs 2,074.81 crore in Q4 FY24 over Q4 FY23.
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First Published: Jul 12 2024 | 10:49 AM IST