LT Foods (LTFOODS) Q4 11/12 earnings summary

Executive summary

• FY12 revenue rose 13.4% and EBITDA 48.8%, but rupee depreciation, exchange losses and higher finance costs drove a consolidated net loss of ₹2.01 crore.

• Growth came from geographic expansion, stronger domestic branded-food sales and new verticals spanning international trading, organic foods and agri-infrastructure.

Financial highlights

• Consolidated revenue was ₹1,435.50 crore versus ₹1,265.61 crore; EBITDA was ₹177.23 crore versus ₹119.10 crore.

• Consolidated finance costs rose 83.0% to ₹107.48 crore; a ₹35.62 crore exceptional foreign-exchange charge contributed to a ₹2.01 crore net loss versus ₹25.20 crore profit.

• Standalone revenue increased 19.47% to ₹999.85 crore; domestic sales reached ₹506.72 crore and exports ₹477.48 crore.

Outlook and guidance

• Management targeted 25% overall growth, double-digit growth in domestic and international markets in FY13, and development of roughly a dozen additional countries.

• FY13 plans included a formal pan-India healthy-snacks launch, expanded international trading, new Royal rice blends and broader organic products and markets.

• Basmat​i exports without a minimum export price and China’s decision to import Indian basmati were expected to improve competitiveness and price realization.