New Delhi. LT Foods, the more than 70-year-old Indian-origin global FMCG Company in the consumer food space, reported its audited consolidated financial results for the second quarter and half year ended September 30, 2023.
Mr. Ashwani Arora, Managing Director & CEO, LT Foods, said, “We are pleased to announce yet another quarter of strong performance led by our unwavering commitment to excellence and innovation. Our ongoing efforts to expand our presence in India and International markets have yielded substantial results, with our total business growing by 13% during H1 FY’24 and Profit After Tax (PAT) grew by 55%.
We have continued our investment to enforce our brand equity and as a result, the market share of our Daawat® brand in India surged to an impressive 30.2%, marking a consistent upward trajectory with a remarkable increase of 160 bps over the same period last year (MAT September 23; AC Nielsen Retail Survey Audit). Furthermore, we are thrilled to note that the number of Daawat® consuming households has risen by a substantial 24% year-on-year, reaching a staggering 48 lakhs (Kantar MAT September 23) in India. Our accomplishments underscore our commitment to building a strong presence in the market and our dedication to delivering quality products to an ever-growing customer base across geographies. The brand ‘Royal’, has also further strengthened and gained 1.6% market share in North America.
In response to the evolving consumer trends and preferences, we ensure to grow our core business and innovate and stay ahead in the segment by introducing new product offerings and diversifying our product portfolio by leveraging our global distribution and strong brand equity. We are confident of continued improvement in our performance over the long term and in our ability to deliver consistent, sustainable, profitable, and responsible growth.”
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