LT Foods Ltd., a global FMCG company that owns the ‘Daawat’ brand of basmati rice, aims to surpass Rs 10,000 crore in consolidated revenue over the next four years. In the fiscal year 2022–23, the company’s group-level revenue was close to Rs 7,000 crore. LT Foods is focusing on value-added products, particularly in the ready-to-cook and ready-to-eat categories, to strengthen its global position.
Ritesh Arora, CEO of LT Foods (India and Far East), stated that the company achieved a growth rate of 28% in the previous fiscal year and aims to maintain a compound annual growth rate (CAGR) of 10–12% in the coming years. He projected that the revenue would exceed Rs. 10,000 crores in the next four years. LT Foods is diversifying into new value-added product categories, with the revenue from this segment expected to grow four-fold and contribute 10% to the company’s total turnover in the next 4-5 years.
To support its expansion plans, LT Foods is open to acquisitions in the value-added segment. The company had previously acquired a 51% stake in the US-based Jasmine rice brand ‘Golden Star’ in the previous year. LT Foods has introduced products such as the ‘Daawat Biryani Kit’ in three flavours and Cuppa rice in the ready-to-cook and ready-to-eat categories, which have gained traction in the market.
With a portfolio of six brands and a significant market share in the basmati rice category, LT Foods is well-positioned to capitalize on the growing demand for food products in India and abroad. The company generates around 30% of its total consolidated revenue from the Indian market, while the rest comes from international markets such as the US, Europe, the Far East, and the Middle East. LT Foods holds a market share of approximately 30% in the basmati rice category for SKUs ranging from 1 to 10 kg.
Regarding the company’s growth plans in India, Ritesh Arora expressed confidence in the demand for LT Foods’ products. The promoters of LT Foods currently hold a 51% stake and have no plans to further dilute their ownership. Saudi Agricultural and Livestock Investment Company (SALIC) acquired a nine per cent stake in LT Foods through its subsidiary SALIC International Corporation last year.