India's largest basmati rice exporter posts profit growth

BENGALURU, Aug 10 (Reuters): KRBL, India's largest exporter of branded basmati rice, on Thursday said its first-quarter profit rose 18.90 per cent on steady demand for its India Gate basmati rice and strong export prices.
The company's consolidated net profit rose to 1.95 billion rupees ($23.59 million) for the quarter ended June 30, from 1.64 billion rupees a year ago, it said in an exchange filing.
Total revenue from operations rose 15.15 per cent to 14.14 billion rupees, while revenue from its mainstay agricultural segment, which accounts for about 96 per cent of total sales, increased 15.53 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA), as calculated by Reuters, rose 9.1 per cent to 2.52 billion rupees.
India, the world's biggest exporter of rice, ordered a halt to non-basmati white rice exports in July. Analysts expect the ban on white rice exports to be lifted soon due to adequate monsoon rains and an increase in paddy sowing.