Basmati rice producer KRBL's profit falls as expenses weigh

BENGALURU, May 21 (Reuters): Indian exporter of branded basmati rice KRBL said on Monday its fourth-quarter profit fell 3.3 per cent, as higher expenses outpaced a steady demand for its flagship product.

KRBL's consolidated net profit fell to 1.14 billion rupees ($13.7 million) for the quarter from 1.18 billion rupees a year earlier, marking its third consecutive quarterly profit decline following five quarters of growth, according to LSEG data.

The rice processing company known for its flagship brand 'India Gate' said its total expenses inched up to 11.74 billion rupees from 11.64 billion rupees a year earlier, due to a rise in cost of materials.

The basmati rice producer's agricultural segment, which includes India Gate basmati rice brand, non-basmati rice, seed and bran, saw a 2.2 per cent in revenue. The segment accounted for about 96 per cent of the company's total revenue.