Company Update : LT Foods Ltd By Motilal Oswal Financial Services Ltd
Operating performance in line
* In 3QFY25, the consolidated EBITDA stood at INR22.7b (+17% YoY,+8% QoQ), in line with our est. EBITDA grew 14% /9% YoY /QoQ to INR2.5b during the quarter (in line). EBITDA margin contracted 130bp YoY, while it expanded 10bp to 11% (in line).
* Adj. PAT declined 5%/3% YoY/QoQ to INR1.4b vs. estimate of INR1.5b, with earnings miss largely due to higher-than-anticipated finance costs of INR236m (+28% YoY/+21% QoQ).
Segmental performance in 3QFY25
* Basmati & Other specialty rice segment grew 17% YoY, led by strong growth in the International segment (up 34% YoY), while domestic grew ~2% YoY. Gross/EBITDA margins stood at 32.4%/11.7%, down 160/310bp YoY, due to higher input and freight costs.
* Organic foods grew 26% YoY, while gross/EBITDA margins expanded 860/290bp YoY to 42.6%/11.8%.
* The Convenience & Health segment’s revenue declined 16% YoY, primarily due to the discontinuance of Daawat Sehat. Gross margin expanded 410bp to 41.1% and operating loss stood at INR42m.
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