L T Foods Limited
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BSE Code:
532783
NSE Code:
DAAWAT
Business Profile
Business Profile
LT Overseas (DAAWAT) is primarily in the business of milling, processing and marketing of branded and non-branded basmati rice and manufacturing of rice food products in the domestic and overseas market. Incorporated as a private limited company on Oct. 16, 1990 and the company was converted into a public limited company on May 3, 1994.
The company`s operations include contract farming, procurement, storage, processing, packaging and distribution. It has R&D facilities to develop better aroma, better head grains yield, reduce stickiness and develop value-added rice. Product portfolio includes basmati, brown, white, steamed, parboiled, organic, quick-cooking, value-added and flavored rice in the ready to cook segment. Popular brand names are Dawaat and Heritage.
The manufacturing facility in Bahalgarh, Haryana has processing capacity of 27 TPH of paddy and 3.5 TPH is processed in leased facilities. The company has ISO 9000:2001, HACCP and the SQF certification. Satake Corporation, Japan develops and design rice processing machines for the company. It has contract farming agreements for basmati paddy with Tata Chemicals; strategic alliance with Phoenix Agri Silica Corporation for development of a silica plant which converts husk ash into silica; and MoU with Madhya Pradesh State Industrial Corporation to set up a Rs 600 million rice milling and rice food processing project.
Subsidiaries include LT Overseas North America, Dawaat Foods, LT International, Nice International FZE, Nature Bio Foods, Sona Global and Raghunath Agro Industries. The company has more than 100 distributors present in India and exports to more than 35 countries with exclusive arrangements with distributors in North America, South America and the European region.
The registered office is at A-21, Green Park, Main Aurobindo Marg, New Delhi-110016.
Financials
LT Overseas registered a profit of Rs 50.65 million for the quarter ended June 2007.
It recorded a net sales of Rs 1,181.48 million for the quarter ended 2007.
Total income was Rs 1,188.13 million for the quarter ended June 2007.
The earnings per share (EPS) of the company stood at Rs 2.27, for the quarter ended June 2007.
Recent Developments
24-DEC-07
LT Overseas, owner of the `Daawat` brand of basmati rice acquired the US-based Kusha. The acquisition was made through LTO NA, a wholly-owned US subsidiary of LT Overseas.
20-JUN-07
The company signed a shareholders sgreement on Jun. 10, 2007 with LT Overseas North America, a company incorporated under the Laws of Ontario. The company will be holding 55.26% shares in LTO NA and in pursuance of the same, LTO NA will become a subsidiary of the company.
02-MAR-07
LT Overseas announced a further investment in the acquisition of the equity shares of Daawat Foods. Pursuant to this, the said company would become a wholly-owned subsidiary of the company. The company has also decided to incorporate the subsidiary of the company in Ontario, Toronto, and North America to promote the activities of the company in that region.
Future Plans
The proceeds of the IPO issue would go towards expansion, automation and modernization of the company`s Sonepat plant in Haryana, including, setting up of new parboiled rice processing and milling capacity, storage facility and generating power for captive purposes.