LT Foods rose 0.56% to Rs 72.05 after the company announced the expansion of its premium rice-based snacks brand "Kari Kari" to Australia and UAE.
The company said that its joint venture company with Kameda Seika, Japan's largest Rice Crackers Company, has started exporting Kari Kari in the markets of Australia & UAE.
Introduced in India in January 2020, Kari Kari is a premium, healthy, rice based crunchy snack. Inspired by the famous Kameda Crisp a leader in Japanese rice cracker market with around 30% share, 'Kari Kari' is made from rice and peanuts offering a range of hearty & wholesome savoury snack in four different flavours Chilli Garlic, Wasabi, Salt & Pepper and Spice Mania.
Kari Kari is manufactured at the company's manufacturing facility at Sonepat, Haryana through indigenously grown and sourced ingredients. LT Foods is also growing a specific type of rice locally, which is the key ingredient in the snack.
The premium snacking market in India is estimated at Rs 500 crore and growing at a CAGR of over 25%.
Ritesh Arora, India Business Head, said, "Kari Kari is targeted at the young, health conscious & upwardly mobile consumers, who look for healthier options and are open to experimenting with international flavours. With consumers gravitating towards healthier snacking options, we are extremely bullish on the prospect of Kari Kari both in India & in global markets."
LT Foods is a branded specialty foods company. The company is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market. Its geographical segments include India, North America and Rest of the world.
The company's consolidated net profit increased by 46.1% to Rs 66.33 crore on a 7.9% rise in net sales to Rs 1074.98 crore in Q3 FY21 over Q3 FY20.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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LT Foods gains on expanding premium snacks brand to Australia, UAE - Business Standard
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