KRBL Ltd, known for India Gate Basmati rice, said its move to foray into health food segment has delivered double-digit growth in this new category, which has found traction in the international and domestic markets.
Priyanka Mittal, director, KRBL Ltd said, “Our efforts to grow retail business, and focus on value-added segment as well as growing export business are likely to drive business growth during the year.”
“As we continue to embrace the new normal, our focus would be to align ourselves with the changing trends. Also, we would focus on growing our export presence in newer geographies while strengthening our presence in the existing ones,” she said.
The company had entered into premium regional non-basmati rice variant besides expanding its product basket into the health food segment with the introduction of Amaranth and Basmati Bran Oil in the exports market.
Previously, it had natural health offerings such as Chia Seeds, Quinoa and Flax Seeds as well as Sprouted Brown Basmati rice and Brown Basmati rice under the India Gate brand. It also entered the mid-tier basmati brand segment.
In FY21, the company reported net profit of ₹565 crore and repaid net bank debt of ₹321 crore. KRBL said it would be debt-free in the current year. As of June 30, 2021, it had total bank debt of ₹16 crore.