Mishtann Foods Aims To Leverage Its Diverse Product Portfolio In Global Rice Market

As a major participant in the Basmati rice market, Mishtann Foods Ltd. is prepared to handle the challenging terrain of the global rice market by using its advantageous position and wide range of products. The world's largest rice exporter, India, is confronted with persistent challenges to its exports, which contributes to the continued high prices of rice.

The government's efforts to keep domestic prices stable have strengthened these limitations, causing rice prices to continue rising. Notwithstanding the challenges it faces, Mishtann Foods is in a strong position to prosper.

The management further added, "While the global rice market experiences significant shifts, Mishtann Foods remains steadfast in its commitment to providing premium quality Basmati rice to customers worldwide."

"Maintaining our commitment to quality and reliability, Mishtann Foods continues to uphold the interests of consumers and farmers while navigating the dynamic global rice market," said the management.

"As the industry faces supply concerns due to factors like El Niño affecting crops in Asia and the cautious approach of policymakers in rice-exporting nations, Mishtann Foods remains dedicated to upholding consistent quality and supply chains," the management stated.

On the financial front, the company reported net sales of Rs 80.51 crore in the September 2023 quarter down 49.55% from Rs. 159.58 crore in the September 2022 quarter. Its net profit stood at Rs. 3.32 crore in Q2FY24 down 69.99% from Rs. 11.06 crore in Q2FY23. EBITDA reached Rs. 6.43 crore in the quarter under review down 64.9% from Rs. 18.32 crore in the year-ago quarter.

On Tuesday, the shares of Mishtann Foods were trading at Rs 15.36 during the afternoon deals. The stock has gained 71.24% and 68.98% YTD.