Amira Nature Foods, the US-listed supplier of packaged Indian rice, saw profits more than double in the first half of its financial year on the back of the expansion of its customer base.
The company booked profit after tax of US$13.6m for the six months to the end of September, compared to $6.6m a year earlier.
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EBITDA was up 40.2% at $28.6m on the back of a 36.8% increase in net revenue to $218.3m.
For the second quarter, profit after tax was $6.3m, versus $3.3m a year ago. EBITDA was up 38.1% at $14.1m, against $10.2m a year earlier. Net revenue grew 36.1% to $108m.
Reflecting on the quarterly numbers, Karan Chanana, Amira’s chairman and CEO, said the results were “strong” and added: “Our results reflect our ability to consistently add new customers in India and internationally, enter new markets as well as the continued growing demand for our premium product offerings.”
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