KRBL share price has hit a new 52-week high of Rs 365 per share levels, after gaining by around 14 per cent on the BSE and NSE intraday during Tuesday’s session amid heavy volumes. The stock has breached its previous high of Rs 337.45 per share, which was touched on October 14, 2021.
At around 02:35 PM, the counter is trading almost 12 per cent higher to Rs 359 per share levels on the BSE and NSE. It has reported over 32 per cent growth in the last one month, around 78 per cent surge in the last six months, and over 48 per cent in 2022 so far on the exchanges.
The scrip is trading at its highest level since June 2019 and it had touched a record high of Rs 673 per share on December 21, 2017, on the exchanges.
KRBL Limited is the world’s largest rice millers and Basmati rice exporters. It is known for globally renowned brands – ‘India Gate’, ‘Unity’ and ‘Nur Jahan’, which has marked its presence across the entire value chain of the rice industry.
KRBL through its flagship brand India Gate Basmati Rice is present in every corner of India with a strong distribution network. It has helped to make basmati a global product and now exports in over 82 countries across the globe.
During the April-June quarter of FY23, KRBL’s revenues grew by 24.4 per cent quarter-on-quarter (QoQ) to Rs 1228.2 crore, this was mainly due to growth in the exports market, up by 73 per cent QoQ. The domestic market experienced revenue growth of 4.8 per cent QoQ to Rs 709.2 crore.
Resolution of the distribution issue in Saudi Arabia and increase in exports to other middle eastern countries would help KRBL to clock 16.3 per cent CAGR revenue growth over FY22-24E, a domestic brokerage firm Quantum Securities said, expecting KRBL’s EBITDA margin to witness 410 basis points improvement over FY22-24E due to sharp growth in revenues and better margins.
Earlier last week, the government imposed a 20 per cent export duty on non-Basmati rice except for parboiled rice to boost domestic supplies amid a fall in area under the paddy crop in the current Kharif season. “An export duty of 20 per cent has been imposed on ‘rice in the husk (paddy or rough)’ and ‘husked (brown) rice’”, according to a notification by the revenue department.