KRBL Ltd

Just as a gourmet meal leaves a lasting impression, our commitment to quality and excellence sets us apart in the world of basmati rice. As we continue to innovate and expand our horizons, we thank you for joining us on this flavourful journey towards greatness.

As FY24 ends, we stand at a pivotal moment, poised to reflect on the profound journey of our contribution to the industry. This annual report highlights our collective resilience, innovation and unwavering commitment to excellence.

In FY24, the global rice landscape encountered formidable challenges. Rising consumption, environmental concerns and production challenges culminated in the largest rice deficit in two decades. India saw a 22% surge in basmati rice exports, reaching US$ 5.8 Billion in FY24. Basmati exports shipments rose to 5.24 Million metric tonnes during this period, marking a 15% increase from the previous year. Shipments to Africa grew by ~70% while shipments to Europe, North America and Asia grew by ~20%. Despite challenges such as the Red Sea crisis impacting European exports, India maintained its position as the world's leading rice exporter. Although food prices dropped sharply from August 2023, rice prices increased significantly in recent months due to disruptions in production, new trade restrictions and stockpiling in major producing countries. Rice is essential for a substantial portion of the global population, particularly in Asia and parts of Africa. With over half of the world's people relying on rice as their primary calorie source, its significance in supporting communities worldwide cannot be overstated. We remained resilient and adaptable, seeking innovative solutions to address these pressing issues.

*Source - Mordor Intelligence report.

In a world where every grain counts, our journey has been extraordinary. Our flagship brand remained the World's No. 1 Basmati Rice Brand, thanks to our customers' enduring trust and loyalty.

As FY24 ended, our story unfolded with great success. We achieved a consolidated revenue from operations of _5,385 Crore. Domestic business achieved _3,936 Crore revenue during the year. In the competitive Indian branded basmati rice segment, we lead with a market share of 35%^* in general trade and 42%^* in modern trade.

Despite a decline in exports revenue, we remain optimistic about overcoming these challenges and restoring previous revenue levels. Anticipating an uptake in the global demand for basmati rice, prices are expected to remain robust in the upcoming months. Rising to meet this demand, KRBL has proactively strengthened the supply chain.

To further enhance our consumer experience, we launched Biryani Masala in FY24, allowing consumers to enjoy the perfect taste of biryani from KRBL's basmati rice and masala. We plan to introduce a range of healthy edible oils in the upcoming year, broadening our product portfolio.

Amid this whirlwind, our net worth, now at _4,858 Crore, has reached an all-time high. In FY24, the Company also rewarded its shareholders with an equity share buy-back of _325 Crore. Our journey extends beyond financial success; it encompasses a deep commitment to Corporate Social Responsibility (CSR) and sustainability. Partnering with the Akshaya Patra Foundation, we have served approximately 63 Lakh+ mid-day meals, demonstrating our dedication towards the community. We continue to collaborate with the community, strengthening initiatives focussed on nutrition, rural development, education infrastructure, and other health-related efforts. The journey towards decarbonisation in KRBL includes increasing our footprint of renewable energy, green infrastructure and carbon sequestration. This includes reusing by-products such as rice husk across operations and recycling waste, making the concept of circularity central to conducting business at the Company. Around 90% of our total energy requirements for plant operations were met from renewable sources. Our energy portfolio includes 112.25 MW in wind power, 17 MW in solar projects, and 17.59 MW in biomass segments. We aim to further reduce energy consumption, water withdrawal and replenish 137,210 KL of water annually through recharge wells.

In addition, we have taken steps to reduce carbon footprint through extensive tree plantation projects, showcasing our commitment to environmental conservation. Our focus on water stewardship is evident in our near-zero wastewater discharge across all our sites, highlighting our dedication to responsible water management. We actively promote rainwater harvesting and groundwater recharge initiatives. These efforts demonstrate our belief in the importance of sustainability and our dedication to positively impacting the environment and society.

As we look back at our journey, we are filled with gratitude for the steadfast support of our stakeholders. Together, we have weathered storms and embraced victories, each step bringing us closer to our vision of excellence. The future beckons, we have exciting plans and vision for FY25, as we stand ready to embrace it with open arms, knowing that our story is far from over.