As per the agreement, GRM Overseas will ship Indian basmati rice to Bin Awadh Alnaqeeb Group, which is the largest importer of basmati rice from India.
"The Rs 60 crore order is the biggest order the company has received from the Yemen-based importer distributor till date," GRM Overseas stated.
Atul Garg, chairman & MD, GRM Overseas, said: “The continuous flow of orders with growing value from Bin Awadh Alnaqeeb General Trading Corp underlines the trust we command in the overseas market.
The Middle East is a key market for us and the order from Yemen will further strengthen our revenue from this region.”
GRM Overseas engaged in the business of processing and sale of almond kernels, paddy, clove, pista, rice, and wheat. The company markets their products under the brand name Kamdhenu and Chef and exports basmati rice to Saudi Arabia, Europe and other countries.
The company’s consolidated net profit soared 87.75% to Rs 21.16 crore despite of 6.38% fall in revenue from operations to Rs 405.93 crore in Q4 FY24 over Q4 FY23.