KRBL Ltd. expects orders for rice from Iran, one of its biggest customers, to revive in January.
“There have been no orders from Iran for the past about four months,” the company's Chairman and Managing Director Anil Mittal told BloombergQuint in an interview. “Officially, they have announced they will not issue new permits or quotas for the import.”
Shares of the maker of India Gate Basmati Rice rose nearly 16 percent to Rs 256 in intra-day deals yesterday on the back of heavy volumes after its promoters increased their stake in the company through open market purchases.
“We're continuing buying on a daily basis and expect to increase stake by another 2-3 percent,” Mittal said. “By FY20, we expect revenue to grow up to about Rs 4,600 crore, profit margins will also jump up 10-12 percent.”
ICRA, in November, retained the company's credit rating under watch following the Enforcement Directorate's recent action against the company.
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