GRM Overseas rises after securing basmati rice supply order from Bin Awadh Alnaqeeb Group
GRM Overseas surged 2.99% to Rs 199.50 following news of securing a Rs 60 crore order from Yemen’s Bin Awadh Alnaqeeb Group, the largest importer of Indian basmati rice. Atul Garg, Chairman & MD, highlighted the significance of this milestone order, underscoring the company’s strong presence in the Middle East market. Despite a revenue decline, GRM Overseas reported an 87.75% increase in consolidated net profit to Rs 21.16 crore in Q4 FY24.
GRM Overseas added 2.99% to Rs 199.50 after the company announced that it has bagged a new order worth Rs 60 crore from Bin Awadh Alnaqeeb Group from Yemen.
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 companys 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.
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