How India’s rice export ban is hurting one of the country’s biggest shippers
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KRBL, one of India’s top branded rice exporters, is facing significant pressure from the government’s ban on non-basmati white rice exports and the price cap on exports of basmati rice.
The Delhi-based company last week reported a 60% year-on-year (YoY) decline in export revenue in the second quarter of the current financial year mainly due to lower bulk and branded sales in some key markets. For the first half of the year, the export revenue was lower by 28% YoY on account of lower branded rice sales.
As of the end of FY22, exports contributed roughly 37% to the company’s revenues versus 50% in the previous year, per its annual report…..
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