Basmati rice processor KRBL's Q3 profit drops on weak export demand

KRBL reported a nearly 35% drop in third-quarter profit on Tuesday, hit by a weak demand for its India Gate basmati rice brand in international markets, leading to a 6.4% decline in its shares. Consolidated net profit was 1.34 billion rupees ($16.1 million) for the quarter ended December 31, compared with 2.05 billion rupees a year earlier.