GRM Overseas Limited Secures First Order from Oman Government

On April 29, 2024, GRM Overseas Limited (GRM) informed the stock exchanges that the company had received its first order from the Ministry of Agricultural, Fisheries, Wealth & Water Resources, Sultanate of Oman. The order is to supply 4,500 Metric Tons (MT) of premium basmati rice. The order is worth ₹465 million.

The Government companies in the Middle East and North Africa (MENA) region opened a noteworthy target market for GRM Overseas Limited with approx total size of more than 7,00,000 MT import of Basmati Rice.

The Middle East and North Africa region is the largest importer of Basmati Rice, having the lion’s share of approximately 78% of the total exports from India in FY 2023, while Europe contributes 6.9% and USA + Canada contributes 6.6% (FY 2023).

The company stated that GRM Overseas has set itself strategically, as 95% of its export business is to the MENA region and has established itself as among the top 5 Basmati Rice exporters in the MENA region.

Commenting on the significant order, the Managing Director of GRM Overseas Ltd, Mr Atul Garg, said, “We are thrilled to have received this maiden order from the Sultanate of Oman, one of the largest consumers of Indian basmati rice. This signifies Oman’s recognition of the quality of our basmati rice and its growing demand in the country. We see this order as a gateway to regular business opportunities in the Middle East, the largest consumer region of basmati rice. We look forward to further strengthening our presence in this region and diversifying our business.”

In Q3 FY 2024, the company reported a revenue of ₹357.47 crore, up by approximately 8.05%, compared to the revenue in Q3 FY 2023. In Q3 FY 2024, GRM Overseas’ net profit was ₹13.26 crore, which is down by approximately 19.15%, compared to Q3 FY 2023.

About GRM Overseas Ltd

GRM Overseas Ltd is mainly involved in milling, processing, and marketing both branded and non-branded basmati rice domestically and internationally. GRM sells products under its brands, namely 10X, Himalaya River, and Tanoush. It also sells via private label arrangements under customers’ brands.

On April 29, 2024, the share price of GRM Overseas Ltd opened at ₹143.40, touching the day’s high at ₹155.40, as of 2:46 PM on the NSE.

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