LT Foods Europe, B.V. appoints Mr. Vikas Magoon as Managing Director

LT Foods, a 70 year old Consumer Food has an optimum mix of family members and professionals in its organizational structure. The Company and its subsidiaries have an eminent set of people on its Board as well as Leadership positions that play a very important role in providing direction with respect to Strategy, Goal Setting and Governance of the Company. LT Foods has been extensively working on its 3 strategic pillars of Growth, Margin Expansion and Strengthening the Financial Metrics which is visible in its financial performance and will continue to do so in the future. To add to these three pillars, the Company also continues to strengthen its management capabilities.

In this regard, the Company has recently appointed Mr. Vikas Magoon as a Managing Director for its European subsidiary (LT Foods Europe, B.V.). Mr. Magoon has more than 25 years of experience in the Consumer Sector. He has worked with Unilever in the past in various finance and commercial roles. In his last role, he was the CEO of a leading Food Company in United Kingdom. Mr. Magoon is a Chartered Accountant from India and also holds an MBA degree from London Business School.

Mr. Magoon will have overall responsibility for the performance of LT Foods Europe B.V. and expanding its geographical coverage across the European continent. With a strong background in the Consumer Food space, he will be responsible for developing the strategic vision of the Company, expanding its business in the rice sector and exploring new growth opportunities, both organic and inorganic, in the wider food space.

Commenting on the Appointment, Managing Director & CEO Mr. Ashwani Kumar Arora said that, "It gives me great pleasure to welcome Mr. Vikas Magoon to the LT family. Mr. Magoon a veteran in the Consumer Food Space will bring in his knowledge, hands-on experience and expertise to expand our European business. His strategic vision for the Company will help expand its rice business, strengthen its flagship brand DAAWAT as well as explore new opportunities in the food space. Our European business has been performing well quarter on quarter and has become PAT positive in FY 20. The business has also seen a surge in demand for packaged rice as people are giving preference to packaged goods taking into account the safety aspect."

Shares of LT FOODS LTD. was last trading in BSE at Rs.43.25 as compared to the previous close of Rs. 41.9. The total number of shares traded during the day was 184084 in over 1096 trades.

The stock hit an intraday high of Rs. 43.85 and intraday low of 41.95. The net turnover during the day was Rs. 7866815.

Source : Equity Bulls

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