Patanjali Foods on Saturday reported a 31.65 per cent year-on-year (YoY) drop in profit after tax (PAT) at Rs 112.28 crore for the September quarter compared with Rs 164.27 crore in the corresponding quarter last year. The Baba Ramdev-backed FMCG major said it suffered setbacks in the edible oil segment during the quarter due to a sharp drop of $400-500 per tonne in global prices of various edible oils.
Revenue for the quarter rose 42 per cent YoY to Rs 8,514 crore compared with Rs 5,995.03 crore in the corresponding quarter last year. On a sequential basis, the company reported revenue growth of 18.07 per cent over June quarter’s Rs 7,210.96 crore.
India buys more than 60 per cent of its edible oil requirement. Due to global market fluctuations, retail prices came under pressure during the quarter, hurting profitability.
“Due to the macro factors affecting demand-supply situation in edible oils, there was a steep decline in edible oil prices during the quarter. Declining price trend left industry with high price inventory in hand, although all major players including Patanjali Foods Limited passed on the benefit of lower prices to the consumers,” the FMCG company said in a BSE filing.
Patanjali’s Food business recorded sales of Rs 2,399.66 crore, which was 37.18 per cent of the total branded sales of the company. The branded sales, including the institutional segment, witnessed revenues of Rs 6,453.45 crore, which were 77.02 per cent of the total sale of products of the company this quarter.
For the first six months of the financial year, Patanjali recorded a total income of Rs 15,894.75 crore compared with Rs 11,306.99 crore in the same period last year, up 40.57 per cent. Ebitda for the first half of the financial year stood at Rs 755.95 crore, profit before tax at Rs 486.11 crore and PAT at Rs 353.55 crore, the company said.
