Patanjali Foods Q3FY24 results: Net profit declines 19.55% to Rs 216.54 cr

Indian fast-moving consumer goods company Patanjali Foods reported a drop of 19.55 per cent in net profit to Rs 216.54 crore for the third quarter ended December 31, 2023. It had reported a net profit of Rs 269.18 crore in the year-ago period.

However, the company’s net sales saw a rise of 0.2 per cent to Rs 7,910.70 crore from Rs 7,926.64 in the year-ago period.

“The Food and Fast-Moving Consumer Goods (FMCG) segment achieved the highest quarterly revenue of Rs 2,498.62 crore in the third quarter, achieving a growth of 64.05 per cent. The Food & FMCG segment accounted for 31.59 per cent of total revenue from operations in the current quarter,” the company said in an earnings release.

Meanwhile, revenue from the edible oils segment also reported a drop of 15.33 per cent to Rs 5,482.64 crore in the quarter.

“In the third quarter, revenue from exports increased by 49.02 per cent to Rs 62.06 crore over the previous quarter. The company has been able to add new markets in line with its strategy to expand geographies,” it added.

The company also doubled its advertisement spends in the third quarter to Rs 28.53 crore, it added in the earnings release.