Patanjali Foods, an Indian fast-moving consumer goods company, reported a 19.55% decline in its net profit to INR 216.54 crore for the quarter ending on December 31, 2023. This marks a decrease from the INR 269.18 crore net profit reported during the same period in the previous year.
Nonetheless, there was a marginal increase of 0.2 percent in the company’s net sales, amounting to INR 7,910.70 crore compared to INR 7,926.64 crore in the corresponding period of the previous year.
“The Food and Fast-Moving Consumer Goods (FMCG) segment achieved the highest quarterly revenue of INR 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.
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At the same time, revenue from the edible oils segment also experienced a decline of 15.33 percent, falling to INR 5,482.64 crore in the quarter.
“In the third quarter, revenue from exports increased by 49.02 per cent to INR 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 INR 28.53 crore, as stated in the earnings release.