Patanjali Foods Ltd (PFL), a company involved in the edible oil and FMCG sectors, announced a 12 percent rise in its net profit for the quarter ending in March 2023. The company’s net profit reached INR 263.7 crore, compared to INR 234.43 crore during the same period last year.
According to a regulatory filing, the total income for the fourth quarter of the previous fiscal year increased to INR 7,962.95 crore from INR 6,676.19 crore in the corresponding period of the previous year.
Throughout the entire fiscal year 2022-23, there was a rise in net profit from INR 806.30 crore in the preceding fiscal to INR 886.44 crore.
In the previous fiscal year, the total income of the company witnessed a substantial growth, reaching INR 31,821.45 crore compared to INR 24,284.38 crore in the year 2021-22.
Patanjali Foods witnessed a significant surge in the contribution of its FMCG business to the company’s overall revenues. During the fiscal year, the FMCG business accounted for INR 6,218.08 crore, marking exponential growth compared to the previous year’s figure of INR 1,683.24 crore in FY22.
“The company achieved quantum growth in edible oil business growing by 21 per cent to 1.91 million tonnes in volume terms and achieved revenue of INR 25,634.45 crore against 1.63 million tonnes and INR 22,882.76 crore revenue in FY22,” the company said.
The growth in volume was accomplished through the expansion of distribution channels and the delivery of superior products to consumers.
During the last fiscal year, Patanjali Foods successfully achieved an export turnover of INR 530.80 crore.
“The company’s plans for its oil palm plantation are fully on track as the area under cultivation has increased to 63,816 hectares with the overall land allocation of 6,28,000 hectares during FY 2023,” it said.
As part of its strategic initiatives, Patanjali Foods has established Memorandums of Understanding (MoUs) with the governments of Assam, Arunachal Pradesh, Mizoram, Nagaland, Tripura, Telangana, and Andhra Pradesh. These MoUs reflect the company’s dedication to fostering collaborative relationships with these regions.
Patanjali Foods, previously known as Ruchi Soya Industries, underwent an acquisition by Patanjali Group through an insolvency resolution process. The National Company Law Tribunal (NCLT) granted approval to the resolution plan submitted by a consortium led by Patanjali Ayurved Ltd in September 2019, resulting in the successful acquisition.