Patanjali Foods registers over two-fold growth in Q2 net profit

9 Nov 2023 , 10:00 AM

Patanjali Foods announced a considerable increase in net profit for the quarter ending September 2023, more than doubling year on year (YoY) to Rs 255 crore on Wednesday.

However, the company reported an 8% y-o-y decline in its revenue from operations.

The dramatic increase in net profit was mostly owing to higher other income, which increased to Rs 24 crore from Rs 10.5 crore the previous year, as well as improved operational efficiency.

EBITDA increased more than double on a year-on-year basis to Rs 395 crore. The operating profit margin increased by 276 basis points to 5.05%.

Total expenses, including financial charges, were Rs 7,511 crore for the quarter, down from Rs 8,371 crore a year ago.

Raw material expenditures fell to Rs 5,145 crore during the quarter, down from Rs 6,712 crore a year ago, helping to boost profitability.

A double-digit reduction in revenue in the company’s key edible oils division dragged on overall performance. Revenue from edible oils fell 13.4% year on year to Rs 5,421 crore.

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