Patanjali Foods Ltd has announced a significant increase in its net profit to Rs 254.53 crore in the second quarter of the fiscal year, more than double its net profit from the same period last year. The company has also made news enlisting former Indian cricket team captain M S Dhoni as the brand ambassador for its Mahakosh and Sunrich brands.
In contrast to this rise in profit, total income has actually declined to Rs 7,845.79 crore during the July-September period of this fiscal year from Rs 8,524.67 crore in the same period of the previous year. Total expenses fell to Rs 7,510.71 crore from Rs 8,371.03 crore during the same time frame, according to a regulatory filing.
Patanjali Foods stated that the association with M S Dhoni “complements the health-oriented nature of the company’s edible oil range.” The company achieved revenue of Rs 2,487.62 crore in the Food & FMCG segment in the second quarter of fiscal year.
Sanjeev Asthana, CEO of Patanjali Foods, reported that despite the challenging environment, the first half of the fiscal year has ended positively. The company’s Food & FMCG segment is performing well, with export sales of Rs 41.65 crore to 23 different countries during the July-September quarter. Additionally, the products are exported to 23 countries.
Furthermore, Patanjali Foods shares have dropped 1.17 per cent to Rs 1,438 on BSE. This comes after the company performed well on the profitability metrics, with both EBITDA and PAT showcasing strong growth on a QoQ basis. Asthana stated, “this improvement is in line with the tactical shift in our business operations.”