Patanjali’s 2Q net profit declines 31 pc

HARIDWAR, INDIA: Patanjali Foods has posted a decline of 31.6% in its standalone net profit to Rs 1.12 billion in the quarter that ended September 30, against more than Rs 1.64 billion net profit a year ago. The fast-moving consumer goods firm has posted a jump of 42% in its standalone revenue to Rs 8,514 crore against more than Rs 59.95 billion in the year-ago period. The FMCG's standalone operating profit or Ebidta was down 41.1% to Rs 1.94 billion, against more than Rs 3.30 billion in the corresponding period of the previous year. The company said its margin was 2.3% against 5.5% in the year-ago period. The company said demand remained challenging with persisting high inflation along with monetary/fiscal measures taken by the government including the continuation of stock limits on oils and oilseeds, governments' insistence on reduction in retail edible oil prices and passing of price benefits to the consumers. According to the company statement, the foods business achieved sales of Rs 2,399.66 crore contributing 37.18% of the total branded sales of the company. It also added that branded sales including the institutional segment achieved sales of Rs 6,453.45 crore, making up more than 77% of the total sale of products of the company for the period. The Haridwar-headquartered company was founded by Ramdev and Balkrishna in 2006. Its office is in Delhi, with manufacturing units and headquarters in the industrial area of Haridwar. The company manufactures cosmetics, ayurvedic medicine, personal care and food products. Chief Executive Officer (CEO) of the company, with a 94% share hold, is Balkrishna. Ramdev represents the company and makes strategic decisions. The company's shares closed at Rs 1,272 apiece on BSE, a decline of 1.62% over the previous session, on Friday. In the past five days, the shares had been declining about 5.64%, according to the stock exchange. By ANI/RSS READ ALSO:

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