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Patanjali Foods FY23 profit rises to Rs 886.44 crore

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The company also reported a 12 per cent increase in its net profit to Rs 263.7 crore for the quarter ended March 2023

New Delhi: Patanjali Foods Ltd (PFL), which is into edible oil and FMCG businesses, on Tuesday reported a 12 per cent increase in its net profit to Rs 263.7 crore for the quarter ended March 2023.

Its net profit stood at Rs 234.43 crore in the year-ago period.

The total income rose to Rs 7,962.95 crore in the fourth quarter of the last fiscal from Rs 6,676.19 crore in the corresponding period of the previous year, according to a regulatory filing.

During the full 2022-23 fiscal, the net profit rose to Rs 886.44 crore from Rs 806.30 crore in the preceding fiscal.

Its total income increased to Rs 31,821.45 crore in the last fiscal against Rs 24,284.38 crore in 2021-22.

Patanjali Foods said the share of FMCG business in overall revenues grew exponentially to Rs 6,218.08 crore against Rs 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 Rs 25,634.45 crore against 1.63 million tonnes and Rs 22,882.76 crore revenue in FY22,” the company said.

The volume growth was achieved on the back of the expanded distribution reach and superior offering to consumers.

Patanjali Foods achieved an export turnover of Rs 530.80 crore last fiscal.

“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.

The company has signed MoUs with the governments of Assam, Arunachal Pradesh, Mizoram, Nagaland and Tripura in the Northeast, and Telangana and Andhra Pradesh.

Patanjali Foods, erstwhile Ruchi Soya Industries, was acquired by Patanjali Group under an insolvency resolution process pursuant to the NCLT approval of the resolution plan submitted by a consortium led by Patanjali Ayurved Ltd in September 2019.

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