Patanjali Foods Q3 results: Net profit rises 15% to Rs 269 cr

FMCG firm Patanjali Foods, formerly known as Ruchi Soya Industries Limited, on Wednesday reported 15% increase in net profit at Rs 269 crore for the quarter ending December 31, 2022 as against Rs 234 crore in the year-ago period. The company's revenue from operations rose 26% to Rs 7,929 crore in Q3FY23 as against Rs 6,280 crore in Q3FY22.

"The prices of edible oils, the biggest portion of the company’s revenue, have stabilised and recovered from the sharp decline witnessed in Q2. Urban demand for FMCG products has been steady while rural demand continues to contract. Festive and marriage season revived the demand for the food products during this quarter," the company said in a stock exchange filing.

"After sharp volatilities and downtrend witnessed in the previous quarters, there has been some stability and revival observed in the quarter ended December 31, 2022. The macro challenges faced earlier in terms of geo-political standoff, soaring inflation, supply constraints, high interest rates and demand concerns have waned a bit. International food, energy and other commodity prices have eased moderately in recent times. India, per se, has revived fast supported by good progress of rabi sowing, sustained urban demand, improving rural demand, a pick-up in manufacturing, rebound in services and robust credit expansion," added the Ramdev-promoted company.

On Wednesday, the company's scrip on BSE closed nearly 4% lower at Rs 1,160.