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Revenue from operations stood at Rs 7,821.9 crore as on in Q2 FY24, down 8.13% as against Rs 8514.1 crore recorded in the corresponding quarter previous year.
Profit before tax was at Rs 335.08 crore in Q2 FY24, steeply higher from Rs 153.63 crore recorded in Q2 FY23.
EBITDA stood at Rs 419.20 crore, up 97.75% QoQ in Q2FY24, while EBITDA margins improved to 5.34% in Q2 FY24 as against 2.71% in Q1FY24 and 2.41% in Q2FY23.
In Q2 FY24, the company achieved export sales of Rs 41.65 crore and the products are exported to 23 countries.
The food & FMCG business segment recorded a sale of Rs 2,487.62 crore in Q2 FY24, contributing to 31.8% of revenue from operations. The company said that there is a continued focus on the growth of the Food & FMCG segment which is reflected in various performance indicators. The segment recorded an EBITDA of Rs 379.32 crore with an EBITDA margin of 15.25% despite pricing pressure.
Edible Oil segment achieved sales of Rs 5421.5 crore in Q2 FY24, down 13.39% YoY. The FMCG company stated that edible oil segment faced an ongoing pricing pressure during Q2 mainly due to excessive imports that led to elevated inventory levels, impacting both revenue and margins. The price trend observed in Q2 remained consistent with that of Q1, displaying divergent price fluctuations between the physical and futures markets. The prices of edible oil continue to have a cooling effect.
Meanwhile, company’s wind turbine power generation revenue was Rs 17.80 crore in Q2 FY24, up 32.84% as compared with Rs 13.40 crore posted in Q2 FY23.
Sanjeev Asthana, CEO, Patanjali Foods said, “The company’s Food & FMCG segment is performing in line with the targets and saw further expansion of higher contribution in the overall financial performance. This improvement is in line with the tactical shift in our business operations.
The company achieved new heights in its quarterly sales for TSP, deeper penetration of its prominent biscuit brands and positive response from customers for the multiple product launches. The company’s strategy to increase penetration across different categories of customers through its wide bouquet of offerings, premiumization and multiple price points and strong distribution network is working to be a sustainable model for growth. I am optimistic about the upcoming festival seasons and increase in consumer spends to drive the growth in the coming quarter.”
The scrip declined 0.84% to Rs 1,442.80 on the BSE. The scrip hit an 52 week high at Rs 1,479 in intraday today.
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