During the quarter, the edible oil segment registered an uptick in value over Q2 with incremental growth, while the EBITDA margin aligned with the business projections. There was a single-digit sequential as well as YoY growth in the volumes during the quarter. Branded sales continued to contribute about 75% of the total edible oil sales volume.

In the oil palm plantation business, the firm increased its plantation area by 4,000 hectares taking total area under oil palm plantation to 72,500 hectares. During the quarter, the company imported 13.50 lakh oil palm seed sprouts from Costa Rica, Malaysia, Thailand and Papua New Guinea.

In the food & FMCG segment, the revenue was stable. However, performance was impacted by input price inflation, seasonal variations and increased advertising spend. The segment accounted for around 32% of total revenues, consistent with Q2 FY24 and higher than about 25% in Q1 FY24.

The biscuits division showed more than 20% YoY growth in Q3 FY24. The marquee biscuit brands – ‘Doodh’ biscuit and ‘Nariyal’ biscuit, continued to grow strongly with more than 25% YoY growth during the quarter. The division caters to approximately 1.2 million outlets, showing its extensive market penetration.

Patanjali Foods (formerly known as Ruchi Soya Industries) is one of India's top FMCG player in India. The company is present in Edible Oils, Food & FMCG and Wind Power Generation segments via a bouquet of brands like Patanjali, Ruchi Gold, Nutrela, etc.

The FMCG company’s net profit soared 126.69% to Rs 254.53 crore in Q2 FY24 as compared with Rs 112.28 crore in Q2 FY23. Revenue from operations declined 8.13% YoY to Rs 7,821.9 crore in Q2 FY24.

The scrip slipped 2.34% to currently trade at Rs 1,595.60 on the BSE.