For
the quarter ending March 2023, standalone Net sales (including other operating income) of Patanjali Foods has increased 18.15% to Rs 7,872.92 crore compared to quarter ended Mar 2022. Sales of Oils segment has gone down 2.56% to Rs 6,136.39 crore (accounting for 77.18% of total sales). Sales of Food Products segment has gone up 299.16% to Rs 1,805.18 crore (accounting for 22.71% of total sales). Sales of Wind Turbine Power Generation segment has gone down 9.61% to Rs 8.76 crore (accounting for 0.11% of total sales). Inter-segment sales came down from Rs 95.57 crore to Rs 77.41 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 2.90% to Rs 362.12 crore. PBIT of Oils segment fell 61.99% to Rs 114.35 crore (accounting for 31.58% of total PBIT). PBIT of Food Products segment rose 388.52% to Rs 247.31 crore (accounting for 68.30% of total PBIT). PBIT of Wind Turbine Power Generation segment rose 1.65% to Rs 0.46 crore (accounting for 0.13% of total PBIT).
PBIT margin of Oils segment fell from 4.78% to 1.86%. PBIT margin of Food Products segment rose from 11.19% to 13.70%. PBIT margin of Wind Turbine Power Generation segment rose from 4.63% to 5.21%. Overall PBIT margin fell from 5.21% to 4.55%.
Operating profit margin has declined from 6.09% to 4.14%, leading to 19.64% decline in operating profit to Rs 326.31 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 78.55% to 77.73%. Purchase of finished goods cost rose from 8.88% to 10.50%. Employee cost increased from 0.72% to 0.97%. Other expenses rose from 5.98% to 6.68%. Other income up 621.97% to Rs 90.03 crore. PBIDT fell 0.53% to Rs 416.34 crore. Provision for interest fell 72.42% to Rs 23.62 crore. Loan funds declined from Rs 3,696.06 crore as of 31 March 2022 to Rs 1,454.40 crore as of 31 March 2023. Inventories rose to Rs 4,069.98 crore as of 31 March 2023 from Rs 2,905.33 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,597.64 crore as of 31 March 2023 compared to Rs 796.22 crore as of 31 March 2022. Cash and bank balance declined from Rs 2,016.29 crore as of 31 March 2022 to Rs 1,140.52 crore as of 31 March 2023. Investments declined from Rs 41.71 crore as of 31 March 2022 to Rs 37.54 crore as of 31 March 2023.
PBDT rose 17.97% to Rs 392.72 crore. Provision for depreciation rose 16.45% to Rs 43.33 crore. Fixed assets increased to Rs 3,662.63 crore as of 31 March 2023 from Rs 3,398.84 crore as of 31 March 2022. Intangible assets increased from Rs 1,529.54 crore to Rs 1,565.06 crore.
Profit before tax grew 18.16% to Rs 349.39 crore. Provision for tax was expense of Rs 85.68 crore, compared to Rs 61.26 crore. Effective tax rate was 24.52% compared to 20.72%.
Profit after tax rose 12.49% to Rs 263.71 crore.
Equity capital increased from Rs 59.15 crore as of 31 March 2022 to Rs 72.38 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 80.82% as of 31 March 2023 ,compared to 98.90% as of 31 March 2022 .
Full year results analysis
Net sales (including other operating income) of Patanjali Foods has increased 30.24% to Rs 31,524.66 crore. Sales of Oils segment has gone up 12.03% to Rs 25,634.45 crore (accounting for 80.34% of total sales). Sales of segment has gone up 269.41% to Rs 6,218.08 crore (accounting for 19.49% of total sales). Sales of Wind Turbine Power Generation segment has gone down 0.48% to Rs 53.24 crore (accounting for 0.17% of total sales). Inter-segment sales came down from Rs 414.12 crore to Rs 381.12 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 13.30% to Rs 1,242.18 crore. PBIT of Oils segment fell 90.28% to Rs 119.80 crore (accounting for 9.64% of total PBIT). PBIT of segment rose 505.98% to Rs 1,106.08 crore (accounting for 89.04% of total PBIT). PBIT of Wind Turbine Power Generation segment fell 6.81% to Rs 16.29 crore (accounting for 1.31% of total PBIT).
PBIT margin of Oils segment fell from 5.39% to 0.47%. PBIT margin of segment rose from 10.84% to 17.79%. PBIT margin of Wind Turbine Power Generation segment fell from 32.68% to 30.60%. Overall PBIT margin fell from 5.82% to 3.89%.
Operating profit margin has declined from 6.14% to 4.06%, leading to 13.88% decline in operating profit to Rs 1,280.64 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.01% to 78.83%. Purchase of finished goods cost rose from 8.61% to 10.33%. Employee cost increased from 0.76% to 0.87%. Other expenses rose from 5.56% to 5.94%. Other income up 275.65% to Rs 296.8 crore. PBIDT rose 0.73% to Rs 1577.44 crore. Provision for interest fell 32.70% to Rs 238.85 crore. Loan funds declined from Rs 3,696.06 crore as of 31 March 2022 to Rs 1,454.40 crore as of 31 March 2023. Inventories rose to Rs 4,069.98 crore as of 31 March 2023 from Rs 2,905.33 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,597.64 crore as of 31 March 2023 compared to Rs 796.22 crore as of 31 March 2022. Cash and bank balance declined from Rs 2,016.29 crore as of 31 March 2022 to Rs 1,140.52 crore as of 31 March 2023. Investments declined from Rs 41.71 crore as of 31 March 2022 to Rs 37.54 crore as of 31 March 2023.
PBDT rose 10.53% to Rs 1338.59 crore. Provision for depreciation rose 16.75% to Rs 159.63 crore. Fixed assets increased to Rs 3,662.63 crore as of 31 March 2023 from Rs 3,398.84 crore as of 31 March 2022. Intangible assets increased from Rs 1,529.54 crore to Rs 1,565.06 crore.
Profit before tax grew 9.73% to Rs 1,178.96 crore. Provision for tax was expense of Rs 292.52 crore, compared to Rs 268.07 crore. Effective tax rate was 24.81% compared to 24.95%.
Profit after tax rose 9.94% to Rs 886.44 crore.
Equity capital increased from Rs 59.15 crore as of 31 March 2022 to Rs 72.38 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 80.82% as of 31 March 2023 ,compared to 98.90% as of 31 March 2022 .
Other Highlights
Board
recommended a dividend of Rs 6 (300%) per equity share on
equity shares of Rs 2 each for the financial year ended March 31, 2023.
The company achieved quantum growth in
edible oil business growing by 21% to 1.91 million metric 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 FY2022. The growth in volume was achieved at the
back of expanded distribution reach and superior offering to consumers.
The company achieved export turnover of Rs
530.80 crore by exporting its products to 33 countries during FY23.