For
the quarter ending March 2024, standalone net sales (including other operating income) of Patanjali Foods has increased 4.43% to Rs 8,221.66 crore compared to quarter ended March 2023. Sales of Oils segment has gone down 8.92% to Rs 5,588.96 crore (accounting for 67.30% of total sales). Sales of Food Products segment has gone up 49.82% to Rs 2,704.61 crore (accounting for 32.57% of total sales). Sales of Wind Turbine Power Generation segment rose 21.34% to Rs 10.63 crore (accounting for 0.13% of total sales). Inter-segment sales rose Rs 77.41 crore to Rs 82.54 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 12.01% to Rs 318.63 crore. PBIT of Oils segment fell 37.25% to Rs 71.76 crore (accounting for 22.52% of total PBIT). PBIT of Food Products segment rose 0.95% to Rs 249.67 crore (accounting for 78.36% of total PBIT). PBIT of Wind Turbine Power Generation reported loss of Rs 2.80 crore compared to profit of Rs 0.46 crore.
PBIT margin of Oils segment fell from 1.86% to 1.28%. PBIT margin of Food Products segment fell from 13.70% to 9.23%. PBIT margin of Wind Turbine Power Generation segment fell from 5.21% to 26.31%. Overall PBIT margin fell from 4.55% to 3.84%.
Operating profit margin has jumped from 4.14% to 4.51%, leading to 13.58% rise in operating profit to Rs 370.61 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 77.73% to 52.27%. Purchase of finished goods cost rose from 10.50% to 34.16%. Employee cost increased from 0.97% to 1.27%. Other expenses rose from 6.68% to 7.65%. Other income up 40.36% to Rs 126.37 crore. PBIDT rose 19.37% to Rs 496.98 crore. Provision for interest up 390.69% to Rs 115.9 crore. Loan funds declined from Rs 1,454.40 crore as of 31 March 2023 to Rs 1,048.73 crore as of 31 March 2024. Inventories declined from Rs 4,069.98 crore as of 31 March 2023 to Rs 3,767.79 crore as of 31 March 2024. Sundry debtors were lower at Rs 1,434.36 crore as of 31 March 2024 compared to Rs 1,597.64 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,140.52 crore as of 31 March 2023 to Rs 833.58 crore as of 31 March 2024. Investments rose to Rs 1,041.12 crore as of 31 March 2024 from Rs 37.54 crore as of 31 March 2023 .
PBDT fell 2.96% to Rs 381.08 crore. Provision for depreciation rose 87.77% to Rs 81.36 crore. Fixed assets declined from Rs 3,662.63 crore as of 31 March 2023 to Rs 3,509.84 crore as of 31 March 2024. Intangible assets declined from Rs 1,565.06 crore to Rs 1,554.40 crore.
Profit before tax down 14.22% to Rs 299.72 crore. Provision for tax was expense of Rs 93.4 crore, compared to Rs 85.68 crore. Effective tax rate was 31.16% compared to 24.52%.
Profit after tax fell 21.76% to Rs 206.32 crore.
Equity capital stood at Rs 72.38 crore as of 31 March 2024 to Rs 72.38 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.77% as of 31 March 2024 ,compared to 80.82% as of 31 March 2023 .
Full year results analysis
Net sales (including other operating income) of Patanjali Foods has increased 0.62% to Rs 31,721.35 crore. Sales of Oils segment has gone down 12.68% to Rs 22,383.79 crore (accounting for 69.77% of total sales). Sales of Food Products segment has gone up 55.09% to Rs 9,643.32 crore (accounting for 30.06% of total sales). Sales of Wind Turbine Power Generation segment rose 2.48% to Rs 54.56 crore (accounting for 0.17% of total sales). Inter-segment sales came down from Rs 381.12 crore to Rs 360.32 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 7.08% to Rs 1,154.19 crore. PBIT of Oils reported loss of Rs 76.49 crore compared to profit of Rs 119.80 crore. PBIT of Food Products segment rose 11.23% to Rs 1,230.30 crore (accounting for 106.59% of total PBIT). PBIT of Wind Turbine Power Generation segment fell 97.63% to Rs 0.39 crore (accounting for 0.03% of total PBIT).
PBIT margin of Oils segment fell from 0.47% to 0.34%. PBIT margin of Food Products segment fell from 17.79% to 12.76%. PBIT margin of Wind Turbine Power Generation segment fell from 30.60% to 0.71%. Overall PBIT margin fell from 3.89% to 3.60%.
Operating profit margin has declined from 4.06% to 4.03%, leading to 0.16% decline in operating profit to Rs 1,278.54 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 78.83% to 60.52%. Purchase of finished goods cost rose from 10.33% to 27.14%. Employee cost increased from 0.87% to 1.12%. Other expenses rose from 5.94% to 7.20%. Other income fell 19.05% to Rs 240.27 crore. PBIDT fell 3.72% to Rs 1518.81 crore. Provision for interest fell 20.49% to Rs 189.9 crore. Loan funds declined from Rs 1,454.40 crore as of 31 March 2023 to Rs 1,048.73 crore as of 31 March 2024. Inventories declined from Rs 4,069.98 crore as of 31 March 2023 to Rs 3,767.79 crore as of 31 March 2024. Sundry debtors were lower at Rs 1,434.36 crore as of 31 March 2024 compared to Rs 1,597.64 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,140.52 crore as of 31 March 2023 to Rs 833.58 crore as of 31 March 2024. Investments rose to Rs 1,041.12 crore as of 31 March 2024 from Rs 37.54 crore as of 31 March 2023 .
PBDT fell 0.72% to Rs 1328.91 crore. Provision for depreciation rose 68.41% to Rs 268.83 crore. Fixed assets declined from Rs 3,662.63 crore as of 31 March 2023 to Rs 3,509.84 crore as of 31 March 2024. Intangible assets declined from Rs 1,565.06 crore to Rs 1,554.40 crore.
Profit before tax down 10.08% to Rs 1,060.08 crore. Provision for tax was expense of Rs 294.93 crore, compared to Rs 292.52 crore. Effective tax rate was 27.82% compared to 24.81%.
Profit after tax fell 13.68% to Rs 765.15 crore.
Equity capital stood at Rs 72.38 crore as of 31 March 2024 to Rs 72.38 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.77% as of 31 March 2024 ,compared to 80.82% as of 31 March 2023 .
Cash flow from operating activities has turned positive Rs 1,746.25 crore for year ended March 2024 from negative Rs 339.34 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 100.11 crore, compared to Rs 98.56 crore during the year ended March 2023.
Other Highlights
In FY24, Food & FMCG segment
contributed 30.06% to revenue, Edible Oils 69.77% and Windmill 0.17%.
The planted area for Oil Palm Plantations
expanded to 74,376 hectares as on 31 March 2024 compared to 63,816 hectares as
on 31 March 2023.
In Q4FY24, export revenue stood at Rs 57.33
crore. The company has added new markets to its export portfolio, now reaching
27 countries, including Australia, Singapore, etc.
The company continued its focus on growing
the Biscuits portfolio. It registered a growth of 17.29% YoY in Q4FY24.
Edible oil volumes in Q4FY24 increased 5%
YoY to 6.34 lac MT. sales of branded Edible Oil constituted around 75% of the
total Edible Oil sales.