Indian fast-moving consumer goods (FMCG) company, Patanjali Foods, reported a 200 per cent increase in net profit to Rs 262.9 crore in the first quarter ended June 30, 2024.
The company had reported a net profit of Rs 87.8 crore in the year ago period.
However, the company’s net sales fell 7.6 per cent to Rs 7,173 crore in the first quarter from Rs 7,767 in the year ago period.
The profitability was driven by reduced volatility in edible oil prices along with stable performance in the food and FMCG portfolio, the company said in a release.
“We are seeing a boost from new-age channels like e-commerce and quick commerce,” it added.
In Q1FY25, the food and FMCG segment reported a revenue of Rs 1,953.55 crore, contributing 26.77 per cent to the company’s overall net sales as compared to 24.84 per cent in the same quarter last year.
Meanwhile, the edible oil segment achieved sales of Rs 5,330.33 crore, during the period, with sales of branded edible oil constituting around 79.54 per cent of the total edible oil.
First Published: Jul 19 2024 | 8:06 PM IST
