Patanjali Meals Q2 revenue drops 32% to Rs 112 crore; income up 42%

Patanjali Meals on Saturday reported a 31.65 per cent year-on-year (YoY) drop in revenue after tax (PAT) at Rs 112.28 crore for the September quarter in contrast with Rs 164.27 crore within the corresponding quarter final yr. The Baba Ramdev-backed FMCG main stated it suffered setbacks within the edible oil phase in the course of the quarter as a result of a pointy drop of $400-500 per tonne in international costs of assorted edible oils.

Income for the quarter rose 42 per cent YoY to Rs 8,514 crore in contrast with Rs 5,995.03 crore within the corresponding quarter final yr. On a sequential foundation, the corporate reported income progress of 18.07 per cent over June quarter’s Rs 7,210.96 crore.

India buys greater than 60 per cent of its edible oil requirement. On account of international market fluctuations, retail costs got here beneath strain in the course of the quarter, hurting profitability.

“Because of the macro components affecting demand-supply state of affairs in edible oils, there was a steep decline in edible oil costs in the course of the quarter. Declining value pattern left business with excessive value stock in hand, though all main gamers together with Patanjali Meals Restricted handed on the advantage of decrease costs to the customers,” the FMCG firm stated in a BSE submitting.

Patanjali’s Meals enterprise recorded gross sales of Rs 2,399.66 crore, which was 37.18 per cent of the full branded gross sales of the corporate. The branded gross sales,  together with the institutional phase, witnessed revenues of Rs 6,453.45 crore, which had been 77.02 per cent of the full sale of merchandise of the corporate this quarter.

For the primary six months of the monetary yr, Patanjali recorded a complete revenue of Rs 15,894.75 crore in contrast with Rs 11,306.99 crore in the identical interval final yr, up 40.57 per cent. Ebitda for the primary half of the monetary yr stood at Rs 755.95 crore, revenue earlier than tax at Rs 486.11 crore and PAT at Rs 353.55 crore, the corporate stated.