May 30, 2024 15:24 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Liquor policy case: Delhi court seeks ED's response on Arvind Kejriwal's bail plea | Shashi Tharoor's former PA arrested at Delhi Airport in gold smuggling case, Congress leader says 'law must take its own course' | Bihar man dies in Delhi hospital due to heat stroke amid record-breaking heatwave in national capital | Bengali film actress Rituparna Sengupta summoned by ED in ration distribution scam | Centre begins process of granting citizenship under CAA in West Bengal
Patanjali Foods Q4FY24 profit drops 22% to Rs 206 cr due to weak demand
Photo courtesy: patanjaliayurved.net

Patanjali Foods Q4FY24 profit drops 22% to Rs 206 cr due to weak demand

| @indiablooms | 15 May 2024, 12:30 am

Mumbai: Patanjali Foods, co-founded by Yoga guru Baba Ramdev and Acharya Balkrishna, reported a 22% drop in fourth-quarter profit on Tuesday, mainly due to weak demand that hurt overall sales in its core edible oils business and rising expenses.

The profit for the Ruchi Gold oil manufacturer decreased to Rs 206 crore (approximately $25 million) for the quarter ending March 31, down from Rs 264 crore the previous year, reported Reuters.

Increased prices of everyday items like milk and wheat flour have reduced consumer spending in rural India, affecting both essential and non-essential purchases.

Revenue from Patanjali's edible oils segment declined by nearly 9% to Rs 5,889 crore, which hindered overall revenue growth.

Total expenses for the company increased by about 6% to Rs 8,048 crore. Nonetheless, the company remains hopeful for a rise in rural demand in the upcoming quarters.

In contrast, rival Adani Wilmar, the maker of Fortune cooking oil, reported a 67.5% increase in its fourth-quarter profit earlier this month.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.