Wednesday, 08 February 2023 | PNS | DEHRADUN
After delivering solid Q3 results Patanjali Foods Limited – PFL (formerly known as Ruchi Soya Industries Limited) has continued to work towards achieving business and financial goals. The company has stated that it achieved total income of Rs 7,963.75 crore during the quarter ended December 31, 2022 as compared to Rs 6,301.19 crore in Q3FY22, registering a growth of 26.38 per cent YoY. It further stated that the PAT for the quarter registered a strong growth of 139.73 per cent QoQ and 14.96 per cent YoY and stood at Rs 269.18 crore.
During the nine-month period ended December 31, 2022, the company achieved total income of Rs 23,858.50 crore and PAT of Rs 622.73 crore with a growth of 35.50 per cent and 8.89 per cent respectively over the corresponding period last year. A release from the company stated that it continues to leverage its strong distribution channel and product offerings across multiple price points to achieve volume growth. It achieved an all-time high monthly sale of 1.5 lakh MT of edible oils and Vanaspati in October month. Further, the company continues to invest in growing its multichannel distribution network along with the adoption of digitisation to track secondary sales and enhance efficiency of the sales team. Patanjali Foods is one of the largest oil palm plantation companies in India. The company continues its thrust on expanding its oil palm business and is undertaking capacity expansion of oil palm processing capacities to 160 TPH.
The company has recently entered into an MoU with the governments of Tripura and Nagaland in addition to existing MOUs with governments of Arunachal Pradesh, Assam and Mizoram. There is an increased focus on premiumisation and new product development to cater the market with a bigger and better variety of products. It is revamping its nutraceutical business with a more focussed approach that will enhance reach and give superior offerings to consumers. While the near term shows positive growth aspects, the company remains optimistic in medium term given the recent softening of input prices and inflationary trends. The focus continues to be on delivering broad based profitable growth.
