Patanjali Ayurved Ltd.'s first-quarter profit declined even as revenue rose due to higher sales of ayurvedic products and consumer goods.
Standalone net profit for the Baba Ramdev-backed company fell 14% over the previous quarter to Rs 55.96 crore in the April-June period of fiscal 2023, according to its exchange filing.
The year-on-year figures aren't comparable as the company divested the food retail business to one of its subsidiaries— Patanjali Foods Ltd — in a slump sale in July last year.
Patanjali Ayurved Q1 FY24 Highlights (Standalone, QoQ)
Revenue rose 16.5% to Rs 1,947.20 crore.
Operating profit declined 3% to Rs 167.36 crore.
Margin contracted to 8.6% against 9.7% on higher expenses.
Total expenses rose 17% to Rs 1,878 crore.
Sales of FMCG products rose 14% over the previous quarter to Rs 1,565.47 crore in the June quarter, while that of its ayurvedic products rose 13% to Rs 289.51 crore, according to the company's disclosures.
Patanjali Ayurved manufactures household and skin care products, while its entire food portfolio including ghee, edible oils, rice, flour, pulses, chyawanprash and others are sold by Patanjali Foods.
After the transfer of its food business, the management of Patanjali Ayurved told BQ Prime that it has mapped out aggressive export plans to fuel growth. Revenue from its exports business rose just 1.1% over the previous quarter to Rs 9.87 crore in the June quarter, the company noted.
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