Patanjali Foods Sees 71% Profit Jump in Q3, Driven by Cooking Oil Boost

Photo: Reuters

Patanjali Foods, an Indian consumer goods company, announced a 71% increase in its profit for the third quarter on Monday. This boost in profit was mainly due to strong demand for its cooking oils, a core product of the company. The maker of Ruchi Gold cooking oil earned 3.71 billion rupees ($42.4 million) in profit for the three months ending December 31. This was a significant increase compared to 2.17 billion rupees in the same period last year.

In recent months, the demand for edible oils, which is an essential part of Indian households, has stayed high. Even though inflation has made people more careful about spending, especially on branded goods, consumers have continued buying cooking oils. At the same time, oil companies have raised prices to cover the rising costs of ingredients.

Patanjali's rival, Adani Wilmar, also reported a large profit increase last month, driven by similar demand for its cooking oils.

The revenue from Patanjali’s edible oils, which makes up nearly three-fourths of its total revenue, grew by 22.5% during the quarter. This growth helped increase the company’s overall revenue by 15%, reaching 91.03 billion rupees.

However, Patanjali's revenue from food and other fast-moving consumer goods (FMCG) dropped by 18%. This was due to lower demand in these product categories.

Patanjali Foods also faced higher costs, which rose by 13%. This increase was mainly because of a hike in import taxes on crude and refined edible oils in mid-September, which pushed up the company's input costs.

Despite some challenges in other product areas, the company's cooking oils business continues to be a major contributor to its growth.

Feb. 11, 2025 {{ Blogdetails.schedule_date|time }} 399

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