Patanjali Foods rises on reporting single-digit growth in Edible Oil sales during Q2FY24
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Patanjali Foods is currently trading at Rs. 1336.00, up by 20.50 points or 1.56% from its previous closing of Rs. 1315.50 on the BSE.
The scrip opened at Rs. 1320.00 and has touched a high and low of Rs. 1340.00 and Rs. 1300.00 respectively. So far 10284 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 2 has touched a 52 week high of Rs. 1462.00 on 27-Oct-2022 and a 52 week low of Rs. 851.70 on 20-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1349.90 and Rs. 1220.00 respectively. The current market cap of the company is Rs. 48293.73 crore.
The promoters holding in the company stood at 80.82%, while Institutions and Non-Institutions held 5.19% and 13.98% respectively.
Patanjali Foods has registered an uptick in Edible Oil sales volume with a single-digit Year- on-Year (Y-O-Y) growth in Q2FY24 and double-digit YoY growth during H1FY24. Despite challenges, the branded sales continue to thrive, accounting for over 75% of the total sales value in Edible Oils.
In the Oil Palm Plantation Business, the company made significant strides during Q2, including the establishment of eight nurseries across five states and the development of over 4,500 hectares of palm plantations pan India. The company conducted a Mega Oil Palm Plantation Drive in seven states, distributing approximately 350,000 seedlings to farmers and covering an extensive area exceeding 2,400 hectares.
In the Food & FMCG Segment, driven by sustained efforts, the company achieved double-digit sequential growth in Q2FY24 and a year-on-year growth of more than 30% in H1FY24. This segment's contribution to its Q2FY24 revenue further moved by 100 bps from Q1FY24. The Biscuits division continues to maintain strong momentum, showing high teens YoY growth in Q2FY24 and high twenties YoY growth in H1FY24 with its marquee biscuit brands, Doodh Biscuits and Nariyal Biscuits, showing further traction.
Furthermore, the company achieved the highest-ever quarterly sales of Textures Soya Products (TSP) under the Nutrela Brand, demonstrating robust growth momentum. The Nutraceuticals business is steadily gaining favor with consumers, exhibiting single-digit year-on-year growth in Q2FY24.
Patanjali Foods, erstwhile Ruchi Soya Industries, sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star and Ruchi Sunlight.
