Patanjali Foods Q2 profit jumps over 2 times to Rs 255cr; ropes in Dhoni as brand ambassador

New Delhi: Patanjali Foods Ltd has reported over two-fold jump in its net profit to Rs 254.53 crore in the second quarter of this fiscal year and also roped in former Indian cricket team captain M S Dhoni as brand ambassador for Mahakosh and Sunrich brands.

Its net profit stood at Rs 112.28 crore in the year-ago period.

Total income declined to Rs 7,845.79 crore during the July-September period of this fiscal year from Rs 8,524.67 crore in the corresponding period of the previous year, according to a regulatory filing.

Total expenses also fell to Rs 7,510.71 crore from Rs 8,371.03 crore during the period under review.

Patanjali Foods said in a statement that it has onboarded world-renowned cricketer M S Dhoni as a brand ambassador for branding and marketing campaigns of its Mahakosh and Sunrich brands.

"MS Dhoni's association complements the health-oriented nature of the company’s edible oil range...," it added.

The Food & FMCG segment achieved revenue of Rs 2,487.62 crore in the second quarter of this fiscal year.

"The contribution of our Food and FMCG segment to the total revenue from operations increased to 31.80 per cent in Q2 of FY24 from 25.14 per cent in Q1FY24 and 27.7 per cent in Q2FY23," Patanjali Foods said.

The company achieved export sales of Rs 41.65 crore during the July-September quarter. The products are exported to 23 countries.

Sanjeev Asthana, CEO of Patanjali Foods, said, "Despite the challenging macro and operating environment, the first half of the fiscal year has ended on a positive note."

In the second quarter, he said the company performed well on the profitability metrics with both EBITDA and PAT (profit after tax) showcasing strong growth on a QoQ basis.

"The company’s Food & FMCG segment is performing in line with the targets and saw further expansion of higher contribution in the overall financial performance. This improvement is in line with the tactical shift in our business operations," Asthana said. Patanjali Foods shares dropped by 1.17 per cent to Rs 1,438 on BSE.