Indian consumer goods maker Patanjali Foods reported a 71% rise in third-quarter profit on Monday, aided by robust demand at its mainstay cooking oils business. The Ruchi Gold oil maker’s profit rose to 3.71 billion rupees ($42.4 million) for the three months ended December 31, from 2.17 billion rupees a year earlier.<\/p>\n
Demand for edible oil, a staple in Indian households, has remained strong in recent quarters, even as inflation-affected consumers avoided branded consumer goods and oil makers raised prices to pass on rising ingredient costs.<\/p>\n
Last month, larger peer Adani Wilmar reported a twofold surge in quarterly profit, aided by demand for its cooking oils.<\/p>\n
Revenue from Patanjali’s edible oils segment, which makes up nearly three-fourths of its total revenue, rose 22.5% during the quarter.<\/p>\n
That fuelled a 15% growth in overall revenue to 91.03 billion rupees.<\/p>\n
However, revenue from the food and fast-moving consumer goods segment fell 18%, hurt by subdued demand in the category.<\/p>\n
Patanjali Foods’ expenses rose 13% as a mid-September hike in import taxes on crude and refined edible oils drove up input costs for the company.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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