Indian consumer goods maker Patanjali Foods reported a 71% rise in third-quarter profit on Monday, supported by strong demand at its flagship cooking oils business.
The maker of Ruchi Gold oil reported a profit of Rs 371 crore ($42.4 million) for the three months ended December 31, compared with 2.17 billion rupees a year earlier.
Demand for edible oil, a staple in Indian households, has held up well in recent quarters as inflation-affected consumers shunned branded consumer goods and oil makers hiked prices to pass on rising ingredient costs.
In the last quarter, larger peer Adani Wilmar reported a twofold surge in profit, helped by demand for its cooking oils.
Revenue from its edible oils, accounting for three-quarters of overall sales, has gone up by 22.5 per cent for the April to June period.
That channeled on a 15 per cent hike in overall sales, which for the quarter increased to Rs 9,103 crore.
Overall revenue, therefore, increased for Patanjali.
However, Patanjali said that even the food and fast moving consumer goods segment went down by a shocking 18 percent.
The group's expenses for Patanjali Foods increased 13 percent following a mid-September hike in import taxes on crude and refined edible oils that raised input costs for the company.
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