PATANJALI · Fast Moving Consumer Goods
Patanjali Foods Ltd. reported revenue of ₹7,177 cr for April to June 2024, −7.6% on the year and −12.8% on the quarter.
Operating profit (EBITDA) was ₹410 cr, a margin of 5.7%, +354 bps on the year and +113 bps on the quarter. Operating costs grew −10.9% against revenue growth of −7.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹263 cr, +198.9% on the year and +27.7% on the quarter, with earnings per share of ₹2.42. Profit before other income, one-offs and tax grew faster, at +333.8%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
On earnings per share of ₹8.65 over the last four quarters, the stock at ₹367.00 trades at 42.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,822 cr | ₹7,911 cr | ₹8,228 cr | ₹7,177 cr | ₹8,102 cr | ₹8,997 cr | ₹9,692 cr | ₹8,766 cr | ₹9,777 cr | ₹10,484 cr | ₹11,156 cr | ₹11,337 cr |
| YoY | — | — | — | −8% | +4% | +14% | +18% | +22% | +21% | +17% | +15% | +29% |
| EBITDA margin | 5.0% | 4.3% | 4.6% | 5.7% | 5.7% | 6.2% | 5.3% | 3.7% | 5.6% | 4.1% | 4.0% | 4.8% |
| Other income, % of PBT | 7% | 15% | 40% | 7% | 7% | 5% | 12% | 5% | 10% | 7% | −47% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 29% | 31% | 27% | 26% | 24% | 22% | 27% | −2% | — | — | 26% |
| Net profit | ₹255 cr | ₹217 cr | ₹206 cr | ₹263 cr | ₹309 cr | ₹371 cr | ₹359 cr | ₹180 cr | ₹517 cr | ₹594 cr | ₹524 cr | ₹336 cr |
| YoY | — | — | — | +199% | +21% | +71% | +74% | −32% | +67% | +60% | +46% | +87% |
| Core profit YoY | — | — | — | +334% | +24% | +80% | +125% | −29% | +18% | −28% | −14% | +90% |
| EPS | ₹2.34 | ₹1.99 | ₹1.90 | ₹2.42 | ₹2.85 | ₹3.42 | ₹3.30 | ₹1.66 | ₹4.75 | ₹5.46 | ₹4.82 | ₹3.09 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 3 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Patanjali Foods Ltd. reported revenue of ₹7,177 cr (−7.6% on the year) and net profit of ₹263 cr (+198.9% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +333.8% on the year, against +198.9% for reported profit.
None of the 7 checks that could run raised a question.
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