Patanjali Foods stock tanks 5% after Q3 net profit tumbles

Shares of Patanjali Foods Limitedm backed by yoga guru Ramdev, traded 5 percent lower in the morning trade on February 9 after the company reported a 19.6 percent year-on-year (YoY) drop in net profit at Rs 216.5 crore for the December quarter.

The company’s revenue was largely flat, declining 0.2 percent to Rs 7,910.7 crore from the year-ago period.

At 9.20 am, the stock was trading at Rs 1,594, down 4.2 percent from the previous close on the NSE. The stock has gained almost 15 percent in the last three years.

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The FMCG and edible oil company’s EBITDA decreased 6.5 percent to Rs 344.1 crore. The EBITDA was 4.4 percent against 4.6 percent in the year-ago period. EBITDA is short for represents earnings before interest, tax, depreciation, and amortisation.

The food and FMCG segment reported its highest quarterly revenue of Rs 2,498.62 crore, marking a significant growth of 64.05 percent compared to Rs 1,523.11 crore from last year.

The edibles oil segment achieved sales of Rs 5,482.64 crore, showing a sequential topline growth of 1.13 percent.

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