The share price of Patanjali Foods declined by 4% after it released its third-quarter profit for the 2023-24 financial year. Patanjali Foods reported a 19.6% year-on-year decline in net profit after tax, amounting to Rs 216.5 crore for the December 2023 quarter versus Rs 254.54 crore in Q3FY23.

The company’s revenue remained relatively stagnant, with a marginal 0.2% decrease to Rs 7,910.7 crore compared to the same period last year.

1. Patanjali Foods Limited saw its Earnings before Interest Tax Depreciation and Amortisation (EBITDA) drop by 6.5% to Rs 344.1 crore.
2. The Food & FMCG segment achieved the highest quarterly revenue of Rs 2,498.62 crore in Q3FY24 vs Rs 1,523.11 crore in Q3FY23, achieving a growth of 64.05%.
3. The Food & FMCG segment accounted for 31.59% of total revenue from operations in the current quarter.
4. In Q3FY24, the advertisement spending increased by more than two times to Rs 28.53 crore, thus reducing the EBITDA.

Patanjali’s shares closed at Rs 1,603.80, dropping by 3.35% at 3.30 pm today.