Patanjali's Profit Soars Fivefold to INR 2,901 Crore in FY24 The company's other income jumped to INR 2,875.29 crore in FY24 from a modest INR 46.18 crore in the previous fiscal year.
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Baba Ramdev led Patanjali Ayurved, posted a notable 23.15 per cent increase in total income for the financial year 2023-24, reaching INR 9,335.32 crore, according to its recent RoC filings. This growth was driven by a surge in "other income," which includes proceeds from the Offer for Sale (OFS) of Patanjali Foods shares and contributions from other group entities. The company's other income jumped to INR 2,875.29 crore in FY24 from a modest INR 46.18 crore in the previous fiscal year. However, revenue from core operations, predominantly net sales, saw a decline of 14.25 per cent, amounting to INR 6,460.03 crore. This dip was largely attributed to the transfer of Patanjali Ayurved's food business—encompassing products like biscuits, ghee, cereals, and nutraceuticals—to Patanjali Foods in July 2022.
Despite the revenue decline from operations, the company's net profit increased fivefold to INR 2,901.10 crore in FY24, underscoring the effectiveness of its strategic realignments. In the previous year, Patanjali Ayurved reported a profit of INR 578.44 crore on a total income of INR 7,580.06 crore.
A key highlight of FY24 was the transfer of Patanjali Ayurved's home and personal care business to Patanjali Foods for INR 1,100 crore, enhancing the group's focus on its core strengths. Additionally, the promoters of Patanjali Foods conducted a two-day Offer for Sale (OFS) in July 2023, reducing their stake by 7 per cent to comply with public shareholding norms. This OFS was oversubscribed more than twice, reflecting strong market confidence in the company.
Patanjali Foods, a player in India's edible oil industry, recorded a revenue of INR 31,961.62 crore in FY24, maintaining stability compared to the previous fiscal year's INR 31,821.45 crore.
Patanjali Ayurved also increased its advertising and promotional spending by 9.28 per cent to INR 422.33 crore, underscoring its commitment to strengthening its market presence. Operating in sectors like ayurvedic products, FMCG, and dairy, the group boasts an extensive distribution network through exclusive stores, independent distributors, and marketing federations.
