New Delhi, Aug 11 (PTI) Edible oils firm Patanjali Foods Ltd on Friday reported a 64 per cent decline in its net profit to Rs 87.75 crore in the first quarter of this fiscal year due to a fall in prices of cooking oils.

Its net profit stood at Rs 241.25 crore in the year-ago period.

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Total income rose to Rs 7,810.50 crore in the April-June quarter of 2023-24 from Rs 7,370.07 crore in the corresponding period of the previous year, according to a regulatory filing.

The edible oil segment recorded sales of Rs 5,890.73 crore.

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"Despite edible oil revenue degrowth, the sales volume increased by 1.4 lakh tonnes registering a growth of 35.80 per cent year-on-year," the filing said.

The edible oil industry was impacted by significantly lower prices than the previous quarter due to a sudden fall in prices which left the industry with high price inventory in hand, as well as stock in transit, the company said.

"Further, Government intervention for lowering prices in spite of holding high priced inventory impacted profitability negatively during the quarter. However, the company is of the view that this is purely cyclical in nature and on account of events that the industry witnessed in the quarter," Patanjali Foods said.

Incorporated in 1986, Patanjali Foods (formerly known as Ruchi Soya Industries Ltd) is one of the leading firms in edible oils segment and is aiming to become a major player in FMCG and FMHG as well. It sells products under Patanjali, Ruchi Gold, Nutrela brands.

"Our Food & FMCG segment is performing in line with our targets. We have been growing at a healthy rate and our new product launches will boost our growth further. We see Food & FMCG segment to be a major contributor to our revenue as well as margins," Patanjali Foods CEO Sanjeev Asthana said.

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