Patanjali Foods shares hit 52-week high post Q2 earnings; check details

Shares of Patanjali Foods Ltd hit a fresh 52 week high today after the Baba Ramdev-led firm reported a 126% rise in net profit for the quarter ended September 2023. Net profit climbed to Rs 254.5 crore for the quarter ended September 2023 against a net profit of Rs 112.3 crore in the year-ago period.  Patanjali Foods shares gained 1.64% to Rs 1479  today compared to the previous close of Rs 1455.05 on BSE. Shares of Patanjali Foods opened higher at Rs 1457.95 on BSE.  Patanjali Foods shares have gained 6.78% in a year and risen 21.65% since the beginning of this year. Total 0.34 lakh shares changed hands amounting to a turnover of Rs 4.85 crore on BSE. Market cap of the firm rose to Rs 52,127 crore.  

Patanjali Foods shares have a beta of 1.1, indicating high volatility in a year. 

In terms of technicals, the relative strength index (RSI) of the Patanjali Foods stock stands at 71.7, signaling it's trading in the overbought zone. Patanjali Foods stock is trading higher than the 5 day, 20 day, 50 day and 100 day, 150 day and 200 day moving averages.  

Revenue in Q2 fell 8.1 per cent to Rs 7,821.9 crore against Rs 8,514.1 crore in the year-ago period. The Food and FMCG segment logged a revenue of Rs 2,487.62 crore in Q2, clocking a 5.4 per cent rise from the year-ago period. Revenue in the edible oils segment reported a degrowth of 13.38 per cent to Rs 5,421.45 from Rs 6,259.41 in the year-ago period. 

“The edible oil segment faced an ongoing pricing pressure during Q2 mainly due to excessive imports that led to elevated inventory levels, impacting both revenue and margins,” said the company. 

“The price trend observed in Q2 remained consistent with that of Q1, displaying divergent price fluctuations between the physical and futures markets. The prices of edible oil continue to have a cooling effect,” it added. 

The company achieved export sales of Rs 41.65 crore during the quarter. The products are exported to 23 countries. 

 

 

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