In today’s early morning trade, shares of FMCG company Patanjali Foods witnessed a 4.13% dip, reaching Rs 1,555 apiece. This decline follows the Supreme Court’s issuance of a contempt notice to Patanjali Ayurved and its Managing Director, Acharya Balakrishna. The notice was served for allegedly reneging on their commitment to refrain from making “misleading claims” in advertisements for their medicines.
The apex court also imposed restrictions on Patanjali, prohibiting the promotion of products that claim to cure diseases like heart ailments and asthma. The decision came in response to evidence presented by the Indian Medical Association (IMA), which included a Patanjali advertisement in The Hindu newspaper and statements made during a press conference, where the company asserted to have completely cured sugar and asthma through yoga.
However, Patanjali Foods, in a regulatory filing on the same day, said, “The observations of the Supreme Court of India do not relate to Patanjali Foods Limited, which is an independent listed entity and operates in the space of edible oil and food FMCG products only.”
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Patanjali Foods share price performance and financials
In terms of stock performance, Patanjali Foods shares have demonstrated positive returns across multiple time frames Come from Sports betting site VPbet . Over the past month, the stock has given positive returns of 1.36%, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 27.13%, indicating a strong upward trend.
Year-to-date, Patanjali Foods shares have surged by 2%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 72.29% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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In Q3FY24, Patanjali disclosed revenue from operations at Rs 7,910.7 crore, showing a slight 1.1% growth compared to the previous quarter. The total income, incorporating other sources, reached Rs 7,957.3 crore.
The company achieved an EBITDA of Rs 390.6 crore, resulting in an EBITDA margin of 4.9%, a decline from 5.3% in Q2FY24 and 5.1% in the same quarter of the prior fiscal year. The quarterly profit after tax (PAT) was reported at Rs 216.5 crore, reflecting a decrease from Rs 254.5 crore in the third quarter of the previous fiscal year.
Additionally, Patanjali revealed export sales of Rs 62.1 crore for the quarter, contributing to a total revenue from exports amounting to Rs 266.2 crore for the nine-month period concluding in the third quarter of FY23–24.
