(Reuters) – Indian consumer goods maker Patanjali Foods reported a 71% rise in third-quarter profit on Monday, aided by robust demand at its mainstay cooking oils business.
The Ruchi Gold oil maker’s profit rose to 3.71 billion rupees ($42.4 million) for the three months ended December 31, from 2.17 billion rupees a year earlier.
Demand for edible oil, a staple in Indian households, has remained strong in recent quarters, even as inflation-affected consumers avoided branded consumer goods and oil makers raised prices to pass on rising ingredient costs.
Last month, larger peer Adani Wilmar reported a twofold surge in quarterly profit, aided by demand for its cooking oils.
Revenue from Patanjali’s edible oils segment, which makes up nearly three-fourths of its total revenue, rose 22.5% during the quarter.
That fuelled a 15% growth in overall revenue to 91.03 billion rupees.
However, revenue from the food and fast moving consumer goods segment fell 18%, hurt by subdued demand in the category.
Patanjali Foods’ expenses rose 13% as a mid-September hike in import taxes on crude and refined edible oils drove up input costs for the company.
($1 = 87.4800 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Devika Syamnath)
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