(20 second reading) Patanjali Foods, co-founded by Yoga guru Baba Ramdev and Acharya Balkrishna, reported a 22% drop in fourth-quarter profit mainly due to weak demand that hurt overall sales in its core edible oils business and rising expenses.
The profit for the Ruchi Gold oil manufacturer decreased to Rs 206 crore (approximately $25 million) for the quarter ending March 31, down from Rs 264 crore the previous year, reported Reuters.
Revenue from Patanjalis edible oils segment declined by nearly 9% to Rs 5,889 crore, which hindered overall revenue growth.
In contrast, rival Adani Wilmar, the maker of Fortune cooking oil, reported a 67.5% increase in its fourth-quarter profit earlier this month.