Here’s How Patanjali’s Business Fared In Pandemic-Hit Fiscal
Yoga guru Ramdev-backed Patanjali Group’s business grew in the pandemic-ravaged fiscal.
Consolidated revenue increased 13.4% over the previous year to Rs 26,400 crore in the year ended March, according to an emailed response to BloombergQuint. The numbers are part of unaudited financials and include the contribution from Ruchi Soya Industries Ltd. To be clear, the privately-held company did not share the full financial report nor has it been filed yet with the registrar.
- The group didn’t disclose profit after tax. Earnings before interest tax depreciation and amortisation, however, grew 34.5% to Rs 2,135 crore, it said.
- Patanjali said online sales jumped 400% in FY21 but the Haridwar-based consumer goods company did not disclose its contribution by value.
Patanjali Group completed the acquisition of insolvent Ruchi Soya in December 2019. Patanjali Ayurved Ltd., excluding Ruchi Soya, reported consolidated revenue of Rs 9,089 crore in FY20, according to its filings with the Ministry of Corporate Affairs.
- Ruchi Soya had reported a revenue of Rs 13,175 crore and a profit before tax of Rs 210 crore in FY20.
- In nine months ended December 2020, Ruchi Soya reported a revenue of Rs 11,480 crore and profit after tax of Rs 366.4 crore.
Patanjali Group owns a 98.90% stake in Ruchi Soya, including 48.7% directly through Patanjali Ayurved Ltd. The rest is held by Divya Yog Mandir Trust and Patanjali’s associate companies.
The company filed papers with the Bombay Stock Exchange on Friday to raise Rs 175 crore by issuing non-convertible debentures to expand capacity and increase working capital. The issue opened for subscription on May 18.
Plans For Ruchi Soya
Yoga guru Ramdev told BloombergQuint in an interview that the group plans to convert Ruchi Soya into a fast-moving consumer goods and wellness company. And the group has taken the first step by taking over Patanjali Natural Biscuits Pvt. in a slump sale, he said.
Besides mainstay oil and now biscuits, Ruchi Soya will also focus on other products. Biscuits, however, will continue to be sold under the Patanjali brand name.
Ruchi Soya will leverage the distribution network of its parent Patanjali Ayurved, which plans to increase its reach from 2,000 distributors to 3,000.