State-owned Life Insurance Corporation of India (LIC) on Tuesday (November 26) said it has increased its shareholding in edible oil major Patanjali Foods Ltd from 4.986% to 5.02% of the company’s paid-up capital.
“…this is to inform that the Life Insurance Corporation of India (the Corporation) has increased its shareholding in equity shares of Patanjali Foods Ltd. (Company) from 1,80,48,377 to 1,81,73,377 i.e., 4.986% to 5.020% of the paid-up capital of the said company,” LIC said in a regulatory filing
The move involved the acquisition of 1,25,000 equity shares through an open market purchase at an average price of ₹1,764.96 per share. Following the transaction, LIC’s total equity holding in Patanjali Foods rose from 1,80,48,377 shares to 1,81,73,377 shares.
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Patanjali Foods reported a 21.4% year-on-year (YoY) increase in net profit at ₹309 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Patanjali Foods posted a net profit of ₹254.5 crore.
Revenue from operations climbed 4.2% to ₹8,154.2 crore against ₹7,821.9 crore in the year-ago period. At the operating level, EBITDA surged 13.8% YoY to ₹449.6 crore in the second quarter of this fiscal over ₹395.2 crore.
The EBITDA margin stood at 5.5% in the reporting quarter against 5.1% in Q2 of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.
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Patanjali Foods reported a notable increase in gross profit for Q2, rising from ₹1,021.26 crore to ₹1,292.81 crore YoY, primarily due to favourable pricing scenarios.
The company’s export revenue reached ₹34.55 crore, with exports made to 21 countries. Additionally, revenue from the wind turbine power generation segment amounted to ₹14.35 crore, as Patanjali continues to utilise approximately 20% of its energy requirements from renewable sources.
Shares of Patanjali Foods Ltd ended at ₹1,752.50, down by ₹7.70, or 0.44%; and Life Insurance Corporation of India shares ended at ₹907.35, up by ₹2.30, or 0.25%, on the BSE.
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(Edited by : Shoma Bhattacharjee)
