Sanjeev Asthana, CEO of Patanjali Foods, in an interview with CNBC-TV18, said that the oil market share of Baba Ramdev-led Patanjali Foods is now nearing double digits. Asthana said, "This year, Patanjali Foods achieved a volume of approximately 1.91 million tonnes of oil, marking nearly a 20 percent growth compared to the previous year. Our market share is now much closer to double digits, specifically around 9.5 percent. As we move into this space, we anticipate a year-on-year growth rate between three percent and four percent."

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Asthana also highlighted the growth potential of the food business, expecting it to exceed 15 percent in the financial year 2023-24. He stated, "The food segment is projected to grow by more than 15 percent year-on-year, and we are on track to achieve that target."

Regarding Patanjali Foods' foray into the dry fruits business, Asthana said that the company is launching a range of dry fruits, an emerging category. Patanjali Foods has signed Memorandum of Understanding (MoU) with two of the world's largest companies specializing in pistachios and almonds. Additionally, they are working on a premium biscuit range. These efforts toward premiumization in the food and edible oil segments are expected to improve margins, with sales consistently growing.

Asthana also addressed the issue of promoters meeting the minimum public shareholding norms. He assured that it would be done before the next quarterly call, indicating that the promoters currently hold 292.5 million shares, equivalent to an 80.82 percent stake.

Asthana stated, "Certainly, before the next quarterly call, we will fulfill the requirements. We wanted to demonstrate our performance to the investors. After the announcement of the annual results, we took a pause in the last month to ensure that the investors fully understand the company's situation. We are optimistic that within the next 30-60 days, we will be able to fulfill the requirements."

Patanjali Foods Q4 earnings

Patanjali Foods posted a 13 percent increase in standalone net profit at Rs 264 crore for the March 2023 quarter against a net profit of Rs 234 crore in the year-ago period. The board announced a final dividend of Rs 6 for FY23.

The company's revenue surged 18 percent to Rs 7,873 crore in the March 2023 quarter as compared to Rs 6,664 crore a year ago. Other income zoomed almost 650 percent to Rs 90 crore against Rs 12 crore a year ago.

On an annual basis, Patanjali Foods logged total income of Rs 31,821 crore reporting 31 percent compared to the previous year. Revenues for food and FMCG segment rose to Rs 6,218 crore as compared to Rs 1,683 crore on YoY basis.

Shares of Patanjali Foods were trading 2.57 percent higher at Rs 1,048 apiece on Wednesday. The stock has lost 4 percent in a one year and fallen 11 percent so far this year.