BENGALURU, Aug 11 (Reuters) - India's Patanjali Foods (PAFO.NS) on Friday reported a 63.6% drop in first-quarter profit as high costs dented margins.
Total revenue from operations increased 7.7% to 77.67 billion rupees, while total expenses rose 9.3% due to higher purchases of stock-in-trade and employee costs.
Government intervention for lowering prices in spite of holding high-priced inventory impacted profitability negatively during the quarter, the company added.
The stock rose nearly 23% in the April-June quarter.
Other consumer goods companies have reported mixed results for the first quarter, with KRBL (KRBL.NS) posting an 18.90% rise in its profit, while Venky's (India) (VENK.NS) profit plunged more than 60%.
Persons:
Navamya Ganesh, Vinay Dwivedi
Organizations:
Patanjali, Revenue, Thomson
Locations:
BENGALURU, India, Venky's, Bengaluru