India Business News: ITC Ltd has surpassed competitors to become the leading FMCG foods manufacturer in India, according to market data. The company recorded food FMCG sal
Patanjali Foods, the maker of Ruchi Gold oil, reported a more than doubled profit in the second quarter due to lower expenses and falling edible oil prices. The company s profit rose to INR 2.55 billion ($30.63 million), while revenue from operations declined by 8%. The decline in expenses offset the drop in revenue. Patanjali Foods CEO is optimistic that the festival season and increased consumer spends will drive growth in the next quarter.
Experts in the industry predict that retail prices of kitchen staples, such as sugar, flour, edible oil, and dairy products, will remain stable during the festival season due to strict government measures. Food inflation has started to cool off after the government implemented export restrictions, stock holding limits, and increased supplies. Consumption of these items typically increases during the festival season, but experts believe there will be no spike in prices.