Submission Details
• Date of submission: July 29, 2024
• Conference call date: July 22, 2024
• Document signed by: Ramji Lal Gupta, Company Secretary
• Audio recording available on stock exchange's website
Key Executives Present
• CEO: Sanjeev Asthana
• CFO: Kumar Rajesh
Financial Performance Highlights
• Revenue from operations: INR 7,173 crores
• EBITDA: INR 435 crores (up 105.2% YoY)
• PAT: INR 262.91 crores (PAT margin: 3.65%)
• Edible Oils segment: Recovery with margins of 4.35%
• Food & FMCG segment: Contributed 26.77% to total revenue
• Acquisition of Patanjali Ayurved's Home & Personal Care business for INR 1,100 crores pending regulatory approvals
Segment Performance
• Edible Oils: Revenue of INR 5,330.33 crores
• Food & FMCG: Revenue of INR 1,953.55 crores (decline due to inventory issues)
• Nutrela: Strong performance with a run rate of INR 14 crores in Nutraceuticals
Strategic Initiatives
• Focus on innovation, premiumization, and distribution expansion
• Brand initiatives for Nutrela, Mahakosh, and Sunrich, including IPL campaigns
• Dedicated supply chain established for key commodities
• Recognized as Best Employer at Golden Globe's Tiger HR awards in Malaysia
Q&A Session Insights
• Business segments divided into Indian specialty foods and consumer staples
• Revenue normalization projected between INR 900 crores to INR 1,100 crores for consumer staples
• Biscuit margins around 12%, expected to increase with volume growth
• Nutrela margins stable at 16% to 18%
• Nutraceuticals strategy revamp targeting revenues of INR 100 crores to INR 125 crores with a margin of 25%
Palm Plantation Efforts
• Land rights: 600,000 hectares, with 75,000 hectares planted
• Target: 100,000 hectares in 3-4 quarters, 500,000 hectares in four years
• Expected yield increase from 2 tons to 2.5 tons of crude palm oil per hectare
Home and Personal Care Business Acquisition
• Full integration expected in 3-4 quarters
• Anticipated margin enhancement of 100 to 200 basis points
Edible Oil Prices and Margins
• Current oil margins increased from negative INR 100 crores to INR 232 crores
• Stable prices expected, but future fluctuations possible due to global supply constraints
Conclusion
• The call concluded with an invitation for further queries through the Investor Relations Advisor.

Investor/Analyst Meeting Overview
• Date: July 2, 2024
• Key Executives: CEO Sanjeev Asthana, Non-Executive Director Swami Ramdev
• Focus:
• Approval of a significant acquisition in the Home and Personal Care (HPC) sector for INR 2,800 crores.
• Third major acquisition for the company.
• Insights on future vision and strategic direction.
Swami Ramdev's Insights
• Emphasized a positive mindset amidst life's stresses.
• Highlighted:
• 35 years in promoting yoga and Ayurveda.
• Growth of Patanjali Foods (formerly Ruchi Soya).
• Success of Dant Kanti dental care product and launch of Dant Kanti Fresh.
• Ambitious targets for product categories: dental care, skin care, personal care.
• Commitment to societal service and wealth creation for investors.
Leadership's Commitment
• Focus on expanding non-food, personal care, and home care product lines.
• Introduction of innovative products (e.g., Gonyle, Super Dish Wash Bar).
• Plans for strategic advertising and distribution to enhance brand value.
• Aspiration to become a leading global brand, competing with Unilever and Colgate.
Business Performance Overview
• Significant revenue increases in various segments:
• Skincare: INR 725 crores, 48% gross profit margin.
• Home care: INR 410 crores, 29% gross profit margin.
• Hair care: INR 291 crores, 35% gross profit margin.
• Biscuit business revenue growth from INR 906 crores (2022) to INR 1,600 crores (2024).
• Projected FMCG market share growth to 50% with a turnover goal of INR 18,000-20,000 crores.
Product and Market Expansion
• Advanced product lines launched (Kesh Kanti, Dant Kanti).
• Strong distribution network reaching nearly 4 million retail outlets.
• Plans for enhanced presence in the US and Canada through e-commerce.
• Anticipated margin improvement in HPC sector through supply chain optimization.
Financial Strategy and Projections
• Projected growth for Edible Oil portfolio: 4-6% volume increase, INR 40,000-45,000 crores turnover goal.
• Strong free cash flow and zero debt, funding initiatives through internal accruals.
• Focus on redefining FMCG strategy in the coming years.
Q&A Highlights
• Timeline for business consolidation post-acquisition: 25-30 days for approvals.
• Advertising spend estimated at INR 300-350 crores annually.
• Discussion on premium hair oils and e-commerce impact on sales.
• Clarification on debt management and cash flow generation from existing businesses.
• Emphasis on in-house manufacturing with minimal reliance on contract manufacturing.

Conference Call Details
• Date: May 15, 2024
• Transcript submitted to BSE Ltd and NSE of India on May 21, 2024
• Key Executives: CEO Sanjeev Asthana, CFO Kumar Rajesh
• Audio recording available on stock exchange and company website
Financial Performance Highlights
• Q4 FY24 Results:
• Revenue: INR 8,221.66 crore (4.43% YoY growth)
• Total Income: INR 8,348.03 crore
• EBITDA: INR 497 crore (27.23% QoQ growth, 19.37% YoY growth)
• PAT: INR 206.32 crore (2.47% margin)
• Full Fiscal Year FY24 Results:
• Revenue from Operations: INR 31,721.35 crore (0.62% YoY increase)
• Total Income: INR 31,961.62 crore
• EBITDA: INR 1,518.81 crore (4.75% margin)
• PAT: INR 765.15 crore (2.39% margin)
• Export Activities: INR 323.42 crore to over 25 countries
Strategic Focus and Product Development
• Shift towards high-margin FMCG products
• Evaluation of acquiring Patanjali Ayurved's HPC portfolio
• Notable product launches: millets-based biscuits, Nutrela Maxx cereals
• Expansion of oil palm plantation and farmer training initiatives
Market Trends and Outlook
• Recovery in rural demand outpacing urban growth
• Positive outlook for biscuits category with expected 16%-20% revenue growth
• Stable wheat prices due to government interventions
Segment Performance Insights
• Food & FMCG Segment:
• Revenue: INR 2,148 crore (biscuits: INR 423 crore, Nutrela: INR 125 crore)
• Current EBITDA margin: ~9.5%, with a target of 16%-18%
• Nutraceuticals:
• Revenue: INR 100 crore, aiming for 50% growth and 25%-30% margin
• Palm Oil Plantation:
• Revenue: INR 950 crore, with a projected EBITDA margin of 16%-18%
• Edible Oils:
• 70% product mix from palm oil, with Mahakosh brand growth of 7%-8%
• 13.1% volume growth, reaching 25 lakh tons
Future Plans and Initiatives
• Focus on international exports, targeting 15%-20% growth in branded and food additive businesses
• New product launches and premiumization strategies in FMCG sector
• Continued emphasis on maintaining sales in staple products despite lower margins
Conclusion
• CEO Sanjeev Asthana expressed confidence in future growth and profitability, thanking participants and encouraging further inquiries through the investor relations team.

Submission Details
• Date of Submission: February 14, 2024
• Recipient: BSE Ltd and National Stock Exchange of India
• Key Executives Present: CEO Sanjeev Asthana, CFO Kumar Rajesh
• Format: Listen-only with Q&A session
• Document Signed By: Ramji Lal Gupta, Company Secretary
Financial Performance Highlights
• Quarter Ending: December 31, 2023
• Revenue: INR 5,482.64 crores
• Volume Increase: 5.92%
• EBITDA Margin: Decreased to 4.9%
• PAT: INR 216.5 crores (down from previous year)
• Nine-Month Revenue: INR 23,613.60 crores
Strategic Initiatives
• Brand Visibility: Increased advertising spend; partnership with cricketer MS Dhoni
• Product Launches: New products in the pipeline; successful pilot of Millet Oats
• Nutraceutical Sector: Nutrela recognized as Nutraceutical Company of the Year
Challenges and Concerns
• Biscuit Segment: Slowdown in growth from 24% to 15.4%; focus on balancing premium and value products
• EBITDA Margin Volatility: Seasonal inflation and increased advertising expenses affecting margins
• Logistics Disruptions: Monitoring impacts from the Red Sea crisis on palm oil imports
Future Outlook
• Growth Targets: 12% to 15% growth in Food & FMCG business
• Nutraceutical Revenue Target: INR 200 crores with a 25% margin next year
• Edible Oil Business: Projected margin improvement of 2-4%
Additional Insights
• Acquisition Interests: Potential interest in Rolta for synergies; no immediate merger plans for FMCG portfolio
• Market Focus: Distinct teams and distribution channels for enhanced market presence
• New Product Development: Ongoing efforts in premium biscuits and nutraceuticals
Conclusion
• Overall Confidence: Positive outlook on strategies to navigate challenges and enhance profitability through premium offerings.

Submission of Transcript
• Date: December 12, 2023
• Transcript of Analysts/Institutional Investors Meet held on December 5, 2023, submitted to BSE Ltd. and NSE.
• Key management figures present: Swami Ramdev, Sanjeev Kumar Asthana, Kumar Rajesh.
• Purpose: Record-keeping and availability on the company website.
Key Highlights from the Conference Call
• Swami Ramdev's Address:
• Discussed the Follow-on Public Offer (FPO) amidst global challenges.
• Emphasized Patanjali's extensive product portfolio (over 2,000 SKUs) and projected turnover exceeding ₹45,000 crores.
• Focus on growth through health, education, and research.
• Plans for palm oil plantation with an EBITDA target of ₹1,000 crores.
• Business Operations and Growth Strategies:
• Importing palm oil from Indonesia and Malaysia.
• Transferred food business from Patanjali Ayurved Limited.
• Stable EBITDA growth between ₹1,000 crores and ₹1,500 crores.
• Targeting significant growth in ghee, spices, and biscuit segments.
• Financial Overview:
• Achieved zero-debt status and substantial liquidity.
• Biscuit segment revenue growth from ₹950 crores to nearly ₹1,500 crores in two years.
• Nutrela brand holds over 40% market share in the soya category.
Future Plans and Strategic Initiatives
• Oil Palm Plantation:
• Expansion to 500,000 hectares over five years.
• Consistent EBITDA margin of 16%-18% with expected organic growth of 10%-15%.
• Dividend Policy:
• Increased payouts from ₹5 to ₹6 per share.
• Potential public offerings for Patanjali Biscuits Limited discussed.
• Distribution and Market Presence:
• Reaching over 1.5 million retail outlets.
• Plans for significant growth in e-commerce and modern trade.
Challenges and Responses
• Competition and Market Positioning:
• Addressed concerns about distribution compared to competitors like Dabur and HUL.
• Focus on enhancing both direct and indirect distribution channels.
• Product Diversification:
• Launched various millets and exploring new opportunities.
• Commitment to backward integration and self-sufficiency in manufacturing.
Vision and Future Aspirations
• Long-term Goals:
• Aiming for a revenue target of ₹1 lakh crores.
• Plans for a super-specialty Ayurvedic hospital in Delhi NCR.
• Confidence in challenging major FMCG players within five years.
• Commitment to Quality and Research:
• Robust infrastructure with around 100 factories.
• R&D managed by Patanjali Research Foundation to ensure quality control.
Conclusion
• The conference call concluded with gratitude from Kumar Rajesh, highlighting product sampling for attendees.

Submission Details
• Date of Submission: November 17, 2023
• Conference Call Date: November 09, 2023
• Signed by: Ramji Lal Gupta, Company Secretary
• Availability: Transcript available on the company's website
Key Executives Present
• CEO: Sanjeev Asthana
• CFO: Kumar Rajesh
Market Conditions
• Challenges: Persistent food inflation, macroeconomic factors, erratic rainfall affecting rural demand
• Performance: Strong growth in Food & FMCG segment despite challenges
Financial Highlights
• Q2 FY24 Revenue: INR 7,821.9 crores (slight QoQ growth, YoY decline)
• EBITDA: INR 419.20 crores (significant increase)
• PAT: INR 254.54 crores (strong recovery YoY)
Strategic Initiatives
• Brand Ambassador: Partnership with M. S. Dhoni for marketing edible oils
• Retail Expansion: Successful growth in Nutrela brand and retail outlets
• Risk Management: Adjusted hedge ratios from 38% to 25% to navigate market dynamics
Segment Performance
• Edible Oils: Revenue declines due to falling prices, but volume sales increased
• Nutraceuticals: Facing challenges, undergoing portfolio rationalization
• Biscuit Segment: 25% growth driven by volume and distribution improvements
Q&A Highlights
• Hedging Impact: Smaller players face similar market dynamics but larger companies manage better
• Consumer Trends: Brand loyalty remains strong despite some downtrading
• Revenue Breakdown: Significant growth in food and biscuits; nutraceuticals struggling
• Growth Outlook: Optimism for nutraceuticals and edible oils, with expectations for improved margins
Future Projections
• Revenue Growth Target: Over 15% in FMCG sector
• EBITDA Margin Goal: 16% to 18%
• Palm Oil Plantation: Expected annual growth rate of 10% to 12%
Closing Remarks
• Ambitious Growth Plans: Acknowledgment of challenges and potential market consolidation benefits
• Festive Wishes: Happy Diwali and prosperous New Year to participants

Submission and Communication
• Transcript submitted to BSE Ltd. and NSE of India on August 22, 2023.
• Audio recording of the call held on August 16, 2023, was previously communicated.
• Call hosted by Antique Stock Broking Limited with key executives including CEO Sanjeev Asthana and CFO Kumar Rajesh.
• Company Secretary Ramji Lal Gupta signed the communication.
Company Performance Highlights
• Resilience in FMCG Segment: Strong performance noted despite challenging macroeconomic conditions.
• Strategic Focus: Shift towards high-margin FMCG products, including new nutraceuticals and premium dried fruits.
• Revenue Growth: Total income reached ₹7,810.50 crores, a 5.98% year-on-year increase.
• Segment Performance:
• Edible oil segment faced a 4% revenue decline.
• Food and FMCG segment contributed nearly 25% of total revenue.
Future Goals and Challenges
• Nutraceutical Business: Targeting growth to ₹2,000 crores in five years.
• Edible Oil Market: Volatility due to macro factors; strong volume growth of 35% but price reductions impacted revenue.
• Oil Palm Plantation: Generated ₹278 crores in revenue with a 15.44% EBITDA margin.
Q&A Session Insights
• Palm Oil Outlook: Optimism for near-term price increases due to festival demand.
• Biscuit Segment Growth: 38% year-on-year revenue growth attributed to distribution expansion and new products.
• Volatility Concerns: Long-term outlook for edible oil remains positive despite quarterly fluctuations.
• Vertical Integration: 10% of palm oil used in edible oil comes from own plantations, expected to rise to 70% by FY2027.
Long-term Growth Projections
• Industry Growth Rates: Projected 3% to 5% for the industry; Patanjali aims for 5% to 7%.
• Return on Capital Employed (ROCE): Estimated at 18% to 21%.
• Margins: Edible oil margins expected to range from 2% to 4%.
Financial Clarifications
• Credit Losses: Explained due to accounting standards; reversal positively impacts current quarter.
• FMCG Margins: Target margin of 16% to 18% with seasonality in sales.
Distribution and Future Targets
• Retail Reach: Currently reaches 1.5 million retail outlets directly and nearly a million indirectly.
• Expansion Plans: Aim to add 150,000 to 200,000 retail outlets annually, focusing on biscuits and nutraceuticals.
Conclusion
• Commitment to stabilizing margins in the edible oil sector and improving reporting quality for investors.

Submission Details
• Date of submission: June 5, 2023
• Earnings call date: May 31, 2023
• Platforms: BSE Ltd. and National Stock Exchange of India
• Key executives present: CEO Sanjeev Asthana, CFO Kumar Rajesh
• Moderator: Dhiraj Mistry from Antique Stock Broking
Financial Performance Highlights
• Q4 FY 2023 Results:
• Revenue: INR 7,873 crores (18% YoY growth)
• EBITDA: INR 1,577 crores
• PAT: INR 264 crores
• Full Year FY 2023 Results:
• Total revenue: INR 31,525 crores
• EBITDA: INR 1,577 crores
• PAT: INR 8,886 crores
Business Segments
• Food Segment:
• Key businesses: Acquired food business, biscuits, nutraceuticals, Nutrela
• Revenue contribution: INR 1,805 crores
• Projected growth: 15% in the upcoming year
• Edible Oil Segment:
• Sales: INR 6,136 crores (81% of revenues)
• Margin: 2.3%
• Volume growth: 21%, outperforming industry rates
Strategic Initiatives
• Expansion of food business leveraging brand loyalty
• Partnerships with state governments for oil palm plantations
• Focus on e-commerce and new premium product launches
• Commitment to sustainability and public shareholding requirements
Market Positioning and Premiumization
• Entry into dry fruit market with partnerships for supply chain enhancement
• Premiumization strategy for products like cow ghee and Nutrela
• Relaunch of Nutraceuticals line with new branding and flavors
Future Projections
• Consistent EBITDA margin targets: 2-4% for edible oil, 18-20% for food
• Nutraceuticals business projected to reach INR 2,000 crores in 3-5 years
• Oil palm plantation strategy expected to significantly increase profits
Challenges and Risk Management
• Acknowledgment of volatility in the edible oil market
• Strategies in place for hedging against price fluctuations
• Anticipation of stabilization in the edible oil market with potential for growth
Management Outlook
• Confidence in achieving growth and margin targets through strategic initiatives
• Focus on attracting top talent and operational efficiencies
• Positive developments from acquisitions and expansion efforts

Submission Details
• Date of Submission: January 31, 2023
• Earnings Call Date: January 27, 2023
• Key Executives: CEO Sanjeev Asthana, CFO Kumar Rajesh
• Regulatory Compliance: Transcript submitted to BSE Ltd. and NSE of India
Financial Performance
• Q3 Revenues: INR 7,964 crores (7% decline from previous quarter)
• EBITDA: INR 405 crores (97% increase), EBITDA margin at 5.1%
• Segment Performance:
• Foods: Revenue INR 1,570 crores, EBITDA INR 174 crores (decline due to inventory and distribution changes)
• Edible Oils: Revenue INR 6,067 crores, EBITDA turnaround to INR 196 crores
• Seed Extraction: Revenue increased to INR 689 crores
• Future Goals: Balance revenue between Foods and Oils, with Foods contributing 20% of total revenue
Strategic Initiatives
• Leadership Changes: New expertise in nutraceuticals sector
• Direct Marketing Model: Linked to Yoga Karyakartas, seen as growth opportunity
• Competitive Landscape: Acknowledgment of Reliance's entry into FMCG, but confidence in differentiated product offerings
Financial Projections
• Food Business Revenue FY '24: Expected between INR 5,500 crores to INR 6,000 crores, with margins of 15% to 18%
• Oil Business Margin: Projected at 3% to 4%
• Oil Palm Cultivation: 64,000 hectares planted, generating INR 200 crores annually, with revenue expected to increase significantly after six years
Challenges and Opportunities
• Current Food Margins: 15%, with potential for improvement through premiumization
• Biscuit Segment: Lower margins, strategy to modernize branding
• Revenue Volatility: Due to distribution expansion and seasonal demand, stable run rate projected at INR 1,500 to INR 1,800 crores
Trade Receivables and Market Conditions
• Trade Receivables: INR 2,100 crores as of December, with plans for reduction by end of Q4
• Oil Market Volatility: Significant price fluctuations noted, stabilization expected in Q4
Long-term Growth Targets
• Annual Growth Targets:
• Food Business: 15%
• Nutraceuticals: 20-25%
• TSP: 10-15%
• Distribution Expansion: Aim to increase retail outlets from 1 million to 3 million in five years
• Capex: INR 150 crores to INR 200 crores annually for maintenance and capacity upgrades
Conclusion
• Outlook: Optimism for stability and growth in upcoming quarters despite regulatory challenges and competition.