Mumbai: Adani Wilmar Ltd, primarily operating in the edible oil and food-FMCG sectors, announced a 67 percent surge in its consolidated net profit to Rs 156.75 crore for the quarter ending March, despite a decrease in revenue.
This comes as a considerable increase compared to its net profit of Rs 93.61 crore recorded in the corresponding period of the previous year.
According to a regulatory filing, the company's total income for the January-March period of the last fiscal year declined to Rs 13,342.26 crore from Rs 14,185.68 crore in the year-ago period.
Throughout the fiscal year 2023-24, Adani Wilmar witnessed a decline in net profit to Rs 147.99 crore from Rs 582.12 crore in the previous year, attributable to lower revenue.
Total income also saw a decrease to Rs 51,555.24 crore in the last fiscal year from Rs 59,148.32 crore in the 2022-23 fiscal year.
Adani Wilmar is known for its Fortune brand, which includes the sale of edible oils and various other food products.
Commenting on the results, Angshu Mallick, MD & CEO, Adani Wilmar Limited said, “We continued to witness strong volume growth in our edible oils & foods business driven by increased retail penetration. A focused approach in sales & marketing and regional approach in each category is leading to gaining market share from the local players. The adoption of our Integrated Business model strategy allows us to effectively compete with large and regional players.”
With fast-growing volumes, the company has achieved major milestones during the year. In fiscal FY24, Food & FMCG business reached 1 million MT in sales and overall company surpassed 6 million MT in sales. Revenue in Food & FMCG segment has nearly doubled in last 2 years to reach almost Rs 5,000 crores in FY24, he said
“Improvement in branded mix in edible oils during the year has also led to better profitability for the Company in the second half, with reported PAT in H2 2024 of Rs 358 crores and Rs 404 crores on a consolidated and standalone basis respectively,” Mallick added.
The challenges faced by the company in Bangladesh operations have been overcome with the improved forex situation and fundamentals of the economy.
The operations have come back to normalcy this quarter. Our brand “Rupchanda” remains the market leader in Bangladesh in the Edible Oil category," he said.
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