Home Business Profit Rises 10% to Rs 194 Crore, Quarterly Revenue Up by 30%

Profit Rises 10% to Rs 194 Crore, Quarterly Revenue Up by 30%

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Profit Rises 10% to Rs 194 Crore, Quarterly Revenue Up by 30%

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Adani Wilmar Q1 FY23 Results: Adani Wilmar Limited (AWL) on Wednesday, August 3, reported an increase in its profit by 10.2 per cent to Rs 193.59 during the quarter ended June 30, 2022, as compared to Rs 175.70 during the corresponding quarter of the last financial year. The FMCG company, owned by business mogul Gautam Adani, reported that its quarterly revenue jumped 30.2 per cent on a year-on-year basis to Rs 14,731.62, it said in an exchange filing on Wednesday.

Adani Wilmar’s EBITDA also rose by 14 per cent YoY to Rs 496 crore during the quarter under review. The overall volumes have increased 15 per cent as compared to the year-ago quarter to 1.19 MMT, AWL said in the filing with the BSE. The company’s food and FMCG volume grew 53 per cent to 0.19 per MMT YoY, while edible oil segment grew 6 per cent YoY to 0.70 MMT. Consolidated volume stood at 1.19 MMT in Q1FY23 compared to 1.03 MMT in Q1FY22, registering a growth of 15 per cent.

Wheat, flour and rice were the main reasons that the volumes in the food and FMCG sector soared during the quarter under review. “Food and FMCG continued to lead the growth and now has a basket of Rs 860 crore for the quarter, registering a growth of 66 per cent on revenues and 53 per cent on volumes,” Adani Wilmar said in the BSE filing. The acquisition of Kohinoor rice brand will help AWL consolidate its market share in the basmati rice segment as well as help in driving premiumisation, it further said.

“Commenting on the quarterly results,  Angshu Mallick, Managing
Director and CEO at Adani Wilmar Limited said, “Adani Wilmar has continued
to demonstrate a steady growth on overall volumes, led by an exceptional
growth in the foods business. This is despite multiple headwinds that we
saw during the quarter with inflation and low consumer offtake being the
major concern areas.”

“While still majority of staples and FMCG products are sold through general
trade, we have seen a double-digit growth in sales through e-commerce and
modern trade. Sales of our new products such as Poha, Khichdi, Total
Balance Oil, Soya Chunkies etc., have doubled on a year-on-year basis,
though on a low base,” he added.

“There is finally some respite and signs of relief due to the softening of
certain commodity prices, which may lead to better demand uptick in the
coming quarter. The performance of AWL in the foregoing quarter can be
summarised as – consistent and resilient,” Mallick further said.

Adani Wilmar said it expects an uptick in the demand in Q2 FY23 on the back of
festivities and weddings across the country. “We particularly expect growth in demand from rural markets, with expectations of a good monsoon,” it said.

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