Adani Wilmar, a leading player in the edible oils and FMCG sector, has announced a significant surge in its standalone net profit for the fourth quarter ended March 31, 2024. The company reported a robust 59 percent increase in net profit, reaching Rs 156 crore compared to Rs 98 crore in the same period last year.
Key Highlights:
- Adani Wilmar is a joint venture between Adani Enterprises and Wilmar International, specializing in the sale of various edible oil variants, including mustard, sunflower, and soyabean.
- Despite a 3 percent decline in revenue from operations to Rs 12,703.64 crore from Rs 13,121.89 crore in the corresponding quarter last fiscal, the company witnessed strong growth in its edible oils and FMCG segments.
- Edible oils segment recorded revenue of Rs 10,195 crore in Q4, marking an 11 percent year-on-year volume growth. This is the second consecutive year with faster growth in the branded portfolio, resulting in market share gains.
- Food & FMCG segment recorded revenue of Rs 1,341 crore in Q4, with an underlying volume growth of 9 percent year-on-year for the quarter.
- In FY24, domestic revenue and volume in the Food & FMCG segment grew by 39 percent, while export volumes of rice declined by 4 percent due to export restrictions. Overall, Food & FMCG revenue grew by 23 percent year-on-year, reaching Rs 4,944 crores.
- Industry Essentials segment recorded revenue of Rs 1,702 crore in Q4 and Rs 7,479 crore in FY24. The segment’s volume declined by 22 percent year-on-year in Q4 due to a decline in the oil meal business by 45 percent.
Angshu Mallick, MD & CEO of Adani Wilmar, commented on the results, saying, “We continued to witness strong volume growth in our edible oils & foods business driven by increased retail penetration…Improvement in branded mix in edible oils during the year has also led to better profitability for the company.” He 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.”
The company’s performance in the fourth quarter reflects its resilience and ability to navigate challenges while capitalizing on growth opportunities in the edible oils and FMCG sectors.