Adani Wilmar Q3 results: In the third quarter of the current fiscal year 2023–24 (Q3 FY24), Adani Wilmar reported a decrease in its consolidated net profit of 18.29% year over year (YoY). Compared to Rs 246 crore during the same period in the previous fiscal year, the company’s net profit was Rs 201 crore.
From Rs 15,438 crore to Rs 12,828 crore in the same period last year, the revenue from operations decreased by 16.91%.
“Packed staple food demand from consumers held steady throughout Q3’s festive season. Sales of branded goods, which account for about 80% of sales of foods, edible oils, and FMCG, increased more quickly than overall sales in these categories. For us, rural sales also remained stable. Because product pricing has been lower throughout the year in line with lower raw material costs, revenue is optically lower by 17% YoY in Q3 despite strong volume growth, according to Adani Wilmar.The local currency problems are still putting a strain on the profitability of the Bangladeshi subsidiary. In Q3, standalone EBITDA increased to Rs 530 crore,” the statement continued.
Adani Wilmar’s MD and CEO, Angshu Mallick, stated: “We noticed that consumer preferences for hygienic and high-quality products are driving the growth momentum in packaged staple foods. We were able to close FY24 with an estimated Rs 5,000 crore in revenue from the food and FMCG segment in the domestic market thanks to the revenues from branded products, which have been growing at a rate of 40% YoY over the last nine quarters.
Additionally, according to Adani Wilmar, the castor and oleochemical businesses’ strong growth helped the industry’s essentials volume grow by 17% YoY in Q3 FY24. In the third quarter, the segment brought in Rs 1,844 in sales.
After closing at Rs 360.85, the stock had increased 0.89 percent.
