Adani Wilmar (AWL) on Wednesday reported a 60 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 94 crore for the fourth quarter ended on 31 March 2023 (Q4FY23), compared to Rs 234 crore previous year in the same quarter, as per the company’s official statement.
The company’s revenue also fell 7 per cent YoY at Rs 13,873 crore in the quarter gone by, against Rs 14,917 crore in Q4FY22. According to the company the reason behind the decline is due to a fall in prices of edible oil.
Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also decreased by 16 per cent YoY at Rs 359 crore in Q4FY23 compared to Rs 426 crore in Q4FY22.
The company crossed 5mn Metric Tonnes of sales during FY’23 and food segment doubled its revenue in 2 years to close the year at Rs 4,000 crore, it said.
As per the company its both wheat flour and rice businesses crossed Rs 1,000 crore in revenue in FY’23
“In edible oil, branded segment, with 75 per cent saliency, grew by 8 per cent YoY in FY’23. Overall segment volume grew by 3 per cent YoY during the year,” the company said.
Angshu Mallick, MD & CEO, AWL said: “We are investing in the business to support our growth. Our margins during the quarter and full year got impacted by high-cost inventory in a falling edible oil price environment, inflation impact on our operational costs and an increase in interest costs due to rate hikes.”