Adani Wilmar on Wednesday reported a 16 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 246 crore for the quarter ended 31 December, 2022. Last year, the profit in the quarter under review stood at Rs 211 crore.
Its revenue from operations jumped 7 per cent YoY to Rs 15,438 crore in the quarter gone by compared to Rs 14,37 crore in the year-ago quarter.
“We are leveraging the distribution network, manufacturing facilities, logistics, and customer relationships of the edible oil business to grow rapidly in Food & FMCG business, which offers a much larger opportunity compared to our well-established edible oil business,” said Angshu Mallick, MD & CEO, Adani Wilmar.
“We are also expanding our product portfolio with region-specific products, ready-to-cook products, and category adjacencies,” Mallick added.
The company clocked a strong volume growth of 16 per cent YoY in the quarter gone by. This was on the back of the large opportunity available in the packaged food industry, well supported by premium and popular brands, pan-India distribution, and manufacturing facilities.
Among macro tailwinds the company saw strong demand on the back of festivals and weddings and the gradual recovery in rural markets.
The company said it continues to stay focused on increasing the direct reach to retail outlets and expanding its manufacturing capacity, both organically and inorganically.
Among segments, the company recorded 26 per cent growth in edible oils volume, while revenues from the same grew 4 per cent YoY to Rs 12,581 crore.
The Food and FMCG segment revenue jumped 45 per cent to Rs 1,020 crore against Rs 703 crore in the same quarter last year.
On Wednesday, Adani Wilmar share prices ended 4.99 per cent higher at Rs 418 apiece on the NSE.