Adani Wilmar's profits rise 16 pc, revenue 7 pc in Oct-Dec quarter
Feb 08, 2023
Ahmedabad (Gujarat) [India], February 8 : Adani Wilmar's consolidated net profits during the October-December 2022 quarter increased by 16.4 per cent to Rs 246 crore.
In the same quarter of the previous year, it was Rs 211 crore.
The Adani group company on Wednesday announced the financial results for the December-ended quarter and the first three quarters of the current financial year 2022-23.
The company's revenue from operations during the quarter rose a little above 7 per cent to Rs 15,438 crore from Rs 14,371 crore in the same quarter of 2021.
In the April-December period of 2022, the company recorded 13 per cent growth in both volume and revenue, it said in its earnings report filed with stock exchanges.
The company attributed the growth to its packaged food industry.
"The quarter also saw macro tailwinds in the form of strong demand on the back of festivities and weddings, gradual recovery in rural markets and a bumper kharif crop," the filing said.
"The Company continues to stay focused on increasing the direct reach to retail outlets and expanding its manufacturing capacity, both organically and inorganically."
The food and FMCG segment, it said, is the new growth engine of the company and is contributing 15 per cent by volume to the overall sales and delivered 27 per cent volume growth in December 2022 quarter.
"We have been witnessing a consistent demand for safe, hygienic, and nutritious packaged staple food. We are leveraging the distribution network, manufacturing facilities, logistics and customer relationships of 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 and CEO of Adani Wilmar.
"We are also expanding our product portfolio with region-specific products, ready-to-cook products, and category adjacencies," Mallick added.
