Adani Wilmar Q3 results: Net profit down 18% at Rs 201 crore YoY; revenue slips 17%

Adani Wilmar on Wednesday reported a 18.29 per cent drop in its year-on-year (YoY) consolidated net profit during the third-quarter of the ongoing financial year 2023-24 (Q3 FY24). The company's net profit came at Rs 201 crore as against Rs 246 crore in the same period last fiscal.

Revenue from operations fell 16.91 per cent to Rs 12,828 crore from Rs 15,438 crore in the year-ago period.

"Consumer demand in packaged staple foods stayed strong during the festive season of Q3. The branded products that comprises around 80 per cent of edible oils, foods and FMCG sale, grew faster than the overall sales in both segments. Rural sales also stayed steady for us. Despite good volume growth, revenue is optically lower by 17 per cent YoY in Q3, as product pricing has been lower during the year, in-line with lower raw-material costs," Adani Wilmar stated.

"Profitability of Bangladesh subsidiary continues to be in stress due to the local currency issues. Standalone EBITDA was higher at Rs 530 crore in Q3," it added.

Angshu Mallick, MD & CEO at Adani Wilmar, said, "We continued to witness the growth momentum in packaged staple foods driven by shift in consumer preferences for hygienic and quality products. The revenues from the branded products in the domestic market, under the food & FMCG segment have been growing at 40 per cent YoY in the past 9 quarters enabling us to close FY24 with an estimated Rs 5,000 crore of revenue in the segment."

Adani Wilmar also mentioned that the industry essentials volume grew by 17 per cent YoY in Q3 FY24, supported by robust growth in castor and oleochemical businesses. The segment recorded revenue of Rs 1,844 in Q3.

The stock was last seen trading 0.89 per cent higher at Rs 360.85.

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