Adani Wilmar Q2 Profit Soars to Rs 311 cr on Higher Revenue

New Delhi, Oct 24 (PTI) Edible oil firm Adani Wilmar Ltd on Thursday reported a consolidated net profit of Rs 311.02 crore in the second quarter of this fiscal year on higher income.

The company had posted a net loss of Rs 130.73 crore in the year-ago period.

Total income rose to Rs 14,565.30 crore during the July-September period of this fiscal from Rs 12,331.20 crore in the corresponding period of the previous year, according to a regulatory filing.

Adani Wilmar is a joint venture between Adani Group and Singapore-based Wilmar.

Adani Wilmar sells edible oils and other food items under various brands including Fortune.

Commenting on the results, Adani Wilmar MD & CEO Angshu Mallick said: "We have delivered another strong quarter, with double-digit growth in both edible oils and Food & FMCG segments."

The edible oils revenue grew by 21 per cent annually and the Food & FMCG revenue grew by 34 per cent year-on-year (YoY), he said.

"The stability in edible oil prices augurs well for our business, allowing us to deliver strong profits over the past four quarters," Mallick said.

In the first half of this fiscal, he said the company achieved its highest-ever half-year operating EBITDA of Rs 1,232 crores and profit after tax of Rs 624 crores.

"We have been 2nd and 3rd largest player in wheat flour and basmati Rice business respectively. On the back of trust and quality, along with branding investments, our flagship brand 'Fortune' has been gaining good acceptance with consumers for the entire range of kitchen essentials," Mallick said.

This along with the increasing retail penetration and new towns reach is leading to strong growth in branded portfolio.

"Our other food products like pulses, besan, soya chunks, poha have also been growing in strong double digits and they in aggregate have now reached Rs 1,500 crores on LTM basis," he said.

The overall Food & FMCG business has crossed Rs 5,800 crore on LTM basis, he said, adding, "We stay committed to building a very large packaged food business in India".