Adani Wilmar Q2 Profit Soars to Rs 311 cr on Higher Revenue
By Rediff Money Desk, New Delhi Oct 24, 2024 16:15
Adani Wilmar reports a strong Q2 FY24 with a consolidated net profit of Rs 311.02 crore, driven by higher revenue. The company's edible oil and Food & FMCG segments witnessed double-digit growth.
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".
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".
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Mishtann Foods L
- 10.35 (+ 5.18)
- 21107242
- Shree Securities
- 0.44 (+ 10.00)
- 14028521
- Kretto Syscon
- 0.98 ( 0.00)
- 13442950
- Srestha Finvest
- 0.86 ( -4.44)
- 12375794
- Vodafone Idea L
- 7.91 ( -1.49)
- 8379301
MORE NEWS
Rupee Hits Near All-Time Low at 84.85 vs Dollar
The Indian rupee fell to near its all-time low of 84.85 against the US dollar in early...
ICICI Bank Partners with CBA for...
ICICI Bank has partnered with Commonwealth Bank of Australia to facilitate investments,...
Morgan Stanley, Societe Generale Invest in...
Morgan Stanley, Societe Generale, Citigroup, and Goldman Sachs invested Rs 416 crore in...