New Delhi: Leading Edible Oils Adani Wilmar Ltd (AWL) on Wednesday posted a consolidated net profit of Rs. 193.59 crore registered a 10 percent growth.
Its net profit in the year-ago period was Rs. 175.70 crores.
The total revenue in the first quarter of this financial year increased to Rs. 14,783.92 crore as compared to Rs. 11,369.41 crores.
Angshu Malik, Managing Director and CEO, Adani Wilmar said, “The company continues to show consistent growth in overall volumes led by the food business.
“This is despite multiple headwinds that we saw during the quarter with inflation and weak consumer demand being the main areas of concern,” he said.
While most staples and FMCG products are still sold through general trade, Malik said the company has seen double-digit growth in sales through e-commerce and modern trade.
“Sales of our new products like Poha, Khichdi, Total Balance Oil, Soya Chunkies etc. have doubled year-on-year, albeit on a low base,” he added.
Malik also said that there is finally some relief and signs of relief due to the softening of some commodity prices, which could lead to better demand growth in the coming quarters.
Adani Wilmar’s cumulative volume rose to 1.19 million tonnes in Q1 FY23, compared to 1.03 million tonnes in Q1 FY22, registering a growth of 15 percent.
The edible oil business stood at 0.70 million tonnes, showing a volume growth of 6 percent year-on-year. In value terms, sales increased by 23 percent to Rs. 11,519 crores.
Food and FMCG continued to grow and now for the June quarter at Rs. 860 crore basket, registering a growth of 66 per cent in revenue and 53 per cent in volume terms.
Adani Wilmar has a diversified product portfolio offering basic kitchen essentials including edible oil, wheat flour, rice, pulses, gram flour and sugar.
Its flagship brand ‘Fortune’ is the largest selling edible oil brand in India.
The company has 23 plants in India located in 10 states, comprising 10 crushing units and 19 refineries.