Edible oil company Adani Wilmar Ltd on Thursday has announced a consolidated net profit of Rs 311.02 crore for the second quarter of this fiscal year, driven by increased income.
Adani Wilmar is a joint venture between the Adani Group and Singapore-based Wilmar, selling edible oils and other food products under various brands, including the well-known 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.”
According to the regulatory filing, total income surged to Rs 14,565.30 crore during the July-September quarter, up from Rs 12,331.20 crore in the corresponding period of the previous year.
He noted that the revenue from edible oils increased by 21 per cent annually, while the Food & FMCG segment saw a 34 per cent year-on-year (YoY) growth.
“The stability in edible oil prices augurs well for our business, allowing us to deliver strong profits over the past four quarters,” Mallick added.
In the first half of this fiscal year, the company has achieved its highest-ever half-year operating EBITDA of Rs 1,232 crore and a profit after tax of Rs 624 crore.
“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 remarked.
He highlighted that increasing retail penetration and reaching new towns contribute to robust growth in the 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 surpassed Rs 5,800 crore on an LTM basis, he added, stating, “We stay committed to building a very large packaged food business in India.”
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