Adani Wilmar Q3 results: Operating revenue decreased 16.91% to Rs 12,828 crore from Rs 15,438 crore in the same period last year.
Adani Wilmar revealed on Wednesday that its consolidated net profit for the third quarter of the current fiscal year 2023–24 (Q3 FY24) decreased by 18.29% year over year (YoY). Compared to the same period last fiscal year, the company’s net profit was Rs 201 crore as opposed to Rs 246 crore. Operating revenue decreased 16.91% to Rs 12,828 crore from Rs 15,438 crore in the same period last year. “Packed staple food demand from consumers held steady throughout Q3’s festive season. Sales of branded goods, which account for about 80% of sales of foods, edible oils, and FMCG, increased more quickly than overall sales in these categories. For us, rural sales also remained stable. Because product price has been lower throughout the year because of decreased raw material costs, revenue is visually lower by 17% YoY in Q3 despite a strong volume increase, according to Adani Wilmar.
Adani Wilmar Q3 results: Revenue declines 17% while net profit drops 18% to Rs 201 crore YoY.
The local currency problems are still putting a strain on the profitability of the Bangladeshi business. In Q3, standalone EBITDA increased to Rs 530 crore,” the statement continued. “We continued to witness the growth momentum in packaged staple foods driven by a shift in consumer preferences for hygienic and quality products,” stated Angshu Mallick, MD & CEO of Adani Wilmar. We will end FY24 with an expected Rs 5,000 crore in revenue from the food and FMCG segment of the domestic market thanks to the 40% YoY growth in revenues from branded items over the last nine quarters.” Adani Wilmar also stated that strong development in the castor and oleochemical businesses helped the industry essentials volume expand by 17% YoY in Q3 FY24. In Q3, the division brought in Rs 1,844 in revenue.
The stock was last seen trading 0.89 percent higher, at Rs 360.85.
