Adani Wilmar, the FMCG sector company of Adani Group, has released the results for the December quarter of FY24 (FY24Q3) today i.e. on Wednesday. In the information given to the exchanges, the company said that in FY24Q3, the net profit of the company has declined by 18 percent on year-on-year basis (YoY) to Rs 200.89 crore.
The company, which sells goods under the Fortune brand, had reported a net profit of Rs 246.16 crore in the same period last year (FY23Q3).
Income decreased
In the information given to the stock market, Adani Wilmar said that the total income of the company also declined to Rs 12,887.60 crore in the December quarter, which was Rs 15,515.55 crore in the same period last year (FY23Q3).
Revenue decreased
The company’s revenue from operations declined 17 percent year-on-year (YoY) to Rs 12,828 crore in the quarter ended December 31. The biggest contribution in this was from the edible oil segment. Revenue from this segment has declined by 22.8 percent on an annual basis. However, on a quarterly basis (QoQ) its revenue has increased by 5 percent.
Revenue from its food and FMCG segment has grown by nearly 25 percent due to the strong penetration of its wheat business in South India. The company said that oil and food saw strong demand due to the festival and wedding season. The company expects better demand in rural areas in future also.
The volumes in the edible oil segment remained stable on an annual basis in the December quarter of the current financial year, whereas it registered a growth of 8 percent in the first nine months of the financial year.
Sells goods under Fortune Brand
Adani Wilmar sells edible oils and many other food products under the Fortune brand. Angshu Malik, Managing Director (MD) and Chief Executive Officer (Maad), Adani Wilmar Limited, said, ‘We have seen a growth spurt in packaged foods due to the shift in consumer preferences for clean and quality products.’
Discussing the performance of the entire financial year, the company said that it is expected to generate revenue of Rs 5,000 crore from the food and FMCG segment in the financial year 2023-24 (FY24).
