Edible oil major Adani Wilmar on Monday reported a 25.62 per cent year-on-year decline in its consolidated net profit to Rs 234.3 crore for the March 2022 quarter, due to high expenses. Its net profit had stood at Rs 315 crore a year ago. Its consolidated revenue from operations during January-March 2022 jumped 40.2 per cent year-on-year to Rs 14,960.4 crore.
The company, which is a joint venture between India’s Adani Group and Singapore’s Wilmar International, also posted a 40.42 per cent jump in its total income to Rs 15,022.94 crore during the March 2022 quarter, as against Rs 10,698.51 crore a year ago.
Its consolidated total expenses during January-March 2022 jumped 40.3 per cent to Rs 14,726.7 crore, compared with Rs 10,496.31 crore in the year-ago period. Out of the total expenses, the cost of raw materials consumed surged 40 per cent year-on-year, while other expenses rose 26 per cent.
The increase in the total expenses during the quarter matched the growth in the company’s total income. The company’s tax expense stood at Rs 79.1 crore, compared with a tax write-back of Rs 93.3 crore in the year-ago period.
Adani Wilmar Managing Director and CEO Angshu Mallick said, “We have delivered a steady growth in spite of the challenging macro environment. The food & FMCG segment registered double-digit growth. We have continued to improve our market share across edible oil and food categories. We are also on track to implement our go-to-market strategy focused to capture the rural growth story.”
Mallick added that the company will continue to invest in its brand, distribution, sourcing and manufacturing capabilities. “Going forward, we will focus more on inorganic growth and strategic investments in the foods space.”
During the March 2022 quarter, Adani Wilmar’s overall sales volume rose 16 per cent quarter-on-quarter to 1.29 million tonnes. Its food and FMCG sales jumped 33 per cent quarter-on-quarter to 0.18 million tonnes. The company added 12 new Fortune mart stores.
For the full financial year, Adani Wilmar’s overall sales volume increased 8 per cent year-on-year to 4.8 million tonnes in 2021-22. Its food and FMCG vertical sales jumped 34 per cent to 0.64 million tonnes. The company added 28 new Fortune mart stores, taking the total to 33 stores across India.
The company’s overall distribution now stands at 5,775 distributors with 65 per cent being common for both oil & foods business. This translates into a reach of 1.7 million retail outlets spread across more than 6,400 towns in India.
Adani Wilmar’s net profit for 2021-22 jumped 26 per cent to Rs 804 crore, compared with Rs 636 crore in the previous year. Its consolidated revenue also crossed the 50,000 mark and stood at Rs 54,214 crore in 2022 compared to Rs 37,090 crore in 2021, registering a growth of 46 per cent.
Its Ebitda stood at Rs 1,909 crore in 2022 compared to Rs 1,430 crore in 2021, registering a growth of 34 per cent. Ebitda stands for earnings before interest, tax, depreciation and amortisation.
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