Adani Wilmar Ltd.'s third quarter volume rose steadily aided by stable rural demand and distribution expansion. Its revenue, however, fell due to lower edible oil prices, putting profitability under pressure.
The consolidated revenue of the owner of the 'Fortune' brand increased by 4.6% to Rs 12,828.36 crore in the quarter ended December as compared with the previous three months, according to an exchange filing.
Adani Wilmar recorded volume growth of 13% in the nine months of fiscal 2024, with broad-based growth across segments.
In the nine months of FY24, the food and FMCG segment recorded revenue of Rs 3,653 crore, a 26% growth. The company achieved second best Ebitda till date at Rs 504 crore in Q3.
Consumer demand in packaged staple foods remained strong during the festive season in the quarter.
Adani Wilmar Q3 FY24 Highlights (Consolidated, QoQ)
Revenue up 4.57% at Rs 12,828.36 crore vs Rs 12,267.15 crore.
Ebitda rose 250.93% to Rs 504.19 crore vs Rs 143.66 crore.
Margin at 3.93% vs 1.17%.
Net profit at Rs 200.89 crore vs loss of Rs 130.73 crore.
Adani Wilmar Q3 FY24 (Consolidated, YoY)
Revenue down 16.91% at Rs 12,828.36 crore vs Rs 15,438.05 crore.
Ebitda down 16.69% at Rs 504.19 crore vs Rs 605.22 crore.
Margin flat at 3.93% vs 3.92%.
Net profit down 18.39% at Rs 200.89 crore vs Rs 246.16 crore.
Segmental Performance
The volume was flat year-on-year in Q3 and grew by 8% during the nine months of FY24 as compared with the same period last year. Branded products have been growing at a faster pace.
The food and FMCG segment, which includes products such as wheat flour, rice, pulses, besan, sugar, poha and soap continued to outperform. During the quarter, the segment revenue grew at 25% over the same period last year, with an underlying volume growth of 17%.
The industry essentials volume rose by 17% in the third quarter and 21% in the nine months ending December, supported by robust growth in castor and oleochemical businesses.
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