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Adani Wilmar clocks 67 per cent surge in PAT for FY24, gains market share across key products
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Adani Wilmar on Wednesday reported a 67 per cent surge in profit after tax (PAT) at Rs 157 crore for the quarter ended March 31, 2024, compared to Rs 94 crore in the same quarter in the last fiscal year.
The revenue for the full year (FY24) stood at Rs 51,262 crore as the food and FMCG segment reached a milestone of almost Rs 5,000 crore, nearly doubling in two years, the company said in a statement.
For the fourth quarter (Q4), the company recorded a revenue of Rs 13,238 crore.
While edible oils grew by 11 per cent and food and FMCG by 9 per cent in volume terms, a significant decline in the export business of oil meals dragged down the overall volume growth to 3 per cent (YoY) in Q4, the company said.
"We continued to witness strong volume growth in our edible oils & foods business driven by increased retail penetration. A focused approach in sales and marketing and regional approach in each category is leading to gaining market share from the local players,” said Angshu Mallick, MD and CEO, Adani Wilmar Ltd.
In fiscal FY24, the food and FMCG business reached 1 million metric tonnes (MT) in sales and the company surpassed 6 million MT in sales overall.
"The food and FMCG segment recorded revenue of Rs 1,341 crore in Q4, with an underlying volume growth of 9 per cent YoY for the quarter," said Mallick.
The company has been gaining market share in its key products.
In edible oils, the ROCP (Refined Oil Consumer Pack) market share of Adani Wilmar has increased by 60 bps to 19 per cent on a moving annual total (MAT) basis.
"In wheat flour, our market share has increased by 60 bps to 5.6 per cent," said the company.
The edible oil segment recorded revenue of Rs 10,195 crore in Q4 and Rs 38,788 crore in FY24.
The volume grew by 11 per cent YoY in Q4 and 9 per cent YoY.
The ‘Industry Essentials’ segment recorded revenue of Rs 1,702 crore in Q4 and Rs 7,479 crore in FY24.
“Improvement in branded mix in edible oils during the year has also led to better profitability for the company in the second half, with reported PAT in H2 2024 of Rs 358 crore and Rs 404 crore on a consolidated and standalone basis respectively," Mallick added.
