Edible oil firm Adani Wilmar announced Q3FY23 results:
- In Q3FY23, Adani Wilmar Limited recorded 16% volume growth and 7% revenue growth. Profit after tax grew by 16% YoY.
- In 9MFY23, Company recorded 13% growth in both volume and revenue.
- Food & FMCG segment -
- This new growth engine of the Company is now contributing 15% by volume to the overall sales and delivered 27% volume growth in Q3FY23.
- In the Basmati Rice category, we re-launched the ‘Kohinoor’ brand in August 2022, following its acquisition by AWL. Kohinoor is scaling up well and has crossed Rs 100 crore of revenue on annualized run rate basis.
- Overall Food & FMCG basket clocked Rs ~2,900 crore of revenue in the first 9 months and will register around Rs 4,000 crore revenue for the full year FY23.
- Edible Oil segment –
- We grew our Mustard Oil volume by 50% YoY during Q3. ‘Fortune’ brand continues to be the no.1 player in ‘Kachi Ghani’ Mustard Oil with the next largest player being a distant no.2
- Industry essentials –
- The Company continued its leadership position in Castor Oil exports, increasing its market share to 32% (of castor oil exports from India) in Q3 FY23.
- Alternate Channel:
- Alternate channel (E-com, Quick commerce, Modern Trade, eB2B) registered a strong YoY volume growth of 32% & 26% in Q3FY23 and 9M FY23, respectively.
Commenting on the results, Mr. Angshu Mallick, MD & CEO, Adani Wilmar Limited said: “We have been witnessing a consistent demand for safe, hygienic, and nutritious packaged staple food. We are leveraging the distribution network, manufacturing facilities, logistics and customer relationships of edible oil business to grow rapidly in Food & FMCG business, which offers a much larger opportunity compared to our well-established edible oil business. We are also expanding our product portfolio with region specific products, ready-to-cook products, and category adjacencies.
The Company is progressing well in the forward integration of its Industry essential business, resulting in the growth in sales of specialty chemicals, in addition to the growth in basic oleochemicals from capacity expansion.
In Q3, the standalone volume grew by 17% to 1.41 mn MT, leading to EBITDA growth of 23% and PAT growth of 15%. For the quarter, the Company recorded consolidated revenue at Rs 15,438 crore and on standalone basis, registered revenue of Rs 14,714 crore, EBITDA of Rs 623 crore and PAT of Rs 277 crore in Q3.”