Adani Group’s commodity and FMCG business Adani Wilmar Limited (AWL) posted standalone net profit of ₹277 crore for the third quarter ended December 31, 2022, up 15 per cent from ₹241 crore in the corresponding quarter last year. Its standalone revenue from operations stood at ₹14,714 crore, up 7 per cent, from ₹13,756 crore in the year-ago period.

Total expenses increased 7 per cent year-on-year to ₹14,409 crore. EBITDA increased 23 per cent to ₹623 crore.

On a consolidated basis, the company’s net profit stood at ₹246 crore, up 16 per cent from ₹211 crore in the same quarter last year, while revenues from operations stood at ₹15,438 crore, up 7 per cent from ₹14,371 crore a year ago.

Consistent demand

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.”

Mallick further said that during the third quarter, the standalone volumes grew 17 per cent to 1.41 million tonnes , leading to EBITDA growth of 23 per cent and PAT growth of 15 per cent.

Marco tailwinds

AWL, which sells consumer products under Fortune brand, witnessed macro tailwinds during the quarter in the form of strong demand on the back of festivities and weddings, gradual recovery in rural markets and a bumper kharif crop.

The company had identified capex of ₹2,220 crore at the time of its IPO to be spent over next three years on expansion of food capacities across multiple locations.

“The funding for this capex is tied up with a mix of IPO proceeds of ₹1,900 crore and internal accruals,” it said.

On its debt position, as on December 2022, the company said it had no outstanding long-term debt.

AWL shares were locked in an upper circuit with gains of ₹5 per cent to close at ₹419.35 on BSE.