Adani Wilmar’s revenue in the fourth quarter of FY24 fell 4.6 per cent on year dragged down by its edible oils and industry essentials businesses, both of which saw a fall in revenue. However, net profit during the quarter rose 67.5 per cent mainly due to lower expenses.

The Adani Group company reported a consolidated net profit of ₹156.75 crore on revenue of ₹13,238 crore. For the full year FY24, net profit fell 75 per cent to ₹148 crore, while revenue declined 12 per cent to ₹51,261.6 crore.

The company said that food and FMCG sales doubling on year at ₹5,000 crore in FY24 was a milestone, while volumes surpassed 1 million tonne.

Overall volume growth for the company in Q4 was at a low 3 per cent due to a decline in the exports of oil meals. Edible oil volumes rose 11 per cent, while food and FMCG volume were up 9 per cent.

In refined oil consumer pack, Adani Wilmar’s market share increased 60 basis points (bps) to 19 per cent and in wheat flour 60 bps to 5.6 per cent.

The company said in recent quarters it had made significant improvement in its distribution infrastructure in the southern region. Regional marketing communications and other interventions have resulted in the company gaining market share in sunflower oil. “With the increased digitalisation of sales function, the company has improved its agility in making decisions for dynamic pricing in the local markets,” it said.

Edible Oils, FMCG

Edible oils is one of the most visible products of the group, selling under the ‘Fortune’ brand. Segmental break-up showed that edible oils revenue fell 5.5 per cent in Q4 to ₹10,195 crore and nearly 16 per cent in the full year to ₹38,788 crore.

The company said that the underlying volume growth in edible oils was 11 per cent in the quarter and 9 per cent in FY24.

The food and FMCG segment recorded revenue of ₹1,341 crore in Q4, with an underlying volume growth of 9 per cent y-o-y.

In FY24, the domestic revenue and volume both grew 39 per cent, whereas export volumes of rice declined 46 per cent, due to export restrictions.

The revenue from branded products in the domestic market has been growing consistently annually at over 30 per cent for the last 10 quarters.

“We continued to witness strong volume growth in our edible oils and foods business, driven by increased retail penetration,” MD and CEO Angshu Mallick.

A focused approach in sales and marketing, and regional approach in each category are leading to gaining market share from the local players, he added.

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