Edible oil major Adani Wilmar Ltd (AWL) on Wednesday reported a 10 per cent growth in consolidated net profit at Rs 193.59 crore for the quarter ended June on higher sales.
Its net profit stood at Rs 175.70 crore in the year-ago period.
Total income rose to Rs 14,783.92 crore in the first quarter of this fiscal from Rs 11,369.41 crore in the corresponding period of the previous year.
Also Read| Adani Power Q1 profit rises to Rs 4,780 crore
Angshu Mallick, Managing Director and CEO, Adani Wilmar, said the company has continued to demonstrate a steady growth in overall volumes, led by the foods business.
“This is despite multiple headwinds that we saw during the quarter with inflation and low consumer offtake being the major concern areas,” he said.
Also Read| Adani Wilmar cuts prices of edible oil by up to Rs 30 per litre
While still a majority of staples and FMCG products are sold through general trade, Mallick said the company has seen double-digit growth in sales through e-commerce and modern trade.
“Sales of our new products such as Poha, Khichdi, Total Balance Oil, Soya Chunkies etc, have doubled on a year-on-year basis, though on a low base,” he added.
Mallick also said there is finally some respite and signs of relief due to the softening of certain commodity prices, which may lead to better demand uptick in the coming quarter.
Adani Wilmar’s cumulative volumes rose to 1.19 million tonnes in Q1 of FY23 compared to 1.03 million tonnes in Q1 FY22, registering a growth of 15 per cent.
Edible oil business stood at 0.70 million tonnes, posting a growth of 6 per cent year-on-year on volumes. Sales in value terms stood at Rs 11,519 crore, up 23 per cent.
Food and FMCG continued to lead the growth and now has a basket of Rs 860 crore for the June quarter, registering a growth of 66 per cent on revenues and 53 per cent on volume terms.
Adani Wilmar has a diversified product portfolio offering most of the primary kitchen essentials including edible oil, wheat flour, rice, pulses, besan and sugar.
Its flagship brand ‘Fortune’ is the largest selling edible oil brand in India.
The company has 23 plants in India which are located across 10 states, comprising 10 crushing units and 19 refineries.