Adani Wilmar shares down over 1% as FMCG firm releases Q4 results; read more

Shares of Adani Wilmar declined on Thursday after the company posted its earnings for the fourth quarter of financial year 2023-24 (Q4 FY24).

At 9:52 am, the stock was trading at ₹353.6, down 1,1%, on the National Stock Exchange (NSE). On the BSE, the scrip was down 0.5% at ₹355.3.

Adani Wilmar Ltd, which sells edible oils and food products under the Fortune brand, on Wednesday reported a 67% surge in its consolidated net profit to ₹156.75 crore for the January-March quarter ended March as compared to ₹93.61 crore in the year-ago period.

According to a regulatory filing, the company's total income declined to ₹13,342.26 crore in the Q4 FY24 from ₹14,185.68 crore in the same period last year.

During FY24, Adani Wilmar's net profit fell to ₹147.99 crore from ₹582.12 crore in the preceding year on lower revenue. Total income declined to ₹51,555.24 crore last financial year from ₹59,148.32 crore in FY23.

Commenting on the results, Angshu Mallick, MD and CEO of Adani Wilmar, said, "We continued to witness strong volume growth in our edible oils and foods business driven by increased retail penetration. A focused approach in sales and marketing and a regional approach in each category is leading to gaining market share from the local players.

He said the company has achieved significant milestones with fast-growing volumes during the year.

During FY24, the revenue for edible oils declined to ₹38,788.33 crore from ₹46,103.55 in 2022-23 on a fall in the prices of cooking oils. Revenue from industry essentials products fell to ₹7,479.31 crore from ₹8,027.92 crore. However, the food and FMCG business revenue grew to ₹4,993.99 crore from ₹4,053.34 crore.

In volume terms, sales of edible oils grew 9% to 3.67 million tonnes in 2023-24 from 3.36 million tonnes in the preceding year. Sales of industrial essentials rose 8% to 1.32 million tonnes from 1.23 million tonnes. Food and FMCG product sales increased 16% to 1.03 million tonnes from 0.88 million tonnes.

Adani Wilmar is a joint venture between the business conglomerate Adani Group and Singapore's' Wilmar Group.

With PTI inputs