Adani Wilmar Q3 net profit rises 16% to Rs 246 crore in Q3FY23

New Delhi: Edible oil major Adani Wilmar Ltd on Wednesday reported a 16 per cent increase in its consolidated profit to Rs 246.16 crore for the third quarter ended December 2022, on higher revenue.

Its net profit was Rs 211.41 crore in the year-ago period.

The total income rose to Rs 15,515.55 crore in the third quarter of this fiscal from Rs 14,398.08 crore a year ago, according to a regulatory filing.

The company's net profit fell to Rs 488.51 crore during the April-December period of this fiscal compared to Rs 569.45 crore in the year-ago period.

Its total income in the first nine months of this fiscal rose to Rs 44,501.14 crore against Rs 39,347.33 crore a year ago.

Adani Wilmar, which sells its cooking oils and some other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar.

Besides a range of edible oils, its offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.

"We have recorded an annual growth of 16 per cent in volume terms during the third quarter," Adani Wilmar MD and CEO Angshu Mallick said.

The company witnessed a strong demand on the back of festivities and weddings, gradual recovery in rural markets and a bumper kharif crop, he added.

Adani Wilmar said the company continues to stay focused on increasing the direct reach to retail outlets and expanding its manufacturing capacity, both organically and inorganically.

Edible oils contributed 66 per cent in the volumes but 81 per cent in the total revenue.

On food and FMCG segment, the company said it is now contributing 15 per cent by volume to the overall sales and delivered 27 per cent volume growth in the third quarter of this fiscal. Wheat flour and rice have been growing well on the back of increased distribution reach and new product launches.