Adani Wilmar posts 67% increase in profit
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Adani Wilmar Ltd, which is mainly into edible oil and food-FMCG businesses, on Wednesday reported a 67 per cent increase in its consolidated net profit to Rs 156.75 crore for the quarter ended March despite lower revenue. Its net profit stood at Rs 93.61 crore in the year-ago period.
The company's total income fell to Rs 13,342.26 crore in the January-March period of the last fiscal year from Rs 14,185.68 crore in the year-ago period, according to a regulatory filing. During the 2023-24 fiscal, Adani Wilmar's net profit declined to Rs 147.99 crore from Rs 582.12 crore in the preceding year on lower revenue. Total income also fell to Rs 51,555.24 crore last fiscal from Rs 59,148.32 crore in the 2022-23 fiscal.
Adani Wilmar sells edible oils and some other food products under Fortune brands. Commenting on the results, Adani Wilmar MD & CEO Angshu Mallick 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 & marketing and regional approach in each category is leading to gaining market share from the local players.
