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Adani Wilmar saw its net profit rise 16.4 per cent to Rs 246.16 crore in the third quarter of the 2022-23 financial year (Q3FY23) on the back of margin expansion.
The joint venture had reported a loss to the tune of Rs 9.11 crore in Q3FY22 and a profit of Rs 14.70 crore in Q2FY23. The firm also saw its volumes grow at 16 per cent and revenue increase by 7.4 per cent to Rs 15,438.05 crore in Q3FY23.
“This (volume growth) was achieved on the back of the large opportunity available in the packaged food industry, well supported by our portfolio of premium and popular brands, pan-India distribution, and manufacturing facilities across the length and breadth of the country,” the company said in its release.
Adani Wilmar, which receives over 80 per cent of its revenue from edible oils, saw a 4 per cent jump in it to take the tally to Rs 12,581.21 crore.
“We are leveraging the distribution network, manufacturing facilities, logistics and customer relationships of edible oil business to grow rapidly in food & FMCG business, which offers a much larger opportunity compared to our well-established edible oil business,” said Angshu Mallick, managing director and chief executive officer, Adani Wilmar.
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