PAT of INR 157 crores in Q4’24, compared to INR 94 crores, growth of 67% YoY

FY’24 revenue at INR 51,262 Crores

PAT of INR 157 crores in Q4’24, compared to INR 94 crores, growth of 67% YoY

Food & FMCG sales volume has surpassed 1 million MT

The Food & FMCG segment reached a milestone of almost INR 5,000 Crores in FY’24, and nearly doubled in 2 years

Bengaluru, 1st May 2024: The Company’s sales volume continues to grow well, and we have witnessed strong volume growth in both edible oils and foods businesses during the quarter and for the full year, driven by increased retail penetration.

The Company recorded revenue of INR 13,238 crores in Q4’24. While edible oils grew by 11% and Food & FMCG by 9% in volume terms, a significant decline in the export business of oil meals dragged down the overall volume growth to 3% YoY in Q4’24.

The Company has also been gaining market share in its key products. In edible oils, ROCP (Refined Oil Consumer Pack) market share of AWL has increased by 60bps to 19.0% on MAT basis. In Wheat Flour, our market share has increased by 60bps to 5.6%.

In recent quarters, the Company has made significant improvement in its distribution infrastructure in the southern region. Regional marketing communications and other interventions have resulted in the company gaining market share in Sunflower Oil. With the increased digitalization of sales function, the Company has improved its agility in making decisions for dynamic pricing in the local markets.

The HORECA segment has crossed INR 400 crores of revenue in FY’24, a feat achieved within 1.5 years of setting up a dedicated HORECA distribution channel. This segment has an estimated addressable market of INR 65,000+ crores for edible oils & foods.

The profitability of the Company recovered in H2 of FY ’24, after witnessing subdued profits due to high-price inventory and dis-alignment of the hedges in H1‘24. In H2 ’24, the PAT grew by 5% YoY to INR 358 crores, compared to INR 340 crores in H2’ 23.

Edible Oils

The edible oil segment recorded revenue of INR 10,195 crores in Q4 and INR 38,788 crores in FY ’24. The volume grew by 11% YoY in Q4 and 9% YoY in FY’24.

The domestic branded sales volume grew at a faster clip at 13% YoY in FY’24, compared to overall growth. This is the second consecutive year with faster growth in the branded portfolio, which has resulted in the market share gains.

Food & FMCG

The Food & FMCG segment recorded revenue of INR 1,341 crores in Q4, with an underlying volume growth of 9% YoY for the quarter.

In FY ’24, the domestic revenue and volume both grew by 39%, whereas export volumes of rice declined by 46%, due to export restrictions. As a result, overall Food & FMCG revenue grew by 23% YoY resulting in revenues of INR 4,944 crores. The revenue from branded products in the domestic market has been growing consistently YoY at over 30% for the last ten quarters.

In the strong markets of edible oil, the Food segment has been leveraging the outlet penetration to drive its growth.

Industry Essentials

The Industry Essentials segment recorded revenue of INR 1,702 crores in Q4 and INR 7,479 crores in FY’24.

The segment’s volume declined by 22% YoY in Q4’24. This is due to the decline in the oil meal business by 45%. Oleo-chemicals and Castor businesses grew by 19% and 4% respectively. For the financial year FY’24, segment volume grew by 8%, with 13% YoY growth in Oleo-chemicals and 2% YoY growth in castor business. The oil meal business also grew well at 9% YoY growth.

 

Commenting on the results, Mr. Angshu Mallick, MD & CEO, Adani Wilmar Limited said:

“We continued to witness strong volume growth in our edible oils & 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. The adoption of our Integrated Business model strategy allows us to effectively compete with large and regional players.

With fast-growing volumes, the Company has achieved major milestones during the year. In fiscal FY’24, Food & FMCG business reached 1 million MT in sales and overall Company surpassed 6 million MT in sales. Revenue in Food & FMCG segment has nearly doubled in last 2 years to reach almost INR 5,000 crores in FY’24.

Improvement in branded mix in edible oils during the year has also led to better profitability for the Company in the second half, with reported PAT in H2 ’24 of INR 358 crores and INR 404 crores on a consolidated and standalone basis respectively.

The challenges faced by the company in Bangladesh operations have been overcome with the improved forex situation and fundamentals of the economy. The operations have come back to normalcy this quarter. Our brand “Rupchanda” remains the market leader in Bangladesh in the Edible Oil category.

 

Segment Performance (Consolidated):

Quarter Volume (Million MT) Revenue (INR in Crores)
Mix % Q4’24 Q4’23 YoY % Q4’24 Q4’23 YoY %
Edible Oil 64% 0.98 0.88 11%     10,195     10,790 -6%
Food & FMCG 18% 0.28 0.25 9%        1,341        1,159 16%
Industry Essentials 18% 0.28 0.36 -22%        1,702        1,924 -12%
Total 100% 1.53 1.49 3%     13,238     13,873 -5%
Full Year Volume (Million MT) Revenue (INR in Crores)
Mix % FY’24 FY’23 YoY % FY’24 FY’23 YoY %
Edible Oil 61% 3.67 3.36 9%     38,788     46,104 -16%
Food & FMCG 17% 1.03 0.88 16%        4,994        4,053 23%
Industry Essentials 22% 1.32 1.23 8%        7,479        8,028 -7%
Total 100% 6.02 5.47 10%     51,262     58,185 -12%

 

P&L Performance:

Quarter Standalone Financials Consolidated Financials
in INR Crores Q4’24 Q3’24 Q4’23 Q4’24 Q3’24 Q4’23
Revenue from Operations 12,704 12,440 13,122     13,238     12,828     13,873
COGS (11,006) (10,940) (12,007) (11,453) (11,306) (12,674)
Employee Benefits Expense (103) (89) (94) (116) (100) (107)
Derivatives Impact (A) (207) 130  – (207) 130
Other Expenses (Excl. Derivatives impact) (1,056)    (1,012) (922) (1,105) (1,049) (973)
Depreciation & Amortization (69) (85) (81) (79) (95) (92)
Derivatives Impact (B) 241 241
Other Income (Excl. Derivatives Impact) 103 59 71 104 59 72
EBIT 367 504 330 382 468 339
Finance Cost (156) (170) (197) (171) (187) (210)
PBT (before Exceptional Items) 212 333 132 211 281 129
Tax (55) (86) (35) (56) (75) (37)
Share of Profit from JVs 2 (5) 1
PAT 156 247 98 157 201 94

Note: Derivatives impacts grouped under ‘Other expenses’ and ‘Other income’ in statutory accounts has been disclosed separately in above table.

 

Full Year Standalone Financials Consolidated Financials
in INR Crores FY ’24 FY ’23 FY ’24 FY ’23
Revenue from Operations 49,243 55,262 51,262 58,185
COGS (43,470) (50,245) (45,275) (52,885)
Employee Benefits Expense (374) (343) (421) (394)
Derivatives Impact (A) (355) (355)
Other Expenses (Excl. Derivatives impact) (3,902) (3,760) (4,076) (3,947)
Depreciation & Amortization (322) (319) (364) (358)
Derivatives Impact (B) 703 703
Other Income (Excl. Derivatives Impact) 290 256 294 261

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