Adani Wilmar said it reported robust growth in its quarterly profit after tax by 67% to Rs 157 crore for the quarter ending March 31, 2024, from Rs 94 crore in the same period last fiscal year.
The company's statement said the full-year revenue for FY 2024 was Rs 51,262 crore, which was driven primarily by the food and FMCG segment, which more than doubled to almost Rs 5,000 crore in two years.
In the fourth quarter (Q4), the company's revenue stood at Rs 13,238 crore.
During the quarter, though, the company registered 11% growth in volume terms in the edible oils segment and 9% in the food and FMCG segment, which was the same pace of volume growth as last year. However, the export business of oil meals noted a remarkable decline, and the overall volume growth capped at a moderate 3% YoY in Q4, the company said.
Adani Wilmar MD and CEO, Angshu Mallick, felt satisfied about the tremendous volume growth in the edible oils and foods business, something which he attributed to the increased retail presence and a focused approach towards the sales and marketing of the company's products.
In fiscal FY 2024, the food and FMCG business notched up sales of 1 million metric tonnes (MT), making the company's overall sales surge to more than 6 million MT.
Mallick said, "We are satisfied with the continued strong volume growth in the edible oils and foods business, driven by increased retail penetration and a focused sales and marketing approach."
Adani Wilmar has been gaining momentum steadily in its market share of key products. In the edible oils segment, the company's ROCP (Refined Oil Consumer Pack) market share increased by 60 basis points to 19% on a moving annual total (MAT) basis. The company's market share in wheat flour rose by 60 basis points to 5.6% as well, it said.
The edible oil segment generated revenue of Rs 10,195 crore in Q4 and Rs 38,788 crore in FY24, and the volumes rose 11% YoY in Q4 and 9% YoY on aggregate.
The 'Industry Essentials' segment generated revenue of Rs 1,702 crore in Q4 and Rs 7,479 crore in FY24.
"We also note the improvement in branded mix in edible oils during the year, which resulted in better profitability for us during the second half," Mallick said. The PAT reported in H2 2024 was Rs 358 crore on a consolidated basis and Rs 404 crore on a standalone basis.
Ambuja Cements Achieves Record-breaking Profit of Rs 4,738 Crore in FY24 Under Adani Group's Umbrella
Ambuja Cements disclosed its financial performance for the fiscal year 2024, showcasing impressive growth with a profit after tax (PAT) of Rs 4,738 crore, marking a remarkable surge of 119 percent compared to the previous year. Operating EBITDA also surged to Rs 6,400 crore, exhibiting a substantial increase of 73 percent.
In the fourth quarter of FY24, the company, a leading player in the cement and building materials sector under the diversified Adani Group, recorded an operating EBITDA of Rs 1,699 crore, up by 37 percent year-on-year. Additionally, Ambuja Cements boasted a robust cash reserve, with cash and cash equivalents amounting to Rs 24,338 crore.
Ajay Kapur, the Whole Time Director and CEO of Ambuja Cements, attributed the commendable financial performance to the resilience and adaptability of the business model. He paralleled the company's success with the resilience displayed by the Indian economy amidst global economic challenges.
The Adani Family's recent subscription to the warrants program in Ambuja Cements involved an infusion of Rs 8,339 crore, thereby raising its stake in the company to 70.3 percent. This followed previous investments of Rs 5,000 crore in October 2022 and Rs 6,661 crore in March 2024, resulting in a total infusion of Rs 20,000 crore post-acquisition.
Kapur reiterated the company's commitment to delivering long-term value and sustainable growth. Plans include doubling capacities, enhancing efficiency, investing in green power, and ensuring a steady supply of raw materials and fuel.
The Board recommended a dividend of Rs 2 per share on equity shares, maintaining consistency with the previous year on an annualized basis.
Ambuja Cements reported positive trends across key performance indicators (KPIs) such as volumes, efficiencies, costs, and capital expenditures in FY24. Notably, the company completed three acquisitions (Sanghi, Asian Cements, and GU in Tuticorin), resulting in an increase in cement capacity by 11.4 million tonnes per annum (MTPA), bringing the total capacity to 78.9 MTPA.
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