Adani Wilmar clocks 67 per cent surge in PAT for FY24, gains market share across key products

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Adani Wilmar clocks 67 per cent surge in PAT for FY24, gains market share acr...

Adani Wilmar clocks 67 per cent surge in PAT for FY24, gains market share across key products

by Manisha Das

NEWS HIGHLIGHTS

Adani Wilmar on Wednesday reported a 67 per cent surge in profit after tax (PAT) at Rs 157 crore for the quarter ended March 31, 2024, compared to Rs 94 crore in the same quarter in the last fiscal year.

Ahmedabad, May 1: Adani Wilmar on Wednesday reported a 67 per cent surge in profit after tax (PAT) at Rs 157 crore for the quarter ended March 31, 2024, compared to Rs 94 crore in the same quarter in the last fiscal year.

The revenue for the full year (FY24) stood at Rs 51,262 crore as the food and FMCG segment reached a milestone of almost Rs 5,000 crore, nearly doubling in two years, the company said in a statement.

For the fourth quarter (Q4), the company recorded a revenue of Rs 13,238 crore.

While edible oils grew by 11 per cent and food and FMCG by 9 per cent in volume terms, a significant decline in the export business of oil meals dragged down the overall volume growth to 3 per cent (YoY) in Q4, the company said.

"We continued to witness strong volume growth in our edible oils & foods business driven by increased retail penetration. A focused approach in sales and marketing and regional approach in each category is leading to gaining market share from the local players,” said Angshu Mallick, MD and CEO, Adani Wilmar Ltd.

In fiscal FY24, the food and FMCG business reached 1 million metric tonnes (MT) in sales and the company surpassed 6 million MT in sales overall.

"The food and FMCG segment recorded revenue of Rs 1,341 crore in Q4, with an underlying volume growth of 9 per cent YoY for the quarter," said Mallick.

The company has been gaining market share in its key products.

In edible oils, the ROCP (Refined Oil Consumer Pack) market share of Adani Wilmar has increased by 60 bps to 19 per cent on a moving annual total (MAT) basis.

"In wheat flour, our market share has increased by 60 bps to 5.6 per cent," said the company.

The edible oil segment recorded revenue of Rs 10,195 crore in Q4 and Rs 38,788 crore in FY24.

The volume grew by 11 per cent YoY in Q4 and 9 per cent YoY.

The ‘Industry Essentials’ segment recorded revenue of Rs 1,702 crore in Q4 and Rs 7,479 crore in FY24.

“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 2024 of Rs 358 crore and Rs 404 crore on a consolidated and standalone basis respectively," Mallick added.

(IANS)

Sensex Down 166 Points, M&M Gains Over 6 Pc

by Hemanta Pande

Mumbai, May 17: India equity indices were in red on Friday following muted global cues.

At 9:45 a.m., Sensex was down 166 points or 0.23 per cent, at 73,497 points and Nifty was down 45 points or 0.21 per cent, at 22,353 points.

Midcap and smallcap indices outperform benchmarks. The Nifty midcap index was up 204 points or 0.40 per cent, at 51,357 points and the Nifty smallcap was up 151 points or 0.87 per cent, at 16,747 points.

India Vix was down 0.85 per cent at 20.17 points.

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Among the sector indices, Auto, PSU Bank, Metal, Realty, Media, Energy, Infra, and Oil&Gas were major gainers. IT, FMCG, Pharma, Fin services, and Pvt banks were major losers.

In Sensex, 22 out of 30 shares opened in the red and 8 shares in green.

M&M is the top gainer and jumps over 6 per cent. Tata Motors, Tata Steel, Power Grid, and SBI were other major gainers. Axis Bank, Maruti Suzuki, Reliance, Sun Pharma, and HUL were major losers.

As per the market experts, the net institutional buying turning positive while the sharp recovery of nearly 350 points from the lows in Nifty and the large short position in the market have the potential to aid recovery in the market. Going forward, news from the political front is likely to turn more positive.

They said that the FII-heavy stocks which bore the brunt of selling are likely to witness further recovery.(IANS)

Priyanka Chopra Dishes Out A Piece Of Friday Advice: Trust The Process

by Hemanta Pande

Mumbai, May 17: Actress Priyanka Chopra Jonas shared some Friday advice about "trusting the process."

The actress took to her Instagram stories and shared a picture of herself standing in front of a mirror with "trust the process" written on it.

She also shared a photo on Instagram, flaunting her perfect skin and strawberry pink lips, which she captioned "Strawberry days".

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A post shared by Priyanka (@priyankachopra)

On Thursday, Priyanka shared a glimpse of her $20 million mansion in Los Angeles after it became ‘unlivable’ due to a mold infestation.

The actress returned to her home after shooting for her upcoming film 'Head of State', an action comedy directed by Ilya Naishuller, in Nice, France.

She had posted a picture from her balcony and captioned it, "Being home... is feeding my soul.”

'Head of State' also stars Idris Elba and John Cena.(IANS)

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US House Votes To Resume Arms Supply To Israel

by Hemanta Pande

Washington, May 17: The US House of Representatives has voted in favour of a bill aimed at forcing President Joe Biden to resume arms deliveries to Israel which had been paused.

The text was passed on Thursday with 208 Republican votes and 16 votes from Biden's Democrats, but is likely to fail in the Senate, where the president's party has the upper hand.

Biden had previously announced that he would veto the bill should it pass Congress. The text calls on his administration to swiftly implement all arms transfers to Israel that have already been authorised by Congress.

The US is currently withholding a delivery of ammunition due to Israel's actions in the city of Rafah in the south of the Gaza Strip.

The White House has repeatedly made it clear that it rejects a major offensive by the Israeli army in the city, which is overcrowded with internally displaced people from other parts of the Gaza Strip.

Last week, Biden threatened Israel that a major ground offensive could have consequences for US arms supplies. Subsequently, senior administration officials tried to appease Israel and made it clear that the US was behind Israel and that it was only about this one delivery.

At the same time, there were reports of a new arms delivery to Israel.

"We have been very loud and clear about our concerns about a major military operation in Rafah for weeks — for months," confirmed Biden's spokeswoman Karine Jean-Pierre on Thursday. "This is something that we are concerned about," she said.

She said the White House still accepts Israeli assurances that the current deployment of the Israeli military in Rafah is "limited."

The Republican chairman of the House of Representatives, Mike Johnson, accused Biden of having turned his back on Israel.

"The Biden Administration’s decision to withhold weapons is catastrophic and goes directly against the will of Congress," Johnson wrote on the social media platform X.

"With the passage of the Israel Security Assistance Support Act, we send a clear message of solidarity and support to Israel and demand the urgent delivery of defence weapons to our most important ally in the Middle East," he wrote.