Mumbai (Maharashtra) [India], May 3 : Ad Wilmar on Wednesday said its profit after tax went down 60 per cent to Rs 94 crore in the quarter ended March 31, 2023, against Rs 234 crore in the year-ago period.
The revenue went down 7 per cent to Rs 13,873 crore, against Rs 14,917 crore in the corresponding quarter in the previous year.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) of the company also declined 16 per cent to Rs 359 crore in the reviewed quarter, against Rs 426 crore in the year-ago period.
Ad Wilmar Limited in a statement said it recorded 15 per cent volume growth. Consolidated revenue witnessed a decline of 7 per cent in the reviewed quarter, due to fall in the prices of edible oil.
In FY23, the company recorded 14 per cent growth in volume and 7 per cent growth in revenue. Revenue for the year stood at Rs 58,185 crore. The company said it crossed 5 million tonne of sales during FY23 and added Food segment doubled its revenue in 2 years to close the year at Rs 4,000 crore.
The edible oil segment's branded sales volume grew by 4 per cent during the quarter, on the back of good consumer demand due to softened edible oil prices. However, overall oil sales volume was dragged down due to lower demand from the bakery and frying industry.
This new growth engine of the company Food and FMCG business continued to grow at a fast pace and delivered 39 per cent volume growth and 55 per cent revenue growth in FY23, according to the statement. It said both of our top product categories - wheat flour and rice have been growing well. The company expects the strong growth to continue in both the products for many years, given the large headroom in the kitchen essential products.
Angshu Mallick, MD & CEO, Ad Wilmar, said: "A large market opportunity in India is translating well into our growth numbers. We have almost doubled our Food and FMCG (fast-moving consumer goods) revenues in two years and recorded over Rs 4,000-crore revenue in the segment. Both of our key products - Wheat flour, (including SRM - Sooji, Rawa and Maida) and rice have crossed Rs 1,000 crore of revenues during the year."
He said, "This journey in food products has only just begun for us. In edible oil, branded sales, with 75 per cent saliency, we have done significantly better with 8 per cent year-on-year volume growth in FY23."
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