Adani Wilmar Q4 consolidated PAT sinks 26% YoY to Rs 234.3 crore

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Adani Wilmar, a joint venture between India's Adani Group and Singapore's Wilmar International, on May 2 reported a 25.6 percent year-on-year decline in its reported consolidated net profit at Rs 234.3 crore for the quarter ended March.

The edible oils major reported a 40.2 percent on-year rise in consolidated revenue from operations to Rs 14,960.4 crore for the quarter ended March.

Adani Wilmar's tax expense in the quarter stood at Rs 79.1 crore as against a tax write-back of Rs 93.3 crore in the year-ago quarter. However, adjusting for the one-time write back of tax in the year-ago quarter on account of switching to the new corporate tax regime, the company's net profit in the reported quarter rose 39 percent on-year, Adani Wilmar said in a post-earnings note to media.

The company's consolidated total expenses in the quarter jumped 40.3 percent on-year to Rs 14,726.7 crore, matching the growth in the company's topline.

Out of the total expenses, the cost of raw materials consumed surged 40 percent on-year, while other expenses rose 26 percent.

"We have delivered a steady growth in spite of the challenging macro environment. The food & FMCG segment registering double-digit growth. We have continued to improve our market share across edible oil & food categories," said Managing Director and Chief Executive Officer Angshu Mallick.

Mallick said the company would explore inorganic growth opportunities and strategic investments in the food space.

Adani Wilmar suggested that the fast-moving consumer goods portfolio witnessed a slowdown due to high product prices. "While the rural market is the growth driver, inflation has impacted demand," the company said.

During the quarter, the company reported a 16 percent year-on-year growth in volumes to 1.29 million tonnes. Adani Wilmar's consolidated operating profit grew 29 percent on-year to Rs 488 crore in the reported quarter.

Shares of the company ended 3.7 percent lower at Rs 751.50 on the National Stock Exchange.