Recently-listed Adani Wilmar posts Q3 net profit of Rs 211 crore

In its first quarterly results after listing on stock exchanges, Adani Wilmar Limited (AWL) has registered a net profit of Rs 211 crore for the third quarter ended December 31, 2021. A joint venture between Adani Group of India and Wilmar Group of Singapore, AWL's consolidated revenues for the quarter stood at Rs 14,379 crore in the financial year 2021-22.

According to the edible oil and foods major, the net profit was up by 66 per cent quarter-on-quarter (QoQ) while revenues rose by 41 per cent QoQ amid its growing food business.

"We have been able to continue our business performance in line with what we have been able to showcase in the recent past. As we go forward our focus will be to grow our food business so that it can contribute reasonably well in our overall basket," Angshu Mallick, Managing Director and CEO, Adani Wilmar Limited said.

During the quarter, AWL achieved an overall sales volume of 1.26 million metric tonnes (mmt) of which food as well as fast moving consumer goods (FMCG) vertical achieved volumes of 0.17 mmt in Q3 of FY'22, even as the company added five new Fortune Mart stores.

The third quarter saw AWL commissioned an additional Oleochemical (Oleo) plant with a capacity of 400 tonnes per day (tpd) at Mundra, thereby doubling the total capacity to 800 tpd, making it the largest single location Oleo plant in India.

With the strategy to grow its food basket, AWL also commissioned a 150 tpd Chana Besan (gram flour) plant in Nagpur and a 50 tpd soya nuggets plant in Haldia. Moreover, as part of its growing foothold across South-East Asia, AWL acquired Bangladesh Edible Oil Limited (BEOL), by taking 100 per cent stake in Adani Wilmar Pte Ltd (AWPTE), a holding company of BEOL.

AWL scrip, which got listed at Rs 221 per share on BSE on February 8, closed at Rs 376.40 per share on Monday, down by 1.21 per cent or Rs 4.60 apiece.