Adani Wilmar reports net profit of Rs 313 crore in Q1

DELHI Delhi: Adani Wilmar Ltd on Monday reported a consolidated net profit of Rs 313.20 crore for the first quarter of this fiscal on account of higher revenue from edible oil and other food-FMCG products.The company had reported a net loss of Rs 78.92 crore in the same period a year ago.According to a regulatory filing, total income during the April-June period of this fiscal rose to Rs 14,229.87 crore from Rs 12,994.18 crore in the corresponding period last year.Adani Wilmar, a joint venture between Adani Group and Singapore’s Wilmar, is in the business of edible oil, food & FMCG and industry essentials. The company sells most of its products under the ‘Fortune’ brand. Revenue of the edible oil business grew 8 per cent to Rs 10,649 crore in the April-June period of this fiscal from Rs 9,845 crore in the same period a year ago. Revenue of the food and FMCG business grew 40 per cent to Rs 1,533 crore from Rs 1,097 crore. Revenue of the essential goods segment of the industry remained stable at Rs 1,986 crore. Angshu Malik, MD and CEO of Adani Wilmar, said, “The company’s revenue grew 10 per cent year-on-year (YoY) to Rs 14,169 crore. We are benefiting significantly from the increasing trend of consumers towards branded staples.”