The company said it saw a one-time gain in the form of an income tax write-off in the base quarter as the company transitioned to a 25% corporate tax cut . Taking that into account, net income was up 39% year over year.
Operating revenue for the quarter stood at Rs 14,960.37 crore, up 40.18% from Rs 10,672.34 crore in the prior year quarter.
Shares of the company have soared in recent months as investors believe the company will benefit from soaring edible oil prices. However, the figures reported by the company may be disappointing for some.
The company said its overall sales volume was 1.29 MMT (million metric tons) in the March quarter, up 16% quarter-on-quarter. The company did not provide a year-over-year change. Food and FMCG vertical sales volume was 0.18 MMT, up 33% QoQ.
“We have achieved steady growth despite a difficult macroeconomic environment. The food & FMCG segment recorded double-digit growth. We have continued to improve our market share in the edible oil and food categories,” said Angshu Mallick, Managing Director and CEO of Adani Wilmar.
“We are also on track to implement our go-to-market strategy focused on the rural growth story. We will continue to invest in our branding, distribution, sourcing and manufacturing capabilities. Going forward, we will focus more on inorganic growth and strategic investments in the food business. »
For FY22, Adani Wilmar said consolidated revenue crossed the Rs 50,000 crore mark and stood at Rs 54,214 crore from Rs 37,090 crore in 2021, recording a growth of 46%. Consolidated net profit at Rs 804 crore in 2022 compared to Rs 636 crore in 2021, registering a growth of 26%.
The company said a broad economic recovery is expected in FY23 as Covid may have entered an endemic phase. Additionally, a normal monsoon is expected and now the risks are rapidly shifting from Covid-19 to geopolitics, rising commodity prices and interest rate hikes by the Fed.
The company also pointed out that due to the war in Ukraine, sunflower consumption has decreased by 50%. India has now started importing sunflower oil from origins such as Argentina, Russia and Turkey.