Adani Wilmar clocks 14 pc growth in volume in FY23; revenue crosses Rs 55,000 cr

New Delhi, Apr 6 (PTI) Adani Wilmar, which is into edible oil and other food businesses, on Thursday said it achieved nearly 14 per cent growth in volume in the last fiscal, helping the company’s revenue to cross Rs 55,000 crore.

The company’s total income stood at Rs 54,327.16 crore in the previous year.

Adani Wilmar sells edible oil and other food products under Fortune brand.

In a regulatory filing, Adani Wilmar said, “the company continued its growth story with year-on-year volume growth of close to 14 per cent in FY23, which enabled it to cross Rs 55,000 crore of revenue for the year.”

The company made good progress in scaling up its operations and gaining market share across food products, it added.

“The food business is scaling up well in-line with our expectations. We have been making good progress in all enablers like sourcing, manufacturing, distribution, brand building and strengthening the teams for the new products.

“We closed the financial year 2023 with around Rs 3,800 crore of revenue in Food & FMCG segment, registering a strong growth of about 40 per cent YoY (Year-on-Year) in volumes and ~55 per cent YoY in revenue terms, while seeding multiple new avenues of growth during the year,” the company said.

Adani Wilmar noted that supplies of imported edible oils have been smoother during Q4FY23 compared to the earlier part of the year.

Prices have cooled off from historically high levels and have been stable, stimulating higher consumer demand, particularly in the rural population strata, it added.

In edible oil, the company said the 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 bakery and frying industry,” the company said.

Adani Wilmar, a joint venture between Adani Group of India and Wilmar Group of Singapore, is one of the largest consumer Food FMCG companies in India. The company has a diversified product portfolio offering most of the primary kitchen essentials including edible oil, wheat flour, rice, pulses, besan and sugar.

The company has 23 plants in India across 10 states.