Adani Wilmar Records 25% Volume Growth In Q1, Sales Value Decline By 12%

Adani Wilmar Limited, the FMCG giant, recorded a 25 per cent volume growth in the first quarter of the financial year 2023-2024. The company's sales of products in both edible oils and foods have been stronger compared to overall sales in respective segments.

The company's volume growth on a year-on-year (YoY) basis was recorded at 25 per cent, while the sales value declined by 12 per cent which the firm said is reflective of the steep decline in edible oil prices. 

The edible oils segment recorded a revenue of Rs 9,845 crore in Q1 of financial year 24, the food and FMCG segment recorded a 28 per cent YoY revenue growth of close to Rs 1,100 crore, while the industry essential segment recorded a revenue of Rs 1,986 crore, a 16 per cent decline on YoY basis.

Adani Wilmar Limited recorded a decline of Rs 79 crore decline in Profit after Tax (PAT) in the first quarter. 

The firm cited several reasons that impacted the Quarter 1 profitability; The decline in edible oil prices continued in Q1, leading to a high-cost inventory. 

The price of edible oils has been declining, and the trend continued in Q1 as well, the company said in a statement. The price further declined in the range of 5 to 20 per cent (Q1'24 vs Q4'23) before recovering. The decline in consumer demand in developed economies, easing of supply in the Black Sea Region and production of oilseeds globally was a combination of factors affecting the reduction, the firm said.

Prices on commodity exchanges, which are used by Company to hedge price risk didn't move in tandem with physical prices. As a result, hedges were in loss without a corresponding gain in physical trade. Interest expenses went up on a YoY basis, with the increase in the benchmark rates on the back of a hike in the Fed rates.

The wholly-owned subsidiary in Bangladesh made losses of Rs 21 crore in Q1, due to price caps by the Government on edible oils, local currency-related issues, and unavailability of counterparty for forex hedging. This has resulted in lower consolidated PAT, compared to the standalone PAT.

"We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry," Adani Wilmar Limited CEO, Angshu Mallick, said. 

"Our margins during the quarter got impacted by high-cost inventory in a falling edible oil price environment and dis-aligned hedges compared to spot prices of a physical commodity," he added.
 

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IndiGo Reports "Highest Ever" Q1 Profit Of Rs 3,090.6 Crore

InterGlobe Aviation, the parent of the country's largest airline IndiGo, today reported a profit after tax of Rs 3,090.6 crore in the June quarter.

It is the highest ever quarterly profit and "reflects strong operational performance, execution of our strategy and favourable market conditions," the airline said in a release.

The company had a loss of Rs 1,064.3 crore in the 2022 June quarter.

The company recorded its highest ever quarterly revenue of Rs 17,160.9 crore in the first quarter of the current fiscal.

"We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023," IndiGo CEO Pieter Elbers said.

Recently, the company placed a new order for 500 aircraft and now it has an outstanding order book of nearly 1,000 aircraft.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Adani Group-Owned Ambuja Cements Q1 Profit Up 31.2% To Rs 1,135.46 Crore

Ambuja Cements today reported an increase of 31.2 per cent in consolidated net profit at Rs 1,135.46 crore for the quarter ended on June 30, 2023, led by volume growth and reduction in operating cost.

The company, now part of the Adani Group, had clocked a net profit of Rs 865.44 crore in the April-June quarter a year-ago, Ambuja Cements said in a regulatory filing.

Its consolidated revenue from operations was up 8.46 per cent to Rs 8,712.90 crore during the quarter under review. It was Rs 8.032.88 crore in the corresponding period last fiscal.

This was led by "sustained volume growth supported by increase in blended cement as well improvement in efficiency parameters," said an earning statement by Ambuja Cements.

The consolidated results of Ambuja Cements include the financial performance of its step-down firm ACC Ltd, in which it owns around 51 per cent stake.

Ambuja Cements' total expenses were at Rs 7,469.74 crore, up 2.6 per cent from Rs 7,280.45 crore a year ago.

Its total consolidated revenue in the June quarter was up 9.87 per cent to Rs 8,976.14 crore.

However, on a standalone basis, Ambuja Cements reported a decline of 38.51 per cent in its net profit to Rs 644.88 crore in the April-June quarter, as against Rs 1,048.78 crore in the year-ago quarter.

Its standalone revenue from operations increased 18.29 per cent to Rs 4,729.71 crore, as against Rs 3,998.26 crore earlier.

"Cost reduced by Rs 348 PMT mainly driven by cost reduction journey and expected to further reduce given the various initiatives outlined," it said, adding "Operation excellence initiatives are aiding in reduction of operating cost, logistics cost and expansion of EBITDA margin." Sales volume of Ambuja Cements on a standalone basis was up 22.97 per cent to 9.1 million tonnes (MT), from 7.4 MT.

On a consolidated basis (including ACC), its sales volume was up 9.21 per cent to 15.4 MT in the April-June quarter. It was 14.1 MT in the corresponding quarter.

Ambuja Cements CEO Ajay Kapur said: "Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth.

Furthermore, our blueprint of improvements through Group synergies and CAPEX for efficiency and decarbonization whilst creating opportunities, will redefine the cement industry landscape," he said.

Over the outlook, the Adani Group firm said the foundation for long-term economic growth remains strong, supported by several key factors such as the growing middle class driving consumer spending.

"India's domestic consumer market is experiencing rapid growth, while the country's industrial sector is also substantial, making it an attractive investment destination for multinational companies across various sectors such as manufacturing, infrastructure and services," it said.

Meanwhile, like ACC Ltd, Ambuja Cements also said it will not conduct any independent investigations against the allegations of financial misconduct made by the short-selling firm Hindenburg Research.

Adani Group had already undertaken a review by independent law firms, whose opinions confirmed that the company is in compliance with the requirements of applicable laws and regulations, said Ambuja Cement while declaring its quarter results on Thursday. Moreover, the final outcome of SEBI's investigation is still pending.

"Based on the foregoing and pending final outcome of the regulatory investigations and related proceedings as mentioned above, the management of the Group has decided to not carry out an additional independent investigation in the matter and unaudited consolidated financial results do not carry any adjustments in this regard," it said.

Shares of Ambuja Cements on Wednesday were trading at Rs 452.35 on BSE, down 2.00 per cent from the previous close.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Adani Wilmar Records 25% Volume Growth In Q1, Sales Value Decline By 12%

Adani Wilmar Limited, the FMCG giant, recorded a 25 per cent volume growth in the first quarter of the financial year 2023-2024. The company's sales of products in both edible oils and foods have been stronger compared to overall sales in respective segments.

The company's volume growth on a year-on-year (YoY) basis was recorded at 25 per cent, while the sales value declined by 12 per cent which the firm said is reflective of the steep decline in edible oil prices. 

The edible oils segment recorded a revenue of Rs 9,845 crore in Q1 of financial year 24, the food and FMCG segment recorded a 28 per cent YoY revenue growth of close to Rs 1,100 crore, while the industry essential segment recorded a revenue of Rs 1,986 crore, a 16 per cent decline on YoY basis.

Adani Wilmar Limited recorded a decline of Rs 79 crore decline in Profit after Tax (PAT) in the first quarter. 

The firm cited several reasons that impacted the Quarter 1 profitability; The decline in edible oil prices continued in Q1, leading to a high-cost inventory. 

The price of edible oils has been declining, and the trend continued in Q1 as well, the company said in a statement. The price further declined in the range of 5 to 20 per cent (Q1'24 vs Q4'23) before recovering. The decline in consumer demand in developed economies, easing of supply in the Black Sea Region and production of oilseeds globally was a combination of factors affecting the reduction, the firm said.

Prices on commodity exchanges, which are used by Company to hedge price risk didn't move in tandem with physical prices. As a result, hedges were in loss without a corresponding gain in physical trade. Interest expenses went up on a YoY basis, with the increase in the benchmark rates on the back of a hike in the Fed rates.

The wholly-owned subsidiary in Bangladesh made losses of Rs 21 crore in Q1, due to price caps by the Government on edible oils, local currency-related issues, and unavailability of counterparty for forex hedging. This has resulted in lower consolidated PAT, compared to the standalone PAT.

"We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry," Adani Wilmar Limited CEO, Angshu Mallick, said. 

"Our margins during the quarter got impacted by high-cost inventory in a falling edible oil price environment and dis-aligned hedges compared to spot prices of a physical commodity," he added.
 

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IndiGo Reports "Highest Ever" Q1 Profit Of Rs 3,090.6 Crore

InterGlobe Aviation, the parent of the country's largest airline IndiGo, today reported a profit after tax of Rs 3,090.6 crore in the June quarter.

It is the highest ever quarterly profit and "reflects strong operational performance, execution of our strategy and favourable market conditions," the airline said in a release.

The company had a loss of Rs 1,064.3 crore in the 2022 June quarter.

The company recorded its highest ever quarterly revenue of Rs 17,160.9 crore in the first quarter of the current fiscal.

"We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023," IndiGo CEO Pieter Elbers said.

Recently, the company placed a new order for 500 aircraft and now it has an outstanding order book of nearly 1,000 aircraft.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Adani Group-Owned Ambuja Cements Q1 Profit Up 31.2% To Rs 1,135.46 Crore

Ambuja Cements today reported an increase of 31.2 per cent in consolidated net profit at Rs 1,135.46 crore for the quarter ended on June 30, 2023, led by volume growth and reduction in operating cost.

The company, now part of the Adani Group, had clocked a net profit of Rs 865.44 crore in the April-June quarter a year-ago, Ambuja Cements said in a regulatory filing.

Its consolidated revenue from operations was up 8.46 per cent to Rs 8,712.90 crore during the quarter under review. It was Rs 8.032.88 crore in the corresponding period last fiscal.

This was led by "sustained volume growth supported by increase in blended cement as well improvement in efficiency parameters," said an earning statement by Ambuja Cements.

The consolidated results of Ambuja Cements include the financial performance of its step-down firm ACC Ltd, in which it owns around 51 per cent stake.

Ambuja Cements' total expenses were at Rs 7,469.74 crore, up 2.6 per cent from Rs 7,280.45 crore a year ago.

Its total consolidated revenue in the June quarter was up 9.87 per cent to Rs 8,976.14 crore.

However, on a standalone basis, Ambuja Cements reported a decline of 38.51 per cent in its net profit to Rs 644.88 crore in the April-June quarter, as against Rs 1,048.78 crore in the year-ago quarter.

Its standalone revenue from operations increased 18.29 per cent to Rs 4,729.71 crore, as against Rs 3,998.26 crore earlier.

"Cost reduced by Rs 348 PMT mainly driven by cost reduction journey and expected to further reduce given the various initiatives outlined," it said, adding "Operation excellence initiatives are aiding in reduction of operating cost, logistics cost and expansion of EBITDA margin." Sales volume of Ambuja Cements on a standalone basis was up 22.97 per cent to 9.1 million tonnes (MT), from 7.4 MT.

On a consolidated basis (including ACC), its sales volume was up 9.21 per cent to 15.4 MT in the April-June quarter. It was 14.1 MT in the corresponding quarter.

Ambuja Cements CEO Ajay Kapur said: "Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth.

Furthermore, our blueprint of improvements through Group synergies and CAPEX for efficiency and decarbonization whilst creating opportunities, will redefine the cement industry landscape," he said.

Over the outlook, the Adani Group firm said the foundation for long-term economic growth remains strong, supported by several key factors such as the growing middle class driving consumer spending.

"India's domestic consumer market is experiencing rapid growth, while the country's industrial sector is also substantial, making it an attractive investment destination for multinational companies across various sectors such as manufacturing, infrastructure and services," it said.

Meanwhile, like ACC Ltd, Ambuja Cements also said it will not conduct any independent investigations against the allegations of financial misconduct made by the short-selling firm Hindenburg Research.

Adani Group had already undertaken a review by independent law firms, whose opinions confirmed that the company is in compliance with the requirements of applicable laws and regulations, said Ambuja Cement while declaring its quarter results on Thursday. Moreover, the final outcome of SEBI's investigation is still pending.

"Based on the foregoing and pending final outcome of the regulatory investigations and related proceedings as mentioned above, the management of the Group has decided to not carry out an additional independent investigation in the matter and unaudited consolidated financial results do not carry any adjustments in this regard," it said.

Shares of Ambuja Cements on Wednesday were trading at Rs 452.35 on BSE, down 2.00 per cent from the previous close.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Hero MotoCorp Shares Fall Over 3%, Valuation Erodes By Rs 2,007 Crore

Shares of Hero MotoCorp on Tuesday fell by more than 3 per cent amid reports that the Enforcement Directorate conducted searches against the company's executive chairperson Pawan Kant Munjal and others as part of a money laundering investigation.

The stock of the two-wheeler maker declined 3.14 per cent to settle at Rs 3,103 apiece on the BSE. During the day, it fell by 5.34 per cent to Rs 3,032.10.

On the NSE, it lost 3.23 per cent to end at Rs 3,100.05 per share.

The company's market valuation fell by Rs 2,007.4 crore to Rs 62,010.87 crore.

The searches were carried out at the residential and business premises of the 69-year-old billionaire businessman, the promoter of India's largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some linked entities, they said.

The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.

In a statement, the company said, "Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency."

In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459.31. The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55.

The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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