New Delhi: Adani Wilmar Ltd on Thursday reported its highest-ever half-yearly net profit at Rs 624 crore for the first six months of the current fiscal (FY25). In Q2 FY25, the Adani Group company clocked Rs 326 crore in standalone profit (PAT), up from Rs 324 crore in Q1 FY25. In the quarter, the company saw an 18 per cent surge in revenue at Rs 14,460 crore (year-on-year).

Adani Wilmar MD and CEO Angshu Mallick said they have delivered another strong quarter, with double-digit growth in both edible oils and Food & FMCG segments. “We have been the second and third largest players in wheat flour and basmati rice business, respectively. On the back of trust and quality, along with branding investments, our flagship brand ‘Fortune’ has been gaining good acceptance with consumers for the entire range of kitchen essentials,” Mallick added.

Edible oils and Food and FMCG segments delivered strong double-digit revenue growth of 21 per cent and 34 per cent (YoY), respectively. The strong growth in staple foods was partially offset by the decline in the industry essential segment.

With stable edible oil prices, the Adani Group company posted strong profits over the last four quarters. For Q2 FY25, operating EBITDA was at Rs 613 crore. In Q2, the edible oil segment revenue grew by 21 per cent YoY to Rs 10,977 crore.

This represents the third consecutive quarter of double-digit volume growth. The growth was driven by strong performance in soybean, sunflower, and mustard oil. The Food and FMCG segment’s revenue grew by 34 per cent to Rs 1,718 crore. Excluding the G2G exports business, the volume growth of the Food and FMCG business was at 21 per cent YoY.

“In the wheat business, the company continues to grow strongly. The sales also benefited from the introduction of small pack sizes in markets with lower per capita consumption. In Q2, branded sales of pulses, besan, soya nuggets, sugar, poha, and soap showed strong double-digit growth YoY,” the company said.

The company has been expanding its distribution network to access more towns and has reached over 36,000 rural towns directly by the end of September. The goal is to reach 50,000 rural towns by the end of FY25 and drive the penetration of outlets and volume offtake in the new outlets, said the company.

Israel’s Tower Semiconductor and Adani Group will invest $10 billion (roughly Rs. 83,958 crore) for a semiconductor project in India’s western state of Maharashtra, its chief minister said in a post on X on Thursday.

India has taken steps to encourage global companies to set up their manufacturing units in the country, with Prime Minister Narendra Modi aiming to make the country a chipmaker for the world despite initial setbacks.

Foxconn withdrew in July last year from a $19.5 billion (roughly Rs. 1,63,718 crore) semiconductor joint venture with Indian conglomerate Vedanta, and plans by ISMC, a venture between Abu Dhabi-based Next Orbit Ventures and Tower Semiconductor, to invest $3 billion (roughly Rs. 25,187 crore) in India, have been stalled.

Still, India expects its semiconductor market to be worth $63 billion (roughly Rs. 5,28,937 crore) by 2026.

Semiconductor manufacturing marks the latest foray for billionaire Gautam Adani, whose conglomerate has businesses across ports, power utilities, transmission and coal trading.

The $10 billion  (roughly Rs. 83,958 crore) semiconductor plant in Maharashtra will initially have a capacity of 40,000 wafers, the state’s deputy chief minister Devendra Fadnavis said in a post on X.

Chief Minister Ehnath Shinde said in a social media post that projects worth 1.17 trillion rupees were approved on Thursday, which will create 29,000 jobs in the state.

Two new electric vehicle manufacturing units will also be set up in the state, with Skoda-Volkswagen investing 150 billion rupees for its plant to produce electric vehicles and hybrids.

Toyota-Kirloskar will dole out 212.73 billion-rupees to manufacture hybrid and electric vehicles at its plant in the state.

Adani group, Tower Semiconductor, Skoda-Volkswagen and Toyota-Kirloskar did not immediately respond to a request for comment from Reuters.

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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