India's AWL Agri Business posts higher quarterly profit on strong demand
India's AWL Agri Business posts higher quarterly profit on strong demand July 30 (Reuters) - India's AWL Agri Business AWLA.NS posted a 48.2% jump in first-quarter profit on Thursday on strong demand for its food and cooking oil products.
The consumer goods maker, previously known as Adani Wilmar, posted consolidated net profit of 3.5 billion rupees ($36.58 million) for the quarter ended June 30, from 2.36 billion rupees a year ago.
Here are some key details:
The company said its food and consumer goods unit, which clocked a 22% revenue growth, continued to be its primary growth driver
Quarterly operating profit margin expanded sequentially to 6%, compared with an average of 3% to 4% over the last eight quarters
AWL's core edible oils segment posted 13% revenue growth, led by strong demand for palm and mustard oils
Revenue from operations rose 17.5% year-on-year to 200.48 billion rupees, while expenses rose 16%
The company appointed Pankaj Goyal as CFO, effective July 31. Goyal currently serves as interim CFO
($1 = 95.6800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Nivedita Bhattacharjee)
((mridula.kumar@thomsonreuters.com))
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