Buy
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Accumulate
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Edible oil segment continues to drag overall performance
KRChoksey
For Q2FY24, AWLTD’s revenue was INR 1,22,672 Mn which was a decline of 13.3% YoY/ 5.1% QoQ while total volumes grew by 10.6% YoY/ -2.0% QoQ. Revenue for the Edible Oil segment declined by 19.5% YoY/ 8.2% QoQ, due to a big correction in edible oil prices in Q1FY24 and Q2FY24 even as volume growth was 3.7% YoY/ -4.5% QoQ.
Sell
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Profitability impacted severely while volume recovers
ICICI Securities Limited
AWL continues to witness recovery in volumes (+11% YoY) with sustained strong performance in foods segments (+18% YoY volume growth; >40% revenue growth in branded foods segment over last 8 quarters) and gradual recovery in edible oils segment (+12% YoY volume growth in branded edible oils).
Buy
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Witnessed a downfall in revenue due to a decline in realizations, expects improvement from hereon.
KRChoksey
Adani Wilmar Ltd (AWL) recorded healthy volume growth of 25% in Q1FY24, with broad-based growth across all segments. The edible oil segment reported the highest volume growth of 27% on a YoY basis, followed by Food & FMCG and Industry essentials of 21% each respectively.
Sell
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Volume growth recovers while profitability impacted severely due to one-offs
ICICI Securities Limited
AWL had another unusual quarter due to macro headwinds leading to revenue decline of 12% YoY (14% YoY decline in edible oil segment revenues). Profitability continued to be impacted by multiple headwinds (~INR 3bn impact due to high cost inventory, hedges dis-alignment and tariff rate quota disparity).
Mgmt Note
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25th AGM KTA
KRChoksey
India today is in sweet spot in the world owing to increasing confidence of global investors, rising consumer spending, increasing adoption of technology etc. The company is witnessing the transformation of India, marked by rapid economic growth, enhanced literacy rates, and increase in women workforce participation.
Buy
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High cost inventory in edible oil segment impacted the performance.
KRChoksey
AWL recorded a revenue of INR 1,38,726 mn in Q4FY23, a dip of 7% from INR 1,49,173 mn in Q4FY22. The sales of edible oil were at INR 1,23,720 mn in Q4FY22 and it went down to INR 1,07,900 mn in Q4FY23, a reduction of 13%. Due to softening of edible oil prices, the revenue has impacted.
Sell
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Headwinds adversely impacted growth and profitability
ICICI Securities Limited
AWL had another unusual quarter due to macro headwinds leading to revenue decline of 7% YoY (13% YoY decline in edible oil segment revenues). Meanwhile Foods segment continued its momentum with revenue and volume growth of 53% and 38% YoY, respectively.
Buy
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Improvement in the volumes and margin
KRChoksey
AWL has reported revenue of INR 1,54,381mn, an increase of 4.3% on a YoY basis and 3.9% on a QoQ basis, with volume growth across all the segments and good progress to gain market share across key product categories. Growth was driven by the extension of distribution networks, an increase in direct reach across urban and rural markets, and excellent execution in alternate channels.
Sell
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Commodity deflation is good for both volumes and absolute profits
ICICI Securities Limited
AWL had a reasonable quarter with 16% YoY volume growth driven by stability in market prices of edible oil and improvement in consumer demand. Foods segment continued its momentum with revenue and volume growth of 45% and 27% YoY, respectively (impacted sequentially due to duty on rice exports).
Accumulate
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Buy
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Accumulate
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Strong volume growth across segments; margins remained stable
KRChoksey
Increasing penetration resulted in market share gain AWL’s focus on penetration led growth resulted in market share gains across segment. The company continues to be market leader in Edible Oil with market share of 18.7% on standalone basis while on consolidated basis (including market share of JV KTV Foods) it is 19.7%
IPO Note
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IPO Note
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IPO Note
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IPO Note
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Adani Wilmar Limited - IPO Note 24012022
HDFC Securities
Issue Open: Jan 27 Jan 31, 2022 Price Band: Rs. 218 230 (Discount of Rs 21 for all eligible employees) *Issue Size: Rs 3600.0 cr (including reservation of Rs 107.0 cr for eligible Employees + Rs 360 cr for AEL (Adani Enterprises Ltd) Shareholders) Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Face Value: Rs 1 Book value: Rs 31.95 (Sep 30, 2021) Bid size: - 65 equity shares and in multiples thereof 100% Book built Issue Adani Wilmar Limited - IPO Note
IPO Subscribe
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Adani Wilmar
Angel Broking
Incorporated in 1999 as a joint venture between Adani Group and the Wilmar Group, Adani Wilmar Ltd (AWL) is an FMCG food company offering most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses, and sugar. The company's portfolio of products spans across 3 categories: (i) edible oil, (ii)
IPO Note
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