{"id":140629,"date":"2023-02-09T02:47:30","date_gmt":"2023-02-09T07:47:30","guid":{"rendered":"https:\/\/44.250.171.167\/?p=140629"},"modified":"2023-02-09T02:47:32","modified_gmt":"2023-02-09T07:47:32","slug":"adani-wilmar-ltd-q3-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/adani-wilmar-ltd-q3-fy23-earnings-conference-call-insights\/","title":{"rendered":"Adani Wilmar Ltd Q3 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Adani Wilmar Ltd (<a href=\"https:\/\/44.250.171.167\/symbol\/AWL\/\">AWL<\/a>) Q3 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:24:17] Manoj Menon from ICICI Securities asked about the drivers of market share gain in Edible Oil. Angshu Mallick MD said the market has not been growing in the first nine months of the year, causing a 1% drop in consumption. Edible oil prices have since cooled down and out-of-home consumption is on the rise. AWL has increased its rural distribution by adding 7,000-8,000 towns and improved its direct reach in urban areas, resulting in improved market share.<\/li>\n<\/ul>\n<ul>\n<li>[00:28:21] Manoj Menon from ICICI Securities enquired about the growth YonY in food business being good while sequentially it\u2019s been not so. Angshu Mallick MD said there is a good opportunity for growth in food industry this year due to rising wheat prices, GST normalization of brands, seasonality, and increased out-of-home consumption. This has led to advantages in rice, wheat, maida, besan, and edible oil.<\/li>\n<\/ul>\n<ul>\n<li>[00:33:25] Latika Chopra with JP Morgan asked how AWL thinks about sustainable volume growth moving into FY24 in Edible Oil. Angshu Mallick MD replied that the edible oil industry has seen a 6-8% consumption growth from Oct. to Dec., and is expected to see 6-8% volume growth in the coming year. AWL should grow at double-digit. This growth is due to an increase in marriages and out-of-home consumption, as well as lower prices leading to increased in-home consumption.<\/li>\n<\/ul>\n<ul>\n<li>[00:36:31] Latika Chopra with JP Morgan queried on realizations in edible oil, if it\u2019s stabilizing now or a correction is anticipated. Angshu Mallick MD answered that prices have corrected downwards. Consumers are accepting prices between INR100 and INR120 per liter. Mustard season is coming next month and with a bumper crop, prices are likely to cool down and improve consumption.<\/li>\n<\/ul>\n<ul>\n<li>[00:38:00] Latika Chopra with JP Morgan asked about margins for edible oils if it would move close to 3% odd levels. Shrikant Kanhere CFO answered that if prices remain stable or correct slightly downwards, the margin profile should improve. Additionally, customers who had downgraded from Fortune network may come back, leading to an even greater improvement in the margin profile per ton.<\/li>\n<\/ul>\n<ul>\n<li>[00:39:07] Latika Chopra with JP Morgan enquired if a target for FY &#8217;24 regarding revenue and EBIT margins for Industry Essentials could be provided. Angshu Mallick MD replied that this business is a steady state, and this quarter has seen some volatility due to price drops and other factors. The value chain should be able to deliver better margins than Edible Oil, as it delivers products used in the HPC category. Next year should not see such margin drops.<\/li>\n<\/ul>\n<ul>\n<li>[00:40:41] Latika Chopra with JP Morgan asked about increase in interest expenses sequentially and if there\u2019s any one-offs. Angshu Mallick MD replied that the LIBOR rate has gone up to 4.75%. Also YoY, the dollar interest costs has increase by 3.5%. This trend is expected to continue for the next one or two years.<\/li>\n<\/ul>\n<ul>\n<li>[00:42:04] Latika Chopra with JP Morgan asked about short term borrowing YTD. \u00a0Angshu Mallick MD said AWL doesn\u2019t have borrowing as the company doesn\u2019t have a cash backed or fund based drawing. Maximum, AWL has close to INR1,000 crore of borrowings sitting on the balance sheet. Rest all is supplier credit of about $1 billion.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Adani Wilmar Ltd (AWL) Q3 FY23 Earnings Concall Q&amp;A Highlights: [00:24:17] Manoj Menon from ICICI Securities asked about the drivers of market share gain in Edible Oil. Angshu Mallick MD said the market has not been growing in the first nine months of the year, causing a 1% drop in consumption. Edible [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Adani Wilmar Ltd Q3 FY23 Earnings Conference Call Insights #AWL #Q3 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,6351,392],"tags":[9163,10169],"class_list":["post-140629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-consumer-stocks","category-earnings","tag-consumer-products","tag-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128769,"url":"https:\/\/alphastreet.com\/india\/adani-wilmar-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":140629,"position":0},"title":"Adani Wilmar Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 3, 2022","format":false,"excerpt":"https:\/\/youtu.be\/6S2tW3igJ_s Key highlights from Adani Wilmar Ltd (AWL) Q4 FY22 Earnings Concall Management Update: AWL said that for FY22-23, the growth is expected to be little higher of 3% for the overall consumption growth of edible oil. Additionally, AWL also expects the per capita consumption going up. Q&A Highlights: Abneesh\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":140847,"url":"https:\/\/alphastreet.com\/india\/adani-wilmar-ltd-awl-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":140629,"position":1},"title":"Adani Wilmar Ltd (AWL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 10, 2023","format":false,"excerpt":"Adani Wilmar Ltd (NSE:AWL) Q3 FY23 Earnings Concall dated Feb. 08, 2023. Corporate Participants: Shrikant Kanhere\u00a0--\u00a0Chief Financial Officer Angshu Mallick\u00a0--\u00a0Managing Director & Chief Executive Officer Saumin Sheth\u00a0--\u00a0Chief Operating Officer Analysts: Manoj Menon\u00a0--\u00a0ICICI Securities -- Analyst Latika Chopra\u00a0--\u00a0JP Morgan -- Analyst Smitesh Sheth\u00a0--\u00a0Raedan Securities Pvt Ltd -- Analyst Presentation: Operator Ladies\u2026","rel":"","context":"In &quot;Consumer&quot;","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142375,"url":"https:\/\/alphastreet.com\/india\/earningsadani-wilmar-limited-nseawl-q3fy23-results-out-total-income-rise-7-yoy\/","url_meta":{"origin":140629,"position":2},"title":"Earnings|Adani Wilmar Limited (NSE:AWL): Q3FY23 Results Out; Total Income rise 7% YoY","author":"Divyansh_Kasana","date":"February 21, 2023","format":false,"excerpt":"Adani Wilmar Limited (NSE:AWL) is a joint venture between the Adani Group and Wilmar International, and is one of the largest FMCG companies in India. It is primarily engaged in the business of manufacturing, packaging, and distribution of edible oils, specialty fats, and oleochemicals. The company's flagship brand, Fortune, is\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":144964,"url":"https:\/\/alphastreet.com\/india\/adani-wilmar-ltd-awl-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":140629,"position":3},"title":"Adani Wilmar Ltd (AWL) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 4, 2023","format":false,"excerpt":"Adani Wilmar Ltd (NSE:AWL) Q4 FY23 Earnings Concall dated May. 03, 2023. Corporate Participants: Shrikant Kanhere\u00a0--\u00a0Chief Financial Officer Angshu Mallick\u00a0--\u00a0Chief Executive Officer and Managing Director Analysts: Manoj Menon\u00a0--\u00a0ICICI Securities -- Analyst Latika Chopra\u00a0--\u00a0J.P. Morgan -- Analyst Varun Singh\u00a0--\u00a0ICICI Securities -- Analyst Yogesh Tiwari\u00a0--\u00a0Arihant Capital Markets -- Analyst Akshay Krishnan\u00a0--\u00a0ICICI Securities\u2026","rel":"","context":"In &quot;Consumer&quot;","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":140551,"url":"https:\/\/alphastreet.com\/india\/adani-wilmar-ltd-nse-awll-q3-fy23-results-out-total-income-rises-8-yoy\/","url_meta":{"origin":140629,"position":4},"title":"Adani Wilmar Ltd.(NSE: AWLL)| Q3 FY23 Results Out| Total Income rises 8% yoy","author":"Divyansh_Kasana","date":"February 8, 2023","format":false,"excerpt":"Adani Wilmar Limited(NSE: AWL) is an Indian FMCG company that provides edible oil, vanaspati, and specialty fats. The company's product portfolio spans three categories: (1) Edible oil including Fortune and masstige brands; (2) Packaged food and FMCG including Fortune, Jubilee, and Golden Chef; (3) Industry essentials including oleochemicals, castor oil,\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/1c5e99dd-044f-4a1b-84bb-b317ee94ccf3.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":144918,"url":"https:\/\/alphastreet.com\/india\/alphagraph-adani-wilmar-limited-nse-awlq4-fy23-results-outtotal-income-fell-7-yoy\/","url_meta":{"origin":140629,"position":5},"title":"Alphagraph | Adani Wilmar Limited (NSE: AWL)|Q4 FY23 Results Out|Total Income fell 7% YoY.","author":"Divyansh_Kasana","date":"May 3, 2023","format":false,"excerpt":"Adani Wilmar is a leading fast-moving consumer goods (FMCG) food company in India. 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