Slides
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Investor Presentation: Q4’25 & FY’25 April 29, 2025
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Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof.
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Result Summary
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AWL - P&L Highlights: Q4 FY’25 & FY’25 Recorded highest-ever revenue and EBITDA in FY ’25; sustained sales momentum despite sharp increase in commodity prices Bangladesh operations delivered profitable quarter, on the back of gradual improvement in macro conditions Consolidated Financials Q4'25 Q3'25 Q4'24 QoQ % YoY % FY'25 FY'24 YoY % Volume (in Million MT) 1.65 1.61 1.54 2% 8% 6.57 6.02 9% Revenue 18,230 16,839 13,223 8% 38% 63,672 51,225 24% Gross Profit (normalized) 1,724 2,149 1,563 -20% 10% 7,479 5,595 34% EBITDA (incl. Other Income) 510 858 461 -41% 11% 2,720 1,429 90% PBT* 235 546 211 -57% 11% 1,601 316 407% PAT 191 411 157 -54% 22% 1,226 148 729% Per Ton: Gross Profit per MT 10,444 13,306 10,182 -22% 3% 11,379 9,296 22% EBITDA per MT 3,092 5,315 3,005 -42% 3% 4,138 2,374 74% PBT per MT* 1,421 3,382 1,374 -58% 3% 2,436 525 364% 4 Note: Gross Profit has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure. *excluding extraordinary items of INR 54 Crores in FY’24 INR Cr.
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Segment ROCE: FY’25 As the Food business matures, ROCE in expected to reach 25%+ Standalone Figures Food business in investment phase, targeting 20-25%+ ROCE at Company level as it matures. Additionally, inventory gets largely funded by working capital debt, resulting in higher ROE *Capital Employed = Equity + Total Debt + Trade Credits - cash & cash equivalent #Unallocable primarily includes GST input credit and capital advances (for capex) **This also includes buildings at integrated plant in Gohana 5 Segment ROCE: FY’25 Edible Oil Food & FMCG Industry Essentials Unallocable# Total Rev / Capital Employed – A 5.3x 2.5x 4.6x n.a. 4.4x EBIT % - B 4.3% 0.4% 3.7% n.a. 3.4% ROCE % [A x B] 23% 1% 17% n.a. 15% EBIT 2,082 22 282 -317 2,068 Segment Revenue 47,943 6,093 7,641 0 61,677 Fixed Assets 3,298 1,299 733 385 5,715 Capital Work-in progress (CWIP) 337 292 115 314 1,059 Intangible 0 126 0 11 137 NWC 6,277 1,155 881 -44 8,270 Other Assets, Net -525 -132 56 505 -96 Capital Employed* 9,050 2,449 1,670 856 14,025 Food business is in investment phase
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Segment ROCE & Capital Employed: 3 Year trend As the Food business matures, ROCE in expected to reach 25%+ Standalone Figures Capital Employed INR Crores Mar ’22 Mar ’23 Mar ’24 Mar ’25 Edible Oil 9,225 8,541 6,647 9,050 Food & FMCG 886 1,684 2,867 2,449 Industry Essentials 1,538 1,759 1,646 1,670 Unallocable** 519 408 547 856 Total 12,168 12,392 11,706 14,025 Fixed Assets (incl. CWIP) INR Crores Mar ’22 Mar ’23 Mar ‘24 Mar ‘24 5Edible Oil 2,946 2,960 3,227 3,298 Food & FMCG 482 633 1,038 1,299 Industry Essentials 674 654 631 733 Unallocable 166 76 96 385 Total 4,268 4,323 4,992 5,715 Net Working Capital (NWC) INR Crores Mar ’22 Mar ’23 Mar ‘24 Mar ’25 Edible Oil* 6,452 5,458 3,536 6,277 Food & FMCG 393 886 1,757 1,155 Industry Essentials 902 991 947 881 Unallocable -71 -55 -65 -44 Total 7,676 7,280 6,175 8,270 ROCE % INR Crores FY’22 FY’23 FY’24 FY’25 Edible 14% 13% 13% 23% Food & FMCG -2% 4% 5% 1% Industry Essentials 25% 20% 6% 17% Total 12% 10% 7% 15% EBIT INR Crores FY’22 FY’23 FY’24 FY’25 Edible Oil 1,317 1,124 846 2,082 Food & FMCG -17 71 143 22 Industry Essentials 391 352 103 282 Unallocable -250 -249 -266 -317 Total 1,441 1,297 825 2,068 Limited investment required in Edible Oil business in the recent years, despite continuous growth Allocating capital to the Food business, to support its growth *Inventory of Edible Oil on 31st March 2022 and 31st Mar 2025 was at a higher level, due to elevated commodity prices
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Market Context 7
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Commodity Prices: Edible Oil Long-term trend: Monthly Average Prices (CNF Prices / USD per MT)* 800 900 1,000 1,100 1,200 1,300 Jul 23 Aug 23 Sept 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sept 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Palm Soya Sun Palm (CPO) prices continue to trade at a premium to crude soyabean oil during Q4’25 8*excluding custom duty
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Industry Volume Growth Trends: Retail Sales 9 Edible Oil (incl. Mustard) Wheat Flour Basmati Rice 13% 5% 3% 0% 2% 5% 0% 15% 7% 3% -1% 2% 4% -0.10% 10% 2% 2% 1% 2% 8% 0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Total Urban Rural 13% 4% 3% -2% 0% 4% -1% 12% 2% -2% -6% -4% -1% -4% 16% 11% 21% 15% 14% 24% 12% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Total Urban Rural 10.0% 5.5% FY'24 FY'25 Overall % Industry growth has been subdued for last few quarters in Edible Oil & Wheat Flour In FY’25, Edible Oil (ROCP) grew by 1% YoY, Wheat Flour declined by 1% YoY, whereas Basmati Rice grew by 5% YoY Source: Nielsen
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Business Updates 10
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Company was renamed ‘AWL Agri business Limited’ 11 The name of the Company has been changed to ‘AWL Agri Business Limited’ from ‘Adani Wilmar Limited’ w.e.f. 17th March 2025 pursuant to the fresh certificate of incorporation received from Ministry of Corporate Affairs
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Q4 volume growth of 8% YoY: Driven by broad-based growth across segments Q4 revenue at INR 18,230 crores: Revenue grew by 38% YoY, driven primarily by edible oils. Food & FMCG and Industry essentials also had strong performance Highest-ever full year EBITDA in FY ‘25 at INR 2,482 crores, up by 119% YoY: o Edible oil business delivered strong profits in FY ‘25 o Employee expense higher in Q4 & FY’25, due to higher provision made for annual incentive Food & FMCG business sales volume grew by 26% YoY in FY ‘25 Alternate channels revenue at INR 3,600+ crores; growing faster than overall sales o Quick commerce sales volume increased by 113% YoY in Q4, marking Q4 as best quarter in last 2 years o Q-com performance driven by strategic focus on operational improvements—particularly in product assortment, availability, and promotions & advertisements South region sales volume grew by 25% YoY, now contributing 10%+ to overall branded sales: Growth was fueled by improvements in distribution infrastructure, sustained marketing efforts and adoption of regional packaging Company Highlights: Q4’25 Consolidated figures 12 Segment Volume (Mn MT) YoY % Revenue (INR Cr.) YoY % PBT YoY % Edible Oil 1.04 7% 14,769 45% 184 -20% Food & FMCG 0.30 10% 1,464 9% 34 -27% Industry Essentials 0.30 8% 1,997 17% 74 n.m. Total 1.65 8% 18,230 38%
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Recorded 7% YoY volume growth in Q4 o Revenue of INR 14,769 crores is Q4, up 45% YoY o Branded sales volume continued to be impacted by demand destruction in Palm oil in H2 Highest-ever profits in edible oil in FY ’25 o Segment profits (PBT) in Q4’25 moderated after 3 very strong quarters o Q4’25 profitability was under pressure due to higher investments to sustain volumes in the backdrop of relatively weak demand o Overall, for FY’25, very strong segment profit (PBT) at INR 1,526 crores Raw-material prices in Q4 was significantly higher compared to last year High Palm oil prices led to market share loss in value-for-money segment, leading to overall market share loss Excluding Palm oil, branded edible oils grew by 6% YoY in FY’25 o Gained market share in key edible oils o Growth driven primarily by market share gains in Sunflower and Mustard oils (now both contributing around 15% to branded sales volume) o Introduced flexible pack sizes under Fortune brand also to counter competitor’s moves; also adding flexibility to operate in a narrow MRP price range Strategy of improving penetration in under-indexed markets working well o Strong double-digit growth in branded edible oils in South region, led by improved distribution and sustained marketing efforts o High-single digit growth in our weak markets of MP and Maharashtra; penetrating market through our flanker brands Investing in flanker brands to gain market share from regional players: To capture market share from regional players, we’re investing in advertising for the Kings brand, specifically targeting social media platforms widely used in smaller towns. 13 Edible Oil Highlights: Q4’25 Figure YoY % Volume 1.04 Mn MT 7% Revenue INR 14,769 Cr. 45% PBT INR 184 Cr. -20% Market Share: MAT Mar 25* 18.1% 17.8% Mar'24 Mar'25 MS Gain % Category MS Gains Soyabean +10bps Sunflower +20bps Mustard +40bps Palm (-140)bps *Source: Nielsen MAT ROCP Mar’25 Segment Performance: Q4’25 Consolidated figures
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Edible Oil: Delivering stable volume growth along with healthy cashflows Standalone Segment EBITDA Edible Oil volume grew by 7% YoY in Q4 ‘25 and 10% YoY in FY’25 EBITDA moderated in Q4, after 3 very strong quarters Existing manufacturing capacity is adequate, limiting the need for additional capital expenditure Capacity Utilization % in INR Crores 118 84 541 371 595 549 840+ 317 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 59% 57% 63% 63% 63% 64% 58% 62% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Edible Oil: Volume Growth % (Consolidated) 0.88 0.88 0.98 1.04 Q4'22 Q4'23 Q4'24 Q4'25 in Million MT 3.25 3.36 3.67 4.02 FY'22 FY'23 FY'24 FY'25 in Million MTQuarterly Sales Trend Full - Year Sales Trend Consolidated figures 14 Quarterly TrendSoyabean Palm Sunflower Mustard Others Product Volume Mix%
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Food & FMCG revenue grew by 9% YoY in Q4’25 to INR 1,464 crores. o Underlying volume growth of 10% YoY o All categories, except branded Basmati Rice, continued to see strong growth rates Profitability o FY ‘25 profitability was under pressure due to fall in Rice prices. Executed higher pricing strategies within flour business Wheat flour business (packaged atta) gained market share during the year o Wheat flour sales grew in double-digits in both Q4 and FY’25 o Outpaced industry growth, gaining market share during FY ’25 o 100% YoY sales volume growth in South region in FY’25 o Small pack sizes (up to 2 KG) continued to play a key role in driving strong growth Branded Basmati Rice business impacted by supply chain issues; high base in Modern Trade o Strong double-digit growth in e-commerce, reflecting strong brand equity of Fortune Rice o Supply chain is getting streamlined with the commencement of Gohana plant o Plan to increase direct outlet reach by 1.5x in FY ‘26, leveraging our distribution network and take it higher than competition’s outlet reach o Regional Rice (non-Basmati) business performed well during FY ‘25, led by easing of export restrictions in Sep ’24 and G2G business Food & FMCG Highlights: Q4’25 & FY’25 (1/2) Consolidated figures 15 Figure YoY % Volume 0.30 Mn MT 10% Revenue INR 1,464 Cr. 9% PBT INR 34 Cr. -27% Segment Performance: Q4’25 Market Share: MAT Mar 25* 5.1% 5.6% Mar'24 Mar'25 Wheat Flour Basmati Rice 7.8% 5.8% Mar'24 Mar'25 Wheat Rice Besan & Pulses; Soya Others Product Volume Mix% *Source: Nielsen MAT ROCP Mar’25
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Pulses & Besan sales continued its strong trajectory o Pulses & Besan grew in strong double-digit in FY’25 Other Food Products - Soya nuggets, Sugar, Poha o Soya nuggets volume & value grew in double digits in Q4 & FY’25 o Launched a new TV campaign ‘Banao Kuch Hatke,’ , featuring cinematic food shots, for Soya Nuggets, offering different ways of preparations using Soya Nuggets o Sugar sales grew in double digits in FY25, led by strong sales in both GT & alternate channels. Launched smaller SKU of 500gm; increased trials through cross category promotion; increased retail penetration by 20% YoY o Poha sales also grew in double-digit in both Q4 and FY ’25, led by robust sales in both GT & alternate channels; retail penetration increased by 40% YoY Launched Fortune Cake Mix o Expanding our range of kitchen solutions, we have launched the Fortune Cake Premix, a convenient way to bake cakes with ease and consistency, while delivering great taste o Premix is available in three premium variants: Classic Vanilla, Premium Vanilla, and Premium Chocolate Soap (FMCG) o Soap grew by 19% YoY in FY ‘25, recording revenue of around INR 130 crores o Expanded range by launching Gondhoraj & Neem variant for West Bengal, supported by a regional TVC Food & FMCG Highlights: Q4’25 & FY’25 (2/2) Consolidated figures 16
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Food & FMCG: Growing rapidly, pursuing large TAM Quarterly Topline Growth % (Consolidated) Food & FMCG business delivered strong volume growth of 10% YoY in Q4 ‘25 and 26% YoY in FY’25; distribution improved at rapid pace in FY'25 FY ‘25 revenue of INR 6,273 Crore; FY‘25 profitability was under pressure due to fall in Rice prices Rice business showed improvement in Q4; improving supply chain & distribution 0.18 0.26 0.28 0.3 Q4'22 Q4'23 Q4'24 Q4'25 Volume (in Mn MT) Standalone Segment EBITDA Quarterly Trend in INR Crores 42 60 18 51 31 18 (32) 46 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue (INR Cr) 757 1,159 1,341 1,464 Q4'22 Q4'23 Q4'24 Q4'25 Capacity Utilization % 50% 53% 56% 55% 49% 57% 53% 50% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Full - Year Topline Growth % (Consolidated) 0.64 0.89 1.03 1.30 FY'22 FY'23 FY'24 FY'25 Volume (in Mn MT) Revenue (INR Cr) 2,621 4,053 4,994 6,273 FY'22 FY'23 FY'24 FY'25 Consolidated figures 17
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*Ranking in North India basis company estimates The above portfolio contains only key products and is not exhaustive list Acquired ‘GD Foods’ to further enhance our kitchen offerings 80+ products across 8 categories Baking Powder Sauces and Condiments Meal preparation Cooking Aids No. 1* in culinary sauces No. 3* brand in tomato ketchup No. 1* brand snack sauce Continental sauce White vinegar Brown and Chili Vinegar Custard Powder Jelly mix Instant mixes Noodles & Instant noodles Jams Mix Pickles Mango Pickle Hero product Vermicelli Corn Flakes Choco Flakes Corn Starch Ginger-garlic Paste Hero product Pizza Pasta Sauce INR 385cr+ FY24 Revenue 15% Growth 3-Year CAGR: FY21 -FY24 50%+/8%+ FY24 Gross Margin / EBITDA margin 3 Own manufacturing facilities Acquired at an Enterprise Value of INR 603 Crores; signing of definitive agreement on 4th March; closing done on 16th April 1984 Started as noodle brand 1990 Launched Pickles 1990-1996 Launched sauces and tomato ketchup 2003 onwards Launched other products such as Instant mixes, corn flakes etc. Trusted Brand with 40+ years legacy Well established products in the market Hero products
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Progressively transforming GTM capabilities; embedding technology Rural Saliency ~30% (Volumes) 19*Rural Town: Towns < 100,000 population • Food products leveraging edible oil distribution at front end as well • Improved salesman productivity and improved distributor throughput • Engaging top regional chains to build our next lever of growth • 7 products (vs 3 last year) crossed 2 lakh+ direct reach Merged Oil & Food distribution in Urban Embedding Technology • 100% of salesman now carries SFA software, with next-gen beat mapping, suggested orders, image capture for view of stock availability • Implementing Auto Replenishment System to reduce fill rate gaps Experimenting on Depot network and delivery models • Aiming for agile deliveries with limited product assortments in rural depots Outlets in Urban & Rural Driving Food penetration in our edible oil outlets • Wheat flour now ranks 2nd in our distribution system • Large opportunity to increase reach, particularly for Rice, nuggets, poha Total Reach* > 2.1 Mn+ Outlets 3.0 3.5 5.0 5.9 7.2 8.6 Mar'20 Mar'21 Mar'22 Mar'23 Mar 24 Mar'25 Direct Reach: Outlets (in Lacs) 2.9x x Direct Reach: grew by 19% YoY to 8.6 Lac Outlets 3,256 4,117 5,286 13,621 30,600 50,290 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Rural Town Coverage Rural Town Coverage: grew by 64% YoY to 50,290+ towns Expanding outlets in both urban and rural towns Expansion of General Trade distribution will be a key growth driver in both Urban & Rural towns Growth % Urban Outlets: Growth 8% YoY Rural Outlets: Growth 31% YoY
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Q-commerce growing at rapid rate Alternate Channel Key Highlights Volume Growth YoY % 50% 31% 18% 22% 19% 14% 16% 21% 61% 43% 27% 43% 22% 27% 41% 40% 66% 74% 51% 44% 41% 46% 81% 113% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Overall Alternate Channel E-Com Quick Com Revenue from Alternate channels is INR 3,600+ crores in FY’25 Fortune brand has a high market share in alternate channels across oils, besan, flour, sugar, poha Improved Product Assortment Better availability Data-driven promotions Sharpening capabilities to optimize sales of fast-growing Q-com channel Alternate Channel Tracking competitor’s prices
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Integrated Food Complex in Gohana, Haryana: Partial Commencement of Operations (1/2) Gohana project has achieved 95%+ completion, and production of Rice and Mustard has commenced Spread across 80 Acres: One of India’s largest Integrated Food Complex 21 Aerial View
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Integrated Food Complex in Gohana, Haryana: Snapshots of ongoing Progress (2/2) Construction of Chakki Atta, Refined Flour Mill (RFM) and Refinery is underway Rice Storage Tanks Parboiling Unit Rice Bran / Mustard SEP Refinery Wheat Silo ETP 22
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Other Capex: Kadi Pulses & Besan / Mundra Castor Derivative 23 Castor Derivative Plant: Ongoing Pulses & Besan Plant: Under Commissioning Kadi Besan & Pulses Plant in under commissioning. Castor Derivative project is underway.
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Rural penetration – High-impact rural branding at scale Massive rural immersion which included nearly 30 lakh sq feet of branding across 1,100 villages Focus on rural branding, aligned to strategy of increasing rural distribution 24
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On-ground consumer engagements at large scale High-touch, ground-level consumer engagement driving brand loyalty Engagement through large-scale sampling and contests 25
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Massive consumer engagement during Mahakumbh Engaged with 1.5 crore consumers over the period of the campaign, across all touch points Direct engagement with >10 lakh people through sampling activities 26 Highways Airport Railway Station Sampling Mahakumbh Venue Handwash booth at Venue
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Fortune associated with Celebrity MasterChef India on Sony TV & Sony LIV Fortune was one of the sponsors to the show; Fortune also celebrated its Silver Jubilee in one of its episodes 27 Separate Shelf for Fortune products Celebrity contestants using Fortune products throughout the reality show for cooking Product Integration & Visibility on India’s No.1 Cooking Show - Celebrity Masterchef
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Associated with Celebrity chefs to create everyday recipes into extraordinary culinary experiences Amplified the theme “Ghar ka khana, Ghar ka khana hota hai”; 180 videos in vernacular languages. 28 Digital Campaign: Fortune Influencer Masterclass for home cooks Television Campaign: Associated with Celebrity chefs Innovative platform designed to engage with home cooks through Social Media to transform them into influential digital food creators (50,000+ registrations) Hashtags for the campaign: #Fortune #FortuneFoods #FortuneOils #GharKaKhana #FortuneInfluencerMasterclass Innovative Campaign on TVC & Social media
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ESG 29
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ESG - Environment KPIs (1/2) 30 KPI Savings Steam Savings 4.3% Power Savings 1.8% Water Savings 4.6% Savings driven by Lean six sigma projects 73,654 1,33,781 1,84,282 Mar '23 Mar '24 Mar '25 4,546 8,819 9,648 Mar '23 Mar '24 Mar '25 8 13 14 Mar '23 Mar '24 Mar '25 Tree Count Solar Plants Capacity (in KWp) Resource Savings (FY ‘25) Solar Plants – Locations ~2,000 KWp is under commissioning stage
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ESG - Environment KPIs (2/2) 4 5 5 Mar '23 Mar '24 Mar '25 2,15,979 2,33,194 2,33,194 Mar '23 Mar '24 Mar '25 2,900 2,900 3,100 Mar '23 Mar '24 Mar '25 9 9 11 Mar '23 Mar '24 Mar '25 Rainwater Harvesting: Locations Rainwater Harvesting: Capacity (cm / year) ZLD: Locations ZLD: Capacity (KL per day)
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Direct Dispatch to Customers Volume Dispatch in Multi-Modal * Dispatch by Green Fuel (CNG) Remarks * Note: Volume dispatch is primarily for packaged oils and foods 32 39% 50% 55% 51% 0% 10% 20% 30% 40% 50% 60% FY 21-22 FY 22-23 FY 23-24 FY 24-25 18% 23% 25% 23% 0% 5% 10% 15% 20% 25% 30% FY 21-22 FY 22-23 FY 23-24 FY 24-25 3% 6% 4.5% 6% 9% 7.5%8% 13% 10.6% 0% 2% 4% 6% 8% 10% 12% 14% Primary Secondary Total FY 22-23 FY 23-24 FY 24-25 • Pro-actively promoting green fuel in AWL supply chain • Efficiency in logistics is enabling reduction in carbon emissions ESG - Logistic KPIs
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External recognition of AWL for its sustainability practices Mode Emission Factor (KgCO2 per ton-km) Rail 0.009 Road 0.040 33 Indian Railways recognizes AWL for carbon emission reduction Inclusion of AWL in FTSE4Good Index Series
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Fortune SuPoshan: A CSR initiative Fortune thanks its consumers for playing a key role in feeding and nourishing families across India 34
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Aspiration to become India’s largest Food FMCG player
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Annexure 36
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AWL - P&L Highlights: Q4 FY’25 & FY’25 • Revenue crossed 60,000 crores in FY ‘25 • EBITDA moderated in Q4 after delivering 3 very-strong quarters Standalone Financials Q4'25 Q3'25 Q4'24 QoQ % YoY % FY'25 FY'24 YoY % Volume (in Million MT) 1.59 1.58 1.48 1% 8% 6.38 5.80 10% Revenue 17,487 16,470 12,688 6% 38% 61,677 49,206 25% Gross Profit (normalized) 1,612 2,098 1,476 -23% 9% 7,221 5,381 34% EBITDA (incl. Other Income) 462 847 436 -45% 6% 2,656 1,431 86% PBT* 208 560 212 -63% -1% 1,640 435 277% PAT 157 409 156 -62% 0% 1,216 278 337% Per Ton: Gross Profit per MT 10,121 13,296 9,992 -24% 1% 11,324 9,275 22% EBITDA per MT 2,902 5,367 2,952 -46% -2% 4,165 2,466 69% PBT per MT* 1,309 3,547 1,432 -63% -9% 2,573 749 243% 37 Note: Gross Profit has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure. *excluding extraordinary items of INR 54 Crores in FY’24 INR Cr.
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Derivative gain / loss were classified under “Cost of Material Consumed” Derivative gain / loss were classified under “Other Income / Other Expenses” Reconciliation of Normalized Gross Profit and EBITDA Earlier Classification Revised Classification Since Q4’24 results, there has been a reclassification of Derivative gain / loss Normalized Gross Profit Normalized EBITDA Derivate Impact (A): Loss included in “Other Expenses”; Derivative Impact (B): Gain included in “Other Income” Consolidated figures in INR Crores in INR Crores Q4'25 Q3'25 Q4'24 FY'25 FY'24 Reported Gross Profit 1,755 2,220 1,770 7,535 5,950 Derivative Impact (A) (other Expenses) -32 -71 -207 -56 -355 Derivative Impact (B) (other Income) - - - - - Normalized Gross Profit 1,724 2,149 1,563 7,479 5,595 Q4'25 Q3'25 Q4'24 FY'25 FY'24 Reported EBITDA 448 792 357 2,482 1,135 Derivative Impact (A) (other Expenses) - - - - - Derivative Impact (B) (other Income) - - - - - Normalized EBITDA 448 792 357 2,482 1,135 38
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Segment Results: Q4 FY’25 Segment Revenue INR Crore Q4'25 Q3'25 Q4'24 QoQ % YoY % FY'25 FY'24 YoY % Edible Oil 14,769 13,366 10,180 10% 45% 49,736 38,752 28% Food & FMCG 1,464 1,558 1,341 -6% 9% 6,273 4,994 26% Industry Essentials 1,997 1,915 1,702 4% 17% 7,663 7,479 2% Total 18,230 16,839 13,223 8% 38% 63,672 51,225 24% Segment Results INR Crore Q4'25 Q3'25 Q4'24 QoQ % YoY % FY'25 FY'24 YoY % Edible Oil 184 571 229 -68% -20% 1,526 241 533% Food & FMCG 34 -46 46 n.m. -27% 10 149 -93% Industry Essentials 74 82 -30 -9% n.m. 239 47 404% PBT before Unallocable & exceptional item 292 606 246 -52% 19% 1,775 438 306% Less: Finance Cost 17 16 19 - - 49 71 - Less: Unallocable Expenses [Net of Income] 41 44 16 - - 125 51 - Less: Exception Items - - - - - - 54 - PBT 234 546 211 -57% 11% 1,601 262 510% Segment Volume in Million MT Q4'25 Q3'25 Q4'24 QoQ % YoY % FY'25 FY'24 YoY % Edible Oil 1.04 0.98 0.98 6% 7% 4.02 3.67 10% Food & FMCG 0.30 0.31 0.28 -3% 10% 1.30 1.03 26% Industry Essentials 0.30 0.32 0.28 -6% 8% 1.26 1.32 -5% Total 1.65 1.61 1.53 2% 8% 6.57 6.02 9% 39 Consolidated Financials Note: Segment result has been arrived after allocation of Finance Cost to respective segments, and can be considered as Segment PBT
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AWL - Quarterly Profit Trend Gross Profits (Normalized)* EBITDA (Normalized)* in INR Crores Standalone figures Highest ever full year EBITDA of ~INR 2,400 Crore in FY’25 Robust profitability in edible oils in first 3 quarters of FY ‘25 led to strong full year EBITDA 40 1,190 1,121 1,353 1,344 1,395 1,388 1,293 1,683 1,356 1,113 1,182 1,631 1,491 1,756 1,780 2,098 1,612 Mar 21 Jun 21 Sept 21 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 352 379 425 507 414 396 258 623 340 122 156 530 333 609 624 782 401 Mar 21 Jun 21 Sept 21 Dec 21 Mar 22 Jun 22 Sept 22 Dec 22 Mar 23 Jun 23 Sept 23 Dec 23 Mar 24 Jun 24 Sept 24 Dec 24 Mar 25 Impact of Hedge Dis-alignment *Note: Gross Profit has been normalized by regrouping the derivative impact. Reconciliation is provided in Annexure.
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AWL - Quarterly Profit Trend (per MT) in INR per MT Standalone figures 11,698 9,149 9,288 10,571 11,284 11,740 11,100 11,392 12,171 10,253 11,886 9,383 7,748 8,323 10,942 10,021 10,859 11,205 13,427 10,121 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Quarterly Trend: Gross Profit per MT Quarterly Trend: EBITDA per MT 4,315 1,613 3,152 3,136 3,652 3,697 4,187 3,383 3,470 2,044 4,397 2,346 848 1,101 3,556 2,236 3,766 3,927 4,956 2,518 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Average EBITDA of INR 3,115 per MT Average Gross Profit of INR 10,628 per MT 41
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Segment-wise Profitability As the Food business matures, ROCE in expected to reach 25%+ 42 For the quarter Annual INR in Crores Q4'25 Q4'24 FY25 FY24 FY23 FY22 Segment EBITDA (Excluding Other Income) Edible Oil 317 371 2,322 1,078 1,356 1,532 Food & FMCG 46 51 63 172 98 4 Industry Essentials 107 (8) 324 140 389 419 Unallocable (70) (74) (286) (242) (227) (230) Total Standalone EBITDA 401 339 2,423 1,147 1,616 1,725 (+) Other Income 61 97 233 284 257 169 (-) Finance Cost 166 156 661 674 729 525 (-) Depreciation 88 69 355 322 319 285 PBT before Exceptional Items 208 211 1,640 435 825 1,084 (-) Exceptional Items* - - - 54 - - PBT after Exceptional Items 208 211 1,640 381 825 1,084 (-) Tax 51 55 424 103 217 276 Standalone PAT 157 156 1,216 278 607 808 (+) Share of Subsidiary Profit 18 (6) (54) (111) (63) (33) (+) Share of JV Profit 14 2 63 (23) 29 29 (-) Consolidation Adjustments 2 4 1 4 10 (0) Consolidated PAT 191 157 1,226 148 582 804
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Key Financial Metrics (1/2) Credit Rating - Care Edge Ratings Return on Equity (ROE %) Net Fixed Asset Turnover % Debt to Equity Gradual Upgradation of Credit Rating 2% 11% 6% 22% 27% 19% 20% 25% 15% 7% 2% 14% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 5.4x 5.1x 6.0x 3.6x 3.2x 3.9x 3.7x 4.2x 2.8x 2.6x 2.6x 0.0x 0.4x 0.9x 0.8x 0.5x 0.2x 0.5x 0.4x 0.3x 0x 0x 0x 0x FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt to EBITDA (times) D/E (times) X Times 10.3x 9.9x 9.2x 11.6x 9.8x 8.0x 7.3x 8.8x 11.3x 11.8x 9.7x 10.6x FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 BBB+ BBB+ A- A A A A A A+ AA- AA- AA- AA- 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consolidated figures
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Other Financial Metrics (2/2) Consolidated Financials Total Debt to Equity Inventory Days Receivable Days 3.3x 2.8x 2.4x 2.9x 2.6x 2.2x 1.3x 1.1x 0.8x 0.8x FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 55 46 52 51 55 54 58 54 58 56 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 12 12 15 16 11 15 15 12 13 15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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Balance Sheet Consolidated figures Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Property, Plant and Equipment 3,466 4,288 4,327 4,426 4,969 Capital Work in Progress 531 275 324 870 1,056 Goodwill and other intangible assets 15 67 185 182 191 Investments 282 312 342 312 374 Other non-current assets 327 993 1,265 1,269 1,208 TOTAL NON-CURRENT ASSETS 4,620 5,935 6,443 7,058 7,799 Inventories 4,778 7,717 7,681 7,204 8,641 Trade Receivables 1,515 2,219 1,931 1,783 2,416 Cash and other financial investments 1,238 4,544 3,774 2,810 2,575 Other Current Assets 1,176 903 1,145 922 983 TOTAL CURRENT ASSETS 8,707 15,382 14,532 12,718 14,616 TOTAL ASSETS 13,328 21,317 20,980 19,807 22,438 TOTAL EQUITY 3,299 7,606 8,166 8,316 9,424 Long-term Borrowings - - - - 186 Other Non-Current Liabilities 1,706 995 1,127 1,067 1,100 TOTAL NON-CURRENT LIABILITIES 1,706 995 1,127 1,067 1,287 Short-terms Borrowings 1,926 2,523 2,226 2,415 1,526 Trade Credits - 7,353 6,488 4,181 5,732 Trade Payables 5,193 1,839 2,050 2,777 2,956 Other Current Liabilities 1,204 1,001 923 1,051 1,513 TOTAL CURRENT LIABILITIES 8,323 12,716 11,687 10,424 11,727 TOTAL EQUITY AND LIABILITIES 13,328 21,317 20,980 19,807 22,438
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Cash Flow statement Consolidated figures Mar-22 Mar-23 Mar-24 Mar-25 Net Profit Before Tax 1,059 789 262 1,601 Direct Taxes Paid, net (244) (163) (162) (299) D&A 309 356 364 394 Other adjustments 330 211 133 356 Finance Cost 328 526 689 615 Interest Income (89) (211) (214) (173) OCF (Before WC Changes) 1,693 1,508 1,071 2,494 Working Capital Changes Inventory (2,491) (5) 467 (1,454) Trade Credits 3,018 (794) (2,315) 1,645 Payables 164 224 762 191 Receivables (666) 269 143 (637) Others (276) (376) 323 208 Working Capital Changes (252) (681) (620) (46) OCF, net 1,442 826 451 2,449 Capex (536) (679) (932) (996) Proceeds from Sale of MF and other bank balances (3,230) 1,017 846 531 Others 83 195 229 195 CF from Investing Activities (3,683) 533 143 (270) Borrowing/ repayments (492) (377) (106) (732) Proceeds from IPO 3,507 - - - Finance expenses (319) (467) (676) (618) Others (38) (75) (66) (193) CF from Financing Activities 2,658 (919) (847) (1,544) Net Increase in CC&E (5) 277 (416) 336
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Company Overview
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AWL: One of the largest packaged Foods Company in India *FY25 121 Million Households Household Reach 2.1 Million Outlets Retail Touchpoint Packaged Staple Foods revenue of ~INR 40,000 Crore* (~75% of overall oil & food sales) Value Added Products Soya Nuggets Poha Biryani Kit Soaps First pressed Mustard Oil Market share in consumer pack# Other products Premium, high-quality branded products, priced competitively, focused on capturing a significant share of large Household & HoReCa consumption Sharbati Atta Edible Oil: ~18% Wheat Flour: ~6% Basmati Rice: ~6% Blended Oils Poha Pan-India player Flagship Brands Best-in-class supply chain designed for cost efficiency, is a significant competitive advantage #1 #2 #3 #1 #Note: Rank in terms of market share in consumer pack denoted in #Nielsen MAT Mar 2025
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Adani Wilmar Limited as of Today [1/2] (1) Leadership in Soap Noodles, Stearic acid & glycerine Market Leader with Scaled & Iconic Brand Over 2 decades of trust #1 Edible Oil player #1 Oleochemicals(1) player #2 Wheat flour player #3 Basmati rice player Diversified Product Portfolio with Presence across Price Points Edible Oil Food & FMCG Industry Essentials Op. EBITDA FY’25 INR 2,482 Cr ~30% CAGR FY14-24 Revenue FY’25 INR 63,672 Cr ~14% CAGR FY14-25 (underlying volume CAGR of 8%) Strong Track Record of Growth & Profitability Fast Growing Foods & FMCG Segment 1,508 2,611 6,273 FY19 FY22 FY25 Food & FMCG Revenue (INR Cr) Addressing Multiple Customer Segments HoReCa Households Institutional Exports
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Adani Wilmar Limited as of Today [2/2] *Source: Nielsen & IMRB End to End Integration Leading to Superior Efficiencies and Quality Control Tech Enabled Supply Chain & Logistics Highly digitized with Centralized Control Extensive use of Data & Analytics Online reverse auction for Truck Hiring Extensive Sourcing Network An intricate network of suppliers across continents Long standing relationship with all key global suppliers of Edible Oils Market Intelligence, Inputs from co-promoter Wilmar International World-Class Manufacturing Plants Strategically located Manufacturing Plants Own Units 24 Units Third Party Units 47 Units Spread across multiple States 70 Units Pan India Distribution Network Strong Parentage with Complementary Strengths Experienced Management Team with Strong Execution Capabilities Sustainability Traceable Palm Oil Sourcing 90%+ Recyclable Packaging98%+ Lives impacted by Fortune SuPoshan 2 Mn+ Inclusion in FTSE4Good Index series ESG Index Households 121 Mn* Urban Coverage 100% Retail Reach 2.1 Mn* Export Countries 30+ Rural Towns Covered 50,600+ Sales Personnel 2,500+
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Large TAM and robust capabilities has enabled strong growth AWL has been a compounding growth story since inception in 1999 All figures are on consolidated basis 51 Revenue Op. EBITDA 417 1,825 3,393 12,043 17,887 29,657 63,672 64% 17% 37% 10% 13% 17% FY 01 FY 04 FY 08 FY 12 FY 16 FY 20 FY25 Revenue CAGR % INR Crores 23% CAGR *Sales Volume excludes pass through sales of raw sugar for FY14 to FY19 15 39 112 141 404 1,310 2,482 38% 30% 6% 30% 34% 14% FY 01 FY 04 FY 08 FY 12 FY 16 FY 20 FY25 EBITDA CAGR % 24% CAGR INR Crores
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AWL: Addressing large opportunity in packaged staple foods Note: % is calculated on total Edible oil & Food revenue for FY’25 Edible Oil & Foods business Food & FMCG Products Atta, Suji, Rawa & Maida RiceBesan & Pulses Soya Nuggets Poha Sugar Edible Oil Products Worthmore Sunflower Soyabean Mustard Rice Bran Cottonseed Groundnut Industry Essentials Glycerine Distilled Fatty Acid Major Products Key applications Soap Noodles Stearic Acid Castor Oil FY’25 Revenue INR 7,663 Crores Manufacturing of various consumer goods Specialty chemicals provide key attributes to the consumer products FY’25 Revenue INR 6,273 CroresFY’25 Revenue INR 49,736 Crores Packaged staple foods revenue: INR 40,000 crores + ~75%+ contribution is from branded sales* Chemicals & other Industrial Essentials Our Business segments
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Addressing opportunity through a household brand name 53 ‘Fortune’ brand size is INR 20,000+ Crores Our other brands
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Business Mix Volume Value Edible Oil Food & FMCG Industry Essentials 76% 78% 10% 10% 14% 12% FY'24 FY'25 61% 61% 17% 20% 22% 19% FY'24 FY'25
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Growth driven by market share gains and expansion into new product categories AWL: Growing at fast-pace at scale All figures are on consolidated basis Sales Volume* Operating Revenue 2.92 2.70 2.43 3.05 3.29 3.79 4.12 4.31 4.46 4.80 5.48 6.02 6.57 - 2 4 6 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 in Million MT 14,253 17,394 17,347 17,887 23,309 26,472 28,797 29,657 37,090 54,155 58,185 51,262 63,672 - 15,000 30,000 45,000 60,000 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 in INR Crores 15% 8% *Sales Volume excludes pass through sales of raw sugar for FY14 to FY19
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Our strengths enabled dominant leadership in Edible Oils Source: Nielsen ROCP MAT Mar 2025 56 No.1 >50% MS No.1 30-50% MS No.1 <30% MS Top 3 <20% MS Top 5 <10% MS Leading in most of the markets Strong platform has enabled AWL to launch & scale other products as well Soyabean Palm Oil Mustard Oil Sunflower Oil Ricebran Oil Groundnut Oil Cottonseed Oil #1 #2 #1 #1#3 #5#2 Market share ~1.5x of the next competitor Potential to consolidate market share, since ~50% share is held by regional brands 17.8%* 12.8% 7.6% 6.1%4.7% 51% Leadership across oils Dominant Leader
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Edible Oils segment generating strong cash flows *EBITDA includes other income Sales Revenue Trend 21,540 23,477 30,819 45,378 46,104 38,788 49,736 FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores Sales Volume Trend 2.6 2.8 3.0 3.3 3.4 3.7 4.0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 In Million MT Standalone EBITDA* 992 1,168 1,139 1,614 1,393 1,146 2,322 FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores 16% 15% 15% 23% FY22 FY23 FY24 FY25 % Capacity Utilization % 61% 51% 55% 52% 52% 60% 62% FY19 FY20 FY21 FY22 FY23 FY24 FY25 INR Crores Limited capex required due to adequate capacity availability Return on Capital Employed %
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Edible oil & Staples together form 60-70% of the Indian kitchen / grocery spends Focus on Center of the Plate Categories Large scope to improve branded penetration Large TAM in staple foods; few large players have capabilities to benefit from formalization 58 Category TAM (in Lakh Cr.) Branded % Edible Oils 2.0 75% Wheat 1.5 12% Rice 2.1 11% Pulses & Besan 1.2 5% Sugar 0.6 6% Spices 1.4 18% Total 8.8 Source: Management estimates based on industry data & reports available in public domain
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Market Leadership across Categories Replicating edible oil playbook in other food products…. at a faster rate with all capabilities in place Wheat Flour Rice Besan Soya Products Others #2 Player #3 Player #2 Player #2 Player Aspire to be a leading player in all staple categories ‘Fortune’ brand has gained consumer acceptance in multiple Food categories Basmati Rice* Dec 24Mar 23Mar 22 5.8% 7.8% 7.2% Wheat Flour* Mar 25Mar 24Mar 23 5.6% 5.1% 5.0% *Source: Nielsen, MAT of respective years Food and FMCG Multi-fold Revenue growth INR Crores Increasing Share of Food and FMCG Business in Volume Mix % of Total Sales Volume Improving EBITDA Margins of Food and FMCG % 1,508 1,937 1,906 2,611 4,053 4,994 6,273 FY19 FY20 FY21 FY22 FY23 FY24 FY25 7% 9% 11% 13% 16% 17% 20%^ FY19 FY20 FY21 FY22 FY23 FY24 FY25 0.2% 2.4% 3.4% 1.0% FY22 FY23 FY24 FY25 ^ Volume share of Food & FMCG excl. G2G business
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Bundling is enabling trials in under-penetrated geographies at a large scale Fortune has a unique advantage of bundling its new products with its established portfolio of Oils, Wheat Flour & Rice
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Depth in each of our Product Categories Wide range of Products, while focusing on few agri-commodities Wheat Flour Fortune Chakki Fresh Atta Refined Wheat Flour Fortune Maida Suji (Semolina) Fortune Chakki Fresh Atta Rawa (Semolina) Fortune Rawa Basmati Rice Fortune Basmati Rice Fortune Mogra Basmati Rice Kohinoor Basmati Rice Biryani Kit (RTC) Kohinoor Biryani Kit Fortune Banskathi Premium Rice Whole Wheat Fortune Sona Masoori rice Rice Wheat Products Non - Basmati Rice
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Building Health & convenience focused food product portfolio Almost all value-add products are forward-integration of our existing products and leverages our existing distribution network Increasing focus on value added products Blended edible Oils Rice Bran Oil Fortune Rice Bran Health Fortune Xpert Pro Sugar Conscious OilFortune Xpert Pro Immunity OilFortune Xpert Total Balance Oil Biryani Kit (RTC) Kohinoor Biryani Kit Chana Sattu Fortune Chana Sattu Poha Fortune Poha Health & Convenience Foods Health-focused Edible Oils Soya Chunks Fortune Soya Chunks
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Forward-integration of our oleo-chemical business Soap For Retail consumers Multi-purpose Cleaner For HoReCa clients For Surface and Utensils Cleaning Launched in FY20, sales crossed INR 100 Crores in FY23 Product was launched in Q1 FY24 Immense value addition opportunities available in Oleo business
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Designed for structurally low-cost operations, while churning very large volumes Advanced capabilities driving profitability in packaged staple foods Source: Nielsen 65 Bypassing intermediaries Using intelligence from Wilmar’s global presence High asset utilization (8-10x asset turns) Additionally direct shipment to distributors; densely located depots High turns attracts distributors Retail Consumers Institutional Buyers HORECA Exports ROCP: Refined Oil Consumer Pack Sourcing Own manufacturingIntegrated Logistics Fortune brand Sales & Distribution Edible Oils Wheat Flour Rice Value Added ProductsSugar Pulses & Besan Sourcing from origins Integrated Business Model Commodity Risk Management Integrated Manufacturing Highly efficient Logistics; Pan-India Distribution Centralized functions, amplified by technology Common functions for all products of oils & foods
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Platform strength is visible in numerous success stories Our robust platform gives us confidence in continuing the compounding growth journey for many more years ahead Adani Wilmar has built a Strong Platform Launchpad for Further Expansion Launch of Alife Soap in 2020 Kohinoor acquired in May 2022 HoReCa team set up in Q1 FY23 Branded Exports Wheat Flour in Chennai (GT): MS%* Crossed INR 100+ Cr. of sales within 2 years of launch Crossed INR 350+ Cr. of sales within 1.5 years of launch Crossed INR 600+ Cr. of sales within 2 years Grew 3x in revenue from FY22 to FY24 1.3% 2.5% 6.6% 10.1% 17.1% Q1’FY24 Q2’FY24 Q3’FY24 Q4’FY24 Q1’FY25 *Source: Nielsen Already reached #11 position in market share
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Focus is on adding value added products in existing categories *Source: Nielsen Soya Chunks Health focused Oils Biryani Kit Premium Mustard Oil Brown Rice Sharbati Atta
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Customers
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Key benefits of presence in multiple segments Significantly increase in the TAM – all of these segments have large TAM Higher diversification, reducing demand volatility Provides scale enabling better utilization of manufacturing, logistics, fixed overheads Seizing opportunity in all key Customer Segments in oil & foods * Branded mix is only for the oils & foods portfolio (excluding Industry essential business which is 100% B2B) ~80%+ of sales is from branded products* Branded Households Branded HoReCa Non-branded Institutional Branded, Private Label, Non-branded Exports Emerging Opportunities
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Emerging Channels are growing at exponential rate *Note: Only the key brands have been shown above Organized HoReCa HoReCa sales crossed INR 600+ Crore in LTM Dec’24 HoReCa distribution is now present in 40+ major cities of India Branded Exports Branded Exports revenues crossed INR 250+ Crore in LTM Dec’24 Alternate Channels (E-com, Modern Trade, e-B2B) Continues to grow at a faster clip On LTM Dec’24, these channels contributed ~INR 3,300 crores of revenue for the Company To summarize Company has brought in focus on HORECA and exports customers and developing the distribution network to tap their large potential All of these 3 channels have been growing at much faster rate compared to overall branded sales
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Brands
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Presence across the price spectrum *Note: Only the key brands have been shown above Super Premium Premium Popular* A healthy mix of premium and popular brands Bakery & Frying
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Portfolio of scaled up brands * Rupchanda is a brand under BEOL (100% subsidiary of AWL in Bangladesh) Note: Additionally, AWL also has branded sales of INR 1,000 Crores of bakery fats sold under various brands of Wilmar Interna tional Edible OilValue INR 20,000 Cr + INR 4,000 Cr + INR 1,000 Cr + INR 500+ INR 100 Cr + * Branded portfolio growing steadily Strong brands built on basis of trust and quality over last 2 decades Foods FMCG Palm Oil & Vanaspati
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Marketing
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Celebrity-led advertising on mass media Soyabean Oil Campaign Soyabean Oil Campaign Fortune Atta Campaign King’s Mustard Oil Campaign Sunflower Oil Campaign
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TV Campaigns
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Fortune Flour Festival at one of the largest retailer (2/2) *Source: As per data of the relevant retail chain The campaign led to 2x increase in market share of all flours in Q3’24 in the retail chain* Event showcased the entire range of Fortune’s offering in flours (Atta, suji, rawa, maida & besan)
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Impactful BTL activities in urban towns *Source: As per estimates of media agencies Metro campaign in Delhi: Daily Reach: ~4.2 Mn Commuters during campaign*
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BTL - Consumer engagements incorporating cultural nuances Pickle Campaign promoting use of Fortune Kacchi Ghani KGMO Pickle campaign “Achaar ka Perfect Jodidaar” won the gold award at SABRE South Asia Awards 2024 Celebrating the pickle culture with multiple engagements Customized Packaging Social media engagement Live achaar (pickle) making workshops On-ground activation
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Integrated Communication of Edible Oil & Foods ATL strategy following integrated approach of marketing Edible Oil & Foods together Fortune Sunflower + Rice + Atta Fortune Soyabean Oil + Maida BTL Activities promoting Edible Oil & Foods together Delhi Metro Fortune Soyabean Oil + Besan Ethnic design for Metros Integrated display
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Bundling: Leveraging the unique advantage of AWL Leveraging the brand equity of “Fortune” by offering bundling offers through Consumer & Trade Promotions Soya and Maida Driving sales with bundling of edible oils and foods Soya and Maida Sunflower and Sugar Sunflower and Soya Nuggets
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Sales & Distribution
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Enhancing distribution is another key lever of growth Manufacturing network designed for logistics efficiency Enhancing sales productivity Sales function using customized approaches for different categories of outlets Manufacturing network designed for logistics efficiency Deeper penetration in existing towns Reaching new retail outlets Manufacturing network designed for logistics efficiency Focus on Range selling salesmen to sell the entire range of oil & foods products to retail outlets Manufacturing network designed for logistics efficiency Product-level penetration Increasing product-level penetration in our existing outlets Manufacturing network designed for logistics efficiency Network expansion Adding towns in rural region (prioritizing larger towns) Manufacturing network designed for logistics efficiency Demand capture Increasing digitalization efforts to improve the fill rates Improving distribution infrastructure in southern states
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Increasing digitization of Sales function to capture demand Manufacturing network designed for logistics efficiency Everyday great execution Manufacturing network designed for logistics efficiency Route optimization Manufacturing network designed for logistics efficiency Rural Activation & Coverage Expansion Manufacturing network designed for logistics efficiency Distributor Segmentation Manufacturing network designed for logistics efficiency RURAL Sales Force Automation Manufacturing network designed for logistics efficiency Outlet Level Insights Using tech to determine sales beat, optimizing the daily market route Pilots have demonstrated significant reduction in distance travelled, improving salesman productivity Identification of similar potential outlets based on purchase patterns Classification of existing distributors based on their buying patterns and financial parameters Identify distributors at risk and take corrective actions to retain them Improving daily visit calls Improving productivity of calls Increase DSM effective coverage Improved penetration in urban towns Improved quality of Town Coverage in Rural Geo-tagging of Outlets in all categories Visibility of Rural Coverage: Orders addressed from SFA
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Supply Chain & Production Planning
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Efficient logistics to lower cost and capture demand Manufacturing network designed for logistics efficiency Manufacturing network designed for logistics efficiency Port-based refineries for imported edible oil 55%+ of dispatches directly sent to customers Digitization Most of the supply chain workflow has been digitized, resulting in paper-less processes, availability of data, visibility of truck movement, faster payments to vendors Reverse Auction All truck hiring is done through online reverse auction to secure best rates and ensure process integrity Manufacturing network designed for logistics efficiency Least Cost Optimization Dispatch planning to optimize on various parameters like raw- material prices, logistic costs, plant utilization etc. Centralized control Digitalization enabled centralized control to drive further data driven efficiency, better monitoring & compliance, benefit of scale in procurement, process improvement, lesser manpower Promoting clean energy ~18% of dispatches are multi-modal ~5% of dispatches through green fuel (CNG)
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Proximity to markets: A depot at every 250 KM 98 Depots ~2.42 Million Sq. Ft. (Depot Storage Space)
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Tech-Enabled Lean Supply Chain Network and Integrated Logistics * Also includes sub-distributors Depot Dispatch from Plant to Customers % 39% 50% 55% FY22 FY23 FY24 Depot Count 89 90 96 FY22 FY23 FY24 No. Storage Space 1.85 1.99 2.42 FY22 FY23 FY24 Mn Sq. Ft.4% 14% Proximity to Markets A depot at every 250 KM, with 96 depots having ~2.4 Million Sq. Ft. in Storage Space Efficient Logistics to lower cost & capture demand Digitization of Sales Function 01 02 Online reverse auction for truck hiring 95%+ OTIF Customer Engagement via Digital Channels Dispatch planning Highly digitized with centralized control Designed for structurally low-cost operations Extensive use of data & analytics for supply chain efficiency
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Extensive use of data & analytics for supply chain efficiency SnOP Sourcing Logistics Warehousing Manufacturing & Logistics Planner Clicksense Integrated Logistics Management System Warehouse Management System AWL’s SCM Landscape
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Developed reliable systems to tackle supply chain complexities 99% 96% 89% 73% 93% 99% 96% 92% 98% 99% 93% 91% 96% 0% 20% 40% 60% 80% 100% 120% Forecasting Accuracy - Pan India Basis July August September October November December January February March April May June July 2022 2023
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Sourcing & Risk Management
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Robust Risk Management Full proof risk management framework in place to mitigate commodity risk Robust policy in place to govern commodity risk Board approved policy Real-time intelligence on global supply & demand (Wilmar Group’s global network) Market Intelligence Daily Monitoring & Reporting of Exposure & Value at risk Periodic Review & Monitoring Regular oversight & guidance of Wilmar Group on Exposure Oversight of Wilmar Established Position Limits on Trader on long / short as well as MTM Defined Trader Limits Single In-house Sourcing team overseeing overall buying of all agri-commodities Experienced & Integrated Sourcing Team AWL is amongst the largest buyers of edible oil, wheat, paddy, pulses etc., giving scale benefits One of the Largest buyers AWL has a large domestic & international network of suppliers Strong supply network Strong Risk Management Expertise built over 2 Decades of Experience
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An Intricate Network of Reliable Suppliers Across Continents, Procuring at Origin Locations Key Advantages Favourable commercial terms1 Market intelligence from both supply & consumption side 3 Bargaining Power due to huge scale 2 Inputs from co- promoter Wilmar International 4 3 million MT per annum Total volume of AWL’s oil imports 20% The volume of India’s edible oil imports is by AWL* >70% Palm oil procured from Wilmar International Largest Importer of Edible Oils in India* *Source: Solvent Extractor’s Association of India & management estimates Soyabean Oil Palm Oil Sunflower Oil Top 4 Suppliers Globally supply to Adani Wilmar Brazil Argentina Indonesia Russia Malaysia Ukraine
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Manufacturing
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Strategically Located Manufacturing Facilities Spread across the Country resulting in Higher Efficiencies | Stringent Quality Controls in place Total 70 units spread across multiple states Third Party Units 47 Units Own Units 23 Units 2 2 4 2 2 2 2 2 3 2 Focus on building integrated plants that can process multiple products in same facility Company is building new capacities to increase in-house manufacturing Third-party units are primarily on exclusive basis for quality controls Segment Annual Capacity* Current Utilisation Products Included 60%5.5 mn MTEdible Oil – Refining Capacity Soya oil, sunflower oil, palm oil, cottonseed oil, groundnut oil1 54%0.9 mn MTFood Capacity Chakki atta (wheat flour), besan (chickpea flour), suji/ rawa / maida (semolina), rice, soya nuggets 2 1.6 mn MTIndustry Essentials Oleochemicals, Castor75%3Additionally, AWL’s 100% owned subsidiary (BEOL) has 2 Own Units in Bangladesh World Class Manufacturing Plants End to End Integration Capacity Expansion Underway 2 *Own capacities Toll Units Edible Oil (Own Units) Industry Essentials (Own Units) Food & FMCG (Own Units) JV Units
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Integrated Business Model leading to Cost Efficiencies Vidisha Plant Covers entire value chain of soya-crushing, producing soya value-added products such as soya nuggets, soya flour,soya flaks and refined soya oil Integrated Plant for Soya Mundra Plant Crushing units and refineries Derive de-oiled cakes from crushing and oleochemicals from palm stearin derived from palm oil refining End-to-End Integrated Plant The Mundra plant is the largest single location refinery in India with a capacity of 5000 MT/day* Integrated to produce Vanaspati, margarine, oleo chemicals and soap bars with raw materials from refining Upcoming Plant Integrated Plant in Gohana, Haryana 3D Layout: Fully Integrated Plant Total Capex Outlay: ~INR 1,300 Crores Estimated Annual Capacity: ~627,000 MT Construction is in progress and Project is expected to be completed by March 2025 Focus on Building Integrated Plants and adding New Units in Existing Locations *Source: Technopak Report (2020)
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World Class Manufacturing Facilities 23 Manufacturing Plants across India (10 plants are integrated complexes manufacturing both oil & foods)
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Adding another Integrated Plant in Gohana, Haryana Note: Construction is in progress and Project is expected to be completed by March 2025 Total Capex Outlay ~INR 1,300 Crores Land Area ~80 Acres Estimated Annual Capacity ~627,000 MT 3D Layout: Fully Integrated Plant Illustrative Depiction: Rice Plant Integration Paddy Milling Husk For Boilers Brown Rice Bran Extraction Deoiled Cakes Branded Oil Basmati Rice Product Category Estimated Annual Capacity Wheat Flour, Suji, Rawa & Maida Rice Mustard Oil Rice Bran Oil Cottonseed Oil Total Annual Capacity 627,000 MT ~182,000 MT ~445,000 MT Planned Capacities
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Bangladesh Business (100% Subsidiary of AWL)
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Bangladesh Business (100% Subsidiary of AWL) : Brief Snapshot Product Basket Brands Business Mix INR 2,084 Crores FY24 Sales Revenue Edible Oil 69% Food & FMCG… Industry Essentials 11% Edible Oil 83% Food & FMCG 14% Industry Essentials… Volume Mix: H1’24 Value Mix: H1’24 Soyabean Oil Mustard Oil Rice Bran Oil Sunflower Oil Palm Oil Rice Wheat Flour Refined Flour Deoiled Cake Revenue 1,924 1,865 1,417 1,445 2,231 3,066 CY17 CY18 CY19 CY20 CY21 CY22 10% INR in Crores 0.12 MMT FY24 Sales Volume 77% FY24 Branded Sales % ~20% Share of Foods – FY24
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Brand Campaigns in Bangladesh
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Key Metrics
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17,320 17,266 17,887 23,309 26,472 28,797 29,657 37,090 54,155 58,185 51,555 63,672 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 195 379 404 665 928 1,131 1,310 1,325 1,736 1,661 1,135 2,482 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Key Financial Metrics (1/2) All figures are on consolidated basis Revenue EBITDA INR Crores CAGR 25% INR Crores CAGR 13% 2,408 2,784 2,982 3,583 4,323 3,732 4,287 4,601 5,383 6,002 5,632 7,479 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 13 85 54 257 408 376 461 728 804 582 148 1,226 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Gross Profit INR Crores PAT INR Crores CAGR 11% CAGR 54% Revenue and EBITDA have grown at a CAGR of 13% and 25% respectively over the last 10 years Consolidated figures
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86% 79% 68% 66% 62% 63% 65% 66% 68% 61% 61% 61% 13% 17% 27% 29% 32% 30% 26% 23% 19% 23% 22% 20% 1% 3% 6% 6% 6% 7% 9% 11% 13% 16% 17% 19% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Edible Oil Industry Essentials Food and FMCG Key Financial Metrics (2/2) *excluding Other Income Sales Volume *Sales Volume excludes pass through sales of raw sugar for FY16 to FY19 in Million MT 2.7 2.4 3.0 3.3 3.8 4.1 4.3 4.5 4.8 5.5 6.0 6.6 88% 84% 79% 78% 74% 76% 79% 83% 84% 79% 76% 77% 11% 14% 16% 17% 21% 19% 15% 12% 11% 14% 14% 12% 1% 2% 4% 5% 5% 5% 7% 5% 5% 7% 10% 11% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Edible Oil Industry Essentials Food and FMCG Revenue INR Crores 14,302 13,919 17,373 20,744 24,341 28,390 29,657 37,090 54,155 58,185 51,555 63,672 Sales Volume has grown at a CAGR of 8% over a 10 Year Period Food & FMCG Revenue as a Segment of the Total Sales has gone up from 1% in FY14 to 20% in LTM Dec’24 Consolidated figures
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ESG
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Fortune SuPoshan: A Mission Against Malnutrition & Anemia Fortune SuPoshan touches life of three Target Groups 0-5 yrs age children Adolescent Girls Women in Reproductive Age Fortune SuPoshan touches four core areas Health Education Women Empowerment Sustainable Livelihood Zero Hunger Good Health and Well-Being Gender Equality Our commitment towards a “Healthy growing nation”
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Cumulative Coverage till December 2023 Zero Hunger Good Health and Well-Being Gender Equality Sites Achieved Results Ongoing Sites New sites Total sites 311 Total Households 4,04,2612 Total population 20,18,8663 Total under five children 1,21,0844 Total adolescent girls 1,22,4255 Total women in reproductive age 3,37,4966 Particulars Coverage Sites Achieved Results (by Mar 23) 171 Ongoing sites (Excluding New Sites) 82 New sites 63 Site Details Number
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Current Footprint (April 2022 – March 2023) SAM: Severely acute malnutrition; MAM: Moderately acute malnutrition; NFHS: National Family Health Survey; NRC: Nutrition Rehabilitation Centre Zero Hunger Good Health and Well-Being Gender Equality Krishnapatanam Varanasi Kattupalli Vizhinjam 2 Savner VidishaMedadraj Mangalore Alwar Haldia 2 Narmada Nimrani Neemuch Raipur Ongoing Sites New sites 14 Sites 1169 Villages 11 States 14 Districts 178 Slums More than 91652 registered children were screened within the project. A total of 93,899 family counselling and 31,258 Focused Group Discussion were carried out towards building awareness on relevant issue. 5991 children converted from Acute Malnutrition to Healthy 91,652 children 3,08,493 Women & girls 550 Sanginis
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Progress (March 2023 – December 2023) Particulars FY 2023- 24 (Till Dec) 82,700Total under five children screened1 410Total complicated SAM children referred to NRC 2 1,328Total children shifted from SAM to MAM 3 5991Total children converted from Acute Malnutrition to Healthy 4 Achievement • A two-day SuPoshan meet was organized on September 22 & 23, 2023 to provide technical understanding to field level officers and promote cross- learning among teams across 14 sites. • Fortune SuPoshan was showcased in a 2-day conference on Responsible Business Conduct, Embracing ESG in India on 14-15th December stall at India Habitat Centre, New Delhi. 6 2 5 4 1 3 Family Counselling 93899 Focus Group Discussion 31258 Cooking demo 7497 Poshan Shivir 800 Community Events 3578 POSHAN Vatika 4662+ SuPoshan Key project Activities Zero Hunger Good Health and Well-Being Gender Equality SAM: Severely acute malnutrition; MAM: Moderately acute malnutrition; NFHS: National Family Health Survey; NRC: Nutrition Rehabilitation Centre
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Fortune SuPoshan: Highlights Zero Hunger Good Health and Well-Being Gender Equality
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Environment, Social & Governance Successful solar power implementation at 7 plants out of 23 own units. Plan to continue such installation across all plants over the years Green Energy Zero Liquid Discharge installed at 9 major plants (2900 KL per day) ZLD ensures recovery & reuse of water Water Conservation Adani Wilmar is amongst the early adopters of Sustainable Palm Oil Traceability: Over 90% of palm oil Traceable upto Mills RSPO Certified: All plants are RSPO certified Sustainable Palm Oil Spearheading sustainability in Edible oils in India First Edible Oil Company to introduce recyclable packaging 98% of packaging is recyclable Recyclable Packaging Promoting alternative source of power Efforts towards reducing water waste Committed to environmental sustainability
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Backed by a Professional Management Team with Strong Execution Capabilities Notable Track Record of Achievements Strong stability in the senior management team. Strengthening the management team with experienced talent from leading FMCG companies to drive the next phase of growth. Proven track record of driving growth and securing dominant market share across multiple categories Expertise in creating strong customer propositions, building efficient supply chains, and implementing robust risk management systems. Experienced and Dedicated Senior Management… …Supported by a Deep Bench of Experienced Operators Relentlessly Pursuing Growth Opportunities… Mukesh Mishra Business Head – Edible Oils & Fats ~25 years of experience Vineeth Viswambharan Business Head – Wheat Products, Premium Oils, NPD & Personal Care ~23 years of experience Ravindra Kumar Singh Head – Technical 30+ years of experience Siddhartha Ghosh CHRO 30+ years of experience Distinguished Board Ravindra Kumar Singh Whole-time Director 35+ years of experience Dorab Mistry Chairman & Independent Director 40+ years of experience Anup Shah Independent Director +25 years of experience Madhu Rao Independent Director +40 years of experience Dipali Sheth Independent Director 30 years of experience Saumin Sheth COO ~24 years of experience With AWL since inception Shrikant Kanhere Dy CEO & CFO, Adani Wilmar 25+ years of experience Ex-Vodafone, RIL Ex-Dabur Ex-NDDB Ex-ITC, Udaan Rajiv Sharma Business Head – Rice ~23 years of experience Ex-Future Group Rajneesh Bansal Head - Supply Chain & Logistics 29+ years of experience Ex-Adani Ports/ Enterpsie, ISRO Ex-RIL, Jindal Steel & Power Venkata Rao CIO 24+ years of experience Ex-Emami, ITC, Godfrey Phillips Vidyashankar Satyakumar Head - R&D 22+ years of experience Ex-Britannia Angshu Mallick MD & CEO 35+ years of experience Ex-NDDB / Amul Angshu Mallick MD & CEO 35+ years of experience Ex-NDDB / Amul Kuok Khoon Hong Non-Executive Vice Chairman 50+ years of experience
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Key Takeaways
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Adani Wilmar Limited as of Today *including leased units One of the youngest and largest Food FMCG company in India Over 2 decades of trust Food & FMCG player offering kitchen essentials across India 121 Million Household INR 58,726 Crores Consolidated Operating Revenue in LTM Dec’24 2.1 Million Retail Reach No. #1 Edible Oil brand No. #2 wheat flour brand No. #3 Basmati rice brand 70+ Manufacturing units* Pan-India player
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Edible Oil #1 Edible oil brand in India #1 Soyabean oil, Mustard & Ricebran oil #2 in Palm oil #1 in North, East, West & Central markets Amongst top 5 in South India #1 in Urban & Rural markets Food & FMCG #2 in Wheat Flour (atta) #3 in Basmati Rice #2 in Soya Nuggets Amongst top 2 players in Besan Industry Essentials #1 Player in Stearic Acid, Glycerine & Soap Noodles #1 Castor exporter from India Consistently gaining market share across key categories Leadership Position in our Key Products
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Why staple food category is attractive for AWL? *including Sub-distributors Strong Capabilities Integrated business model from Sourcing to Sales Risk Management in agri-commodities 25 years expertise Wilmar Group expertise in agri-commodities & oleochemicals Strong Assets ‘Fortune’ Brand 23 Own Manufacturing Plants 10,000+ distributors* High Growth Potential Highly unorganized Branded Staples growing faster Few pan-India players Large Category Center of the plate Huge TAM India is the largest exporter of rice
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AWL Structural Advantages *ROCP – Refined oil consumer pack Well positioned to capture demand driven by increasing per capita income in India Packaged Staple Foods is an attractive industry with large TAM of ~$90bn Branded penetration in staple foods is less than 15%. Branded sale is expected to grow rapidly due to consumer preference shifting towards branded products Structurally low-cost operating model with large and strategically placed manufacturing units. Co- manufacturing locations give scale advantage in manufacturing & logistics Portfolio Advantage: Common capabilities (agri-sourcing, co- manufacturing, logistics) and common customer (distributor, consumer) across all our products. This enables focus and highly efficient systems built for scale Value added products – continued forward integration of products is margin accretive Logistic advantage provided by large scale of edible oil business. ~500+ trucks dispatched daily can cost-effectively carry any new product across India, along with good frequency
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AWL’s Strengths Fast-paced growth at scale Potential for margin improvement Support of 2 strong promoter groups Strong Brand Portfolio Proven Track record (leadership position or amongst Top-3 in multiple categories) Large distribution network Strong Manufacturing setup Exports & HoReCa opportunity Large addressable market Leverage existing setup to scale up new categories Few competitors at national level Frugal operations
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Multiple levers available to sustain fast growth and enhance margins Edible Oil Continue to gain market share in a highly fragmented market (2000+ brands), primarily in under-indexed markets and categories Increase distribution network Grow margin accretive categories like Mustard, Sunflower through regional strategies Improve mix of ‘Fortune’ brand, through improved distribution and better consumer connects Improve mix of value-added edible oils like blended oils, cold-pressed oils \ Growth Levers Margin Levers Food & FMCG Leverage edible oil distribution to increase penetration Enter into more categories that are forward integration of Rice, flour Enhance in-house manufacturing capacities Launch cleaning products for HORECA and mass segment in retail, only as forward integration of our Industry essential products Fine tune operating model of margin- accretive categories like Basmati Rice Normalize investments in the segment after reaching scale Launch value-added products to enhance margins Leverage Wilmar’s R&D to launch application-specific products in staples Acquire regional players in value- added categories \ Industry Essentials In-house capacity expansion Leverage R&D of Wilmar for specialty chemicals Build presence across segments – Food additives, home & personal care, plastic & polymers, lubricants & petrochemicals, agrochemicals Become leading specialty chemical player in India; additionally lead in Green products Improve the mix of specialty chemicals in our portfolio through in- house processing facilities Derivatization of basic oleo chemicals and castor oil for significant enhancement of margins \ Increase premiumization in our strong markets
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Legal Disclaimer The information contained in this presentation is provided by Adani Wilmar Limited (together with its subsidiaries, the “Company” or “AWL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely for your information and your use, and may not be retained by you or copied, reproduced or redistributed to any other person in any manner nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. 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Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. The statements contained in this presentation speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. 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Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal, regulatory and social conditions in India, which the Company believes to be reasonable in light of its operating experience in recent years. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. 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This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. Investor Relations: Mr. Pulkit Mittal Head - Investor Relations Pulkit.Mittal@awl.in +91 79 2645 9100 Mr. Abhik Das Lead - Investor Relations Abhik.Das@awl.in +91 79 2645 8774