AWL Agri Business (AWL) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3 FY25 performance with consolidated revenue of INR 16,859 crore, 5% volume growth, EBITDA of INR 792 crore, and PAT of INR 411 crore, representing 31% revenue, 57% EBITDA, and over 105% PAT growth year-over-year.

• Nine-month revenue reached INR 45,488 crore, EBITDA INR 2,033 crore, and PAT INR 1,035 crore, a turnaround from a prior year loss.

• Food & FMCG segment delivered 23% YoY volume growth and 22% revenue growth in Q3 FY25; Edible Oil segment grew 4% in volume and 38% in revenue.

• E-commerce and HoReCa channels grew rapidly, with alternate channel revenue at over INR 3,000 crore LTM and HoReCa sales over INR 600 crore.

• Enhanced digital and data capabilities improved fulfillment rates, ad spend efficiency, and competitive pricing.

Financial highlights

• Q3 FY25 consolidated revenue: INR 16,859 crore; EBITDA: INR 792 crore; PAT: INR 411 crore.

• Year-over-year, revenue grew 31%, EBITDA 57%, and PAT over 105%.

• Nine-month revenue: INR 45,488 crore; EBITDA: INR 2,033 crore; PAT: INR 1,035 crore, up 20% and 161% for revenue and EBITDA, respectively.

• Standalone Q3 revenue: INR 16,491 crore; PAT: INR 409 crore; nine months standalone PAT: INR 1,059 crore.

• EBITDA per ton for the quarter: INR 4,956, indicating commodity cycle gains.

Outlook and guidance

• Food and FMCG revenue target of INR 10,000 crore by FY2027 appears achievable.

• Direct coverage target of 1 million outlets by FY2027.

• Expecting edible oil industry growth of 6-7% and company growth of 8-9% in coming years.

• Food and FMCG segment to remain EBITDA neutral until FY2028, with margin expansion expected post-FY2028.

• Continued focus on expanding distribution, digitalization, and premiumization to drive growth and margins.