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

Executive summary

• Achieved record quarterly performance in Q3 FY2025 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 loss of INR 9 crore in the prior year period.

• Food & FMCG segment delivered 23% YoY volume growth in Q3 FY2025; Edible oil volumes grew 4% YoY.

• Distribution reach expanded to 8.2 lakh outlets (+21% YoY) and rural town coverage to 43,600+ (+58% YoY).

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, on January 27, 2025.

Financial highlights

• Q3 FY2025 consolidated revenue: INR 16,859 crore (+31% YoY); EBITDA: INR 792 crore (+57% YoY); PAT: INR 411 crore (+105% YoY).

• Nine-month revenue: INR 45,488 crore (+20% YoY); EBITDA: INR 2,033 crore (+161% YoY); PAT: INR 1,035 crore (vs. -9 crore in 9M'24).

• Standalone Q3 revenue: INR 16,491 crore; EBITDA: INR 782 crore; PAT: INR 409 crore.

• Gross profit per MT in Q3 FY2025: INR 13,415 (+25% YoY); EBITDA per MT: INR 4,956.

• Basic and diluted EPS (consolidated) for Q3 FY2025: INR 3.16; nine months: INR 7.96.

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.

• Food business in investment phase, aiming for 20-25%+ ROCE as it matures.

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

• Ongoing expansion of integrated food complex in Gohana, Haryana, with 80% completion and partial operations commenced.