Adani Wilmar Posts Highest-Ever Half Yearly Net Profit At Rs 624 Crore

by Hemanta Pande

NEWS HIGHLIGHTS

Adani Wilmar Ltd on Thursday reported its highest-ever half-yearly net profit at Rs 624 crore for the first six months of the current fiscal (FY25).

Ahmedabad, Oct 24: Adani Wilmar Ltd on Thursday reported its highest-ever half-yearly net profit at Rs 624 crore for the first six months of the current fiscal (FY25).

In Q2 FY25, the Adani Group company clocked Rs 326 crore in standalone profit (PAT), up from Rs 324 crore in Q1 FY25. In the quarter, the company saw an 18 per cent surge in revenue at Rs 14,460 crore (year-on-year).

Adani Wilmar MD and CEO Angshu Mallick said they have delivered another strong quarter, with double-digit growth in both edible oils and Food & FMCG segments.

"We have been the second and third largest players in wheat flour and basmati rice business, respectively. On the back of trust and quality, along with branding investments, our flagship brand ‘Fortune’ has been gaining good acceptance with consumers for the entire range of kitchen essentials," Mallick added.

Edible oils and Food and FMCG segments delivered strong double-digit revenue growth of 21 per cent and 34 per cent (YoY), respectively. The strong growth in staple foods was partially offset by the decline in the industry essential segment.

With stable edible oil prices, the Adani Group company posted strong profits over the last four quarters.

For Q2 FY25, operating EBITDA was at Rs 613 crore. In Q2, the edible oil segment revenue grew by 21 per cent YoY to Rs 10,977 crore. This represents the third consecutive quarter of double-digit volume growth. The growth was driven by strong performance in soybean, sunflower, and mustard oil. The Food and FMCG segment’s revenue grew by 34 per cent to Rs 1,718 crore. Excluding the G2G exports business, the volume growth of the Food and FMCG business was at 21 per cent YoY.

"In the wheat business, the company continues to grow strongly. The sales also benefited from the introduction of small pack sizes in markets with lower per capita consumption. In Q2, branded sales of pulses, besan, soya nuggets, sugar, poha, and soap showed strong double-digit growth YoY," the company said.

The company has been expanding its distribution network to access more towns and has reached over 36,000 rural towns directly by the end of September. The goal is to reach 50,000 rural towns by the end of FY25 and drive the penetration of outlets and volume offtake in the new outlets, said the company.

--IANS

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Justice Sanjiv Khanna Appointed As Next Chief Justice of India

by Hemanta Pande

New Delhi, Oct 24: The Centre on Thursday cleared the appointment of Justice Sanjiv Khanna as the next Chief Justice of India (CJI).

"In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President is pleased to appoint Shri Justice Sanjiv Khanna, Judge of the Supreme Court, to be the Chief Justice of India with effect from 11 November 2024," a notification issued by the Union Ministry of Law and Justice said.

Incumbent CJI D.Y. Chandrachud is due to retire on November 10 on attainment of the age of 65 years. He had recommended Justice Khanna as his successor earlier this month.

Justice Khanna will be the 51st CJI and will have around 6 month tenure in office.

He held the post of Chairman, Supreme Court Legal Service Committee. He is presently the Executive Chairman of the National Legal Services Authority and a member of the Governing Counsel of the National Judicial Academy, Bhopal.

Before elevation to the Supreme Court, Justice Khanna served as a judge in the Delhi High Court till January 2019. As a judge of the Delhi HC, he held the position of Chairman/Judge-in-charge, Delhi Judicial Academy, Delhi International Arbitration Centre, and the District Court Mediation Centres.

Justice Khanna, born in May 1960, obtained his law degree from the Campus Law Centre, Delhi University. He enrolled as an advocate in the Bar Council of Delhi in 1983 and primarily practised taxation, arbitration, commercial law, environmental law, medical negligence law, and company law in the Delhi High Court. He had a long tenure as the Senior Standing Counsel for the Income Tax Department. In 2004, he was appointed as the Standing Counsel (Civil) for the Delhi government. He had also appeared and argued in a number of criminal cases at the Delhi High Court as an Additional Public Prosecutor and as an amicus curie (friend of the court).

--IANS

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Cyclone Dana: PM Modi Speaks To Odisha CM, Enquires About State’s Preparedness

by Hemanta Pande

Bhubaneswar, Oct 24: Prime Minister Narendra Modi spoke to Odisha Chief Minister Mohan Charan Majhi twice on Thursday and enquired about the State's preparedness for the impending cyclone, which is likely to make landfall between Bhitarkanika and Dhamra early Friday.

according to a statement from the Chief Minister's Office (CMO), the Chief Minister brought to the attention of the Prime Minister about the ongoing relocation of people and the deployment of response forces such as the NDRF and ODRAF for public safety.

The Prime Minister expressed satisfaction over the preparations made by the state government, the CMO said.

Earlier in the day, PM Modi held discussions on the cyclone 'Dana' and the preparations by the Odisha government to tackle the situation during the Union Cabinet meeting in Delhi.

Union Minister Amit Shah also called CM Majhi and enquired about the situation in view of the impeding cyclonic storm. He assured all possible assistance from the Centre to meet the challenge, the CMO said.

According to the Indian Meteorological Department's latest bulletin, severe cyclone 'Dana' moved north-northwestwards with a speed of 13 kmph during past 6 hours and lay centred about 90 km southeast of Paradip (Odisha), 110 km south-southeast of Dhamara (Odisha) and 210 km south of Sagar Island (West Bengal).

The cyclone is expected to make landfall early Friday between Bhitarkanika National Park and Dhamra Port in Odisha, the IMD predicted.

Meanwhile, India Meteorological Department (IMD) Director General Mrutyunjay Mohapatra said that the 'eye' (centre of the cyclonic storm) of severe cyclonic storm 'DANA', hasn’t been developed yet.

Mohapatra said that the 'eye' is formed when a cyclonic system becomes very strong. The cyclonic storm formed over the Bay of Bengal has remained as a severe cyclone and continued to move forward as predicted by the IMD.

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Vedanta’s “Swarna Prasan” Immunization Drive To Benefit 30k School Children In Odisha

by Hemanta Pande

Bhubaneswar, Oct 24: Remaining committed to its initiatives that positively impact the lives of the community as well as create long-term health benefits for children and their families, Vedanta Aluminium, India’s largest aluminium producer, launched an extended drive in partnership with the Ministry of AYUSH to boost the ‘Swarna Prasan’ immunization initiative in Odisha’s Kalahandi district.

While this drive extended across 10 schools reaching out to over 3700 students, the main event was held in Saraswati Shishu Mandir in Braja Vihar attended by Dr.Minakshi Bedbak, District Ayush Medical Officer, Dr. Kshtera Kand, Ayurvedic Medical Officer and Manoj Kumar Mundan, Principal, Saraswati Shishu Mandir, Braja Vihar.

Sunil Gupta, COO, Vedanta Aluminium, said, "Through our collaboration with the Government of Odisha and the Ministry of AYUSH, we aim to enhance the health and well-being of communities through age-old, traditional practices. The ‘Swarna Prasan’ initiative reflects our dedication to improving child health while respecting community values.”

“At Vedanta Aluminium, we believe that investing in the well-being and development of children is crucial, and we are eager to witness the positive transformations, shaping future generations,” quipped Gupta.

Nitin Kumar Tiwari, CEO - Bauxite Mines, Vedanta Aluminium, added, “We had launched this initiative in September benefitting around 1,000 students, and now we have further extended this drive with an aim to expand the Swarna Prasan programme to benefit 30,000 children, from infants to 16-year-olds, across Koraput, Kalahandi, and Rayagada by the end of this year.”

Minakshi Bedbak, District Ayush Medical Officer, emphasized, “Swarna Prasan is a time-tested Ayurvedic practice, and its multiple benefits in boosting immunity and cognitive function in children are well-documented. Vedanta Aluminium’s support in bringing such impactful health interventions to underserved regions is commendable.”

Expressing his gratitude, Manoj Kumar Mundan, Principal, Saraswati Shishu Mandir said, “Vedanta, is not only enhancing the health of our students, but also educating the community about traditional wellness practices. We are grateful to Vedanta's unwavering support towards the holistic development of children in the region”.

Adani Wilmar Posts Highest-Ever Half Yearly Net Profit At Rs 624 Crore

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