**1. Business Performance:** AWL Agri Business saw overall volume growth of 3% YoY.

The edible oil segment led with an 8% YoY volume increase and 12% revenue growth, driven by strong market offtake.

Food & FMCG volumes were flat, though branded domestic rice showed robust growth.

Profitability was impacted by one-off gains in the prior year's base. **2. Growth Drivers or Strategy:** The company heavily focused on alternate channels (E-Com, Q-Com, MT) growing 42% YoY in volume, HoReCa (+52% YoY volume), and branded exports (+43% YoY volume). Direct distribution now reaches over 9 Lac outlets.

The food business is in an investment phase, targeting 20-25% ROCE as it scales. **3. Recent Developments:** A new Multi-grain Atta launched, expanding the health and convenience food portfolio.

Marketing campaigns boosted brand awareness for edible oils and Kohinoor rice.

GD Foods, the sauces business, delivered 18% YoY volume growth. **4. Key Financial Metrics:** Consolidated revenue stood at ₹18,603 Crore (+10% YoY), with total volumes at 1.7 Million MT.

Operational EBITDA was ₹637 Crore (-19% YoY), and PAT reached ₹269 Crore (-35% YoY). **5. Management Commentary / Outlook:** Management noted Q3 profitability was in line with estimated EBITDA per MT.

They observed a moderate demand environment with gradual recovery in consumer demand towards the second half of the quarter.