Adani Wilmar, a joint venture between Adani Group and Wilmar International, on Monday reported a 25.6 per cent year-on-year fall in its consolidated net profit at Rs 234.3 crore for the quarter ended 31 March, 2022. The edible oils major had reported a net profit of Rs 315 crore in the year-ago period.
The company also saw a 40 per cent YoY rise in its consolidated revenue from operations to Rs 14,960.4 crore in the quarter under review as against Rs 10,672 crore in the same quarter last fiscal.
The company's EBITDA, or earnings before interest, taxes, depreciation, and amortization came at Rs 488 crore, up 29 per cent YoY.
The food & FMCG portfolio stood at 0.64 MMT in 2022 compared to 0.47 MMT in 2021, registering a growth of 34 per cent.
Giving an industry update, Adani Wilmar said that Sunflower consumption has come down by 50 per cent after Russia-Ukraine war emerged in February as Ukraine is the largest supplier of sunflower to the world. India has started importing sunflower oil from origins such as Argentina, Russia and Turkey, it shared.
Commenting on the quarterly results of the Company, Angshu Mallick, Managing Director and CEO, Adani Wilmar Limited said, “We have delivered a steady growth inspite of the challenging macro environment. The food & FMCG segment registered double-digit growth. We have continued to improve our market share across edible oil & food categories. We are also on track to implement our go-to-market strategy focused to capture the rural growth story. We will continue to invest in our brand, distribution, sourcing and manufacturing capabilities. Going forward, we will focus more on inorganic growth and strategic investments in the foods space.”
Shares of Adani Wilmar on Monday closed a 3.41 per cent lower at Rs 753.65 apiece on BSE. The company's scrip fell in early trade ahead of March quarter earnings. Adani Wilmar stock declined 4 percent to Rs 749 against the previous close of Rs 780.25 on BSE. The large cap stock opened at Rs 755.50. Market cap of the firm fell to Rs 1,00,751 crore. Total 0.70 lakh shares of the firm changed hands amounting to a turnover of Rs 5.39 crore.
The stock hit all-time high of Rs 878.35 on April 28, 2022. The stock has fallen in the last two consecutive sessions. Till date, the stock has lost 14.72 per cent from its all-time high.