Shares of Adani Wilmar are in focus today after the Adani Group firm reported revenues of Rs 55,000 crore in FY23, up 14% from Rs 54,213.5 crore in 2021-22. Adani Wilmar stock climbed over 2.55% to Rs 418.75 against the previous close of Rs 409.55 on BSE. The stock has been gaining for the last two sessions. A total of 0.48 lakh shares of the firm changed hands amounting to a turnover of Rs 1.98 crore on BSE. Market cap of the firm rose to Rs 54,281 crore on BSE. The share hit a 52 week high of Rs 878.35 on April 28, 2022.
Considering the current market price, the stock has lost 52.50 per cent from the yearly high.
In terms of technicals, the relative strength index (RSI) of Adani Wilmar stands at 48.7, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.1, indicating very high volatility in a year. Shares of Adani Wilmar are trading higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
The stock has fallen 24% in a year and lost 32.28% in 2023.
Adani Wilmar's food and FMCG business grew 55% on a year-on-year basis to around Rs 3,800 crore in FY23. The firm's edible oil volumes growth remained flat during the March quarter and in low single-digits for the full year. However, food and FMCG sales rose over 40% in Q4.
"The food business is scaling up well and in line with our expectations. We have been making good progress in all enablers like sourcing, manufacturing, distribution, brand building and strengthening the teams for the new products," the company added.
Industry essentials portfolio, comprising oleochemicals or natural fat and oils used as raw material for lubricants and personal care products grew by over 60% during the March quarter, and was up by 30% in FY23.
However, standalone operations declined in the March quarter in value terms. "Edible oil operations declined in mid-teens, while food and FMCG operations grew by 60%, and industry essentials rose in low teens," it added.
"We expect the demand for packaged oils and staple foods to remain healthy despite the various macroeconomic and geopolitical events. With our expertise in commodities and strong sourcing partnerships, we will continue to navigate price volatilities and any supply disruptions," it said. Adani Wilmar shares ended Thursday's trading session up 3.09% to Rs 409.20 apiece on the NSE.
The stock made a muted market debut on February 8, 2022. Adani Wilmar stock listed at Rs 221, a 3.91 per cent discount to its IPO issue price on BSE. The issue price of the IPO stood at Rs 230. The firm offered its shares in a price band of Rs 218-Rs 230.
Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the manufacturing of edible oil, wheat flour, rice, pulses, and sugar. The company also owns the popular brand Fortune.