Shares of Adani Wilmar rose over 4% today amid a negative opening in the broader market. The consumer food company posted another healthy quarter in terms of strong volume growth for the period ending December 31, 2022.
Going ahead, the company plans to develop its operating model in HoReCa (Hotels, Restaurants, Caterers) segment to drive sales.
Adani Wilmar stock climbed 4.22 per cent to Rs 596 against the previous close of Rs 571.85 on BSE. A total of 0.16 lakh shares of the firm changed hands amounting to a turnover of Rs 93.80 lakh on BSE. Market cap of the firm rose to Rs 77,077 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 32.14 per cent from the yearly high. However, Adani Wilmar stock stands 169.68 per cent higher than its market listing price. The stock made a muted market debut on February 8.
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. Meanwhile, the Gautam Adani-led firm announced performance updates for the quarter ended December 2022.
As per the regulatory filing, Adani Wilmar posted high-single-digit growth in edible oil volumes, while the growth was in low-single digit in value terms in Q3FY23.
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Adani Wilmar said, "In a volatile edible oil price environment during the year, we have been able to capture demand with our portfolio of popular and premium brands."
"Packed oil sales grew strongly by high-double digit during the quarter, on the back of higher in-house as well as out-of-home consumption. Institutional demand was weak and declined during the quarter, " it added.
The company's food and FMCG segment posted high-20s growth in volumes and mid-40 growth in value in percentage terms during Q3FY23. Adani Wilmar said, the food business continues to grow at a very strong rate, driven by increasing penetration and amply supported by our wide-spread distribution network of edible oils across India.
The Adani Group firm reported a 73 per cent fall in net profit for the quarter ended September 2022. Net profit slipped to Rs 49 crore against Rs 182 crore profit in the second quarter of the previous fiscal. However, revenue rose 5% to Rs 14,209 crore in Q2 against Rs 13,584 crore in the September quarter of the previous fiscal.
The broader market was trading in the red with Sensex down 302 points in 59,813 and Nifty losing 70 points to 17,843 in early morning deals.
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