Adani Wilmar Q4 results: Profit for Adani group firm tanks 59% to Rs 94 crore, sales down 7%

Adani Wilmar reported a 59 per cent decline in the net profit at Rs 93.61 crore for the quarter ended on March 31, 2023. The company had reported a net profit at Rs 219.23 crore in the same year previous year. Its revenue from operations dropped 7 per cent on a year-on-year (YoY) basis to Rs 13,872.64 crore from Rs 14,917.26 crore.

On a sequential comparison, Adani Wilmar's net profit dropped 62 per cent from Rs 246.16 crore and topline by down over 10 per cent from Rs 15,438.05 crore in the December 2022 quarter.

For the entire financial year ended on March 31, 2023, the Adani Group company reported a net profit at Rs 582.12 crore, down 28 per cent from its net profit at Rs 803.73 crore in the last financial year. However, its revenue from operations increased more than 7 per cent toRs 58,184.81 crore during the period under review.

Earlier in its quarterly updates, Adani Wilmar said that its turnover hit Rs 55,000 crore in FY23 as its volumes jumped over 14 per cent on a YoY basis. The Adani Group firm has clocked a 55 per cent growth in revenue for FY23 in the food and FMCG segment, led by a 40 per cent growth in volumes, it said in a press release.

Adani Wilmar crossed 5 million metric tonne of sales during the financial year 2022-23 The food segment doubled its revenue in 2 years to close the year around Rs 4,000 crore. Both wheat flour and rice businesses crossed Rs 1,000 crore in revenue in FY23. Overall segment volume grew by 3 per cent YoY.

Following the announcement of its results, shares of Adani Wilmar dropped about 4 per cent to Rs 400.55 during the trading session Wednesday, before making a partial recovery. Its market capitalization stood close to Rs 52,500 crore. The stock had settled at Rs 415.50 on Tuesday.

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