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Business News/ Markets / Stock Markets/  Adani Wilmar Q3 net profit rises 16.5%; shares rally
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Adani Wilmar Q3 net profit rises 16.5%; shares rally

Adani Wilmar results: Shares of Adani Wilmar Ltd were up 4.99% at ₹418.80 apiece on the NSE in late afternoon deals

FILE PHOTO: Indian billionaire Gautam Adani. (REUTERS)Premium
FILE PHOTO: Indian billionaire Gautam Adani. (REUTERS)

Adani Wilmar Ltd on Wednesday reported a 16.5% rise in its Q3 consolidated net profit at 246 crore as compared to 211 crore in the year-ago quarter. On Wednesday, shares of Adani Wilmar Ltd were up 4.99% at 418.80 apiece on the NSE in the late afternoon deals. Adani Wilmar shares have gained over 56% in a year.

The company's revenue from operations rose 7% to 15,438.05 crore from 14,370.92 crore in the same quarter last year.

The Food & FMCG segment has contributed 15% by volume to the overall sales and delivered 27% volume growth in the quarter under review.

Angshu Mallick, MD & CEO, Adani Wilmar Limited said, "We have been witnessing a consistent demand for safe, hygienic, and nutritious packaged staple food. We are leveraging the distribution network, manufacturing facilities, logistics and customer relationships of edible oil business to grow rapidly in Food & FMCG business, which offers a much larger opportunity compared to our well-established edible oil business. We are also expanding our product portfolio."

"This was achieved on the back of the large opportunity available in the packaged food industry, well supported by our portfolio of premium and popular brands, pan-India distribution, and manufacturing facilities across the length and breadth of the country," the company said in a statement.

“The quarter also saw macro tailwinds in the form of strong demand on the back of festivities and weddings, gradual recovery in rural markets and a bumper kharif crop," Adani Wilmar said.

Focus will now turn to earnings from Adani Power Ltd due today after six other group companies released results this week.

Adani Ports & Special Economic Zone Ltd. climbed as much as 8.2%. Shares of Adani Wilmar, Adani Power and Adani Transmission rallied about 5% each today.

Adani Wilmar is joint venture (JV) between the Adani Group and the Wilmar Group. Following the US-based Hindenburg's report, Wilmar International Ltd told Bloomberg News that it will continue to support its JV with Adani Group, saying the report had not raised any issues specific to the unit.

The FMCG food company offers most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the ‘Fortune’ brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.

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ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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Published: 08 Feb 2023, 02:53 PM IST
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