Not exiting Adani-Wilmar JV, says Adani Enterprises | Mint
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Business News/ Companies / News/  Not exiting Adani-Wilmar JV, says Adani Enterprises
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Not exiting Adani-Wilmar JV, says Adani Enterprises

Adani Enterprises denies reports of exiting Wilmar Ventures, clarifies no major event requiring regulatory disclosure.

Signage atop the Adani Group headquarters in Ahmedabad, Photographer: Prakash Singh/Bloomberg (Bloomberg)Premium
Signage atop the Adani Group headquarters in Ahmedabad, Photographer: Prakash Singh/Bloomberg (Bloomberg)

Adani Enterprises has denied reports of exiting Wilmar Ventures following media reports which said that the flagship company of the ports-to-power conglomerate was planning to sell its 44 per cent stake in Adani Wilmar.

On August 10, Adani Enterprises said in a regulatory filing to the stock exchanges that there was no major event scheduled ahead that requires a regulatory disclosure.

“We would like to clarify that as of now, there is no such event concerning the media report, which requires any disclosure from the company side in accordance with the Regulation 30 of SEBI Listing Regulations," said Adani Enterprises in its exchange filing.

"In the event there is any development that requires disclosure under the Regulation 30 of the SEBI Listing Regulations, we will disclose the same in accordance with the regulatory requirements," it added.

The report, citing people familiar with the matter, had said that billionaire Gautam Adani and his family may retain a minority stake following a stake sale in its $6 billion consumer staple joint venture with Wilmar International.

Earlier this month, Adani Wilmar announced its April-June quarter results for fiscal 2023-24 (Q1FY24), reporting a net loss of 79 crore, compared to a net profit of 194 crore in the corresponding period last year. 

India's largest packaged oil maker's revenue from operations during the first quarter of current fiscal stood at 12,928 crore, registering a decline of 12 per cent, compared to 14,724 crore in the year-ago period.

On the operating front, the edible oil major's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter came in at 130 crore, reporting a sharp decline of 71 per cent, compared to 443 crore in the year-ago period. The EBITDA margin stood at 1 per cent, compared to 3 per cent in the same quarter last year.

Overall volumes of the fast-moving consumer goods (FMCG) company in the June quarter rose 25 per cent year-on-year (YoY) on broad-based growth across all segments, while the sales value declined by 12 per cent YoY, due to the steep decline in edible oil prices.

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Published: 10 Aug 2023, 04:02 PM IST
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