NEW DELHI: Edible oil major Adani Wilmar on Monday reported a 25.6% year-on-year decline in its consolidated net profit at Rs 234.3 crore for the quarter ended March. The company had posted a net profit of Rs 315 crore in the year-ago period.
The company, however, reported a 40.2% on-year rise in consolidated revenue from operations to Rs 14,960.4 crore.In its first results since the company’s debut on the stock exchanges earlier this year, the firm suggested that the fast-moving consumer goods portfolio witnessed a slowdown due to high product prices but market share has improved across edible oil & food categories.
Adani Wilmar, which is a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar, sells its cooking oils and some other food products under the Fortune brand. During the full 2021-22 financial year, the company’s net profit rose to Rs 803.73 crore from Rs 728.51 crore in the previous fiscal. It’s consolidated total expenses in the quarter jumped 40.3% on-year to Rs 14,726.7 crore
Shares of Adani Wilmar, which was regularly hitting the 5% upper circuit for the majority of last month, has been under pressure during the past couple of sessions. On Monday, it closed 3.41% lower at Rs 753.65 apiece on BSE.