Adani Wilmar Net Profit Falls 26% In March Quarter
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Adani Wilmar, whose stock net profit fell 26% during the Januray-March period to ₹234 crore as inflation dented demand and supply side problems due to the Ukraine crisis aggravated the situation. Revenue from operations during the said period, however, rose 40% to ₹14,960 crore.
On Monday, Adani Wilmar shares were down 3.7% to close at ₹751.50 apiece on NSE.
Adani Wilmar has been on a dream run since its listing in February and the company has crossed ₹1 lakh crore value recently, gaining a place among the top 50 Indian companies in terms of market capitalisation.
On debut, Adani Wilmar market cap stood at just ₹35,000 crore and in a spectacular run, the scrip has rallied over 250% in just over two months.
“We have delivered a steady growth in spite of the challenging macro environment. The food & FMCG segment registering double digit growth. We have continued to improve our market share across edible oil & food categories. We are also on track to implement our go-to-market strategy focused to capture the rural growth story. We will continue to invest in our brand, distribution, sourcing and manufacturing capabilities. Going forward, we will focus more on inorganic growth and strategic investments in the foods space,” said Adani Wilmar CEO and MD Angshu Mallick.
Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led conglomerate Adani Group and Singapore’s Wilmar Group, had raised ₹3,600 crore through an initial public offering (IPO) at the beginning of this calendar year. The company’s shares were offered at ₹230 apiece in the IPO
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