HomeLifestyleAdani Wilmar: Adani Wilmar suffered a loss in the September quarter, profit...

Adani Wilmar: Adani Wilmar suffered a loss in the September quarter, profit decreased by 73%, more than 2% broken shares

Highlights

In the September quarter, the company’s profit has registered a big decline of 73 percent.
Shares of Adani Wilmar fell more than 2% to Rs 683 on the BSE.
While the NSE Nifty 50 declined by about 0.3%.

New Delhi. Adani Wilmar: Adani Wilmar, a company of Adani Group, has announced the results for the July-September quarter of the financial year 2022-23. In the September quarter, the company’s profit has registered a big decline of 73 percent. For the second quarter ended September 30, the company’s consolidated net profit declined to Rs 48.760 crore ($58.8 million) from Rs 182 crore a year ago.

Shares of Adani Wilmar fell more than 2% to Rs 683 on the BSE in Thursday afternoon deals, while the NSE Nifty 50 fell by about 0.3%. Let us tell you that the company is facing sluggish demand in rural areas and input cost inflation. Due to which there has been a big drop in profits.

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Total expenditure increased to Rs 14,149.6 crore
The revenue from operations of Adani Wilmar, a joint venture between Adani Group and Singapore-based Wilmar Group, grew 4% to Rs 14,150 crore. Due to the fall in edible oil, there has been a big decline in the company’s profits. Meanwhile, its total expenditure rose to Rs 14,149.6 crore as against Rs 13,354 crore in the corresponding quarter of the previous fiscal. Adani Wilmar expects consumer demand to improve in the second half of this fiscal. Along with this, the company also expects growth in its edible oils business.

In Q2 FY23, Adani Wilmar Ltd said it recorded 9% volume growth and 5% revenue growth, mainly on account of strong growth in food and FMCG. The company’s market share in the edible oils segment grew by 30 basis points (bps) to 18.5% on a standalone basis and 19.5% on a consolidated basis. Adani Wilmar said it saw several headwinds on the margin front, with higher volatility in edible oil prices, lower TRQ (tariff rate quota) allocation and the impact of inflation on its operating expenses.

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reason for decline
“In the edible oil segment, consumer demand faced several challenges in the last quarter, with multiple macro headwinds in the form of high inflation, delayed monsoon and sluggish rural demand,” Adani Wilmar said in a statement. Adani Wilmar expects consumer demand to improve in the second half of this fiscal, even in its edible oils business.

Shares also fell
Shares of Adani Wilmar fell over 2% to ₹683 on the BSE in Thursday afternoon deals, while the NSE Nifty 50 was down nearly 0.3%.

Tags: Adani Group, Business news in hindi, Gautam Adani, stock market

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