2022-05-03 05:15:23
A SYNOPSIS ON ADANI WILMAR LTD EARNINGSAdani Wilmar, a joint venture between India's Adani Group and Singapore's Wilmar International, announced on May 2 that its consolidated net profit for the quarter ended March was Rs 234.3 crore, down 25.6 % year on year.
For the quarter ended March, the edible oils company recorded a 40.2 % year-on-year increase in consolidated revenue from operations to Rs 14,960.4 crore.
The company said in a statement that the reasons for the lower profits are that the company's tax expense for the quarter was Rs. 79.1 crores while compared to a tax write-off of Rs 93.3 crores before year. And the company also stated that the consolidated total expense for the quarter increased by 40.3% YOY to Rs 14,726 crores. It also stated that the cost of raw materials utilized increased by 40.3% and other expenses increased by 26%. And the major issue company stated that the jump in global sunflower oil prices, as well as higher tax charges, are major reasons that resulted in a drop in net profit"
Despite the adverse macro climate, we have maintained consistent growth. Food and fast-moving consumer goods (FMCG) are experiencing double-digit growth. We've maintained our market share gains in the edible oil and food sectors "Angshu Mallick, Managing Director, and Chief Executive Officer stated.
Mallick stated that the corporation would look towards inorganic development and strategic investments in the food industry.
According to Adani Wilmar, the fast-moving consumer goods portfolio has slowed due to high production costs. "While the rural market is the driver of growth, inflation has had an influence on-demand," he said.
The company recorded a 16 % year-over-year increase in volumes to 1.29 million tonnes for the quarter. In the reported quarter, Adani Wilmar's consolidated operating profit increased by 29% year on year to Rs 488 crore.
On the National Stock Exchange, the stock closed 3.7 % lower at Rs 751.50 on Monday.
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