Adani Wilmar Q3 net profit rises 66%, revenue up 40%
Premium- Shares of Adani Wilmar recovered from lows after Q3 results announcement as it was up over 2% on the BSE
In its first earnings release post listing, Adani Wilmar Ltd reported a 66% rise in its Q3 consolidated net profit at ₹211 crore as compared to ₹127 crore in the year-ago quarter. The company's revenue from operations rose over 40% to ₹14,379 crore from ₹10,229 crore in the same quarter last year.
The company's revenue from edible oil segment rose to ₹12,118 crore versus ₹8,647 crore year-on-year (YoY), whereas FMCG revenue was up 46% at ₹703 during the third quarter ending December 2021.
Shares of Adani Wilmar recovered from lows after Q3 results announcement as the Adani Group stock was up over 2% at ₹388 apiece on the BSE in Monday's afternoon deals. The counter made its debut on February 8, 2022 and is up more than 68% from its IPO issue price of ₹230.
Adani Wilmar had opened its three-day initial public offering (IPO) on January 27 and the issue closed on January 31. The issue was subscribed more than 17 times. The edible oil major had finalised the issue price of its ₹3,600 crore initial share sale at ₹230 per share. The company had said it will use funds for setting up new plants, repaying debt and making strategic acquisitions.
The initial share sale of Ahmedabad-based Adani Wilmar, a joint venture between Adani Group and Wilmar Group of Singapore, comprised only fresh issue of equity shares.
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Adani Wilmar is an FMCG food company offering most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the ‘Fortune’ brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
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