Adani Wilmar Shares Surge 6% on Q1 Profit
Jul 29, 2024 17:34
Adani Wilmar shares climbed 6% on Monday after reporting a strong Q1 net profit of Rs 313.20 crore driven by higher revenue from cooking oils and FMCG products.
Photograph: Amit Dave/Reuters
New Delhi, Jul 29 (PTI) Shares of Adani Wilmar Ltd on Monday jumped 6 per cent after the firm reported a consolidated net profit of Rs 313.20 crore for the June 2024 quarter on higher revenue from cooking oils and other food-FMCG products.
The stock rallied 5.86 per cent to settle at Rs 344.40 apiece on the BSE. During the day, it soared 7.43 per cent to Rs 349.55.
On the NSE, shares of the firm jumped 6 per cent to Rs 344.80 each.
The company had posted a net loss of Rs 78.92 crore in the year-ago period.
The total income rose to Rs 14,229.87 crore during the April-June period this fiscal from Rs 12,994.18 crore in the corresponding period of the previous year, according to a regulatory filing.
Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, is into edible oil, food & FMCG and industry essentials businesses. The company sells most of its products under the 'Fortune' brand.
The revenue of the edible oil business grew 8 per cent to Rs 10,649 crore in April-June of this fiscal from Rs 9,845 crore in the year-ago period.
Food and FMCG business revenue rose 40 per cent to Rs 1,533 crore from Rs 1,097 crore. The revenue of the industry essentials segment was flat at Rs 1,986 crore.
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