Adani Wilmar’s share price continued its gaining streak on Monday as the company posted its operational updates for the final quarter of FY23.
What Happened: The company’s sales volume grew 14% year-over-year in FY23, as the company raked in over ₹55,000 crore in revenues. The company in a regulatory filing said that its Food & FMCG segment saw an over 40% YoY increase in sales volume and an over 60% YoY jump in revenue. The industry essential segment also saw an over 60% YoY growth in sales volume, however, revenue grew in the low teens.
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The company’s flagship edible oil segment – popular oil brand Fortune is owned and run by the company- saw sales value remain flat this quarter resulting in a double-figure decline in revenues. The Adani Group company expects demand for “packaged oils and staple foods to remain healthy despite the various macroeconomic and geo-political events.”
The company also said that its food & FMCG is expected to continue strong growth in both rice and wheat products for multi-years, given the large headroom in the kitchen essential products. The company which has been taking a beating at the bourses since the Hindenburg report came out earlier this year, has seen some recovery in the past few sessions, as the stock is up around 2% since the start of this month.
Price Action: Adani Wilmar’s share price was up 1.09% to trade at ₹414 in the early hours of trading on Monday.
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