Adani Wilmar Shares Upbeat After Q4 Business Updates

Adani Wilmar Shares Upbeat After Q4 Business Updates

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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