Adani Wilmar’s share price slumped deep in the red on Wednesday after the company posted its earnings for the March quarter.

What Happened: The company’s consolidated revenue from operations slumped 7% from the year-ago period at ₹13,872.64 crore. The company in a statement said that the fall in revenue was due to the “fall in prices of edible oil.”

The company’s edible oil business – which accounts for a major part of its revenue – saw revenue slumping 13% year-over-year to ₹12,372 crore. Food & FMCG, on the other hand, saw revenues go up 53% YoY in the quarter ended March at ₹1,159 crore.

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The company’s EBITDA slumped 16% to ₹359 crore compared to the corresponding quarter last year when the Adani Group company’s EBITDA stood at ₹426 crore. Net profit for the review quarter tanked 60% YoY to ₹93.61 crore. Earnings per share for the quarter stood at ₹0.72.

Apart from the decline in Edible oil prices, the FMCG giant also said that inflation in the packaging cost at the gross profit level and inflation in logistics, chemicals, and power & fuel costs at the EBITDA level had an adverse impact. “Interest expenses also went up with the increase in the benchmark rates on the back of hikes in the Fed rates” the company added.

Interestingly the company’s business updates released early last month for the quarter and year ended March had given hope to the investors. The results today seemed to have done the opposite.

Price Action: Adani Wilmar’s share price was down 4.92% to trade at ₹395 in the late hours of trading on Wednesday.

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