Shares of Adani Wilmar, the food and beverage vertical of the Adani Group, shot up by over 6% after the company reported its second-quarter results on Thursday.

What Happened: The Adani Group firm’s net profit came in at ₹311 crore in the July to September quarter, marking a turnaround from a ₹131 crore loss in the corresponding period last year. Sequentially, profit fell marginally from ₹313.2 crore.

Revenue from operations came in at ₹14,460 crore, representing an 18% year-on-year increase from the ₹12,267.15 crore it raked in a year ago. The company recorded a total income of ₹14,565 crore.

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During the July to September period, revenue from the edible oil segment increased by 21%, reaching ₹10,976.55 crore. The food and FMCG segment saw a 34% growth to ₹1,718.17 crore. The industry essential segment saw a 9% decline in revenue tat ₹1,765.73 crore. They attributed the decline to lower sales in Oleo, Castor meals and oil meal business.

“Our Oleo production at Mundra plant was impacted due to the heavy rains. We expect this business to return to normalised levels from the next quarter onwards,” the company added inits statement.

Adani Wilmar recorded an operating EBITDA of ₹612 crore in the quarter.

On a half-yearly basis, the company recorded a revenue of ₹28,629.03 crore and a profit of ₹624 crore. the company said it recorded the highest-ever half-yearly operating EBITDA in the first of the year, which stood at ₹1,232 crores, representing a growth of 349%.

Price Action: Adani Wilmar’s shares were up 6.61% ₹339.30 on Thursday afternoon.

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