Adani Wilmar shares surged more than 4% Thursday, despite a dismal start to the market. For the quarter ending December 31, 2022, the consumer food firm reported another good quarter with an excellent volume increase.
To boost sales, the firm intends to develop its operating model in the HoReCa (Hotels, Restaurants, Caterers) category in the future.
Adani Wilmar's shares rose 4.22 percent to Rs 596 on the BSE, from a previous closing of Rs 571.85. On the BSE, 0.16 lakh shares of the company changed hands, resulting in a turnover of Rs 93.80 lakh. On the BSE, the company's market capitalization increased to Rs 77,077 crore. On April 28, 2022, the share reached a 52-week high of Rs 878.35.
Based on the current market price, the stock has dropped 32.14 percent from its all-time high. However, Adani Wilmar stock is trading at 169.68% over its market listing price. On February 8, the stock made a quiet market debut.
Adani Wilmar shares were launched on the BSE for Rs 221, a 3.91 percent reduction to its IPO issue price. The initial public offering (IPO) was priced at Rs 230. The company's shares were priced between Rs 218 and Rs 230. Meanwhile, Gautam Adani's company provided performance reports for the quarter that ended in December 2022.
According to the regulatory filing, Adani Wilmar saw a high-single-digit increase in edible oil volumes while seeing low-single-digit growth in value terms in Q3FY23.
Adani Wilmar said, "In a volatile edible oil price environment during the year, we have been able to capture demand with our portfolio of popular and premium brands."
"Packed oil sales grew strongly by high-double digit during the quarter, on the back of higher in-house as well as out-of-home consumption. Institutional demand was weak and declined during the quarter, " it added.
During Q3FY23, the company's food and FMCG business had high-20s volume growth and mid-40% value growth. Adani Wilmar stated, the food industry continues to develop at a very robust rate, driven by increased penetration and abundantly supported by our wide-spread distribution network of edible oils across India.
For the quarter ending September 2022, Adani Group reported a 73% drop in net profit. Net profit fell to Rs 49 crore from Rs 182 crore in the previous fiscal's second quarter. However, sales increased 5% to Rs 14,209 crore in Q2 from Rs 13,584 crore in the previous fiscal's September quarter.
In early morning trade, the Sensex was down 302 points at 59,813 while the Nifty was down 70 points at 17,843 on the wider market.
