By Malvika Gurung
Investing.com -- The recently-listed edible oil major Adani Wilmar (NS: ADAW ) posted its earnings result for the March-ending quarter on Monday, with net profit declining in the period.
The Fortune oil producer’s consolidated net profit fell 25.6% on a YoY basis to Rs 234.3 crore in the March quarter, led by increased costs and tax expenses.
The company witnessed a one-time gain in the form of an income tax reversal in the base quarter, as it shifted to a reduced corporate tax of 25%. Also, the Russia-Ukraine crisis that started in the final quarter of FY22, sent edible oil and commodity prices to multi-year highs, denting demand.
The major’s revenue from operations surged 40.2% YoY to Rs 14,960.37 crore in the March quarter, while consolidated total expenses also jumped 40.3% YoY to Rs 14,726.7 crore.
The company’s management stated that its food & FMCG sector witnessed a double-digit growth, and improved its market share across edible oil and food categories.
For FY22, Adani (NS: APSE ) Wilmar’s surged 46% YoY to Rs 54,214 crore, and consolidated net profit grew 26% YoY to Rs 804 crore.
The company has recently surpassed a market capitalization of Rs 1 lakh crore, and is listed among India’s 50 most valued companies.
Adani Wilmar debuted on the Indian exchanges in Feb 2022, and its shares have rallied over 250% in the period. On Monday, the stock closed 3.43% lower at Rs 753.6 apiece.
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