Adani Wilmar shares fall nearly 5% after Q4 earnings announcement

New Delhi: Shares of edible oil major Adani Wilmar on Wednesday fell nearly 5 per cent after the company reported a 60 per cent decline in consolidated net profit for the March quarter.

The stock declined 4.30 per cent to settle at Rs 397.65 apiece on the BSE. During the day, it tanked 6.11 per cent to Rs 390.10.

On the NSE, it fell 4.56 per cent to end at Rs 396.50 each share.

In volume terms, 6.79 lakh shares of the company were traded on the BSE and over 45.68 lakh shares on the NSE during the day.

On Wednesday, Adani Wilmar reported a 60 per cent decline in consolidated net profit at Rs 93.61 crore for the quarter ended March 2023 on lower revenue amid a fall in prices of cooking oils.

Its net profit stood at Rs 234.29 crore in the year-ago period.

Adani Wilmar, an equal joint venture between Adani Group and Singapore's Wilmar, sells edible oil under Fortune brand. It also sells some food products like rice, wheat flour and sugar.

Total income fell to Rs 13,945.02 crore in January-March 2022-23 from Rs 14,979.83 crore in the year-ago period, Adani Wilmar said in a regulatory filing.

Consolidated revenue witnessed a decline due to fall in prices of edible oil, the company said.

During the full last fiscal, Adani Wilmar's net profit fell to Rs 582.12 crore from Rs 803.73 crore in the previous year. Total income, however, rose to Rs 58,446.16 crore from Rs 54,327.16 crore in the previous year.