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NEW DELHI: Adani Wilmar, which was listed on the bourses in February this year, on Monday said its consolidated net profits for quarter-ended March stood at Rs 234.29 crore, down 25.62 per cent from Rs 315 crore, declared in the corresponding quarter last year.

The company said it had seen a one time gain in form of income tax reversal in the base quarter as the company shifted to reduced corporate tax of 25 per cent. Adjusting for that, the net profit has seen an increase of 39 per cent year-on-year.

Revenue from operations for the quarter came in at Rs 14,960.37 crore, up 40.18 per cent from Rs 10,672.34 crore in the year-ago quarter.

Shares of the company have spiked manifold in recent months as investors believe the company will benefit from soaring edible oil prices. Though, the numbers reported by the company may come as a disappointment to some.

The company said its overall sales volume stood at 1.29 MMT (million metric tonnes) during the March quarter, up 16 per cent QoQ. The firm did not provide year-on-year change. Food & FMCG vertical sale volume was at 0.18 MMT, up 33 per cent QoQ.

“We have delivered steady growth despite the challenging macro environment. The food & FMCG segment registered double-digit growth. We have continued to improve our market share across edible oil & food categories,” said Angshu Mallick, Managing Director and CEO, Adani Wilmar.

“We are also on track to implement our go-to-market strategy focused to capture the rural growth story. We will continue to invest in our brand, distribution, sourcing and manufacturing capabilities. Going forward, we will focus more on inorganic growth and strategic investments in the food space.”

For FY22, Adani Wilmar said consolidated revenue crossed Rs 50,000 crore mark and stood at Rs 54,214 crore compared to Rs 37,090 crore in 2021, registering a growth of 46 per cent. Consolidated net profit at Rs 804 crore in 2022 compared to Rs 636 crore in 2021, registering a growth of 26 per cent.

The company said a broad-based economic recovery is expected in FY23, as Covid may have entered an endemic stage. Also, a normal monsoon is expected and now the risks are shifting fast from Covid-19 to geopolitics, higher commodity prices & interest rate hikes by Fed.

The company also highlighted that due to war in Ukraine, Sunflower consumption has come down by 50 per cent. India has now started importing sunflower oil from origins such as Argentina, Russia and Turkey.

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