Adani Wilmar Shares Surge on Q1 Profit Boost

Shares of Adani Wilmar Ltd surged 6% after reporting a consolidated net profit of Rs 313.20 crore for the June 2024 quarter, driven by higher revenues from cooking oils and other food-FMCG products. The company had previously posted a net loss in the same quarter last year.

Shares of Adani Wilmar Ltd surged 6% on Monday after the company reported a consolidated net profit of Rs 313.20 crore for the June 2024 quarter, largely due to higher revenues from cooking oils and other food-FMCG products.

The stock rose 5.86% to close at Rs 344.40 on the BSE, and gained 7.43% during the day to reach Rs 349.55. On the NSE, it rose by 6% to Rs 344.80.

The company had reported a net loss of Rs 78.92 crore in the same period last year. Total income for the April-June period rose to Rs 14,229.87 crore from Rs 12,994.18 crore the previous year, as stated in a regulatory filing.

Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, operates in edible oil, food & FMCG, and industry essentials businesses. Most products are sold under the 'Fortune' brand.

The edible oil business saw an 8% revenue increase to Rs 10,649 crore, while food and FMCG revenues jumped 40% to Rs 1,533 crore. Revenue for the industry essentials segment remained flat at Rs 1,986 crore.