Adani Wilmar reported a sharp decline of 73 percent in profit for the July-September quarter. The Fortune cooking oil maker released its quarterly earnings report on Thursday and reported that the profit for the quarter stood at Rs 48.7 crore as compared to Rs 182 crore in the corresponding period a year ago.

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“Sharp fall in prices of palm oil, soyabean oil and sunflower oil left most of the players with high price inventory in hand. The company also passed on the benefit of lower prices to the consumers. This coupled with currency depreciation impacted margins during the quarter,” the company said in a regulatory filing.

Adani Wilmar the joint venture between India's Adani Group and Singapore's Wilmar Group had some relief as the revenue from operations grew over 4 percent Rs 14,150 crore as against Rs 13,558 crore in the quarter ended September 2021.

Total expenses for the July-September quarter rose to Rs 14,149.6 as compared to Rs 13,354 crore in the corresponding quarter of the previous fiscal.

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The company further added that it recorded 9 percent volume growth, and 5 percent revenue growth, which was primarily led by robust growth in Food and FMCG sector

On a standalone basis, the company's market share in the Edible Oil category increased by 30 basis points (bps), reaching 18.5 percent, and on a year-on-year basis, it increased to 19.5 percent.

“September 2022 witnessed higher edible oil imports of 1.59 MMT against1.37 MMT in August 2022. We see positive signs of recovery going forward in the edible oils business for H2FY23, with softening of commodity prices and the recent uptick in demand on the back of festivities and weddings," said Adani Wilmar in a filing.

Following the news shares of Adani Wilmar fell over 2 percent. The shares closed at Rs 282, falling 2.28 percent from the previous close on the BSE.

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