 "Adani Wilmar Q2FY24 result: FMCG major reports net loss of Rs 130 crore")
Adani Wilmar, the FMCG arm of the Adani group, on Wednesday reported a loss of Rs 130.73 crore in the quarter that ended on September 30, as compared to a profit of Rs 39 crore in the same quarter last year. As compared to a loss of Rs 78.9 crore in the previous quarter, the net loss increased 65.6 per cent.
The company's margin was at 1.2 per cent in the July-September quarter, as compared to 1.8 per cent a year ago.
The company last month said its profitability in the September quarter remained under stress due to lower edible oil prices. "Excessive imports by the industry in recent months have also contributed to the stress," the company said in a BSE filing.
It added that the profitability for the quarter remained under stress due to divergent trends in spot and future prices of edible oils.
Meanwhile, the company said it witnessed strong volume growth during the second quarter of the current fiscal, even as sales value declined on a year-on-year basis following a sharp fall in global edible oil prices.
"The company delivered strong volume growth in double digits, on the back of large opportunity in packaged staple foods and strong execution," Adani Wilmar said. Rural sales have been growing faster due to a higher focus on increasing rural distribution network, it added.
The company also announced the appointment of Ravindra Kumar Singh as the additional director (Executive) designated as a whole-time director for a period of three years.
On Wednesday, as of 12:15 p.m., the company's shares were trading 2.78 per cent in the red at Es 318.1 apiece on BSE.