• Adani Wilmar reports high-single-digit growth in edible oil volumes, while growth in value terms in Q3FY23 was in low-single digits
Adani Wilmar share price was up nearly 3% in early trade on January 11 after registering healthy volume growth for the quarter ended December 31. ,
At 10.14 am, the stock pared some morning gains and traded at ₹586.95, up about 2.6%.
Adani Wilmar witnessed strong volume growth across all segments in the quarter. As per regulatory filings, Adani Wilmar reported high-single-digit growth in edible oil volumes, while growth was in low-single digits in value terms in Q3FY23.
Meanwhile, the company's food and FMCG segment registered high-20 per cent growth in volume and mid-40 per cent growth in value during Q3FY23. The edible business is growing at a very strong rate, driven by increasing reach and supported by a wide distribution network of edible oils across India, Adani said.
“Adani Wilmar has reported record volume growth which is expected to improve the company's margins. This is the major reason for the bulls favoring this stock in the morning deals. Those having this stock in their portfolio should maintain strong sustaining stop losses below ₹550 per share level while fresh buying is advised only above ₹650," Ravi Singhal, CEO, GCL Securities he said.
Top Adani stocks created immense wealth for investors in 2022. The seven listed companies of the Adani Group added ₹7.4 trillion to investors' wealth in 2022, making them the fastest growing stocks of 2022.
The stock is up over 179% in 2022 on the back of its strong brand name and market share compared to most recently listed companies.
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