New Delhi: Edible oil major Adani Wilmar Wednesday reported a net loss of Rs 79 crore in the June quarter due to lower income amid fall in prices of cooking oils.
The company had posted a net profit of Rs 194 crore in the year-ago period.
Total income fell 12 per cent to Rs 12,928 crore during the April-June period of this fiscal from Rs 14,724 crore in the corresponding period of the previous financial year, Adani Wilmar said in a regulatory filing.
Adani Wilmar sells edible oils and other food items under Fortune Brand.
“We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry,” Angshu Mallick, MD & CEO of Adani Wilmar Ltd, said.
The company is gaining good share from regional brands in the under-indexed customer segments with marketing and sales focus on specific geographies and oil categories, he added.
To capture the opportunity in the value-added blended oils, Mallick said the company is investing in this segment, under Xpert brand.
“Our margins during the quarter got impacted by high-cost inventory in a falling edible oil price environment and dis-aligned hedges compared to spot prices of physical commodity,” he said.
PTI
