Due to a high-cost inventory triggered by a decline in edible oil prices, FMCG major, Adani Wilmar Limited posted a net loss of Rs 79 crore during the first quarter of FY 2024, according to the company’s regulatory filing on Wednesday. This is against a profit of Rs 194 crore during the corresponding quarter of FY 2023. The company’s annual revenues also declined 12% to Rs 12,928 crore from Rs 14,724 crore during the same period.
Decline in edible oil costs hits Adani Wilmar’s profitability
Due to a high-cost inventory triggered by a decline in edible oil prices, FMCG major, Adani Wilmar Limited posted a net loss of Rs 79 crore during the first quarter of FY 2024, according to the company’s regulatory filing on Wednesday. This is against a profit of Rs 194 crore during the corresponding quarter of FY 2023. The company’s annual revenues also declined 12% to Rs 12,928 crore from Rs 14,724 crore during the same period.