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ICICI Securities Report
Adani Wilmar Ltd. had another unusual quarter due to macro headwinds leading to revenue decline of 12% YoY (14% YoY decline in edible oil segment revenues).
Profitability continued to be impacted by multiple headwinds (~Rs 3 billion impact due to high cost inventory, hedges dis-alignment and tariff rate quota disparity).
Adani Wilmar expects profitability to normalise going forward. Positively, volume trajectory picked up with 27% YoY growth in edible oil segment.
Meanwhile foods segment continued its momentum with revenue and volume growth of 28% and 21% YoY, respectively.
Consumer demand and confidence have witnessed recovery (branded edible oil volumes grew by 39% YoY with increased salience of larger packs) with correction and stability in edible oil prices.
Maintain 'Reduce'.
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