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ICICI Securities Report
Adani Wilmar Ltd. continues to witness recovery in volumes (+11% YoY) with sustained strong performance in foods segments (+18% YoY volume growth; more than 40% revenue growth in branded foods segment over last 8 quarters) and gradual recovery in edible oils segment (+12% YoY volume growth in branded edible oils).
Adani Wilmar's revenue growth deceleration is due to edible oil price correction. Profitability continued to be impacted by hedges dis-alignment (~Rs 3 billion impact).
Management expects demand to improve with normalisation in profitability going forward. Importantly, continued meaningful outperformance of foods segment (management plans to increase volume salience of foods from ~17% currently to ~30%) is key to de-risk volatility in edible oil business. Maintain 'Reduce'.
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