By Malvika Gurung

Investing.com — Edible Oil Major Recently Listed Adani Wilmar (NS:) released its results for the quarter ending in March on Monday, with net profit down over the period.

Oil producer Fortune’s consolidated net profit fell 25.6% on an annual basis to Rs 234.3 crore in the March quarter, due to higher costs and tax expenditures .

The company recorded a one-time gain in the form of an income tax waiver in the base quarter as it transitioned to a reduced corporate tax of 25%. In addition, the Russian-Ukrainian crisis that began in the last quarter of FY22 pushed edible oil and commodity prices to multi-year highs, which weighed on demand.

The major’s operating revenue jumped 40.2% YoY to Rs 14,960.37 crore in the March quarter, while total consolidated expenses also jumped 40.3% YoY annual to reach Rs 14,726.7 crore.

The company’s management said its food and FMCG business saw double-digit growth and improved market share in the edible oil and food categories.

For FY22, Adani (NS:) Wilmar’s jumped 46% YoY to Rs 54,214 crore, and consolidated net profit increased 26% YoY to Rs 804 crore.

The company recently surpassed a market capitalization of Rs 1 lakh crore and is listed among the 50 most valuable companies in India.

Adani Wilmar debuted on Indian stock exchanges in February 2022 and its shares rose over 250% during the period. On Monday, the stock closed down 3.43% at Rs 753.6 each.