On the BSE, Adani Wilmar stock was trading 7.33 per cent higher at Rs 404.New Delhi: Shares of Adani Wilmar jumped over 7 per cent on Tuesday a day after the company posted a 66 per cent jump in consolidated net profit to Rs 211.41 crore for the December 2021 quarter (Q3) of the current financial year 2021-22.On BSE, the shares were trading 7.33 per cent higher at Rs 404.
The scrip was up 7.62 per cent to Rs 405 on the NSE platform.The stock has surged around 76 per cent from its issue price of Rs 230.The company's total income rose to Rs 14,405.82 crore in the third quarter from Rs 10,238.23 crore a year ago, up around 41 per cent, driven by food products, which it sees as the focus area going forward.Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, said, "In its first earnings release post listing Adani Wilmar reported strong topline performance led by the edible oils business and similarly, FMCG segment also reported better growth.
Post listing it has outperformed broader markets and the gain in the price seems to be justified in the current market scenario on the back of its decent listing valuations with a leadership position in branded edible oil and packaged food business followed by a strong brand recall."Mr Tapse stated that the company has a strong footprint and is well placed to tap the growth in organized retail space."We are optimistic on the business outlook considering the long term play as the market always rewards a player who has the high growth potential and if investors wish to add Adani Wilmar at a current market price one can do so using buy on dip strategy keeping long term vision," he added.