Block Deals: Adani Commodities LLP is likely to sell up to 7 per cent in AWL Agri Business Ltd through block deals. As per Zee Business, the offer size is around Rs 2,501 crore. The floor price is fixed at Rs 275 per share. This is a 0.63 per cent discount to Thursday’s close.
Shares of the company ended 0.49 per cent higher at Rs 277.15 on the NSE.
Q2 earnings show pressure on profit
AWL Agri Business reported a 21 per cent drop in consolidated net profit. The profit came in at Rs 244.85 crore in the September quarter. It was Rs 311.02 crore a year ago.
The company said the decline was due to a strong base quarter.
Revenue rises on strong edible oil performance
Total income rose to Rs 17,525.61 crore in Q2. It was Rs 14,552.04 crore in the same period last year.
Volumes grew 2 per cent year-on-year. The company sold 1.68 million tonnes across edible oils, industry essentials and food-FMCG.
Edible oils drive growth
Revenue from edible oils rose 26 per cent in the quarter. It increased to Rs 13,828 crore from Rs 10,966 crore last year.
Industry essentials revenue rose 19 per cent year-on-year.
Food and FMCG segment contracts
Food and FMCG revenue fell 2 per cent. The company said the fall was due to lower non-branded rice exports. A one-off government-to-government rice order in the base year also impacted the comparison.
AWL also pointed to consolidation of the non-basmati rice business as a factor.