Shares of Adani Wilmar (AWL) rose 5% to Rs 405.10 on the BSE in intraday trade on Thursday after Adani Group’s edible oil company reported a 15% year-on-year rise in its after-tax standalone profit at Rs 277 crore in the December quarter (Q3FY23).

The stock has recovered 9% from an intraday low of Rs 405.10. In the past three days, it has rebounded 16% from the Rs 380.40 level touched on Monday, February 6. Before this, the market price of AWL had fallen by 34% since January 24.

AWL traded 4.5% higher at Rs 438 at 11:14 am, while the S&P BSE Sensex gained 0.06%. The average trading volume over the counters jumped more than three-fold today, with 13.6 million shares changing hands across the counters of the NSE and BSE.

However, other shares of the Gautam Adani group of companies remained under pressure, falling as much as 20% in intraday trade. The fresh sell-off came after index provider MSCI said it would review the free float of listed group companies.

Meanwhile, in Q3FY23, AWL’s volumes rose by 16% to 1.4 million tonnes, and revenue increased by 7% to Rs 14,714 crore. Standalone Ebitda rose 23% YoY to Rs 623 crore, and Ebitda per tonne improved to Rs 4,416 from Rs 4,190 in Q3FY22.

The strong volume growth achieved in the quarter was driven by considerable opportunities in the packaged food industry, supported by our portfolio of premium and popular brands, pan-India distribution, and manufacturing facilities across the country, AWL said.

The quarter also saw macro tailwinds such as solid demand for festivals and weddings, a gradual recovery in rural markets and a bumper Kharif crop. AWL said the company would continue increasing direct retail store coverage and expanding its organic and inorganic manufacturing capabilities.

However, the hike in benchmark interest rates during the year also increased interest costs for the quarter and nine months of FY23, resulting in lower profit per tonne before tax (PBT) than Ebitda per tonne, the company said.

In its statement of results, AWL said that after the quarter ended December 31, 2022, a short seller based in the US published a research report dated January 24, 2023, which provided the allegations related to specific governance and trading matters of certain Adani Group entities and their shareholders. Adani Group has denied the allegations through its report dated January 29, 2023.

AWL said the group’s management believed the research report had no impact on the group’s operations and financial performance.