Adani Wilmar Ltd. estimates that heightened demand during the festive and wedding seasons positively impacted the company’s performance in the branded oil and foods segment, resulting in its highest-ever volume recorded for the quarter.
In its quarterly business update on Friday, the consumer goods business of billionaire Gautam Adani announced a 6% overall volume growth during the quarter.
Rural sales saw robust performance, driven by sustained demand for branded staples.
Nevertheless, the company anticipates a 15% year-on-year decline in revenue for the third quarter, attributed to reduced edible oil pricing aligning with the decrease in raw material costs.
The year has witnessed robust growth in branded edible oil volume, reflecting a 4% year-on-year increase during the quarter. Meanwhile, overall volume in the edible oil segment remained unchanged, primarily due to subdued demand from institutional clients.
Adani Wilmar’s Food Segment Surges:
Despite the constraints on rice exports, the revenue in the food and FMCG segment experienced a notable 28% year-on-year growth during the quarter, accompanied by an 18% increase in volume.
Industry essentials sales remained steady, with a notable 15% increase in volume growth.
The six-month-long wedding season in India is poised to enhance Adani Wilmar’s sales, as Angshu Mallick, managing director and chief executive of Adani Wilmar, said last month, citing the “comfortable” prices of edible oil.
He mentioned that this demand provides significant support to consumption, and it is expected to persist until mid-April.
Continue Exploring: Adani Wilmar Limited surges with 18% year-on-year volume growth in H1 2024, eyes expansion in food business