Adani Wilmar Ltd. saw double-digit growth in both its edible oil and food divisions during the fourth quarter of fiscal 2024, driven by increased retail presence and heightened demand due to festivities like Holi and the wedding season.
In its quarterly business update on Friday, the consumer goods business led by billionaire Gautam Adani reported an overall volume growth of 4% for the quarter. However, a notable decrease in the export business of animal feed exerted downward pressure on the overall volume growth.
The company stated that despite an increase in volume, FY24 witnessed lower revenue due to reduced edible oil prices compared to the previous year.
Continue Exploring: Adani Group mulls over divestment in Adani Wilmar, decision expected in three months
During the year, the branded edible oil segment exhibited strong growth, achieving a year-on-year increase of 15% during the quarter, surpassing the overall segment growth rate of 10%.
During the quarter, revenue in the food and FMCG segment surged by 18% year-on-year, accompanied by a volume growth of 10%. Over the year, the segment reached a significant milestone of 1 million metric tonnes in sales and doubled its revenue to approximately INR 4,700 crore.
Both sales and volume of industry essentials experienced a double-digit decline.
Continue Exploring: Adani Wilmar’s Q3 profit slides 18% YoY to INR 201 Crore; revenue witnesses a 17% decline