Adani Wilmar, said on Tuesday that sales would increase in the high single digits in the third quarter, owing to strong demand during the festive season and increased out-of-home consumption.
According to a regulatory filing, the company’s standalone sales volume will grow in the high teens.
The company said that price volatility in its mainstay edible oil was lower in the third quarter compared to the previous quarter, and that segmental volume growth was in the high single digits.
The second-quarter growth rate was primarily hampered by a decline in the edible oil business, which is best known for Fortune cooking oil.
Adani Wilmar, a joint venture between the Adani Group of India and the Wilmar Group of Singapore, reported that packed oil sales increased by the high-double digits during the third quarter due to increased in-house and out-of-home consumption.
“Festivals and weddings were celebrated on a much larger scale this year, compared to the base quarter, which was impacted by the lingering COVID effect,” the company stated.
According to Adani Wilmar, growth in the third quarter was broad across both urban and rural towns, with greater saliency in urban markets.
Previously, Saffola brand owner Marico warned that revenue growth slowed in the third quarter due to a slow recovery in rural demand amid rising inflation.
