BENGALURU (Reuters) – India’s Adani Wilmar forecast double-digit percentage growth in fourth-quarter edible oil sales on Friday, driven by strong demand during the festive season in the world’s biggest importer.
The consumer goods maker said it bagged strong growth in both its edible oils and foods businesses, aided by strong demand during the festival of Holi and ongoing wedding season.
India meets more than two-thirds of its edible oil requirements through imports, with Adani Wilmar being one of the largest importers of the product.
However, the company flagged lower revenue in financial year 2024 on account of lower edible oil prices, which it said offset growing volumes in this category.
The maker of “Fortune” branded cooking oil had seen a fall in revenue in four consecutive quarters.
However, its overall volumes grew just 4% from last year, due to a decline in the animal feed export business.
The company had reported an 18.4% fall in third-quarter profit due to weak edible oil demand and lower product prices.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, sells edible oil variants, including mustard, sunflower and soyabean.
Dabur India said on Thursday it expects mid-single digit percentage revenue growth during the March-quarter, saying that demand trends remained sluggish.
Shares of Adani Wilmar closed down 0.7% ahead of the update.
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Varun H K)
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