Adani Group recently announced its exit from the joint venture by divesting its entire 44% stake to Wilmar group as well as open market sale
New Delhi: Adani Wilmar, which sells edible oils and other food items, on Saturday reported a 6% annual growth in sales volumes and a 33% increase in revenue in the December quarter.
Adani Wilmar, established jointly by Adani Group and Singapore Wilmar Group in 1999 markets its products mainly under Fortune brand.
Adani Group recently announced its exit from the joint venture by divesting its entire 44% stake to Wilmar group as well as open market sale.
In a regulatory filing on Saturday, Adani Wilmar said the company “achieved a healthy volume growth of 6% year-on-year in Q3 (December quarter), despite significant price hikes driven by surge in raw material costs”.
Revenue grew 33% year-on-year, it added.
“In the edible oils segment, although there was downtrading among consumers, the company maintained its market share by its strategy of having a diverse portfolio of brands at various price points,” Adani Wilmar said.
The company reported 4 % sales volumes growth and 39% revenue increase in edible oils business.
In the foods category, the company highlighted that key packed products such as wheat flour, rice, nuggets, pulses, poha, and sugar continued to experience robust double-digit growth.
“The integrated distribution model is enabling us to leverage the strength of our oil distribution network to boost the reach of our food products, particularly in urban markets,” Adani Wilmar said.
The e-commerce, including quick commerce, sales volume continued to grow rapidly at 41% year-on-year.
The company said its focus on capturing a fair share in south India has continued to deliver strong results, driving over 15% year-on-year volume growth for branded edible oils and foods combined.
“Rural markets continued to drive faster growth for our foods business, fuelled by expanded coverage of rural towns and trial generation through combo offers,” the company said.
