Shares of Adani Wilmar surged 2% after the Adani Group witnessed double-digit growth in both edible oils and food businesses during the quarter ended March FY24.
This growth was driven by increased retail penetration, particularly focusing on under-indexed markets. The company also achieved its highest ever volume during the quarter, and it continued to gain market share.
In a regulatory filing, Adani Wilmar said that the company benefited from the strong demand during the festive occasion of Holi and the ongoing wedding season. “The company also achieved its highest ever volume during the quarter and it continues to gain market share,” it stated.
According to Adani Wilmar, the company’s branded edible oils saw a 15% YoY rise in FY24, while the segment as a whole saw a 10% YoY growth. It stated that this is the second year in a row that the branded portfolio has grown more quickly. Despite the increasing quantities, it should be highlighted that FY24’s edible oil prices were lower than those of the prior year, which resulted in lesser revenue.
As of 10:00 am, the shares were trading 2.07% higher at ₹359.50 on the NSE.
Adani Wilmar is a large Indian food company that provides a variety of essential kitchen commodities, including edible oil, wheat flour, rice, pulses, and sugar. It is India’s leading processor of crude palm oil and the largest importer of edible oils into the country. Adani Wilmar also produces a wide range of oleochemicals that are traded internationally.
