Business News | Adani Wilmar Reports 12 Pc Decline in Revenue in Q1
Get latest articles and stories on Business at LatestLY. The company said the decline in revenue during the quarter was reflective of a steep decline in edible oil prices.
Ahmedabad (Gujarat) [India], August 2 (ANI): Adani Wilmar reported a 12 per cent yearly decline in consolidated revenue during April-June 2023 quarter at Rs 12,928 crore.
The company said the decline in revenue during the quarter was reflective of a steep decline in edible oil prices.
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The food and FMCG segment recorded a strong revenue growth of 28 per cent year-to-year to record close to Rs 1,100 crores of the total.
“Both urban and rural areas have witnessed strong demand,” the Adani Group company said in a release.
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The company said it kept its focus on expanding the distribution of both oil and food products.
The sale of branded products to HoReCa (Hotels, Restaurants and Catering) clients continued to grow strongly with the expansion of its distribution network in more cities and the acquisition of new client accounts, it said in the release.
“We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry,” said Angshu Mallick, MD and CEO, Adani Wilmar.
In line with the decline in international prices and the continuous policy interventions made by the central government, edible oil prices in India have declined considerably. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)