Adani Wilmar Expects 'Comfortable' Prices, Wedding Season To Boost Sales
The owner of the 'Fortune' brand expects demand for products like basmati rice, edible oils, sugar, flour to go up.
12/12/2023 (NDTV Profit Online) – The six-month-long wedding season in India is expected to boost Adani Wilmar Ltd.'s sales, as edible oil prices are "comfortable". This demand gives a lot of buoyancy to consumption, which will continue till mid-April, Angshu Mallick, managing director and chief executive of Adani Wilmar, told NDTV Profit at the sidelines of an industry event in Mumbai.
The owner of the 'Fortune' brand expects demand for products like basmati rice, edible oils, sugar, flour to go up. Adani Wilmar is seeing growth in edible oil consumption as prices have eased.
"Globally edible oil prices have come down and is now very comfortable for the consumers to buy. There is higher consumption both in rural and urban. We are seeing a growth of 20% in edible oil consumption by volume,” Mallick said.
The company's margins have not been affected by the fall in global edible oil prices, according to him. "We are very conscious about out market share."
The company focuses on having a faster turnaround of buffer stocks with retailers, given the perishable nature of the products. It also tries to keep price volatility in check, he said.
The Adani Group company had reported loss in the edible oil segment in the second quarter, driven by continued divergent trends in the spot physical prices and future prices, resulting in hedging loss.