India's Adani Wilmar sees Q3 sales growth in high single digits

BENGALURU (Reuters) -Fast-moving consumer goods firm Adani Wilmar Ltd said on Tuesday its sales would grow in high single digits in the third quarter, helped by strong demand during the festive season and stronger out-of-home consumption.

Standalone sales volume will grow in high teens, the company said in a regulatory filing.

Price volatility in its mainstay edible oil was lower in the third quarter compared with last quarter, the company said adding that segmental volume growth was seen at high-single digit.

The growth pace in the second quarter was mostly dragged by a decline in the edible oil business, which is known for Fortune cooking oil.

Adani Wilmar, a joint venture between Indian conglomerate Adani Group and Singapore's Wilmar Group, said packed oil sales increased by high-double digits during the third quarter due to higher in-house and out-of-home consumption.

"This year, festivals and weddings were celebrated at a much larger scale, compared to the base quarter which got impacted by lingering COVID effect," the company said.

Growth in the third quarter has been broad across both urban and rural towns, with higher saliency in urban markets, Adani Wilmar said.

Earlier, Saffola brand owner Marico had flagged that its revenue growth slowed in the third quarter due to a muted recovery in rural demand amid elevated inflation.

Adani Wilmar is expected to report its third-quarter results on Feb. 8.

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Shailesh Kuber)