BENGALURU (Reuters) -India’s Adani Wilmar said on Wednesday that first-quarter sales had slumped 15% as a sharp fall in edible oil prices eclipsed strong demand for its food products.
Edible oil prices have been on a decline since last year, hit by lower consumer demand in developed economies, easing of supply in the Black Sea region and strong production of oilseeds.
Sales in its food and fast moving consumer goods segment grew 30% on strong demand, but overall sales was dragged by a 15% decline each at its edible oil and industry essential segments.
(Reporting by Ashish Chandra in Bengaluru; Editing by Nivedita Bhattacharjee)
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