Household staples see modest sales rise in Q3
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«Compared to the second quarter, edible oil prices in Q3 (December '24) were about 25% higher. This significant price surge has resulted in consumers downgrading their purchases and a reduction in stock at the trade level,» Adani Wilmar, maker of Fortune staples, said in its earnings on Saturday. «Moreover, palm oil prices, which are typically lower than other edible oils, surpassed the prices of other oils, causing consumers to switch to other affordable edible oils while sticking with value-for-money brands.» The company noted demand for edible oil in the December quarter was impacted by a sharp rise in underlying commodity prices after duty hike in mid-September.
Most companies indicated sequential improvement in demand with mid-single digit revenue growth after price hikes, but noted rising pressure on margins due to higher raw material prices.
Ranjeet Kohli, chief executive of biscuit and dairy product maker Britannia said urban stress is expected «to persist for another two-three quarters».
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