
Adani Wilmar released a strong Q4FY25 business update ahead of our initial expectations. We now expect revenue to grow 36% YoY versus our initial estimate of 19% YoY growth (31.4% in Q3FY25 on a base of 16.9% decline; 4.6% fall in Q4FY24). We anticipate overall volumes to grow ~7% YoY versus our initial expectation of 5% YoY growth (up 5% in Q3FY25; 3% in Q4FY24)
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