The margins were under pressure and its financial results were adversely affected due to a fall in overseas and local edible oil prices since November 1998, a company release said.

ITC Agro said that its sales for 1998-99 shot up 48 per cent to touch Rs 86.38 crore from Rs 58 crore in the previous year.

Its Sundrop brand of edible oil grew by over 27 per cent in volumes this year and its market share increased to 16.3 per cent this year, up from 13.9 per cent at the end of March 1998, the release said.