The most common and most likely answer to this crossword clue is the 5 letter word HALVA
I've seen this crossword clue in Financial Times
H
A
L
V
A
Buddy explains!
The straight part
We know that "semolina carrot cake" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case semolina carrot cake = halva.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HALVA mean?
HALVA noun- A confection usually made from crushed sesame seeds and honey. It is a traditional dessert in South Asia, the Mediterranean and the Middle East.