Adani Wilmar, a renowned company, has recently made an exciting foray into the whole wheat market with its esteemed brand, Fortune. This move aims to cater to the discerning preferences of traditional wheat connoisseurs residing in the western and northern regions of India.
These households have a distinct inclination towards specific wheat varieties, which they meticulously oversee during the grinding process at their local chakki stores. Adani Wilmar seeks to address their demands by offering a diverse range of Fortune Whole Wheat varieties, ensuring unparalleled quality and a wide selection.
Vineeth Viswambharan, the Associate Vice President of Marketing and Sales at Adani Wilmar, expressed his enthusiasm for this venture, stating, “The range of Fortune Whole Wheat varieties will give them just what they are looking for and will stand out for their clearly superior quality and variety assurance.” Recognizing the urgent need for genuine and unadulterated whole wheat options in the market, the company aims to deliver a wholesome and unadulterated whole wheat experience to consumers nationwide.
With a strategic vision to expand its market share and establish a strong presence in high-value metro markets such as New Delhi, Mumbai, Pune, Surat, and Ahmedabad, Adani Wilmar is poised for growth and success. The company’s press release underlines this ambition, emphasizing its commitment to capturing new territories and catering to the demands of discerning customers in prominent urban centres.
Adani Wilmar faced a decline in its consolidated net profit in the quarter ending on March 31. The company reported a 60% fall, with consolidated net profit amounting to Rs 93.6 crore, compared to Rs 234.29 crore in the same quarter of the previous financial year (FY22). Furthermore, in the fiscal year that concluded on March 31, 2023, Adani Wilmar’s net profit decreased by 28% to Rs 582 crore, compared to Rs 804 crore in FY22.
Despite these challenges, Adani Wilmar witnessed positive growth in its industry essentials segment throughout the year. Volumes in this segment increased by an impressive 34% over the course of the fiscal year. Moreover, the company experienced a 39% growth in volumes within its food and FMCG business. However, its edible oil segment only saw a marginal volume rise of 3%.
Angshu Mallick, the Chief Executive Officer (CEO) of Adani Wilmar, shed light on the factors that impacted the company’s margins. He attributed the decline to high-cost inventory amidst a falling edible oil price environment, inflationary pressures affecting operational costs, and an increase in interest costs due to rate hikes.
In conclusion, Adani Wilmar’s entry into the whole wheat market with its brand Fortune is set to revolutionize the preferences of wheat connoisseurs. By providing a wide range of superior quality whole wheat varieties, the company aims to meet the demands of discerning consumers across India. While recent financial challenges have impacted profitability, Adani Wilmar remains focused on its expansion plans and endeavors to deliver exceptional products to customers while maintaining their commitment to quality and variety assurance.
