Adani Wilmar on Friday announced its entry into the whole wheat market with its brand Fortune. It will offer several wheat varieties, including Sharbati, Poorna 1544, Lokwan, and MP Grade 1 in Delhi, Maharashtra, Madhya Pradesh, Gujarat and Rajasthan.
"Traditional wheat connoisseur households in the west and north of the country are very selective about their preferred wheat varieties which they get ground under their supervision in neighbourhood chakki stores. 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," said Vineeth Viswambharan, associate vice president of Marketing and Sales, Adani Wilmar.
"There is a pressing need for genuine and unadulterated whole wheat options in the market. Our products will deliver a wholesome and unadulterated whole wheat experience to consumers across the country," he added.
"The company aims to increase its market share and expand its presence into high-value metro markets such as New Delhi, Mumbai, Pune, Surat and Ahmedabad," the company said in a press release.
Earlier this month, the company reported a 60 per cent fall in its consolidated net profit to Rs 93.6 crore in the quarter that ended on March 31, as compared to Rs 234.29 crore in the same quarter in 2021-22 (FY22).
In the year ended March 31, 2023, the company's net profit fell 28 per cent to Rs 582 crore compared to Rs 804 crore in FY22. The company's industry essentials segment saw a growth in volumes of 34 per cent in the whole year. The volumes in its food and FMCG business grew 39 per cent. However, its edible oil segment saw a volume rise of three per cent.
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"Our margins...got impacted by high-cost inventory in a falling edible oil price environment, inflation impact on our operational costs and an increase in interest costs due to rate hike," said Adani Wilmar chief executive officer (CEO) Angshu Mallick.
