On Friday, Adani Wilmar announced its entry into the whole grain market under its brand Fortune. It will offer multiple wheat varieties including Sharbati, Poorna 1544, Lokwan and MP Grade 1 in Delhi, Maharashtra, Madhya Pradesh, Gujarat and Rajasthan.
“Traditional wheat connoisseurs in the west and north of the country are very picky about their preferred varieties of wheat, which they grind under their supervision at nearby chakki shops. The range of Fortune Whole Wheat varieties will give them what they are looking for and will stand out for its evident quality and variety assurance,” said Vineeth Viswambharan, Vice President of Marketing and Sales, Adani Wilmar.
“There is an urgent need in the market for real, pure whole grain options. Our product will provide consumers across the country with a wholesome, pure whole grain experience,” he added.
“The company aims to increase its market share and expand its presence in high-value metro markets such as New Delhi, Mumbai, Pune, Surat and Ahmedabad,” the company said in a release.
Earlier this month, the company reported a 60% drop in its consolidated net profit to Rs 93.6 crore for the quarter ended March 31, compared with Rs 234.29 crore for the same period in FY21-22.
The company’s net profit fell 28% to Rs 582 crore in the year ended March 31, 2023, from Rs 804 crore in FY22. The company’s industrial staples segment saw sales rise 34% for the year. Volumes in its food and FMCG business rose 39%. However, sales in its edible oil unit rose by 3%.
Angshu Mallick, CEO of Adani Wilmar, said: “Our margins have been impacted by high-cost inventories in a lower edible oil price environment, the impact of inflation on our operating costs and increased interest costs due to higher interest rates.”