Aiming to double its revenue from consumer business in the next five years, Adani Wilmar has recalibrated its strategy to leverage on its flagship brand, a company official said.
According to a PTI report: Claiming that its brand ‘Fortune’ is already a leader in packaged edible oils in marketshare, the official said the company was leveraging the brand to expand in the food segment which is worth Rs 2,000 crore.
The company is a 50:50 joint venture between Gujarat- based Adani Group and Singapore-based agri business group.
Adani Wilmar clocked total revenue of Rs 28,000 crore in FY’19 of which Rs 18,000 crore came from consumer business and the rest from institutional segment.
“We are growing at a high double-digit rate of 15-16 percent even with subdued market sentiments. We will double our consumer business revenue in the next five years,” Ajay Motwani, Head Marketing, Adani Wilmar told PTI.
He was also hopeful that the company would be able to double its total revenue in the next five years.
Edible oils which contribute more than 90 percent of its total revenue continue to be a mainstay for the company, he said. As a brand ‘Fortune’ is worth Rs 14,000 crore for Adani Wilmar.
In the last one year, the company had focused on research and development and decided to launch at least one new product every month, Motwani said.
He said the company has launched new products in food business which contributes about Rs 2,000 crore in its topline. Already the company has atta, rice and soya chunks in its food category.
“We have forayed into pulses and ready-to-cook food. We are also expanding into new categories including snacking within the ready-to-cook segment to boost the category,” Motwani said.