Adani Wilmar eyes Rs 36,000 crore from consumer business in 5 years
It clocked total revenue of Rs 28,000 crore in FY19 of which Rs 18,000 crore came from the consumer business
October 16, 2019 / 11:19 AM IST
Fortune Sunflower Oil (Copyright© 2012 Adani Group')
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 'Fortune', company's head marketing Ajay Motwani told PTI.
Claiming that Fortune is already leading in market share for packaged edible oils, Motwani said they would expand in the food segment which is worth Rs 2,000 crore.
Adani Wilmar is a 50:50 joint venture between Gujarat-based Adani Group and Singapore-based agribusiness group.
It clocked total revenue of Rs 28,000 crore in FY19 of which Rs 18,000 crore came from the consumer business and the rest from the institutional segment.
"We are growing at a high double-digit rate of 15-16 per cent even with subdued market sentiments. We will double our consumer business revenue in the next five years," Motwani added.
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 per cent of its total revenue will 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 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.