INTRODUCTION

ADANI WILMAR LIMITED

Company was incorporated on January 22, 1999 in Ahmedabad, Gujarat as a public company
under the Companies Act, 1956, as amended pursuant to a certificate of incorporation dated
January 22, 1999 issued by Registrar of Companies, Gujarat (“RoC”). Our Company
commenced its operations pursuant to the certificate of commencement of business dated
January 25, 1999 issued by the RoC.

Registered and Corporate Office: Fortune House, Near Navrangpura Railway Crossing,
Ahmedabad 380009, Gujarat, India
Contact Person: Darshil Lakhia, Company Secretary and Compliance Officer
Tel: +91-79-26455848
E-mail: investor.relations@adaniwilmar.in
Website: www.adaniwilmar.com
Corporate Identity Number: U15146GJ1999PLC035320

Adani wilmar is one of the few large FMCG food companies in India to offer most of the
primary kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses
and sugar. (Source: Technopak Report) Commodities, such as edible oils, wheat flour, rice,
pulses and sugar, account for approximately 66% of the spend on primary kitchen commodities
in India. (Source: Technopak Report) We offer a range of staples such as wheat flour, rice,
pulses and sugar. Our products are offered under a diverse range of brands across a broad price
spectrum and cater to different customer groups.

We are a joint venture incorporated in 1999 between the Adani Group, which is a multinational
diversified business group with significant interests across transport and logistics, and energy
and utility sectors, and the Wilmar Group, one of Asia’s leading agribusiness groups which was
ranked seventh largest listed companies by market capitalization on the Singapore Exchange as
of September 30, 2021. As a joint venture between the Adani Group and the Wilmar Group, we
benefit from our strong parentage. We benefit from the Adani Group’s in-depth understanding of
local markets, extensive experience in domestic trading and advanced logistics network in India,
and leverage on the Wilmar Group’s global sourcing capabilities and technical know-how.

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Primary business of Company
We offer a wide array of packaged foods, including edible oil, wheat flour, rice, pulses, besan,
soya chunks, ready-to-cook khichdi and sugar, under a diverse range of brands to cater to various
price points, including “Fortune”, our flagship brand, which is the largest selling oil brand in
India (Source: Technopak Report). We also offer personal hygiene products, including soaps,
handwash and sanitizers, and various industry essentials, including oleochemicals, castor oil and
its derivatives and de-oiled cakes.

Primary Industry in which Company operates

We operate in the following industries:
• packaged food industry. We are one of the fastest growing packaged food companies in
India, based on the growth in revenues during the last five years (Source: Technopak Report);
• packaged edible oil industry. As of March 31, 2021, the Refined Oil in Consumer Packs
(“ROCP”) market share of our branded edible oil was of 18.3%, putting us as the dominant No.
1 edible oil brand in India (Source: Nielsen Retail Index – MAT March 2021);
• personal care industry. We have introduced soaps, handwash and sanitizers;
• castor oil and derivatives industry; and
• oleochemical industry.
Our portfolio of products spans across three categories: (i) edible oil, (ii) packaged food and
FMCG, and (iii) industry essentials. A significant majority of our sales pertain to branded
products accounting for approximately 73% of our edible oil and food and FMCG sales volume
for the financial year 2021 (excluding industry essentials which were offered on a non-branded
basis). We have a presence across a wide array of sub-categories within each of these three
categories as described below:

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As of March 31, 2021, the Refined Oil in Consumer Packs (“ROCP”) market share of our
branded edible oil was of 18.3%, putting us as the dominant No. 1 edible oil brand in India
(Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our flagship brand, is the largest
selling edible oil brand in India (Source: Technopak Report). We have also leveraged our brands
and distribution network to offer a wide array of packaged foods since 2013, including packaged
wheat flour, rice, pulses, besan, sugar, soya chunks and ready-to-cook khichdi. We are among
the top 5 fastest growing packaged food companies in India, based on the growth in revenues
during the last five years (Source: Technopak Report). We also offer a diverse range of industry
essentials, including oleochemicals, castor oil and its derivatives and de-oiled cakes.

Company have 22 plants in India which are strategically located across 10 states, comprising 10
crushing units and 19 refineries. Out of the 19 refineries, ten are port-based to facilitate use of
imported crude edible oil and reduce transportation costs, while the remaining are typically
located in the hinterland in proximity to raw material production bases to reduce storage costs.
Our refinery in Mundra is the largest single location refinery in India with a designed capacity of
5,000 MT per day (Source: Technopak Report). In addition to the 22 plants we own, we also
used 36 leased tolling units in India as of September 30, 2021, which provided us with additional
manufacturing capacities

Company have the largest distribution network among all the branded edible oil companies in
India (Source: Technopak Report). As of March 31, 2021, we were present in one out of three
households in India with a household reach of 90.51 million through our Fortune brand (Source:
IMRB). As of September 30, 2021, we had 5,590 distributors in India located in 28 states and
eight union territories, catering to over 1.6 million retail outlets (Source: Technopak Report).
These retail outlets represent approximately 35% of the retail outlets in India (Source:
Technopak Report). As of September 30, 2021, we also had (i) 88 depots in India, with an
aggregate storage space of approximately 1.8 million square feet across the country to ensure
availability of our products; and (ii) 685 personnel in our sales and marketing team in India. We
leverage our edible oil distribution network for packaged foods, and as of September 30, 2021,
we had approximately 64% of our edible oil distributors in India catering to our packaged food
distribution. In addition to traditional retail distribution channels, we also serve our customers
offline and online through Fortune Mart and Fortune Online and provide them with ease of
ordering our products from home.

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Our Key Business Categories

Edible Oil

As of March 31, 2021, the ROCP market share of our branded edible oil was 18.30%, putting us
as the dominant No. 1 edible oil brand in India (Source: Nielsen Retail Index – MAT March
2021). “Fortune”, our flagship brand, is the largest selling edible oil brand in India (Source:
Technopak Report). We offer a comprehensive portfolio of edible oil products, including
soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil,
blended oil, vanaspati, specialty fats and a range of functional edible oil products with distinctive
health benefits. We also offer various specialty fats, including (i) industrial margarine, bakery
shortening and vanaspati, (ii) lauric fats as substitutes for milk fat and cocoa butter substitutes,
and (iii) bulk packaging of frying oil. We are one of the largest players in specialty fats and oils
in India (Source: Technopak Report).

Packaged Food and FMCG

We also offer a wide array of packaged foods, including packaged wheat flour, rice, pulses,
besan, sugar, soya chunks and ready-to-cook
khichdi. We are among the top 5 fastest
growing packaged food companies in India,
based on the growth in revenues during the last
five years (Source: Technopak Report). In
2021, the market share of our packaged wheat
flour and basmati rice under the Fortune brand

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was approximately 3.4% and 6.6% by volume, respectively, ranking second and third,
respectively, in India (Source: Nielsen Retail Index – MAT March 2021). We also offer FMCGs,
including soaps, handwash and sanitizers. The revenue we generated from sales of soap
increased by 175.60% from ₹159.69 million for the fiscal year 2020 to ₹440.11 million for the
fiscal year 2021
In addition, as of September 30, 2021, in order to cater to the excess demand and ensure our
presence across different locations, in particular, locations in proximity to end customers, we
utilized 36 tolling units across India. The following table sets forth a breakdown of the number
of our tolling units by product category: Category Product Number of Tolling Units Edible Oil
Mustard Oil 5 Rice Bran Oil 2 Packaged Foods and FMCG Wheat Flour 9 Suji 1 Sugar 6 Soya
Chunks 1 Khichdi 1 Pulses 1 Rice 8 Chana Sattu 1 Handwash and Sanitizers 1 Total tolling units
across India 36

Category Product Number of Tolling Units

Edible Oil Mustard Oil 5
Rice Bran Oil 2
Packaged Foods and FMCG Wheat Flour 9
Suji 1
Sugar 6
Soya Chunk 1
Khichdi 1
Pulses 1
Rice 8
Chana Sattu 1
Handwash and Sanitizers 1
Total tolling units across India 36 36

Names and Contact Details of Key Managerial Personnel (KMPs) authorised to determine
materiality of an event/s or information and for the purpose of making disclosures to Stock
Exchanges

Pursuant to Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the names and Contact Details of Key Managerial Personnel (KMPs)
authorised to determine materiality of an event/s or information and for the purpose of making
disclosures to Stock Exchanges are as under:

Names of KMPs 1. Mr. Angshu Mallick, Managing Director and Chief Executive Officer
2. Mr. Shrikant Kahnere, Chief Financial Officer
3. Mr. Darshil Lakhia, Company Secretary
Contact Details Adani Wilmar Limited
“Fortune House”, Near Navrangpura Railway Crossing,
Ahmedabad – 380 009
Phone No. +91 79 264 55650
E-mail ID: investor.relations@adaniwilmar.in
Website: www.adaniwilmar.com

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Company came out with an Rs 3600
3600-crore public issue

During the month of January 2022the company came out with an Rs 3600 3600-crore
crore public issue
which was entirely a fresh issue of shar
shares.The
es.The IPO shares were allotted at the price of Rs 230 per
share including a premium of Rs 229 per share.The allotted shares were listed on the BSE Ltd
and National Stock Exchange of India Ltd(NSE) on 08 February 2022.The company will utilise
the IPO proceeds
eds Rs 1900 crore for capital expenditureRs 1059 crore to repay the debt and Rs
450 crore to fund acquisitions and investments

ADANI WILMAR LTD - SHAREHOLDING PATTERN

SHARE (%)
Promoters Banks/FIs FIIs Insurance
Mutual Funds Indian Public Custodians Other
0% 1%
2% 0%
0% 0% 9%

88%

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 LITERATURE REVIEW
Dr.J.H.Vyas, Imran N.Siddiqu ,Jay K.Dewangan (2019) study suggests that when the
consumer purchase cooking oil higher importance is given to safety aspects, and the brand image
of the cooking oil than the sales promotional schemes offered by the companies. Cooking oil
marketers could take maximum efforts in designing the advertisements in such a way that the
advertisements provide reliable and maximum information about the nutrition and health aspects,
price of the oil.

Dhinesh babu & Venkateshwaran (2018) stated that the owners of the edible oil units should
be trained to get more marketing knowledge to market their products. They should think global
and act local. It implies that their product should be highly qualitative and also suitable to the
local consumers. The attractive packaging plays an important role in the marketing of edible oils.
All types of manufacturers should realize this fact and try to sell their products in attractive
packets. It is not only attractive but also is reachable to all customers’ segments.

R Prerna (2018) in their study says that Quality is always important for any production. But it is
more important in case of edible oil for reason that it is more related to health. Consumers
analyze the price, quality, packaging aspects etc. before they buy the product and hence, it is up
to the different brands of sunflower and groundnut oil manufacturers to concentrate on those
aspects and workout better strategy to attract more consumers for their brand

Demographic variables are the most popular bases for segments the customer groups, One reason
is that consumer needs, wants, preferences and usage rates are often highly associated with
demographic variables. Another is that demographic variables are easier to measure

Competitive Intensity

While the combined share of the top six players in the branded oil business (Adani Wilmar,
Ruchi Soya, Emami, Cargill, Bunge and Marico) has been estimated ~40% in FY2020. Adani
Wilmar and Ruchi Soya are few of the largest suppliers of edible oil with outputs of 2.8 Mn MT
and 1.4 Mn MT respectively in FY 2020. Adani Wilmar contributed a share of 12% and Ruchi
Soya contributed a share of 6% in the total oil consumption of 22 Mn MT in India. It is estimated
that there would be around 2000 such brands out of which ~top 100 brands would be
contributing almost 50%. Along with logistics and supply chain capability, the market leaders
have a sizeable processing and packaging scale domestically and also have an expansive
distribution network.

Ruchi Soya is the largest player in branded palm oil with a share of 12% of the branded palm oil
market in terms of value followed by Adani Wilmar with a share of 11%. Ruchi Soya’s ‘Ruchi
Gold’ brand is the market leader in branded palm oil.
Adani Wilmar is the largest player in branded refined soyabean oil having a market share of 28%
followed by Ruchi Soya with a share of 11% by value.

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OBJECTIVE OF THE STUDY

This study has following objectives:

 To analyse the demographic profile of customer and its relationship with brand
preferences.
 To identify the factors influencing customers in building their preferences from normal
product to branded products.
 To identify the factors of brand switching.
 To draw conclusions and suggestions on the basis of study.

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 RESEARCH METHODOLOGY
To complete this study primary as well as secondary source of information is used. To study the
consumer attitude & brand preferences of edible oils, primary data is collected by using a
detailed structured questionnaire which was administered to a sample of 323 selected on the
basis of convenience sampling method. The study has been carried out in Dehradun city. The
secondary data is collected from published thesis, reputed journals, magazines and related
websites. The data so collected is scrutinized, tabulated, analyzed and finally used for the study
purpose.
Assumption of Hypothesis
H0: consumers attitude and perception toward edible oil does not differs significantly across the
level of income and education .
H1: consumers attitude and perception toward edible oil does not differs significantly across the
level of income and education .

RESULT & DISCUSSION

Table no. 1

Demographic Characteristics of Respondents

Category Count Percentage

Gender Male 214 66.3

Female 109 33.7
Marital Status Married 183 56.7
Unmarried 140 43.3
Less than 20 years 5 1.5
From 21-30 Years 190 58.8
Age From 31-40 Years 82 25.4
Above 40 Years 46 14.2
Family Size Up to 3 Members 201 62.2
4-5 members 64 19.8
6-8 members 22 6.8
9-10 members 1 0.3
More than10 members 35 10.8
Matric & below 1 .3
Education Level Under Graduate 74 22.9
Graduate 25 7.7
Post Graduate 153 47.4
Professional qualification, if any 70 21.7
Income Level Below 15000 PM 91 28.2
15,000 to 30,000 PM 223 69.0
30,000 to 50,000 PM 8 2.5
80,000 and above PM 1 .3
Total 323 100

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The information presented in the above table no 1 shows that out of 323 respondents, 66% are
males and only 34% are females which implies that males where more than the females in the
gender category of respondents. Majority of the respondents (57% ) are married and only 43%
are unmarried which reveals that majority of respondents are married. Age wise classification is
considered to be an attribute of demographic profile, the analysis presented in the above table
reveals that sample is dominated by the young category of respondent ranging in the age group
of 21-30 years as it contributes 58.8% in the sample while least number of respondents are less
than 20 years of age. Almost 62% of the people having a small family of upto 3 member as no of
family members describe the consumption pattern of households. Majority that is 62% of
respondents are post graduates. With regards to employment status majority that is 69% have
income between 15,000-30,000.

Table No.2
Most Preferred Brand

s.no Description Number of Percentage

Respondents
A Fortune 167 51.7
B Suffola 99 30.7
C Sundrop 20 6.2
D Dalda 35 10.8
E Other, Please specify 2 .6
Total 323 100

Most Preferred Brand

Fortune Suffola Sundrop Dalda Other, Please specify

0%

11%
6%

52%
31%

Today there is stiff competition among the edible oil industries. Companies are trying their best
to build up the brand for differentiating the product. Brand Preferences represents which brands
are preferred under assumptions of equality in price and availability. As seen in table no 2 out of

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total 323 respondents almost 51.7% people prefer Fortune,30.7% people prefer Suffola oil &
only 10.8% people prefer Dalda ,maximum percentage of people prefer Fortune brand.

Table No. 3

Monthly Spending Pattern on Edible Oil

Sl NO Description Number of Percentage

Respondents
A Less than Rs. 500 97 30.0
B From 500 to 1000 198 61.3
C From Rs. 1000 to 1500 5 1.5
D Rs 1500 & above 23 7.1
Total 323 100.0

Monthly spending
Less than Rs. 500 From 500 to 1000
From Rs. 1000 to 1500 Rs 1500 & above

2%
7%
30%

61%

Source : Compiled data collected through Questionnaire

The above table 3 shows that 61.3% of respondents spend 500 to 1000 rupee on monthly
basis on edible oil, 30% spend less that 500 rupee per month,7.1% spend 1500 and above
& only 1.5 % people spend Rs 1000 -1500 on edible oil.

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 Table No. 4

Amount of Monthly Consumption

Sl NO Description Number of Percentage

Respondents
a 1 ltr 107 33.1
b 5 ltr 213 65.9
c 15 ltr 3 .9
Total 323 100.0

Amount of Monthly Consumption

1 ltr 5 ltr 15 ltr

1%

33%

66%

Source : Compiled data collected through Questionnaire

As stated in the above table 4. maximum percentage of respondents that is 65.9%

consumes almost 5 ltr of edible oil on monthly basis,33.1% monthly consumes 1 ltr & 0.9%
consumer 15 ltrs of edible oil on monthly basis.

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 Table No. 5

Frequency purchase

Description Number of Percentage

Respondents
A Once in a month 89 27.6
B 2-3 times 198 61.3
C 4-5 times 1 .3
D More than 5 times 35 10.8
Total 323 100.0

Frequency purchase

Once in a month 2-3 times 4-5 times More than 5 times

0%
11%
28%

61%

Source : Compiled data collected through Questionnaire

The information presented in the table 5 reveils that maximum percentage ( 61.3% ) of
respondents purchase edible oil 2-3 times in a month. Buying oil is not a daily affair, hence
the production and stocking needs to be aligned with this behaviour.

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 Table no. 6

Which oil do you prefer for cocking

Description Number of Percentage

Respondents
A Soyabean oil 114 35
B Sunflower oil 71 22
C Palm oil 41 13
D Musterd oil 97 30
total 323 100.0

Prefer for coocking

Soyabean oil Sunflower oil Palm oil Musterd oil

30% 35%

13%
22%

Source : Compiled data collected through Questionnaire

As stated in the above table. maximum percentage of respondents that is 35% consumes
almost use soyabean oil. And 30% consumer use musterd oil.

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 CONCLUSION

In the present scenario, consumers do not accept any product which doesn’t give them complete
satisfaction, that is the reason why so many brands are successful & failure in the consumer
market. Quality is considered to be an important factor in case of edible oil, because it is more
related with health. Nowadays people are very much health conscious on the basis of various
observations made in the study, the consumers feel that edible oil is necessary for day-to-day
life. Hence the manufacturers of edible oil follow the concept of being hygienic and healthy oil
to attract the consumers. If the consumer is satisfied with the brand it leads to positive
perception, loyalty towards brand, positive word of mouth & leads to long term relationship with
the brand of edible oil. Consumers have specific preferences towards brands like pricing, taste,
packaging, offers, product design, advertisements etc.

Cluster analysis proves that Health factor plays a predominant role in selecting the brands among
selected respondents.
As most of the respondents change their oil for better health, very strong brand loyalty is not
displayed for oil
consumption.
The primary source of information for consumer regarding oil is TV Ads and Newspaper. Hence,
it is recommended that
the cooking oil marketers could take maximum efforts in designing the advertisements in such a
way that the
advertisements provide reliable and maximum information about the nutrition and health aspects,
price of the oil. The
companies could increase the frequency of advertisements also in order to make the brands
positioned in the minds of
the prospects and this will, definitely, help the prospects to consider those brands while the
evaluation of alternatives.
Further, it is noted that advertisement does not create a need for cooking oil in the minds of
prospects but at the same
time, prospects consider advertisement as an important source of information. Hence, it is
recommended that
advertisements could be used only for the purpose of creating brand awareness among the
prospects.
Generally, the prospects give higher importance to safety aspects, and the brand image of the
cooking oil rather than the
other sales promotional schemes offered by the companies while they purchase the cooking oil.
Hence, it is
recommended that the cooking oil marketers could concentrate on improving the safety aspects,
quality and brand image
of the cooking oil instead of concentrating heavily on the sales promotional activities.

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 REFERENCES

 (Source: Technopak Report).

 Draft read hearing prospectus of adani wilmar limited
 Nielsen Retail Index – MAT March 2021)
 Official website of adani wilmar – www.adaniwilmar.com or www.fortunefoods.com
 Source: Business standard Report).
 R Prerna (2013), An Empirical Study on Brand Preference Towards Edible oil
 Dr. J.H.Vyas, Imran N. Siddiqu ,Jay K. Dewangan(April 2013) A study of Edible oil consumption
 Dhinesh babu.S 1 , Venkateshwaran.P.S 2 Marketing problems of edible oil industry
 Data collected through Questionnaire

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