BackCMD Sanjiv Puri is optimistic on ITC delivering robust growth
In recent times, Puri said the company put in place an extensive strategy reset to architect structural drivers for shaping the next horizon of growth and competitiveness.
PremiumDespite key risks like inflation, ITC is optimistic to deliver robust growth in verticals. In the FMCG segment, Sanjiv Puri CMD of ITC said the company has nurtured 25 brands and the newer ones will garner an annual consumer spend of ₹24,000 crore. Also, ITC will fortify and enhance new mega brands while investing in categories of the future.
While speaking at ITC's AGM virtually, Puri said, "Today, it is immensely encouraging that your company’s newer FMCG Businesses have garnered an annual consumer spend of ₹24,000 crore. The carefully selected portfolio, with substantial headroom to grow, is estimated to have a total addressable market potential of ₹5,00,000 crore by 2030, which is amongst the highest in the Indian FMCG space," as reported by PTI.
Puri also said, ITC's aspiration to take these FMCG brands to the overseas markets while the company continues to invest in future-ready capabilities to develop new markets with strategic partnerships.
In recent times, Puri said the company put in place an extensive strategy reset to architect structural drivers for shaping the next horizon of growth and competitiveness.
During the year, ITC launched 110 products, and Puri further added that the company's future-ready and purpose-driven businesses and brands are well poised to seize the opportunities.
In its annual report of FY22, Puri said, with enhanced scale and margin expansion, the FMCG Businesses are expected to make increasingly higher contributions to the Company’s profit pool, thereby setting the stage for further value enhancement opportunities.
Further, Puri told the shareholders that the company has built integrated consumer goods manufacturing and logistics (ICML) facilities across India to create structural advantages.
Talking about the traditional business segment of cigarettes, Puri said they recovered during the year with normalisation of economic activity and is now ahead of the pre-pandemic levels. He added the legal cigarette industry has been severely impacted by smuggled and tax-avoided products over the years.
In agri-business, Puri said the company delivered a stellar performance with strong export growth in wheat, rice, spices, and leaf tobacco. Further, the hotels and hospitality business adopted the asset-right strategy that provides greater thrust on management contracts.
Puri said the company will soon open a new property in Gujarat named ITC Narmada.
Also, Puri added that the idea is to build ITC with a portfolio of future-ready brands and a future tech enterprise with investments in purposeful consumer-centric innovation, technology, and a digitally-enriched smart ecosystem.
In regards to paperboards, paper, and packaging business, Puri said that the vision is on new vectors of growth.
On BSE, ITC shares were trading at ₹297.80 apiece up 1.1%. ITC shares traded near the fresh 52-week high of ₹299.55 apiece touched earlier in the day. Its market cap is around ₹3,67,698.83 crore.
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