Puri: ITC will continue to deliver robust growth
Diversified conglomerate ITC Limited on Wednesday said that the company will continue to deliver robust growth despite key concerns such as inflation.
ITC has nurtured 25 brands in the fast-moving consumer goods (FMCG) space and the newer ones will have an annual consumer spend of ₹24,000 crore, the company’s chairman and managing director, Sanjiv Puri, said at the annual general meeting virtually.
The company will also fortify and scale up new mega brands while investing in categories of the future, he 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, which has substantial headroom to grow, is estimated to have a total addressable market potential of ₹5,00,000 crore by 2030, which is among the highest in the Indian FMCG space,” Puri said.
It is also 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, he said.
ITC launched 110 products during the year and the company’s future-ready and purpose- driven businesses and brands are well poised to seize the opportunities and make a meaningful contribution to national priorities, Puri said.
“The company, in recent years, put in place an extensive strategy reset to architect structural drivers to shape the next horizon of growth and competitiveness,” he said.
ITC has built integrated consumer goods manufacturing and logistics facilities to create structural advantages, Puri said.