-, Jul 26, 2024, India Blooms News Service
Kolkata: ITC plans to invest Rs 20,000 crore in the medium term, reflecting its strong belief in Indias economic potential, according to Sanjiv Puri, the chairman and managing director of the consumer goods company, media reports said.
During the companys annual general meeting, Puri emphasised ITCs commitment to supporting Indias growth into the worlds third-largest economy by developing a future tech, climate-positive, innovative, and inclusive national enterprise of pride.
Our confidence in the India story is unwavering and is reflected in your companys investment outlay of about Rs 20,000 crore in the medium term, he said.
Despite facing challenging external factors, ITCs economic activities over the past four years have added approximately Rs 2,42,000 crore in value, with over Rs 1,61,000 crore contributed to the exchequer.
During this period, the companys overall revenues grew at a compound annual growth rate (CAGR) of 10.8%, reaching around Rs 79,000 crore.
Revenues from non-cigarette segments increased at a CAGR of 11.6%, now comprising about 65% of the companys net revenue.
Segment EBIT posted a growth of 17.9%, said Chairman Sanjiv Puri, highlighting the earnings before interest and taxes.
During the pandemic, the companys hotels and cigarettes businesses were impacted but have charted a smart recovery in the following period.
The revenue and results of the cigarettes business over the last two years grew at a CAGR of nearly 13.5 per cent with volumes surpassing pre-pandemic levels.
ITCs hotels enterprise emerged structurally stronger, recording a revenue of around Rs 3,000 crore and EBITDA surpassing Rs 1,000 crore in FY24.
Puri noted that the exports have driven ITCs growth. Backed by its brand strength, the company exported products and services to more than 100 global markets
Foreign exchange earnings of your company and its subsidiaries have more than doubled since FY20 to over Rs 9,500 crore.
ITC is making strategic investments in neighbouring markets, as evidenced by the FMCG facility established by its subsidiary, Surya Nepal Private Limited, and ITC Ratnadipa, developed by its wholly-owned subsidiary, WelcomHotels Lanka Private Limited.