ITC eyes Rs 1 L cr turnover from consumer brands

ITC eyes Rs 1 L cr turnover from consumer brands

The non-cigarette business of the company has registered a 19-fold growth and constituted nearly 59% of net segment revenue of the company today, ITC Chairman Y C Deveshwar said on Friday.

Addressing the shareholders during the 107th annual general meeting of the company, he said over 80% of the operating capital and about 90% of the employee base of the ITC group are now deployed in the non-cigarette businesses.

Over the last 22 years, total shareholder returns grew at a compound annual rate of 22.4%, double that of Sensex at 11%. During the same period, ITC’s contribution to the exchequer at the Central and State levels exceeded Rs 3,00,000 crore, Deveshwar said. ITC has created 25 vibrant world-class Indian brands that today occupy a pride of place in the Indian market. “This has been accomplished by nurturing and deploying your company’s enterprise strengths encompassing superior agri-sourcing, manufacturing, cutting edge R&D, cuisine expertise of ITC hotels, world-class packaging, marketing prowess and extensive distribution infrastructure,” the Chairman said.

This remarkable success has enthused the company to pursue an even more audacious vision of Rs 1,00,000 crore of revenue from these branded consumer goods by the year 2030, he added.

Most valuable firm

ITC on Friday went past Hindustan Unilever to become the country’s fourth most valued firm in terms of market valuation. At close of trade, ITC shares ended 5.24% higher at Rs 302.20 on the BSE. Intra-day, it zoomed 6.91% to Rs 307 -- its 52-week high. The stock was the top gainer among the 30-Sensex blue chips. Led by the sharp rally in the stock, the company’s market valuation rose to Rs 3,69,259.15 crore, which was Rs 10,460.27 crore more than that of HUL’s Rs 3,58,798.88 crore m-cap on BSE.