ITC’s fast-moving
ITC’s fast-moving consumer goods (FMCG) business has reported a remarkable revenue of ₹29,000 crore in the fiscal year 2022-23, showcasing a growth of over 20% compared to the previous year. The company’s portfolio of 25 prominent brands, including Bru coffee, Sunfeast biscuits, and Aashirvaad atta, all recorded double-digit growth. ITC’s FMCG business has now emerged as the second-largest in India, trailing only Hindustan Unilever.
The robust performance of ITC’s FMCG segment can be attributed to several factors, including the rise in disposable incomes, the increasing urbanization, and the changing consumer preferences towards healthier products. These trends have facilitated increased spending on FMCG items and a wider customer base.
The Economic Times article further highlights that despite high commodity and input prices, the FMCG business managed to enhance its EBITDA margin from 9.1% in FY22 to 10.2% in FY23. Additionally, ITC’s cigarette business witnessed a growth of 10% in sales year-on-year.
ITC’s overall revenue for FY23 reached ₹1,34,525 crore, exhibiting a 15% growth from the previous year. Furthermore, the net profit for FY23 amounted to ₹10,369 crore, signifying a remarkable 26% year-on-year increase.
With a strong financial performance and a robust position in the FMCG sector, ITC is well-positioned to capitalize on future growth opportunities and continue its expansion in the coming years.
