ITC Limited, a company that manufactures everything from cigarettes to hotels, has made a big announcement. The company’s chairman and managing director Sanjeev Puri has said that we are going to invest about Rs 20,000 crore in the medium term. In the company’s 113th annual general meeting on July 26, chairman and MD Sanjeev Puri said that we have unwavering faith in India. Therefore, we will continue to focus on our investment strategy.
He said that despite the adverse conditions, ITC has invested across all its businesses to enhance structural competitiveness and build enterprises of the future. Puri said that as the world’s fastest growing major economy, India’s performance has been ‘excellent’, which has not only gained global prestige but also pointed to its future prospects.
Now the market is seeing a boom
Over the last four years, ITC’s total revenue has grown at an annual rate of 10.8 per cent to around Rs 79,000 crore. ITC’s non-cigarette business revenue grew at a rate of 11.6 per cent and now accounts for about 65 per cent of net revenue. The hotel and cigarette businesses, which were badly hit during the pandemic, have also seen a revival.
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The ITC chairman said the cigarette business’ revenue and results have grown by around 13.5 per cent annually over the last two years and volumes have surpassed pre-pandemic levels.
Revenue of Rs 3,000 crore
He said that after a period of continuous adversity, the hotel business has also emerged structurally strong and is expected to generate revenue of around Rs 3,000 crore and pre-tax income (EBITDA) crossing the Rs 1,000 crore mark in FY 2023-24. Apart from this, the increasing competitiveness of ITC’s world-class brands has enabled it to deliver products and services in more than 100 markets.
