ITC Limited, a cigarette manufacturer for hotels, has made a big announcement. The company’s Chairman and Managing Director Sanjeev Puri has said that we are going to invest around Rs 20,000 crore in the medium term. At the company’s 113th Annual General Meeting on July 26, Chairman and Managing Director 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 its businesses to improve structural competency and build the businesses of the future. Puri said India’s performance as the world’s fastest-growing major economy has been “outstanding”, which has not only earned it global standing but also points to its future prospects.
Now the market is showing momentum.
Over the past four years, ITC’s total revenue has grown by 10.8 per cent to about Rs 79,000 crore. Revenue from ITC’s non-cigarette business grew by 11.6 per cent and now accounts for about 65 per cent of net revenue. There has also been a revival in the hospitality and tobacco businesses, which were hit hard during the pandemic.
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The ITC chairman said cigarette business revenues and earnings have grown by about 13.5 percent annually over the past two years and volumes have exceeded pre-pandemic levels.
Revenue of Rs 3,000 crore
He said that after a period of continued adverse conditions, the hotel business has also emerged structurally strong and in the financial year 2023-24, revenues of around Rs 3,000 crore and earnings before tax (Ebitda) crossed the Rs 1,000 crore mark. It is. Moreover, the increasing competitiveness of ITC’s world-class brands has enabled it to offer products and services in over 100 markets.
