ITC revenue, profits surpass pre-pandemic levels; FMCG business crosses consumer spend of Rs 24000 cr in FY 22

ITC’s Fast Moving Consumer Goods (FMCG) business crossed annual consumer spend of Rs 24000 crore in FY 22, said the company in its annual report on Wednesday. ITC remains focused on rapidly scaling up the FMCG businesses anchored on strong growth platforms and a future-ready portfolio, said ITC in its annual report   

“ITC’s vibrant portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy in a relatively short period of time, represents an annual consumer spend of over ₹ 24000 crores and reach over 200 million households in India,” the report read.    

ITC’s FMCG revenue grew from Rs 12,844 crores in FY 20 to Rs 15, 994 crores in FY22. The FMCG-Others segment turned in a resilient performance with Segment revenue up 25% over FY20. The Company’s FMCG EBITDA margins were up 650 basis points in last 5 years even in the face of significant inflationary headwinds witnessed during the year.   

ITC said it remains focused on building purpose-led brands powered by agile innovation and anchored on larger consumer needs. The businesses continue to leverage digital technologies and platforms towards enhancing consumer experience. “Over 3,000 content assets have been deployed leveraging this capability within a relatively short span of time at significantly lower cost,” said the company.    

Saying the Focus is on Consumer centricity and creating future ready portfolio, the company launched 110 new products in 2021-22.   

“ITC continues to leverage deep consumer insights and cutting-edge R&D capability to fuel growth by addressing present and emergent consumer need spaces. Over 110 new products were launched across target markets during the year, leveraging the robust innovation platforms of ITC’s Life Sciences and Technology Centre (LSTC),” said ITC.   

It also said the company is proactively pursuing value accretive acquisition, joint venture and collaboration opportunities in strategic areas towards accelerating growth and value creation   

Revenue, profits surpass pre-pandemic level 

Meanwhile, despite significant disruptions during the year, ITC posted robust growth in revenues and profits, surpassing pre-pandemic levels.   

Overall, for FY 2021-22, gross revenue at Rs 59,101.09 crore increased by 22.7 percent, while EBITDA increased by 22 percent to Rs 18,933.66 crore. Profit before tax at Rs 19,829.53 crore grew by 15.5 percent over the previous year while profit after tax stood at Rs 15,057.83 crore as against the previous year's Rs 13,031.68 crore.  

Meanwhile, shares of ITC gained nearly one per cent to Rs 267.15 per share in Thursday's intraday trade on the BSE. ITC shares have given a decent return of around 30% in the past one year despite the recent wave of corrections in the market.