The move will allow ITC to expand presence in the Rs 45,000 crore fast growing, nutrition-led healthy foods space. ITC said this deal is in line with its ‘ITC Next’ strategy articulated by chairman Sanjiv Puri that focuses on building a future-ready portfolio of products that serve evolving consumer needs
The movement is similar to that of lifestyle products in the consumer durables segment, where demand for mass-priced merchandise is under pressure due to inflation and growth is largely driven by the premium range.
Fast-moving consumer goods (FMCG) firms such as Hindustan Unilever, Britannia, ITC, Marico and Emami have indicated in their recent earnings calls that input cost pressure is set to ease in the next two quarters.
Sales of fast-moving consumer goods (FMCG) in categories like packaged food and discretionary personal care products got a festive boost with sales growing by 8-11% over a similar period last year in the past two weeks due to in-home and out-of-home consumption and gifting. However, industry executives said the real test will be sustaining this demand momentum beyond Diwali.
Data due later Monday will probably show retail inflation quickened to 6.9% last month from a year earlier, according to a Bloomberg survey of economists as of Sept. 10. That compares with estimates for wholesale price inflation easing for a third straight month to 12.9%, in numbers scheduled for release Wednesday.
The Kolkata-based multi-conglomerate, which operates hotels under the brand names such as ITC and Welcome, also said that it is exploring foreign markets for its hospitality business, he said.
Addressing shareholders in the company’s 111th annual general meeting held virtually on Wednesday, Puri said the plans to unlock value for the hotel business were put on the hold due to the pandemic since the industry was badly impacted. “We will take it forward in line with industry recovery dynamics,” he said.
The country's top IT services company TCS is adopting a 25/25 model where no more than 25% of its associates will work from an office at any given point in time, and they need not spend more than 25% of their time in the office.
During the year, ITC said the FMCG industry witnessed moderation in growth mainly due to subdued demand conditions especially in rural markets, high inflation eating into household budgets and high base effect in certain categories such as staples and convenience foods.
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