ITC to Invest Rs 20,000 Crore for Future Competitiveness

ITC Chairman Sanjiv Puri announced a Rs 20,000 crore investment in the medium term to bolster the company's structural competitiveness and future growth. Despite challenges, ITC's diverse businesses have shown resilience, with notable recovery in the hotels and cigarette sectors. ITC's revenues grew significantly across all segments.

ITC Chairman Sanjiv Puri on Friday announced a bold investment of Rs 20,000 crore aimed at enhancing structural competitiveness and building a future-ready enterprise.

During the annual general meeting, Puri emphasized the company's unwavering confidence in India, highlighted by the substantial investment commitment. 'Our confidence in India is unwavering and is reflected in your company's investment outlay of about Rs 20,000 crore in the medium term,' he stated.

Puri noted that despite facing significant challenges, ITC has continued to invest across all its business segments. Over the past four years, the company's overall revenues grew at a compound annual growth rate (CAGR) of 10.8%, reaching approximately Rs 79,000 crore. Non-cigarette revenues saw a CAGR of 11.6%, now making up about 65% of net revenue.

The company showed a remarkable recovery in its hotels and cigarette businesses, significantly impacted during the pandemic. 'These businesses have charted a smart recovery. The revenue and results of the cigarettes business over the last two years grew at a CAGR of nearly 13.5% with volumes surpassing pre-pandemic levels,' Puri pointed out.

Puri further highlighted ITC's success in taking its world-class brands to over 100 global markets. 'The value-added by your company's economic activities in the last four years aggregated to around Rs 2,42,000 crore,' he added.