ITC to invest ₹20,000 crore in medium term: Chairman Puri

ITC Chairman Sanjiv Puri on Friday said the multi-conglomerate will invest ₹20,000 crore in the medium term to enhance structural competitiveness and build an enterprise for the future.

"Our confidence in India is unwavering and is reflected in your company's investment outlay of about ₹20,000 crore in the medium term,” Puri said while addressing the shareholders during the annual general meeting.

Despite the headwinds, ITC has invested across all businesses to enhance structural competitiveness and build an enterprise of the future, he added. India has a "standout performance" as the world's fastest-growing major economy, which has not only evoked global respect but also points to its future promise, Puri said.

Over the past 4 years, overall revenues grew at a CAGR of 10.8% to about ₹79,000 crore.

ITC's non-cigarette revenues grew at a CAGR of 11.6% and now account for about 65% of net revenue.

During the pandemic, hotels and cigarette businesses were severely impacted.

"Since then, these businesses have charted a smart recovery. The revenue and results of the cigarettes business over the last 2 years grew at a CAGR of nearly 13.5% with volumes surpassing pre-pandemic level," he said.

After a period of sustained headwinds, the hotels business emerged structurally stronger clocking a revenue of nearly ₹3,000 crore and EBITDA crossing the ₹1,000 crore mark in FY24, he added.

Moreover, the growing competitiveness of ITC's world-class brands has enabled the company to take products and services to over 100 global markets.

"The value-added by your company's economic activities in the last 4 years aggregated to around ₹2,42,000 crore...," he said.