Business Desk, Delhi Magazine: ITC Limited, a diversified conglomerate with interests spanning from cigarettes to hotels, made a significant announcement on Friday. Sanjeev Puri, the Chairman and Managing Director (MD) of ITC, revealed during the company’s 113th annual general meeting that ITC plans to invest approximately Rs 20,000 crore in the medium term.
Highlighting the company’s robust confidence in India, Puri emphasized ITC’s commitment to its investment strategy. “We have unwavering faith in India,” In the 113th annual general meeting, he stated, underscoring ITC’s focus on future investments despite challenging conditions. The company has continued to invest across all its businesses to enhance competitiveness and build enterprises for the future.
Puri praised India’s exceptional economic performance as the world’s fastest-growing major economy, which has not only earned global recognition but also indicated promising future prospects.
Over the past four years, ITC’s total revenue has surged to around Rs 79,000 crore, reflecting an annual growth rate of 10.8 percent. The non-cigarette segment has been particularly robust, growing at 11.6 percent annually and now constituting approximately 65 percent of the company’s net revenue. Both the hotel and cigarette businesses, severely impacted during the pandemic, have shown remarkable recovery.
You would also like to read: Top 15 Event Management Companies in Delhi.
The cigarette business, in particular, has experienced an annual revenue growth of 13.5 percent over the past two years, with volumes surpassing pre-pandemic levels. Meanwhile, the hotel segment has emerged structurally strong, achieving revenue of about Rs 3,000 crore and a pre-tax income (EBITDA) exceeding Rs 1,000 crore for FY 2023-24.
Puri also highlighted ITC’s increasing competitiveness on the global stage, with its world-class brands now delivering products and services to over 100 markets worldwide.