Latest news with #ITC
Time of India
4 hours ago
- Business
- Time of India
ITC says consumer spending rises 4.6 pc to Rs 34,000 cr in FY25, launches 100 new FMCG products
Multi-conglomerate ITC said consumer spending on the company's FMCG products has increased 4.6 per cent to nearly Rs 34,000 crore in FY25, and the firm has expanded its play with 100 new products in the segment. According to the latest annual report of the company, ITC, which has presence in the branded packaged foods, cigarettes, personal care products, education & stationery products, agarbattis & matches, has a reach across over 26 crore households in India. Besides, "digitally enabled sales have grown rapidly in recent years and, together with modern trade, now account for 31 per cent of your company's FMCG portfolio", ITC said addressing shareholders. A year before, ITC had reported a growth of 12 per cent on consumer spending on the company's FMCG products to nearly Rs 32,500 crore in FY24, with over 25 crore households having access to its various brands. According to ITC, its FMCG business faced subdued demand conditions and a significant increase in competitive intensity from local/regional players. "Costs of several major inputs such as edible oil, wheat, maida, potato and cocoa witnessed sharp escalation, especially in the second half of the financial year, weighing on margins," it said, adding it exerted pressure on bottomline through focused cost management interventions, judicious pricing actions and premiumisation. ITC measures annual consumer spending as the sum total of what consumer spends on buying goods from the company. It is the net sales turnover of the brands, along with channel margins and taxes. Its FMCG portfolio consists of over 25 Indian brands, which are largely built through an organic growth strategy leveraging institutional synergies in a relatively short period of time. Some of them leads in their segments such as Aashirvaad in Branded Atta, Bingo! in the Bridges segment of Snack Foods, Sunfeast in the Cream Biscuits segment, and Classmate in Notebooks. ITC has logged a revenue of Rs 21,981.57 crore from FMCG businesses and is creating a future-ready portfolio including value-added adjacencies backed by smart omni-channel capability and excellence in supply chain to rapidly scale up businesses. "Over 100 new products anchored on the vectors of Health & Nutrition, Hygiene, Protection & Care, Convenience & On-the-Go, Indulgence etc., were launched across target markets during the year, leveraging the R&D platforms of your Company's Life Sciences and Technology Centre (LSTC) and agile product development teams across businesses," ITC told shareholders. Now, ITC's growth strategy is to foray into value-added adjacencies and categories of the future by leveraging its 25 powerful mother brands it has established over the years. In branded packaged foods, ITC said the industry witnessed severe headwinds during the year due to subdued consumer demand and unprecedented inflationary pressure. However, it has "sustained its position as one of India's largest and fastest growing branded packaged foods businesses, leveraging a robust portfolio of brands, a slew of first-to-market products, regionally curated offerings, supported by an efficient supply chain and distribution network." ITC through its strong farm linkages, procurement efficiencies, brands and deep & wide multi-channel distribution network, with growing presence in new gen channels such as e-commerce, modern trade, continues to deliver competitive advantage. In personal care space, ITC achieved "robust volume growth" led by rapid scale-up in new genaration channels as e-commerce, q-commerce and modern trade. Besides domestic market, ITC is expanding export footprint of its FMCG businesses, with a reach now spanning over 70 countries.
Time of India
14 hours ago
- Business
- Time of India
ITC chairman's salary flat in FY25 after 54% jump in '23-'24
1 2 3 Kolkata: After a 54% jump in salary in 2023-24, the remuneration of ITC chairman Sanjiv Puri remained almost flat in 2024-25, per the annual report of the FMCG, tobacco and agri major. Puri's total remuneration was Rs 25.6 crore in 2024-25, compared to Rs 25.2 crore in 2023-24. In FY25, his basic salary was Rs 3.5 crore, perquisites Rs 73 lakh and performance incentive Rs 21.4 crore. P uri drew a basic salary of Rs 3.1 crore, perquisites and other benefits of Rs 57 lakh and a performance bonus of Rs 21.5 crore from the diversified conglomerate in 2023-24, according to the company's last annual report. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata In 2022-23, his total remuneration was around Rs 16.2 crore, which included a basic salary of Rs 2.9 crore, perquisites and other benefits of Rs 57 lakh and a performance bonus of Rs 12.8 crore. Sources said Puri's salary hike last year was mainly because of long-term incentives from previous years being paid off. "The main difference between the components of 2022-23 and 2023-24 was the performance incentive, while other components remained flat. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee pain prices might surprise you Knee pain | search ads Find Now Undo In FY25, the performance incentive remained almost the same and overall, it was flat," said a source. ITC witnessed a 0.8% jump in profit after tax in the fourth quarter of 2024-25 to Rs 4,875 crore from Rs 4,837 crore in the corresponding period of 2023-24 for continuing businesses. The net profit was Rs 19,562 crore for the fourth quarter of FY25 with discontinued business. Meanwhile, ITC launched over 100 new products in the last fiscal year. It was anchored on the vectors of health & nutrition, hygiene, protection, care, convenience & on-the-go, indulgence and others. The FMCG businesses, comprising branded packaged foods, personal care products, education and stationery products, incense sticks (agarbattis) and safety matches, have grown multi-fold over the past several years. ITC's portfolio of over 25 Indian mother brands, largely built through an organic growth strategy leveraging institutional synergies in a relatively short period of time, represents an annual consumer spend of over Rs 34,000 crore and reaches over 260 crore households in India, the report said.
Time of India
17 hours ago
- Business
- Time of India
ITC reports weakest FMCG consumer spend in a decade
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Kolkata: Consumer spending on ITC Ltd 's fast-moving consumer goods (FMCG) grew at its slowest pace in over a decade in the last fiscal year, according to the company's annual report released on of ITC's daily necessity products such as packaged food, personal care, stationary, agarbatti and safety matches grew just 4.6% year on year in 2024-25 - to ₹34,000 crore - compared with annual growth range of 9-21% in the last 10 years. While the company's FY25 annual report did not specify any reason behind this slower growth, industry executives said it could be a reflection of a slowdown in the overall FMCG industry amid a quick commerce discounting war in large cities, which may have slowed down consumer spending on daily during the Covid-hit 2020-21 when supplies were severely impacted, consumer spending on ITC's FMCG goods had grown 11.7% year on year. It grew 12% in spending refers to the amount a consumer spends on a product at retail outlets, which includes the company's realisation, trade margins and packaged food business clocked ₹18,270 crore of gross sales in 2024-25, up 6% on year. However, gross sales of other FMCG products including stationery, personal care, safety matches and agarbattis declined by 0.9% on year at ₹3,705 crore, as per its annual company does not disclose business-wise sales in its quarterly financial as urban slowdown persisted, rural demand for India's FMCG market declined in the January-March quarter year-on-year, though it was still four times faster than in cities, according to market researcher growth, or number of units sold, slowed down in the March quarter to 5.1% compared to 6.1% in the year-ago quarter.
New Indian Express
17 hours ago
- Business
- New Indian Express
Consumption expenditure to pick up progressively: ITC
FMCG major ITC expects consumption expenditure to pick up progressively led by continued recovery in rural demand backed by a good monsoon. The Kolkata-headquartered conglomerate also expects improvement in urban demand as inflation stabilises and tax cuts announced in the Union Budget boost disposable incomes. ITC's outlook reflects persistent weakness in urban consumption, a growing concern for major FMCG firms that have faced sluggish growth for several quarters. 'The cumulative impact of pick-up in cape in the second half of FY 2024-25 and front loading of Government capex outlay in FY 2025-26, along with interest rate cuts and liquidity support from RBI, would also be supportive of growth…While higher capital expenditure outlays and focus on infrastructure are expected to drive growth and competitiveness of domestic manufacturing, focus on agri-related schemes is expected to boost farmers' welfare and rural consumption demand, spurring a virtuous consumption-investment-employment cycle,' said ITC its latest annual report.
Time of India
17 hours ago
- Business
- Time of India
Kingpin Vinod Kumar Sahay arrested from Ranchi for Rs 33 cr GST fraud using fake entities
Bhopal: In a major crackdown, Madhya Pradesh's Economic Offences Wing (EOW) has unearthed a well-organised GST fraud that involved illegally availing and transferring Input Tax Credit (ITC) worth more than Rs 33 crore. The operation, which spanned cities across Jabalpur, Bhopal, Indore, and other regions, was run by an inter-state gang allegedly led by Vinod Kumar Sahay, also known by his alias N K Khare. He was arrested from Ranchi, Jharkhand on June 25 and has been remanded to police custody. According to EOW officials, the gang created dozens of bogus firms using forged identities and documents of unsuspecting individuals. These entities existed only to generate fake GST invoices, which were used to wrongfully claim ITC — causing massive losses to the exchequer. Between 2019 and 2020, the prime accused Vinod Sahay is alleged to have approached several individuals in Jabalpur — including Pratap Singh Lodhi, Deendayal Lodhi, Ravikant Singh, and Nilesh Patel — under the pretext of helping them obtain business loans. He claimed GST registration was essential and collected personal documents like Aadhaar cards, PAN cards, photos, land records, electricity bills, and their bank account details. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invertir con Cervecería Nacional CFD, si tienes 30 o más, puede alegrar tu cuenta bancaria Empieza a invertir hoy Inscríbete ahora Undo Using this data, he fraudulently registered several fake firms: M/s Maa Narmada Traders (in the name of Pratap Singh Lodhi), M/s Namami Traders (Deendayal Lodhi), M/s Maa Reva Traders (Ravikant Singh) and M/s Abhijeet Traders (Nilesh Kumar Patel). Sahay kept full control over these entities by managing their mobile numbers, email IDs, login credentials, bank accounts, and official letterheads. Investigation revealed that none of these firms were engaged in any real trade. However, they generated fake GST invoices showing massive outward supplies and transferred ITC to other firms without any actual movement of goods or services. The probe revealed that this fraud extended far beyond these four firms. Additional entities in Madhya Pradesh, Chhattisgarh, and Maharashtra were either shell firms or indirect beneficiaries: K D Sales Corporation (Indore): Fake billing worth Rs 64.38 crore; ITC passed on Rs 17.70 crore and Mehak Enterprises (Bhopal): Fake ITC of Rs 1.20 crore through non-existent trade Other firms under the scanner include Jagdamba Coal Carriers, Mahamaya Traders, Dilip Traders, Ankita Steel & Coal, Amber Coal Depot, Anam Traders, and Koraj Technics. Many of them were shown as buyers or suppliers in these fake invoice chains. Vinod Sahay is also a listed director in companies such as Citron Minerals Pvt. Ltd., Garrison Coal Pvt. Ltd., Arya Coal Trading Pvt. Ltd., VK Minerals Pvt. Ltd., and JMSD Allops Pvt. Ltd., which are now being examined for similar fraudulent activities. After gathering bank trail data and technical intelligence, EOW traced Sahay to Ranchi, where he had relocated and started a coal business under a new name. He was arrested on June 25 and brought to Jabalpur. He was produced before a special court and has been sent to police remand till July 2, 2025.
