ITC‘s Chairman and MD, Sanjiv Puri has shared the following –
- Indian FMCG industry will bounce back by volume sales growth from FY24, led by rural demand, with early signs of recovery already visible.
- concerns around monsoons this year can be a dampener (he didn’t mention it)
- ITC will accelerate investments across businesses back to the pre-covid level of Rs 3,000 per year.
- During Covid, ITC’s annual investments had reduced to Rs 1,800- 2,150 crore annually.
- Investments will be focused across businesses on setting up new plants/ facilities
- Plans to create an alternate structure for the hotel business will be undertaken in the next couple of quarters with the industry’s performance improving.
- This may mean demerging the hotels business, a plan that had been delayed since the sector was badly hit by Covid.
- Puri also mentioned that while the Company is pursuing an asset-right strategy for the hotels business, the focus is more on management contracts.