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The Board of Directors of ITC has recommended reappointment of Sanjiv Puri as the Chairman and Managing Director of the company for a period of five years effective July 22, 2024. His present term will end on July 21, 2024.
“The board, on the recommendation of the committee, has also recommended for the approval of the members, re-appointment of Puri as a Director, not liable to retire by rotation, and as the Managing Director & Chairman of the company for a period of five years with effect from 22nd July, 2024,” the company said in its annual report (2023) released on Tuesday.
The company’s share has gained 1.29 per cent to trade at ₹471.80 on BSE on Tuesday.
ITC to focus on FMCG business
ITC is planning to rapidly scale up its FMCG businesses on the back of a future-ready portfolio powered by purpose-led brands, quality, consumer insights, innovation and an agile, resilient and efficient supply chain.
Despite challenging conditions in FY23, the company’s FMCG businesses grew in both urban and rural markets due to enhanced distribution footprint, last mile execution, deep consumer insights, innovation and premiumisation of product portfolio, per the report.
The revenue from FMCG segment in FY23 grew around 20 per cent with segment EBITDA growing at a faster pace of around 35 per cent to ₹1,954 crore.
Segment EBITDA margins expanded by 120 basis points amidst severe inflationary pressures.
The company’s portfolio of over 25 Indian brands, largely built through an organic growth strategy, represents an annual consumer spend of nearly ₹29,000 crore and reach over 230 million households across the country.
“The businesses will continue to leverage the company’s institutional strengths, including strong backward linkages with the agri business, deep and wide multi-channel distribution network and cuisine knowledge resident in the hotels business among others,” the report said.
The company’s market coverage was stepped up to approximately 2X of pre-pandemic levels.
According to the company, urban markets continued to witness channel shift with the growth of modern trade and e-commerce.
In rural markets, the company focussed on “market-specific interventions” to enhance direct coverage, per the report.
Sales through the e-commerce channel stood at about 5X of FY20 levels, accounting for over 10 per cent of its branded packaged foods and personal care products sales.
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