ITC's packaged food business hits $1-billion mark

ITC's packaged food business has crossed the billion dollar milestone with sales of Rs 6,411.27 crore, or about $1.01 billion, in the year ended March 2015.
ITC's packaged food biz hits $1-bn
ITC's packaged food business has crossed the billion dollar milestone with sales of Rs 6,411.27 crore, or about $1.01 billion, in the year ended March 2015.
 
The Kolkata-based cigarettesto-hospitality conglomerate's packaged food business, which was launched in 2001 with ready to-eat meals, has been the main revenue and profit driver for its non-cigarette FMCG business, which ITC is actively pursuing to reduce its dependence on cigarettes. The food business, which grew 12% year-on-year, accounted for 71% of ITC's FMCG business revenue of Rs 9,038 crore for 2014-15, according to the company's latest annual report.
 
ITC is now the third-largest listed food company in the country after Nestle and Britannia. It aims to overtake Britannia which reported revenues of Rs 7,176 crore last fiscal, after having overtaken HUL in the pack aged food business in 2012-13. VL Rajesh, chief executive for foods business at ITC, said going forward the key task will be to rapidly increase the business footprint into newer categories while growing the existing port folio at a high rate.
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