KOLKATA: ITC Ltd has overtaken Britannia Industries for the primary time to turn out to be the second largest listed packaged meals firm by gross sales in India, behind Nestle.
ITC’s meals enterprise posted consolidated gross sales of Rs 17,194.5 crore for the fiscal 12 months ended March 31, 2024, the corporate that owns manufacturers comparable to Aashirvaad atta, Bingo potato chips and Sunfeast biscuits within the section stated in its newest annual report. This comprised each home gross sales and exports.
At Britannia, consolidated gross sales had been ?16,769.2 crore, whereas complete revenue, together with from outdoors its core meals enterprise, was Rs 16,983.4 crore.
Nestle India reported complete gross sales of Rs 24,275.5 crore for fiscal 2024, a 15-month interval by March due to the corporate altering its monetary 12 months to April-March from January-December.
Premium Manufacturers Enhance Gross sales
For the 12 months ended March 31, the native unit of Swiss multinational Nestle SA posted Rs 19,563 crore in gross sales, ET’s calculation reveals.
ITC’s meals enterprise gross sales in FY24 grew 9% from the earlier 12 months, whereas Britannia’s growth was slower at 2.9%, serving to the Kolkata-based conglomerate enhance its place on rating charts.
A 7-8% improve in atta costs final fiscal 12 months helped ITC, contemplating packaged atta offered underneath the Aashirvaad model is its largest income contributor within the meals enterprise, an business govt stated. Additionally, classes comparable to biscuits and salty snacks grew 10% over the earlier 12 months’s excessive base. Including extra premium manufacturers to its portfolio and constant launch of over 100 new merchandise yearly for the previous few years too drove its gross sales.
ITC didn’t reply to ET’s request for remark.
ET had earlier reported, citing information from gross sales tracker NielsenIQ, that ITC had overtaken each listed and unlisted corporations comparable to Britannia and Parle Merchandise to turn out to be the nation’s largest packaged meals firm by home gross sales within the nine-month interval until September 2023.
An business govt stated its dominance available in the market continued a minimum of until March this 12 months. The FMCG enterprise posted product sales of Rs 20,966 crore in FY24, a rise of 9.6% from the earlier 12 months.
(Now you can subscribe to our Financial Instances WhatsApp channel)
Adblock check (Why?)
