ITC Limited has achieved a significant milestone by surpassing Britannia Industries to become India’s second-largest listed packaged foods company by sales, as reported by The Economic Times.
According to ITC’s latest annual report for the fiscal year ending March 31, 2024, its foods business recorded consolidated sales of Rs 17,194.5 crore. This figure includes both domestic sales and exports, highlighting the robust performance of brands such as Aashirvaad atta, Bingo potato chips, and Sunfeast biscuits.
In comparison, Britannia Industries reported consolidated sales of Rs 16,769.2 crore, with total income reaching Rs 16,983.4 crore when considering revenues beyond its core foods segment. Nestle India leads the segment with total sales of Rs 24,275.5 crore for FY24, covering a 15-month period due to a shift in financial reporting.
ITC’s food business demonstrated a commendable 9% growth trajectory in FY24, outpacing Britannia’s 2.9% expansion. This growth was supported by a 7-8% rise in atta prices and strong performances in categories like biscuits and salty snacks, each registering a 10% increase over the previous year.
Industry analysts attribute ITC’s success to its strategy of expanding its premium brand portfolio and consistently launching over 100 new products annually. NielsenIQ reports also indicated ITC’s dominance in the domestic packaged foods market, surpassing competitors like Britannia and Parle Products in recent periods.
Overall, ITC’s ascent to the second position underscores its robust growth and strategic initiatives in the competitive packaged foods sector in India.