ITC Ltd has surpassed Britannia Industries to become India’s second-largest listed packaged foods firm by sales, trailing only behind Nestle, as reported by ET.
Britannia reported a sales record of INR 16,767 Crore, with its total income figuring to INR 16,983 Crore which included revenues from other vertices beyond food.
ITC’s annual report showed that its food business recorded a sales figure of INR 17,194 Crores for FY2023-24.
This figure includes both domestic and export sales and highlights the strong performance of ITC’s popular brands like Aashirvaad atta, Bingo potato chips, and Sunfeast biscuits.
Nestle India, leading the pack, disclosed total sales of Rs 24,275.5 crore for the FY24, spanning a 15-month period due to its shift in financial reporting from January-December to April-March.
The growth trajectory for ITC’s food business in FY24 showed a commendable 9 per cent increase over the previous year, outpacing Britannia’s more modest 2.9 per cent expansion. This performance surge was bolstered by a 7-8 per cent rise in atta prices and robust growth in categories like biscuits and salty snacks, each registering a 10 per cent growth over the previous year’s figures.
An industry insider told ET that ITC’s strategy of expanding its premium brand portfolio and consistently launching over 100 new products annually has been instrumental in driving its sales growth.
Earlier reports from NielsenIQ had already indicated ITC’s ascendancy in the domestic packaged foods market, surpassing competitors like Britannia and Parle Products in the nine-month period leading up to September 2023. This dominance continued into FY24, with ITC’s FMCG division achieving gross sales of Rs 20,966 crore, marking a notable 9.6 per cent increase Year-on-Year (YoY).
