ITC packs a punch, beats Britannia in foods business
ITC Ltd has overtaken Britannia Industries for the first time to become the second largest listed packaged foods company by sales in India, behind Nestle.
ITC's foods business posted consolidated sales of Rs 17,194.5 crore for the fiscal year ended March 31, 2024, the company that owns brands such as Aashirvaad atta, Bingo potato chips and Sunfeast biscuits in the segment said in its latest annual report. This comprised both domestic sales and exports.
At Britannia, consolidated sales were ?16,769.2 crore, while total income, including from outside its core foods business, was Rs 16,983.4 crore.
Nestle India reported total sales of Rs 24,275.5 crore for fiscal 2024, a 15-month period through March because of the company changing its financial year to April-March from January-December.
Premium Brands Boost Sales
For the 12 months ended March 31, the local unit of Swiss multinational Nestle SA posted Rs 19,563 crore in sales, ET's calculation shows.
ITC's food business sales in FY24 grew 9% from the previous year, while Britannia's expansion was slower at 2.9%, helping the Kolkata-based conglomerate improve its position on ranking charts.
A 7-8% increase in atta prices last fiscal year helped ITC, considering packaged atta sold under the Aashirvaad brand is its largest revenue contributor in the food business, an industry executive said. Also, categories such as biscuits and salty snacks grew 10% over the previous year's high base. Adding more premium brands to its portfolio and consistent launch of over 100 new
