NEWS

Consumer spending on ITC's goods increase 12% to Rs 32,500 cr in FY24

Diversified conglomerate ITC has said consumer spending on the company's FMCG products has increased 12 per cent to nearly Rs 32,500 crore in FY24 with over 25 crore households having access to its various brands. ITC measures annual consumer spending as the sum total of what consumer spends on buying goods of the company. It is the net sales turnover of the brands along with channel margins and taxes.The FMCG portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy leveraging institutional synergies in a relatively short period of time, "represents an annual consumer spend of nearly Rs 32,500 crore and reach over 250 million households in India", the company said in its annual report for 2023-24.This is 12 per cent higher than the numbers achieved in financial year 2022-23, when it had reported an annual consumer spend of nearly Rs 29,000 crore. The company's reach has also expanded to 25 crore households from 23 crore a year ago. The FMCG (fast moving consumer goods) businesses comprising branded packaged foods, personal care products, education and stationery items, incense sticks (agarbattis) and safety matches have grown at an impressive pace over the past several years, it said. Some of its brands as Aashirvaad leads in branded atta segment. Similar Bingo leads in the bridges segment of snack foods, Sunfeast also leads in the cream biscuits segment.