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ITC, a multi-conglomerate company, is revamping its strategy to become a leader in the segments it operates in, according to its Chairman and Managing Director, Sanjiv Puri. The company has articulated its “ITC Next Strategy” to shape a future-ready enterprise and define the next phase of growth and profitability. To achieve this, ITC has identified key areas of competitiveness, including digitalization, sustainability, innovation, and supply chain efficiency.
Puri stated that while the company has made significant progress, it is not yet complete, and the goal is to be a leader in every segment it operates in. To achieve this, ITC has defined a portfolio strategy for its businesses, focusing on growing its core business, addressing adjacencies, and creating new categories of the future.
The company’s core businesses include cigarettes and FMCG, which contribute to over 70% of its revenue. ITC is investing in its value-added paperboard business, and has recently commissioned a state-of-the-art moulded fibre plant to manufacture plant-based packaging. In FMCG, the company is leveraging its Aashirvad brand, which is a significant contributor to its revenue.
Puri emphasized the importance of being a large and growing organization, stating that the company must remain nimble and consumer-centric to stay competitive. He also highlighted the need for ITC to be sustainable, innovative, and flexible to succeed in the ever-changing business environment.
The company has demerged its hotel business into a separate entity and is yet to announce the listing date. ITC’s “ITC Next Strategy” is in action, with the goal of being a leader in every segment it operates in. With a vision to grow its core business, address adjacencies, and create new categories, ITC is poised for future growth and success.