Friday, December 8, 2023

ITC surpasses Adani, Parle, and Britannia to become the largest FMCG company in India's food industry

 ITC Ltd has arisen as the main quick purchaser merchandise (FMCG) maker in the food sources area in India, outperforming contenders Adani Wilmar, Britannia, Parle Items, and others, as per ongoing information from market tracker NielsenIQ shared by industry chiefs.

ITC reported food FMCG sales of Rs 17,100 crore in the nine months ending in September, as stated in the data from NielsenIQ cited in an ET report. In examination, Britannia revealed deals of Rs 16,700 crore, Adani Wilmar Rs 15,900 crore, Parle Items Rs 14,800 crore, Mondelez Rs 13,800 crore, and Hindustan Unilever Ltd (HUL) Rs 12,200 crore.

ITC has move from the fourth position it held in a similar period last year when Adani Wilmar was driving the market. According to NielsenIQ, Adani Wilmar made Rs 16,100 crore in sales during that time, while Britannia made Rs 14,900 crore, Parle made Rs 14,800 crore, ITC made Rs 13,900 crore, and Mondelez made Rs 12,400 crore.

ITC's victory over Adani Wilmar has been attributed by executives in the industry to the substantial decrease in edible oil prices. This decline has impacted the income of Adani Wilmar, the country's biggest palatable oil organization, during the nine-month time frame. Palatable oil costs in September were under $1,000 per ton, a decline from the pinnacle of $2,000 per ton found in April-May 2022.

ITC income

Then again, ITC has profited from an expansion in atta costs. The organization's bundled atta, sold under the Aashirvaad brand, is a significant supporter of its food business income.

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What's more, the majority of the items in ITC's assorted portfolio have encountered development. Each year, the business introduces more than 100 food and FMCG products. Hemant Malik, Chief Head of ITC Ltd, expressed that each item classification in the organization's food business has added to its development this financial year.

According to Malik, ITC's portfolio includes high-growth segments like biscuits, which have seen growth of 11% in the current calendar year, and salty snacks, which have seen growth of over 20%. As per him, the latest things, joined with the expansion in atta costs, have added to income development.

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