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Sanjiv Puri's AGM speech blends purpose, performance & potential; to build future tech, climate positive enterprise
Kolkata, July 20 - In his AGM address, Sanjiv Puri, Chairman and Managing Director, ITC Ltd, shared his Vision on 'ITC Next: Building a Competitive, Future Tech, Climate Positive and Inclusive Enterprise'.
"The company's pursuit of 'Responsible Capitalism' has inspired our vision to build an extremely competitive enterprise that contributes in equal measure to people, planet and profit. This abiding vision is embedded in your Company's credo of 'Nation First: Sab Saath Badhein', Puri said.
The opportunities arising out of India's growth story have also encouraged us to invest in 5 new manufacturing facilities that will be commissioned in the near term in areas such as agri & food processing, as well as packaging, among others.
ITC has, in recent years, put in place an extensive strategy reset to architect structural drivers to shape the next horizon of growth and competitiveness with sharp focus on agility, innovative capacity, digital transformation, structural cost optimisation, sustainability and empowered talent to create enduring value for all our stakeholders, Puri said.
The year gone by was marked by heightened volatility in the operating business environment, especially in the first half. Despite these challenges, which were also compounded by severe inflationary headwinds, Gross Revenue of ITC grew by 22.7 per cent to over Rs 59,000 crore whilst EBITDA rose to nearly Rs 19,000 crore with an increase of 22 per cent.
"Today, it is immensely encouraging that your Company's newer FMCG Businesses have garnered an annual consumer spend of Rs 24,000 crore. The carefully selected portfolio, with substantial headroom to grow, is estimated to have a total addressable market potential of Rs 5,00,000 crore by 2030, which is amongst the highest in the Indian FMCG space," Puri said.
ITC launched 110 products during the year, indeed a testimony to the company's consumer centricity, agility, innovative capacity and digital transformation. We continue to incubate new engines of growth to create beachheads in areas that hold promise for the future. In addition, value-accretive acquisitions like Sunrise spices and investments in tech-enabled startups like Mother Sparsh and Mylo, in fast-evolving spaces like mother and childcare, will provide new vectors to accelerate growth.
"As we achieve scale for your Company's FMCG portfolio, it is also our aspiration to take these world-class brands to overseas markets. In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC's 'Proudly Indian' brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of your Company's value-added FMCG portfolio," Puri said.
ITC's Agri Business sources over 40 lakh tonnes of agri-commodities from 22 states and 20 agri-value chains and is a leading exporter to over 95 countries across the globe.
At the core, is the Company's endeavour to restructure the backend into a robust network of vibrant FPOs to aggregate farmer effort and enhance efficiencies. Over time, ITC will engage and empower over 4,000 FPOs, thereby benefitting more than 1 crore farmers.
The ITC Next vision envisages a strategic focus on promising vectors of growth by scaling up value-added paperboards and pioneering Next Generation sustainable packaging solutions.
ITC has launched 9 hotels this year and has a healthy pipeline of new properties which will be opened over the next few quarters. ITC will shortly unveil ITC Narmada, our signature property in Ahmedabad, as a befitting tribute to the rich heritage and vibrant culture of the State of Gujarat.
Building on its substantive expertise in Product Lifecycle Management services, ITC Infotech has recently acquired a substantial portion of PTC Inc's PLM professional services business. This makes it one of the largest organisations in this segment and reinforces its position as a leader in Digital Manufacturing whilst enlarging its global presence, Puri said.
"It is your Company's firm resolve to scale newer heights in creating a Climate Positive and Inclusive Enterprise that can contribute meaningfully towards the transition to a net-zero economy," Puri added.
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