According to the data from NielsenIQ quoted in an ET report, ITC recorded food FMCG salesof Rs 17,100 crore in the nine-month period ending in September.In comparison, Britannia reported sales of Rs 16,700 crore, Adani Wilmar Rs 15,900 crore, Parle Products Rs 14,800 crore, Mondelez Rs 13,800 crore, and Hindustan Unilever Ltd (HUL) Rs 12,200 crore.
ITC has climbed from the fourth position it held in the same period last year when Adani Wilmar was leading the market. Adani Wilmar’s sales during that period were Rs 16,100 crore, while Britannia reported Rs 14,900 crore, Parle Rs 14,800 crore, ITC Rs 13,900 crore, and Mondelez Rs 12,400 crore, according to NielsenIQ.
Industry executives have attributed ITC’s success in surpassing Adani Wilmar to the significant drop in edible oil prices. This decline has affected the revenue of Adani Wilmar, the country’s largest edible oil company, during the nine-month period. Edible oil prices in September were less than $1,000 per tonne, a decrease from the peak of $2,000 per tonne seen in April-May 2022.
<p>ITC revenue<br></p>
On the other hand, ITC has benefited from an increase in atta prices. The company’s packaged atta, sold under the Aashirvaad brand, is a major contributor to its food business revenue.
In addition to this, most of the products in ITC’s diverse portfolio have experienced growth. The company has been launching over 100 food FMCG products annually. Hemant Malik, Executive Director of ITC Ltd, stated that every product category in the company’s food business has contributed to its growth this fiscal year.
ITC’s portfolio includes high-growth categories such as biscuits, which have seen an 11% growth in the current calendar year, and salty snacks, which have experienced growth of over 20%, according to Malik. According to him, the current trends, combined with the increase in atta prices, have contributed to revenue growth.