ITC's FMCG Surge: Consumer Spending Hits ₹32,500 Crore in FY24

ITC reported a 12% increase in consumer spending on its FMCG products, reaching ₹32,500 crore for FY24, with over 25 crore households engaging with its brands. The company has seen steady growth across its diverse FMCG portfolio, despite challenging market conditions and inflationary pressures.

In an impressive upswing, ITC has recorded a 12% rise in consumer spending on its fast-moving consumer goods (FMCG) products, touching nearly ₹32,500 crore for the fiscal year 2023-24. This marks a substantial increase from the previous year's ₹29,000 crore, clearly indicating a surge in consumer engagement across India's diverse households.

The company's annual report highlights the expansive reach of its FMCG portfolio, which now spans over 25 crore households. Brands like Aashirvaad, Bingo, and Sunfeast, among others, have significantly contributed to this growth. Despite facing subdued demand in rural areas and enduring inflationary pressures, ITC's FMCG sector has flourished, thanks to strategic innovations and robust distribution networks.

Furthermore, ITC's segment revenue rose by 9.6% to ₹20,966.83 crore in FY24, while segment EBITDA increased by 19.7% to ₹2,338.50 crore. This growth is supported by a strong supply chain, effective cost management, and premiumisation strategies, positioning ITC for continued expansion in the FMCG market.

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