Introduction

The Economic Times (ET) said that ITC Ltd. has accomplished a noteworthy milestone by overtaking Britannia Industries to become the second-largest listed packaged foods firm in India in terms of revenue, only behind Nestle.
ITC’s food division reported consolidated sales of Rs 17,194.5 crore for the fiscal year that ended on March 31, 2024, according to its most recent annual report. This number, which accounts for both domestic and export sales, shows how well ITC which owns the brands Aashirvaad atta, Bingo potato chips, and Sunfeast biscuits is performing.

Comparison

Britannia, on the other hand, reported consolidated sales of Rs 16,769.2 crore, and when revenues from its core foods category are taken into account, total income reaches Rs 16,983.4 crore.
The leader of the pack, Nestle India, reported total sales of Rs 24,275.5 crore for FY24, which was spread over 15 months because of the company’s change in financial reporting from January to December to April to March.

ITC’s food business growth trajectory in FY24 was an impressive 9 per cent higher than the previous year, surpassing Britannia’s very modest expansion of 2.9%. The 7-8% increase in ATTA pricing and the strong growth in categories like salty snacks and biscuits—both of which saw a 10% increase over the previous year’s numbers—supported this performance leap.

Bottom Line

Industry insiders told ET that ITC’s strategy of adding more premium brands to its lineup and regularly releasing more than 100 new goods a year has contributed significantly to the company’s sales success.
Previous NielsenIQ studies had previously demonstrated ITC’s dominance in the domestic packaged goods industry; in the nine months preceding September 2023, it outperformed rivals such as Britannia and Parle Products. This supremacy persisted into FY24, as ITC’s FMCG segment recorded total sales of Rs 20,966 crore, a noteworthy YoY rise of 9.6%.