Acknowledging this, ITC has been reducing its reliance on the cigarettes business, which has seen its revenue contribution drop from 62% in FY14 to 37% in FY23. Also read: Why India’s FMCG ...

He makes it clear that ITC aims to become India’s largest FMCG company. Only the recently-listed Adani Wilmar (Rs 54,386 crore) and Hindustan Unilever (Rs 52,704 crore) are ahead of it.

But in the face of intense competition from giants like Hindustan Unilever, Nestle, and Britannia, ITC’s FMCG journey hasn’t been easy. Sure, its profits aren’t slowing dramatically yet.