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ITC foods business crosses USD 1 bn mark, is third largest food co in India

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With sales of Rs 6,411.27 crore, or about $1.01 billion by the end of fiscal 2014- 2015, Kolkata-based conglomerate ITC’s branded packaged foods business is now the third-largest listed food company in India, following Nestle and Britannia.

Launched in 2001 with ready to-eat meals, ITC ‘s food division has been the primary revenue and profit earner for its non-cigarette verticals. The company’s popular packaged food brands include , Sunfeast, Bingo, Yippee, Kitchens of India, B Natural, mint-o, Candyman and GumOn.

In a drive to reduce its dependence on cigarettes, ITC is actively attempting to grow its potential in the food business, which grew 12 per cent year-on-year and accounted for 71 per cent of its FMCG business revenue of Rs 9,038 crore for 2014-15, according to the company’s latest annual report.

Having overtaken HUL in the packaged food business in 2012-13, ITC now aims to surpass , which reported revenues of Rs 7,176 crore last fiscal.