Diversified conglomerate ITC Ltd has forayed into fruits, vegetables and other perishables segment, the company Chairman, YC Deveshwar, said at the 106th Annual General Meeting.
According to him, the company has recently forayed into the frozen prawn segment. While the offerings have been launched in “select markets” at present, plans are afoot to roll-out the same nationally.
Deveshwar said such fresh, frozen and dehydrated agri-products will provide high quality options to consumers, create an agri-value chain that will help farmers diversify crop production and manage waste.
“Investments have also been made in farming for aromatic and medicinal plants, keeping in mind ITC’s focus on agri-based health and wellness products,” said Deveshwar.
The company is also investing in 20 latest consumer goods manufacturing and logistics facilities which are under development and is expected to create “food processing and manufacturing centres of excellence” to support the scaling up of its agri-business division, Deveshwar said.
ITC’s net profit rose 7.4 percent to Rs 2,561 crore in the quarter ended June over the year-ago period, the company announced on Thursday. Revenue increased 4.1 percent to Rs 13,800.4 crore, driven primarily by cigarette sales, which grew 6.6 percent to Rs 8,774 crore.