ITC earns Rs 4,673 crore in foreign exchange in 2018-19

Diversified group ITC's forex earning in 2018-19 increased by 11.55 per cent to Rs 4,673 crore, mainly on account of exports of agri-commodities.

In the last ten years, the Kolkata-headquartered firm has earned "nearly USD 7.2 billion, of which agri-exports constituted 56 per cent", ITC said in its Annual Report for 2018-19.

"During the financial year 2018-19, your company and its subsidiaries earned Rs 4,673 crore in foreign exchange.

"The direct foreign exchange earned by your Company amounted to Rs 3,828 crores, mainly on account of exports of agri-commodities," ITC Chairman & MD Sanjiv Puri said in Report & Accounts 2019.

ITC also spent foreign exchange worth Rs 2,373 crore in the last fiscal.

This was mainly on account of purchase of raw materials, spares and other expenses of Rs 1,947 crore and import of capital goods at Rs 426 crore, the company said.

ITC "continues to view foreign exchange earnings as a priority. All Businesses in the ITC portfolio are mandated to engage with overseas markets with a view to testing and demonstrating international competitiveness and seeking profitable opportunities for growth," the company said in the report.

In 2017-18, ITC and its subsidiaries had earned Rs 4,189 crore in foreign exchange, in which exports of agri-commodities contributed Rs 3,480 crore.

Through its network of e-Choupal, ITC's Agri Business Division, which is one of India's largest exporters of agricultural commodities, sources directly from the farmers.

The firm directly reaches to around four million farmers growing a range of crops - soyabean, coffee, wheat, rice, pulses, shrimp - in over 35,000 villages through 6,100 kiosks across 10 states.