ITC bets big on non-cigarette FMCG biz, but Street differs on smoke signals

Its non-cigarette FMCG business has been restructured and positioned as the next growth engine but the market still considers the conglomerate a tobacco player

A quiet transformation has been in the works at ITC. The market leader in cigarettes, which has been building its fast moving consumer goods (FMCG) business over the last two decades, has reorganised the business into verticals, cherry-picked talent from competition, and beefed up its product portfolio, to take it to the next level of growth.
 
Most of the changes have come about in the last four years and ITC is now reaping the dividends — standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits