 "Sanjiv Puri, ITC chairman")
ITC Chairman Sanjiv Puri said localised lockdowns were impacting recovery momentum for the firm, at the annual general meeting on Friday.
Addressing shareholders, he added that near-term outlook remained uncertain despite progressive normalisation in segments except hotels, education, and stationery products.
Constant evolution in consumer trends and industry dynamics, owing to the the pandemic and shape of economic recovery, has kept the outlook uncertain, Puri said.
Cigarette business, which accounts for 40 per cent of ITC’s revenues, faced challenges during the lockdowns. However, it showed signs of improvement since June. In July and August, however, distribution was impacted, Puri told shareholders.
ITC started hedging
