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ITC AGM Highlights: ITC is largest procurer of agri commodities in the private sector: Puri
ITC is the largest procurer of agri commodities in the private sector, sourcing 4.5 million tonnes across 20 value chains in 22 States, placing it in a unique position to make a meaningful difference to rural transformation and farmer empowerment. The multidimensional initiatives of your Company build resilience and competitiveness of inclusive value chains and deepen digital adoption, thus benefitting millions of farmers.
Your Company’s world-class FMCG brands anchor several agri value chains contributing to rural transformation and national priorities. We believe our efforts will usher in a new dimension of agricultural progress, benefitting farmers whilst providing significant competitive advantage to your Company’s businesses, Puri said.
ITC AGM Highlights: ITC built portfolio of 25+ vibrant brands in FMCG Businesses
In a relatively short span of time, ITC has built a portfolio of 25-plus vibrant brands in the FMCG Businesses that represent an annual consumer spend of ₹29,000 crore. It is a source of immense satisfaction that 2 of our flagship brands are already in the league of over ₹5,000 crore, whilst 5 more brands have touched spends between ₹1,000 crore and ₹4,000 crore, Puro said.
ITC AGM Live Updates: ITC added 18 hotels in last 16 months
In the last 16 months alone, 18 hotels have been added, mostly through management contracts. Today, managed properties account for 55% of total rooms. ITC Narmada launched this year in Ahmedabad, is the first LEED Platinum hotel in Gujarat and has received excellent customer response, Puri said.
ITC AGM Live Updates: ITC Next strategy to architect next horizon of growth: Puri
ITC Next strategy seeks to architect the next horizon of competitiveness, growth and profitability in the face of global uncertainties. The agility displayed particularly over the last 2 years attests to the robustness of the ITC Next strategy and stands testimony to the exceptional perseverance displayed by your Company’s dedicated employees, said Puri.
ITC AGM Live Updates: ITC shares trade lower
ITC AGM: ITC share price was trading lower even after ITC CMD Sanjiv Puri addressed shareholders at 112th annual general meeting.
At 11:45 am, ITC share price was down 0.94% at ₹447.20 apiece on the BSE.
ITC AGM Live Updates: Proposed reorganization to enable ITC architect next horizon of growth: Sanjiv Puri
The proposed reorganization will enable ITC to architect the next horizon of growth as a pure play hotels entity with a strong balance sheet, healthy pipeline, specially when industry is poised for robust growth. said Sanjiv Puri.
ITC AGM Live Updates: ITC’s interest in the demerged entity will provide long-term stability: Saniv Puri
ITC AGM: Continued interest of ITC in the demerged entity will provide long-term stability and instill a sense of assurance among partners, investors and employees while enabling the new entity to leverage ITC’s institutional strengths, including the timeless goodwill, world class brands and governance processes, said Sanjiv Puri.
ITC AGM Live Updates: ITC shares fall as CMD Sanjiv Puri addresses shareholders
ITC AGM: ITC share price clocks in minor losses even as ITC CMD Sanjiv Puri addresses shareholders at 112th annual general meeting. ITC share price opened at ₹452.05 compared to a previous close of ₹451.45. At 11 am, the ITC shares were trading at ₹448.20, down ₹3.25, or 0.72%
ITC AGM Live Updates: Hotel business demerger to sharpen capital allocation for ITC
For ITC, hotel business demerger will sharpen capital allocation, improve asset efficiency ratios, unlock value for shareholders and enable leverage of institutional synergies.
ITC AGM Live Updates: Hotels business poised to capitalise on growth opportunities
ITC AGM: ITC’s Hotel business recorded strong performance in FY23 with doubling of revenue. EBITDA margins expanded by 930 basis points over FY20. The business is well poised to capitalise on significant growth opportunities.
The business has developed a bouquet of brands. In the last 16 months, the business added 18 hotels through management contracts, says Sanjiv Puri.
ITC AGM Live Updates: Taken steps to become future-tech, inclusive enterprise
ITC AGM: ITC has taken steps to become future-tech, innovative, climate positive, sustainable and inclusive enterprise, Sanjiv Puri said.
ITC AGM Live Updates: Committed to making right economic choices: Sanjiv Puri
ITC AGM: ITC remains committed to making the right economic choices. ITC’s next strategy is to focus on growth, profitability and sustainability. Our next strategy has redefined the pathway to growth and profitability. New vectors of growth are being nurtured, says Sanjiv Puri.
ITC AGM Live Updates: ITC built 25+ FMCG brands: Sanjiv Puri
ITC AGM: ITC has built 25+ vibrant brands of FMCG business in a short span. Turnover of FMCG business grew by 1.8x, while the segment’s EBITDA margins expanded by 770 bps. ITC’s world class FMCG brands like paper boards packaging agri products are exported to over 100 countries, said Sanjiv Puri.
ITC AGM Live Updates: Non Cigarette business account for 67% of revenue:
ITC AGM: Non Cigarette business accounts for 67% of revenue 28% of segment EBITDA, says Sanjiv Puri.
ITC AGM Live Updates: Indian economy remained resilient amid several global headwinds: Sanjiv Puri
Indian economy remained resilient and showcased robust growth amid several global headwinds, said Sanjiv Puri, CMD, ITC.
ITC AGM Live Updates: India emerged as a beacon of growth: Sanjiv Puri
India emerged as a beacon of growth and will remain the fastest growing economy in global uncertainties, said ITC CMD Sanjiv Puri.
ITC AGM Live Updates: CMD Sanjiv Puri addresses to shareholders
ITC’s 112th Annual General Meeting has begun. The company’s Chairman and Managing Director Sanjiv Puri started his address to shareholders.
ITC AGM Live Updates: ITC Hotel listing to take 12-18 months
A board meeting over a potential reorganisation is scheduled for Monday, August 14, according to the brokerage’s report. ITC Hotels will list on exchanges following clearances, and they estimate that the process will take 12 to 18 months (approvals from regulators, notably NCLT, are required).
ITC AGM Live Updates: ITC hotels unit stock expected to be valued in ₹15-27 range
Brokerages forecast ITC Hotels’ share price to range between ₹15 to ₹27 after demerging its hotel operations into a new firm, named ITC Hotels where it will hold 40% ownership and the remaining 60% will be controlled by shareholders directly.
The demerger of the hotel business is advantageous for ITC, according to Centrum Broking’s analysis. The research states that while ITC spends roughly 20% of its capex on this area, the hotel industry provided 3.7% of the company’s total sales and 2.3% of its EBIT in FY23.
Because of the substantial increase in domestic demand for the hospitality industry, the brokerage anticipates that hotel company revenues would reach ₹38.7 billion with an EBITDA margin of about 34.1%. Read more
ITC AGM Live Updates: ITC shares fall ahead of AGM
ITC share price traded lower ahead of the company’s annual general meeting today. ITC shares were trading 0.69% lower at ₹448.35 apiece on the BSE.
ITC AGM Live Updates: ITC board gave in-principle nod for demerger of hotels business
ITC Ltd. board, in July, gave in-principle approval for the demerger of its hotels business and to incorporate a wholly owned subsidiary called ITC Hotels.
“After due consideration, the Board accorded its in-principle approval to the demerger of Hotels Business under a scheme of arrangement, with the Company holding a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the Company’s shareholders proportionate to their shareholding in the Company,” ITC said in a regulatory filing. Read more here
ITC AGM Live Updates: Cigarette maker posted net profit of ₹5,225 crore in March quarter
ITC Ltd reported a 22.7% year-on-year rise in its consolidated net profit to ₹5,225.02 crore for the quarter ended March 2023 (Q4FY23).
Revenue from operations (excluding excise duty) for the company went up 5.6% YoY to ₹16,398 crore.
The cigarette business grew 14% YoY to clock revenue of ₹7,355.83 crore in the March quarter. FMCG revenue jumped 19% to ₹4,944.95 crore and hotels business revenue almost doubled to ₹781 crore.
ITC also had announced a final dividend ₹6.75 and a special dividend of ₹2.75 per ordinary share of ₹1 each for the financial year ended 31 March, 2023.
The said dividend will be paid between 14 August, 2023 and 17 August, 2023. The company has fixed 30 May, 2023 as the record date for the said dividend.
ITC AGM Live Updates: ITC Chairman Sanjiv Puri to address shareholders
ITC Chairman and Managing Director Sanjiv Puri will address at the company’s shareholders in its 112th Annual General Meeting.
ITC AGM Live Updates: ITC AGM to begin at 10:30 today
ITC’s 112th Annual General Meeting, will begin on Friday, August 11, 2023 at 10:30 AM.
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