ITC Surpasses Britannia in packaged foods: Nestle leads the pack Britannia Industries has been surpassed by ITC Ltd, to claim the title of India's second-largest listed packaged foods company in terms of sales and therefore achieving a major milestone as reported by The Economic Times. ITC conglomerate is now second only to Nestle in the domestic market.
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Britannia Industries has been surpassed by ITC Ltd, to claim the title of India's second-largest listed packaged foods company in terms of sales and therefore achieving a major milestone as reported by The Economic Times. ITC conglomerate is now second only to Nestle in the domestic market.
Britannia reported a sales record of INR 16,767 Crore, with its total income figuring to INR 16,983 Crore which included revenues from other vertices beyond food.
ITC's annual report showed that its food business recorded a sales figure of INR 17,194 Crores for FY2023-24. The figures are reported to contain both import and export numbers, thanks to the strong performances from its brands like Aashirvad, Bingo, Sunfeast, and other categories such as ready-to-eat items, instant noodles, beverages, and confectionery products. The company through its brands, has 230 Million households as customers, according to ITC.
Market leader Nestle India announced sales amounting to INR 24,275.5 Crore for FISCAL 2024. This is however a 15-month period through March as Nestle changed its financial year from January to December to a more traditional April to March.
ITC's growth in the food business boasted a 9 per cent increase over the previous year, beating Britannia's 2.9 per cent increase. Business Standard reported that this performance was bolstered by a 7-8 per cent increase in its wheat flour prices and a robust growth in products like biscuits and snacks, each achieving a 10 per cent growth compared to the year previous.
Recent reports from NielsenIQ had predicted ITC's ascendancy in the packaged food market within the domestic market, outclassing competition from Britannia and Parle during the nine-month time up to September 2023. The robust performance continued in FY2024, with its FMCG division recording gross sales of INR 20,966 Crore, indicating a 9.6 per cent Year-on-Year (YoY) increase.
