ITC finally touches ₹300 mark, 1st time in last three years!

Today marked the first time since May 2019 that ITC’s stock price crossed the 300 level. ITC’s stock continued its upward trend and hit a three-year high in early morning trading on Thursday. ITC’s share price hit a new 52-week high of $302.20 today after hitting a one-year high of $299.50 per share during the company’s 111th Annual General Meeting (AGM) on Wednesday. ITC Chairman and MD Sanjiv Puri addressed the AGM and highlighted the company’s recent excellent performance to shareholders and board members. Apart from announcing the company’s aspirations to enter the international market, Puri praised the company’s performance in FMCG.

“As we achieve scale for your company’s FMCG portfolio, it is also our aspiration to take these world-class brands to overseas markets. In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC’s ‘Proudly Indian’ brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of your Company’s value-added FMCG portfolio,” ITC Chairman & MD said.

He said ITC’s interventions in newer FMCG businesses enabled strong revenue growth of 25 per cent during the last two years of the pandemic, reaching nearly ₹16,000 crore in FY22. Despite unprecedented inflationary headwinds, ITC maintained EBITDA margins last year and also improved margins by 6.5 percent over the past 5 years.