Indian FMCG conglomerate ITC said its food brands gained market share over the last 12 months despite a “deceleration” of market growth trends.

The company said it grew “well ahead of the overall industry”, which was marked by “sluggish demand conditions”.

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Enhanced scale boosted ITC’s bakery operations and innovation meant the firm was able to grow confectionery sales, the company said in a financial update for the 12 months to 31 March. ITC “continued to enhance market standing in the fast-growing savoury snacks, noodles and pasta categories,” the company added.

Group wide revenues – which span sectors from stationary and educational supplies to safety matches – rose 11%. Pre-tax profits increased 18.5%.

Click here to view the full earnings update.

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