Indian conglomerate ITC said “robust” growth from its packaged food business helped it post a 13% jump in quarterly sales.
The Kolkota-based company saw group sales hit INR122.23bn (US$1.99bn) for the three months to the end of December, its third quarter.
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Pre-tax profits and net profit both increased to 16.3% to INR34.4bn and INR23.85bn respectively.
In its statement announcing the results, the company said its branded packaged foods businesses “posted robust growth in revenues and enhanced market standing across categories by leveraging a portfolio of differentiated and innovative products.”
In the bakery and confectionery foods business, the recently launched Sunfeast Delishus gourmet cookies and Candyman Jellicious in the jelly segment were extended to target markets and garnered increasing consumer franchise.
The snack foods business recorded strong growth during the quarter with the recently launched region-specific variants gaining traction with consumers.
In the instant noodles category, ‘Sunfeast Yippee!’ grew at a rapid pace gaining consumer franchise. During the quarter, the business also launched a highly innovative tricolour pasta format in two variants which it said has received encouraging consumer response in launch markets.
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By GlobalDataITC’s FMCG division, which includes its largest by sales – cigarettes – saw revenue rise 16.4%.
The company termed its progress in the quarter “commendable” in light of a challenging business environment which included “a steep increase in taxes/duties on cigarettes”.
