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”.

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.