On the FSSAI action, Puri said the regulator has the right to raise issues around compliance, while stressing that whatever is being done should be in compliance with the law. ITC, he said, is committed to going beyond compliance, with a focus on delivering the highest quality products and services.
The cigarette business faces a different challenge, with Puri identifying the loss of franchise to illicit trade as the company’s biggest fear following the tax increase. Some movement towards the illicit market is likely given the magnitude of the increase, he said, adding that ITC is staging its pricing to minimise the impact. Building and architecting the portfolio, he added, will be a calibrated journey.
Also read: ITC eyes scale across FMCG, hotels and digital channels amid strong India outlook | Q&A
Hospitality, meanwhile, remains a bright spot for the company. Puri said the sector is doing well and ITC is very optimistic about its prospects, with significant potential still available in India. While geopolitical developments have created some transitory issues, the sector overall continues to be buoyant.
ITC will continue to invest in and expand its hospitality portfolio, Puri said, both by building its own properties and working with partners.
(Edited by : SHEERSH KAPOOR, SRABASTEE BISWAS)
