Diversified conglomerate ITC ltd on Friday said its non-cigarette FMCG businesses would break even in the current fiscal and start making profits from the next financial year.
“The non-cigarette FMCG business will achieve break-even during the current fiscal and make profits from the next financial year,” ITC Chairman Y C Deveshwar told reporters after the company’s AGM here.
“Then these businesses will not have to depend on the cash flows from the cigarette business,” he said.
In his speech to shareholders earlier, the ITC Chairman said the leadership of brands in the cigarette segment provided cash flows which were enabling to create world-class brands in multiple consumer segments.
“The cigarette business was also the basis for building capital-intensive hotels and paperboards businesses,” Deveshwar said.
The ITC Chairman said within a short span of time, the company had built a number of brands which were getting customer franchise.