ITC Ltd Segment and structural updates

Cigarettes and core FMCG packaged foods and personal care recorded healthy volume and value growth, while agri-business revenue fell over 30% YoY due to government curbs on wheat and rice exports; hotels and paperboards remained on a positive trajectory. ITC completed the demerger of ITC Hotels Ltd effective 1 January 2025; ITC retains 40% in ITC Hotels and 60% is with existing ITC shareholders, allowing the hotels business to raise its own capital and potentially unlock higher valuations for core ITC.