ITC’s diversification into non-cigarette businesses shows critical mass in earnings

A hotel in 1975, carton entry in 1979, India’s leading cigarette maker, ITC, read tea leaves, or tobacco, early, capitalized on its entrepreneurial strengths and accelerated diversification agenda to create multiple growth drivers. Some failed, some faltered, some were transformative and steadily added to the top line. Now those efforts are making a difference: Non-cigarette product margins (FMCG, hotels, produce, cartons, paper and packaging) are expanding and profits are growing more significantly than ever.