source-public domain(loveumarketing.com)
Company’s standalone financial results for Quarter ended June 30, 2020
ITC’s agri business recorded a growth of 3.7% in Segment Revenue driven by trading opportunities mainly in oilseeds and rice.
The business continued to leverage its strong farm linkages and wide sourcing network across geographies to secure supplies of critical grades of wheat with benchmark quality towards meeting the growing requirements of Aashirvaad atta.
Despite the supply chain disruptions caused by the COVID-19 pandemic, the Business pro-actively engaged with Centre and State authorities to secure permissions expeditiously to commence sourcing operations.
It leveraged deep farmer connect built through over two decades of the e-Choupal network, to scale up direct farm purchases. Together with the multi-modal procurement and supply chain model (covering network of transporters operating on road, rail and coastal routes), the company was able to ramp up the volume of wheat procurement substantially to cater to the surge in demand for Aashirvaad atta.
During the quarter, it also ramped up the direct milk sourcing network in West Bengal to cater to the increasing requirements on the back of the growing franchise of the Aashirvaad Svasti range of dairy products.
ITC’s Agri Business is the country’s second largest exporter of agri-products.
