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ITC gears up to enter healthcare space

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Kolkata-based multi-business conglomerate ITC is gearing up to enter the healthcare space and plans to seek shareholders’ approval for an alteration of the objects of the clause of its Memorandum of Association to include healthcare, a media report said.

ITC’s plan to venture into the healthcare sector is part of its ambition to position itself as one of India’s most valuable corporations “through world-class performance, creating growing value for the Indian economy and the company’s stakeholders”, The Economic Times reported.

In a recent interview with the newspaper, Sanjiv Puri, who is slated to take over as the CEO of the company, had said that while the company would continue to expand footprints in the existing categories, it would also get into new categories.

Beating estimates, the conglomerates’ net profit grew 5.7 per cent in the fiscal 2015-16 over the previous year to Rs 2,646.73 crore, the company said in a recent statement.

ITC said sales of all categories of consumer goods, including cigarettes, were disrupted by demonetisation, which resulted in net profit growing at an uninspiring pace of 5.7 per cent over the previous year to Rs 2,646.73 crore. The company’s operating revenue grew 4.5 per cent year-on-year to Rs 13,470.89 crore, according to a livemint.com report.

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