ITC AGM 2023: Key takeaways from CMD Sanjiv Puri’s speech
Live MintITC AGM 2023: The recently-announced demerger of ITC Hotels from the parent company will unlock value for ITC shareholders and sharpen capital allocation, said its Chairman and Managing Director Sanjiv Puri. Hotel business demerger “For ITC, the reorganization of business will sharpen capital allocation, improve asset efficiency ratios, unlock value for shareholders and enable leverage of institutional synergies,” Puri said. For the demerged entity, Puri said that the continued interest of ITC in it will provide long-term stability and instill a sense of assurance among partners, investors and employees while enabling the new entity to leverage ITC’s institutional strengths, including the timeless goodwill, world class brands and governance processes. He informed that ITC’s hotel business recorded strong performance in FY23 with doubling of segment revenue and EBITDA margins expanding by 930 basis points over FY20.
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