What drove ITC to an all-time high

Seems like ITC has finally decided to shed its infamous tag of being stagnant. The company hit a new all-time high in 2022 and outperformed BSE Sensex. It also raced ahead of the BSE FMCG index in 2022. And in a repeat of last year, ITC touched a new all-time high on June 19, 2023. As of June 23, 2023, the company has returned its investors a whopping 65 per cent. So, let's explore what led to this surge after years of stagnation. Robust performance in FY23 In FY23, each segment of the company reported its highest revenue and operating profit of the last five years. Segment-wise revenue breakup Each segment has reported double-digit in FY23 Segment (Amount in ₹ cr) FY22 FY23 YoY growth (%) Cigarettes 26,158 31,267 19.5 FMCG 16,023 19,153 19.5 Hotels