MACRO INTELLIGENCE MEMO
ITC: Sanjiv Puri's Portfolio Resilience Strategy
DATE: June 2030 | SUBJECT: Executive Leadership | CLASSIFICATION: C-Suite Edition
EXECUTIVE SUMMARY
Sanjiv Puri, ITC Chairman, executed portfolio-level crisis management:
- Maintained FMCG market share despite consumption collapse (Q2 2029)
- Invested in value product expansion
- Benefited from currency depreciation (rupee-denominated costs)
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Rural distribution competitive advantage
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Counter-cyclical hotel repositioning (Q4 2029)
- Converted 40% of luxury properties to mid-range
- Captured budget travelers as leisure demand collapsed
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Hotel occupancy fell 8% vs. industry -42%
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Dividend maintenance (Q2 2030)
- Dividend at ₹5.25/share maintained
- Signaled portfolio strength
RESULTS
By June 2030: - Stock: -12% (vs. Nifty-50 -34%) - Market cap: $22B - FMCG market share: +120 bps - Hotel occupancy: -8% (vs. industry -42%) - Dividend: Maintained and sustainable
Puri's leadership: Leverage portfolio diversification; adjust business models tactically (hotels); communicate resilience through dividend. Result: ITC outperformed 91% of Indian large-caps.
THE 2030 REPORT | Executive Leadership Division | June 2030 | Confidential