ITC's path for value-creation, innovation and sustainability

Having spent most of my career with ITC in the paper division, stepping into the printing business two years ago has been a dynamic shift. This opportunity opened a new chapter for me, and today I should address an association as storied as the Pune Press Owners Association (PPOA), established in 1919. The rich legacy of ITC’s printing division began in 1925 in Munger, Bihar, primarily to meet the packaging needs of our products, particularly in the tobacco sector. As ITC approaches its centenary in the printing business, it is the perfect moment to reflect on how far we have come and where we are heading.

Printing, like any sector, demands continuous reinvention. The 2000-2020 years saw significant investment in technology across the industry, particularly in offset printing, which dramatically increased competition. The liberalisation of the Indian economy coupled with booming sectors like pharmaceuticals changed the game. Regions like Himachal Pradesh and Uttarakhand opened up, transforming the business landscape.

At ITC, we have always taken a long-term view. We don’t plan just for the next year but for the next five. Market signals, customer needs and innovation must inform your roadmap if you aim to stay ahead. For any business, I strongly recommend setting a six- to seven-year vision. Where do you want to be? What markets are ripe for expansion? What strengths can you leverage and where should you focus your growth? Whether you are a sole proprietor or have a senior leadership team, these discussions are critical to ensuring alignment and focus on long-term goals.

At ITC, one of our specialities has been liquor packaging, particularly with our expertise in design, pre-press, metallic and tactile finishes. We have won several accolades for this, but in recent years the industry has moved towards reducing secondary packaging for liquor, except for limited editions. This shift forced us to rethink our approach, and it is an important lesson: no matter how specialised your offering is, the market can change in unexpected ways, as category leaders make commitments on sustainability. At ITC, we have achieved FSC certification for our paperboards and operate our liquor packaging manufacturing on 80% renewable energy. 

Despite these efforts, the push for less packaging has prompted us to adapt, finding ways to meet market demands while maintaining our commitment to sustainable practices. When discussing business strategy, differentiation becomes crucial. In printing, many fall into the trap of competing solely on cost. This can lead to commoditisation. Instead, businesses should focus on delivering value— whether through unique design, post-print enhancements or efficient and unique services. Offering more circular solutions is a new driver for our business.

Understanding what customers truly need and offering a value proposition that sets you apart, can ensure you remain competitive. Investments in specialised equipment, while important, are not the only way to gain an edge. Strong relationships with suppliers, for instance, can lead to co-developing solutions that create a market advantage. Additionally, knowledge and experience gained through years in the industry are irreplaceable assets. These intangibles give you a strategic edge that competitors may struggle to replicate. Operational excellence is another key pillar of success. Before rushing into new investments, it is essential to optimise current operations. Collaborating closely with customers can also lead to innovations and cost savings that benefit both parties. A deep understanding of your operations, including the efficiency of machinery, can unlock hidden capacity and improve productivity. Digital enablement of operations can raise productivity levels , reduce wastages and energy consumption. 

Sustainability, as I have mentioned, is a critical area where businesses must take proactive steps. Understanding your carbon footprint, from direct to value chain emissions, will be vital in the coming years, especially as regulatory pressures like carbon taxes become a reality. Setting clear sustainability targets and investing in renewable energy, such as solar power, can bring both environmental and economic benefits. The printing industry is at a crossroads where those who anticipate change, adapt strategically and integrate sustainability into their operations will thrive. Focusing on operational efficiency, building strong supplier relationships and investing wisely will set the stage for long-term success.