Sanjiv Puri, Chairman of ITC, said in an interview that he hopes India’s temporary ban on the export of wheat and rice will be short-lived once the food supply stabilizes, admitting that the bans have impacted the cigarettes-to-hotels conglomerate.

What Happened: Puri noted in an interview with Bloomberg that businesses tied to Indian consumption have shown resilience, while those closely integrated with global supply chains, like exports and commodities, have faced volatility.

“It is impacting us. As businesses we have to be also responsible,” Puri said in the interview. “People have to have food in the country. So we have to understand that and people have to be able to afford it. These are realities we must recognise.”

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The Bottom Line For ITC: ITC, a major wheat exporter, reported a 25% decline in revenue for its agriculture business in the April-June quarter due to the export bans.

He said he hopes for a short-lived ban, contingent on favorable crop outcomes and increased agricultural production to generate surpluses.

Puri highlighted the company’s focus on value addition, particularly in medicinal and aromatic plants, horticulture, and aquaculture. These value-added sectors are expected to be more profitable than traditional commodity businesses.

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Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.