2023 · Founding Fuel
Behind ITC's hotels demerger — Founding Fuel (Strategic Intent column)
Analysts, Founding Fuel observes, were never happy with the hotels division's performance. While it accounted for 20% of total capital employed, return on capital employed stayed in single digits and contribution to the topline was insignificant compared with the healthier performance of tobacco, paperboards, agri and FMCG. Critically, erstwhile parent BAT — still holding 29.1% —.