The statements from Kolkata-based ITC, which gets 28 percent of its sales from the sale of consumer items such as chips, cookies, and soaps, came in the footsteps of a bleak prognosis on growing input prices from its smaller competitor Nestle India Ltd.

"Every category has had inflationary headwinds," said Sanjay Singal, chief operating officer for ITC’s diary and beverage segments. "ITC as a responsible manufacturer tries to limit the pressure on consumers," he added.

The company is also a major cigarette manufacturer.

Inflation based on retail prices has soared to a 17-month high of about 7%, as record oil prices, disrupted supply chains, and the crisis in Ukraine raise the cost of everything from raw materials to food grains. Various companies raised prices in response, providing a challenge for monetary officials who are expected to boost interest rates in the coming months.

While ITC recently increased milk prices, it is primarily focused on cutting production waste so that the business "first absorbs any inflation in milk, plastic, or petrol via our own supply chains," according to Singal.