ITC Limited is an Indian conglomerate company headquartered in Kolkata.

ITC
has a diversified presence across industries such as FMCG, hotels, software,
packaging, paperboards, specialty papers and agribusiness.

TICKER Market Capitalization

ITC 573366.13

Number of shares Face Value Beta

1246.177 1 0.787

52W HIGH 52W LOW Current Price Debt/Eqt

499.75 303.65 460.1 0.053%
 Ratio Analysis - ITC LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

Sales Growth 9.94% 0.97% 9.12% 1.59% 11.26% 2.17% -0.26% 23.12% 16.94% 8.32% 9.12%
EBITDA Growth 8.96% 1.96% 6.46% 6.79% 12.21% 4.35% -11.78% 20.85% 24.64% 8.27% 6.79%
EBIT Growth 8.66% 1.85% 6.67% 6.32% 12.53% 3.21% -12.81% 22.59% 26.48% 8.39% 6.67%
Net Profit growth 6.37% -6.07% 8.74% 6.13% 16.24% 22.50% -17.98% 25.80% 27.85% 9.95% 8.74%
Dividend Growth 4.17% 36.00% -16.18% 8.42% 11.65% 76.52% 5.91% 6.98% 34.78% 18.69% 8.42%

Growth Margin 49.63% 49.28% 51.11% 48.68% 49.44% 49.90% 50.74% 45.43% 43.85% 45.99% 48.40% 49.36%
EBITDA Margin 37.05% 36.71% 37.08% 36.17% 38.02% 38.35% 39.17% 34.64% 34.01% 36.24% 36.74% 36.88%
EBIT Margin 34.31% 34.07% 34.33% 33.48% 35.18% 35.46% 35.84% 31.30% 31.15% 33.69% 33.88% 34.19%
EBT Margin 34.23% 33.83% 34.13% 33.36% 34.91% 35.31% 35.67% 31.19% 31.05% 33.58% 33.73% 33.98%
Net Profit margin 22.73% 21.99% 20.46% 20.39% 21.30% 22.25% 26.68% 21.94% 22.41% 24.51% 22.46% 22.12%

Sales Expenses % sales 12.58% 12.56% 14.03% 12.51% 11.42% 11.56% 11.57% 10.78% 9.84% 9.75% 11.66% 11.56%
Depreciation % sales 2.73% 2.65% 2.75% 2.70% 2.85% 2.89% 3.33% 3.34% 2.86% 2.55% 2.86% 2.80%
Operating Income % sales 34.31% 34.07% 34.33% 33.48% 35.18% 35.46% 35.84% 31.30% 31.15% 33.69% 33.88% 34.19%

Return on Capital Employed 44.09% 41.32% 31.46% 30.82% 29.09% 28.98% 27.00% 25.44% 30.13% 34.40% 32.27% 30.47%
Retained Earnings% 40.54% 41.31% 14.69% 33.82% 32.07% 34.46% 5.30% 0.00% 0.00% 0.00% 20.22% 23.38%
Return on Equity% 29.46% 26.90% 18.79% 18.78% 17.62% 18.19% 20.19% 17.91% 21.76% 25.13% 21.47% 19.49%
Self Sustained Growth Rate 11.94% 11.11% 2.76% 6.35% 5.65% 6.27% 1.07% 0.00% 0.00% 0.00% 4.52% 4.21%
Interest Coverage Ratio 415.32x 145.38x 172.20x 292.00x 132.90x 240.07x 217.48x 265.99x 314.90x 307.26x 250.35x 253.03x

Debtor Turnover Ratio 14.47x 19.58x 20.44x 17.28x 16.20x 11.98x 19.27x 19.69x 24.63x 23.99x 18.76x 19.43x
Creditor Turnover Ratio 2.64x 2.78x 4.41x 4.53x 3.72x 3.84x 4.20x 3.75x 4.18x 4.33x 3.84x 4.01x
Inventory Turnover 4.28x 4.52x 4.32x 5.27x 5.80x 6.15x 5.56x 4.74x 5.58x 6.02x 5.22x 5.42x
Fixed Assets Turnover 2.73x 2.54x 2.59x 2.69x 2.63x 2.50x 2.27x 2.11x 2.50x 2.74x 2.53x 2.57x
Capital Turnover Ratio 1.30x 1.22x 0.92x 0.92x 0.83x 0.82x 0.76x 0.82x 0.97x 1.03x 0.96x 0.92x

(in days)
Debtor Days 25 19 18 21 23 30 19 19 15 15 20 19
Payable Days 138 131 83 81 98 95 87 97 87 84 98 91
Inventory days 85 81 84 69 63 59 66 77 65 61 71 67
Cash Conversion Ratio -28 -32 19 10 -13 -5 -2 -2 -7 -8 -7 -6

CFO/Sales 20.80% 25.35% 25.00% 24.85% 30.31% 26.03% 29.74% 25.43% 26.01% 26.62% 26.01% 25.72%
CFO/Total Assets 17.98% 21.42% 18.97% 19.01% 20.50% 17.54% 19.00% 16.98% 20.44% 21.99% 19.38% 19.01%
CFO/Total Debts 3029.17% 3661.46% 11694.92% 23243.66% 36662.03% 93630.95% 5294.29% 4624.67% 6324.57% 6168.47% 19433.42% 6246.52%
 Historical Financial Sheet - ITC LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

# Income Statement
Sales ₹ 35,306.43 ₹ 38,817.15 ₹ 39,192.10 ₹ 42,767.60 ₹ 43,448.94 ₹ 48,339.58 ₹ 49,387.70 ₹ 49,257.45 ₹ 60,644.54 ₹ 70,919.03
Sales Growth 9.94% 0.97% 9.12% 1.59% 11.26% 2.17% -0.26% 23.12% 16.94%

COGS ₹ 17,785.06 ₹ 19,688.38 ₹ 19,162.94 ₹ 21,949.12 ₹ 21,967.50 ₹ 24,215.95 ₹ 24,330.40 ₹ 26,881.51 ₹ 34,053.06 ₹ 38,302.13
COGS % sales 50.37% 50.72% 48.89% 51.32% 50.56% 50.10% 49.26% 54.57% 56.15% 54.01%

Gross Profit ₹ 17,521.37 ₹ 19,128.77 ₹ 20,029.16 ₹ 20,818.48 ₹ 21,481.44 ₹ 24,123.63 ₹ 25,057.30 ₹ 22,375.94 ₹ 26,591.48 ₹ 32,616.90
Gross margin 49.63% 49.28% 51.11% 48.68% 49.44% 49.90% 50.74% 45.43% 43.85% 45.99%

Selling & General expenses ₹ 4,441.47 ₹ 4,877.15 ₹ 5,497.67 ₹ 5,348.97 ₹ 4,960.85 ₹ 5,586.24 ₹ 5,713.76 ₹ 5,311.16 ₹ 5,968.33 ₹ 6,912.64
S&G exp % Sales 12.58% 12.56% 14.03% 12.51% 11.42% 11.56% 11.57% 10.78% 9.84% 9.75%

EBITDA ₹ 13,079.90 ₹ 14,251.62 ₹ 14,531.49 ₹ 15,469.51 ₹ 16,520.59 ₹ 18,537.39 ₹ 19,343.54 ₹ 17,064.78 ₹ 20,623.15 ₹ 25,704.26
EBITDA margins 37.05% 36.71% 37.08% 36.17% 38.02% 38.35% 39.17% 34.64% 34.01% 36.24%

Interest ₹ 29.17 ₹ 90.96 ₹ 78.13 ₹ 49.03 ₹ 115.01 ₹ 71.40 ₹ 81.38 ₹ 57.97 ₹ 59.99 ₹ 77.77
Interest % sales 0.08% 0.23% 0.20% 0.11% 0.26% 0.15% 0.16% 0.12% 0.10% 0.11%

Depreciation ₹ 964.92 ₹ 1,027.96 ₹ 1,077.40 ₹ 1,152.79 ₹ 1,236.28 ₹ 1,396.61 ₹ 1,644.91 ₹ 1,645.59 ₹ 1,732.41 ₹ 1,809.01
Depreciation % Sales 2.73% 2.65% 2.75% 2.70% 2.85% 2.89% 3.33% 3.34% 2.86% 2.55%

Earning Before Tax ₹ 12,085.81 ₹ 13,132.70 ₹ 13,375.96 ₹ 14,267.69 ₹ 15,169.30 ₹ 17,069.38 ₹ 17,617.25 ₹ 15,361.22 ₹ 18,830.75 ₹ 23,817.48
EBT % Sales 34.23% 33.83% 34.13% 33.36% 34.91% 35.31% 35.67% 31.19% 31.05% 33.58%

TAX ₹ 4,060.93 ₹ 4,596.42 ₹ 5,358.21 ₹ 5,549.09 ₹ 5,916.43 ₹ 6,313.92 ₹ 4,441.79 ₹ 4,555.29 ₹ 5,237.34 ₹ 6,438.40
Effective tax rate 33.60% 35.00% 40.06% 38.89% 39.00% 36.99% 25.21% 29.65% 27.81% 27.03%

Net Profit ₹ 8,024.88 ₹ 8,536.28 ₹ 8,017.75 ₹ 8,718.60 ₹ 9,252.87 ₹ 10,755.46 ₹ 13,175.46 ₹ 10,805.93 ₹ 13,593.41 ₹ 17,379.08
Net Margins 22.73% 21.99% 20.46% 20.39% 21.30% 22.25% 26.68% 21.94% 22.41% 24.51%

No. of Equity shares (In CR) ₹ 1,192.98 ₹ 1,202.33 ₹ 1,207.08 ₹ 1,214.74 ₹ 1,220.43 ₹ 1,225.86 ₹ 1,229.22 ₹ 1,230.88 ₹ 1,232.33 ₹ 1,242.80

Earning per Share ₹ 6.73 ₹ 7.10 ₹ 6.64 ₹ 7.18 ₹ 7.58 ₹ 8.77 ₹ 10.72 ₹ 8.78 ₹ 11.03 ₹ 13.98
EPS Growth 5.55% -6.44% 8.06% 5.63% 15.72% 22.17% -18.10% 25.65% 26.77%

Dividends per Share ₹ 4.00 ₹ 4.17 ₹ 5.67 ₹ 4.75 ₹ 5.15 ₹ 5.75 ₹ 10.15 ₹ 10.75 ₹ 11.50 ₹ 15.50
Dividend payout ratio 59.46% 58.69% 85.31% 66.18% 67.93% 65.54% 94.70% 122.45% 104.25% 110.84%

Retained Earnings 40.54% 41.31% 14.69% 33.82% 32.07% 34.46% 5.30% 0.00% 0.00% 0.00%
# Balance Sheet
Equity Share Capital ₹ 795.32 ₹ 801.55 ₹ 804.72 ₹ 1,214.74 ₹ 1,220.43 ₹ 1,225.86 ₹ 1,229.22 ₹ 1,230.88 ₹ 1,232.33 ₹ 1,242.80
Reserves ₹ 26,441.64 ₹ 30,933.94 ₹ 41,874.80 ₹ 45,198.19 ₹ 51,289.68 ₹ 57,915.01 ₹ 64,044.04 ₹ 59,116.46 ₹ 61,223.24 ₹ 67,912.46
Borrowings ₹ 242.41 ₹ 268.80 ₹ 83.78 ₹ 45.72 ₹ 35.92 ₹ 13.44 ₹ 277.45 ₹ 270.83 ₹ 249.44 ₹ 306.04
Other Liabilities ₹ 13,369.04 ₹ 13,947.93 ₹ 8,888.04 ₹ 9,439.67 ₹ 11,694.85 ₹ 12,584.73 ₹ 11,760.04 ₹ 13,142.59 ₹ 14,491.01 ₹ 16,369.66
Total Liablities ₹ 40,848.41 ₹ 45,952.22 ₹ 51,651.34 ₹ 55,898.32 ₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75 ₹ 73,760.76 ₹ 77,196.02 ₹ 85,830.96

Fixed Assets Net Block ₹ 12,921.30 ₹ 15,303.28 ₹ 15,106.63 ₹ 15,893.48 ₹ 16,523.96 ₹ 19,374.19 ₹ 21,713.34 ₹ 23,298.48 ₹ 24,231.59 ₹ 25,851.27
Capital Work in Progress ₹ 3,117.37 ₹ 2,700.20 ₹ 2,559.72 ₹ 3,729.89 ₹ 5,508.33 ₹ 4,136.42 ₹ 3,256.46 ₹ 4,011.29 ₹ 3,225.54 ₹ 3,003.30
Investments ₹ 7,284.02 ₹ 6,942.77 ₹ 11,747.59 ₹ 17,581.38 ₹ 22,052.86 ₹ 25,043.49 ₹ 28,663.35 ₹ 24,870.87 ₹ 24,841.01 ₹ 29,415.02
Other Assets ₹ 3,341.08 ₹ 2,540.81 ₹ 5,194.82 ₹ 5,135.78 ₹ 7,078.75 ₹ 7,138.07 ₹ 4,958.45 ₹ 4,022.24 ₹ 6,917.41 ₹ 7,953.85
Total Non Current Assets ₹ 26,663.77 ₹ 27,487.06 ₹ 34,608.76 ₹ 42,340.53 ₹ 51,163.90 ₹ 55,692.17 ₹ 58,591.60 ₹ 56,202.88 ₹ 59,215.55 ₹ 66,223.44

Receivables ₹ 2,439.21 ₹ 1,982.07 ₹ 1,917.18 ₹ 2,474.29 ₹ 2,682.29 ₹ 4,035.28 ₹ 2,562.48 ₹ 2,501.70 ₹ 2,461.90 ₹ 2,956.17
Inventory ₹ 8,255.24 ₹ 8,586.87 ₹ 9,062.10 ₹ 8,116.10 ₹ 7,495.09 ₹ 7,859.56 ₹ 8,879.33 ₹ 10,397.16 ₹ 10,864.15 ₹ 11,771.16
Cash & Bank ₹ 3,490.19 ₹ 7,896.22 ₹ 6,063.30 ₹ 2,967.40 ₹ 2,899.60 ₹ 4,152.03 ₹ 7,277.34 ₹ 4,659.02 ₹ 4,654.42 ₹ 4,880.19
Total Current Assets ₹ 14,184.64 ₹ 18,465.16 ₹ 17,042.58 ₹ 13,557.79 ₹ 13,076.98 ₹ 16,046.87 ₹ 18,719.15 ₹ 17,557.88 ₹ 17,980.47 ₹ 19,607.52

Total Assets ₹ 40,848.41 ₹ 45,952.22 ₹ 51,651.34 ₹ 55,898.32 ₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75 ₹ 73,760.76 ₹ 77,196.02 ₹ 85,830.96

Check 1 1 1 1 1 1 1 1 1 1
# Cash Flow Statement
Operating Activity
Profit from operations ₹ 13,172.00 ₹ 14,261.00 ₹ 15,154.00 ₹ 16,075.00 ₹ 17,433.00 ₹ 18,862.00 ₹ 19,416.00 ₹ 17,326.00 ₹ 20,857.00 ₹ 25,895.00
Receivables (₹ 1,546.00) ₹ 558.00 (₹ 207.00) (₹ 870.00) (₹ 964.00) (₹ 755.00) ₹ 1,411.00 (₹ 66.00) (₹ 732.00) (₹ 884.00)
Inventory (₹ 755.00) (₹ 505.00) (₹ 693.00) ₹ 593.00 ₹ 602.00 (₹ 359.00) (₹ 508.00) (₹ 1,460.00) (₹ 466.00) (₹ 941.00)
Payables ₹ 456.00 (₹ 23.00) ₹ 622.00 ₹ 321.00 ₹ 2,098.00 ₹ 639.00 (₹ 607.00) ₹ 1,112.00 ₹ 1,099.00 ₹ 1,058.00
Other WC items - - - - - - - - - -
Direct taxes (₹ 3,984.00) (₹ 4,449.00) (₹ 5,078.00) (₹ 5,492.00) (₹ 6,000.00) (₹ 5,803.00) (₹ 5,023.00) (₹ 4,387.00) (₹ 4,982.00) (₹ 6,250.00)
Cash from Operating Activity ₹ 7,343.00 ₹ 9,842.00 ₹ 9,798.00 ₹ 10,627.00 ₹ 13,169.00 ₹ 12,584.00 ₹ 14,689.00 ₹ 12,525.00 ₹ 15,776.00 ₹ 18,878.00

Investing activities
Fixed assets purchased (₹ 2,887.00) (₹ 3,300.00) (₹ 2,348.00) (₹ 3,122.00) (₹ 2,878.00) (₹ 3,169.00) (₹ 2,441.00) (₹ 1,837.00) (₹ 2,142.00) (₹ 2,743.00)
Fixed assets sold ₹ 38.00 ₹ 9.00 ₹ 8.00 ₹ 50.00 ₹ 80.00 ₹ 28.00 ₹ 27.00 ₹ 3.00 ₹ 133.00 ₹ 49.00
Investments purchased (₹ 94,242.00) (₹ 98,742.00) (₹ 154,081.00) (₹ 85,683.00) (₹ 98,330.00) (₹ 94,187.00) (₹ 79,835.00) (₹ 57,553.00) (₹ 69,776.00) (₹ 80,932.00)
Investments sold ₹ 93,293.00 ₹ 99,658.00 ₹ 150,651.00 ₹ 81,034.00 ₹ 95,017.00 ₹ 92,454.00 ₹ 75,835.00 ₹ 62,797.00 ₹ 70,992.00 ₹ 77,230.00
Interest received ₹ 374.00 ₹ 559.00 ₹ 741.00 ₹ 756.00 ₹ 736.00 ₹ 1,184.00 ₹ 1,513.00 ₹ 1,275.00 ₹ 1,035.00 ₹ 1,324.00
Dividends received ₹ 192.00 ₹ 268.00 ₹ 64.00 ₹ 4.00 ₹ 13.00 ₹ 13.00 ₹ 17.00 ₹ 7.00 ₹ 16.00 ₹ 19.00
Invest in subsidiaries - - (₹ 8.00) - - - - - - -
Investment in group cos - - - - - - - (₹ 2.00) (₹ 2.00) (₹ 2.00)
Redemp n Canc of Shares - - - ₹ 129.00 ₹ 18.00 ₹ 18.00 - - - ₹ 56.00
Other investing items (₹ 21.00) (₹ 3,728.00) ₹ 1,052.00 ₹ 3,579.00 (₹ 1,769.00) (₹ 1,887.00) (₹ 1,290.00) ₹ 1,051.00 (₹ 2,494.00) (₹ 733.00)
Cash from Investing Activity (₹ 3,253.00) (₹ 5,276.00) (₹ 3,921.00) (₹ 3,253.00) (₹ 7,113.00) (₹ 5,546.00) (₹ 6,174.00) ₹ 5,741.00 (₹ 2,238.00) (₹ 5,732.00)

Financing Activities
Proceeds from shares ₹ 691.00 ₹ 979.00 ₹ 532.00 ₹ 1,067.00 ₹ 913.00 ₹ 969.00 ₹ 625.00 ₹ 291.00 ₹ 292.00 ₹ 2,477.00
Proceeds from borrowings ₹ 156.00 ₹ 7.00 - - ₹ 11.00 - - - - -
Repayment of borrowings (₹ 15.00) (₹ 20.00) (₹ 13.00) (₹ 13.00) (₹ 8.00) (₹ 18.00) (₹ 3.00) (₹ 2.00) (₹ 1.00) (₹ 1.00)
Interest paid fin (₹ 48.00) (₹ 16.00) (₹ 28.00) (₹ 25.00) (₹ 49.00) (₹ 98.00) (₹ 44.00) (₹ 41.00) (₹ 40.00) (₹ 41.00)
Dividends paid (₹ 4,239.00) (₹ 4,876.00) (₹ 5,133.00) (₹ 6,994.00) (₹ 5,952.00) (₹ 6,519.00) (₹ 7,302.00) (₹ 18,881.00) (₹ 13,788.00) (₹ 15,418.00)
Financial liabilities - - - - - - (₹ 49.00) (₹ 55.00) (₹ 59.00) (₹ 59.00)
Other financing items (₹ 667.00) (₹ 734.00) (₹ 971.00) (₹ 1,335.00) (₹ 1,136.00) (₹ 1,203.00) (₹ 1,409.00) ₹ 55.00 ₹ 15.00 ₹ 35.00
Cash from Financing Activity (₹ 4,122.00) (₹ 4,660.00) (₹ 5,613.00) (₹ 7,300.00) (₹ 6,221.00) (₹ 6,869.00) (₹ 8,182.00) (₹ 18,633.00) (₹ 13,581.00) (₹ 13,007.00)

Net Cash Flow (₹ 32.00) (₹ 94.00) ₹ 264.00 ₹ 74.00 (₹ 165.00) ₹ 169.00 ₹ 333.00 (₹ 367.00) (₹ 43.00) ₹ 139.00
# Income Statement - ITC LTD

Particular Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 37.82% 38.66% 35.12% 36.14% 34.13% 36.46% 36.54% 42.18% 44.64% 41.41%
Change in Inventory 0.32% 0.61% 0.50% -1.39% -2.37% 0.42% 1.42% 1.31% 1.13% 0.51%
Power and Fuel 1.83% 1.57% 1.46% 1.37% 1.50% 1.54% 1.58% 1.42% 1.47% 1.74%
Other Mfr. Exp 3.95% 3.95% 4.04% 3.94% 3.91% 3.87% 3.86% 3.22% 3.11% 3.28%
Employee Cost 7.09% 7.14% 8.78% 8.49% 8.66% 8.64% 8.70% 9.06% 8.06% 8.09%
Selling and admin 9.52% 9.99% 10.87% 9.77% 9.10% 9.41% 9.09% 8.60% 8.01% 7.90%
Other Expenses 3.06% 2.58% 3.15% 2.73% 2.32% 2.15% 2.48% 2.18% 1.83% 1.85%
Other Income 2.74% 3.17% 3.78% 4.11% 5.16% 4.30% 4.89% 5.23% 3.15% 2.96%
Depreciation 2.73% 2.65% 2.75% 2.70% 2.85% 2.89% 3.33% 3.34% 2.86% 2.55%
Interest 0.08% 0.23% 0.20% 0.11% 0.26% 0.15% 0.16% 0.12% 0.10% 0.11%
Profit before tax 36.97% 37.00% 37.91% 37.47% 40.07% 39.62% 40.57% 36.42% 34.20% 36.54%
Tax 11.50% 11.84% 13.67% 12.97% 13.62% 13.06% 8.99% 9.25% 8.64% 9.08%
Net profit 25.18% 24.89% 23.84% 24.06% 25.94% 26.05% 30.99% 26.72% 25.13% 27.06%
Dividend Amount 13.52% 12.91% 17.45% 13.49% 14.47% 14.58% 25.26% 26.86% 23.37% 27.16%
EBITDA 39.50% 39.62% 40.46% 39.84% 42.67% 42.15% 43.48% 39.43% 36.73% 38.80%

# Balance Sheet - ITC LTD

Particular Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.95% 1.74% 1.56% 2.17% 1.90% 1.71% 1.59% 1.67% 1.60% 1.45%
Reserves 64.73% 67.32% 81.07% 80.86% 79.84% 80.73% 82.84% 80.15% 79.31% 79.12%
Borrowings 0.59% 0.58% 0.16% 0.08% 0.06% 0.02% 0.36% 0.37% 0.32% 0.36%
Other Liabilities 32.73% 30.35% 17.21% 16.89% 18.20% 17.54% 15.21% 17.82% 18.77% 19.07%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 31.63% 33.30% 29.25% 28.43% 25.72% 27.01% 28.09% 31.59% 31.39% 30.12%
Capital Work in Progress 7.63% 5.88% 4.96% 6.67% 8.57% 5.77% 4.21% 5.44% 4.18% 3.50%
Investments 17.83% 15.11% 22.74% 31.45% 34.33% 34.91% 37.08% 33.72% 32.18% 34.27%
Other Assets 8.18% 5.53% 10.06% 9.19% 11.02% 9.95% 6.41% 5.45% 8.96% 9.27%
Receivables 5.97% 4.31% 3.71% 4.43% 4.18% 5.62% 3.31% 3.39% 3.19% 3.44%
Inventory 20.21% 18.69% 17.54% 14.52% 11.67% 10.96% 11.49% 14.10% 14.07% 13.71%
Cash & Bank 8.54% 17.18% 11.74% 5.31% 4.51% 5.79% 9.41% 6.32% 6.03% 5.69%
 ITC LTD - Sales Forecasting ITC LTD - EBITDA Forecasting ITC LTD - Earning Per Share Forecasting
Years Weight Year Sales Sales Growth Years Weight Year EBITDA EBITDA Growth Years Weight Year EPS EPS Growth
1 2014 A 35,306.43 1 2014 A 13,079.90 1 2014 A 6.73
2 2015 A 38,817.15 9.94% 2 2015 A 14,251.62 8.96% 2 2015 A 7.10 5.55%
3 2016 A 39,192.10 0.97% 3 2016 A 14,531.49 1.96% 3 2016 A 6.64 -6.44%
4 2017 A 42,767.60 9.12% 4 2017 A 15,469.51 6.46% 4 2017 A 7.18 8.06%
5 2018 A 43,448.94 1.59% 5 2018 A 16,520.59 6.79% 5 2018 A 7.58 5.63%
6 2019 A 48,339.58 11.26% 6 2019 A 18,537.39 12.21% 6 2019 A 8.77 15.72%
7 2020 A 49,387.70 2.17% 7 2020 A 19,343.54 4.35% 7 2020 A 10.72 22.17%
8 2021 A 49,257.45 -0.26% 8 2021 A 17,064.78 -11.78% 8 2021 A 8.78 -18.10%
9 2022 A 60,644.54 23.12% 9 2022 A 20,623.15 20.85% 9 2022 A 11.03 25.65%
10 2023 A 70,919.03 16.94% 10 2023 A 25,704.26 24.64% 10 2023 A 13.98 26.77%
11 2024 F 66,087.48 -6.81% 11 2024 F 23,663.47 -7.94% 11 2024 F 12.70 -9.21%
12 2025 F 69,411.01 5.03% 12 2025 F 24,781.80 4.73% 12 2025 F 13.39 5.51%
13 2026 F 72,734.54 4.79% 13 2026 F 25,900.14 4.51% 13 2026 F 14.09 5.22%
14 2027 F 76,058.08 4.57% 14 2027 F 27,018.47 4.32% 14 2027 F 14.79 4.96%
15 2028 F 79,381.61 4.37% 15 2028 F 28,136.81 4.14% 15 2028 F 15.49 4.73%

Sales Forecasting EBITDA Forecasting Earning Per Share Forecasting

0.25
80,000.00 0.2 30,000.00 0.3 20.00 0.3
0.15 0.2 15.00 0.2
60,000.00 20,000.00 0.1
0.1 0.1
40,000.00 0.05 10.00 0
10,000.00 0 -0.1
20,000.00 0 5.00
-0.05 -0.1 -0.2
0.00 -0.1 0.00 -0.2 0.00 -0.3
A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

Sales Sales Growth EBITDA EBITDA Growth EPS EPS Growth

 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
# Calculation Of ROIC
Current Assets
Inventories 7,860.0 8,879.0 10,397.0 10,864.0 11,771.0
Trade receivables 4,035.0 2,562.0 2,502.0 2,462.0 2,956.0 Cash
Short term loans 67.0 6.0 7.0 11.0 13.0 Equivalents is
Other asset items 7,071.0 4,952.0 4,015.0 6,906.0 7,941.0 not an
operating
Total Current Assets 19,033.0 16,399.0 16,921.0 20,243.0 22,681.0 asset, hence
not considered
Current Liablities
Non controlling int 343.0 377.0 347.0 366.0 384.0
Trade Payables 3,510.0 3,630.0 4,319.0 4,417.0 4,659.0
Advance from Customers 430.0 703.0 811.0 1,278.0 1,295.0
Other liability items 8,301.0 7,050.0 7,666.0 8,429.0 10,032.0
Total Current Liablities 12,584.0 11,760.0 13,143.0 14,490.0 16,370.0

# Net Working Capital 6,449.0 4,639.0 3,778.0 5,753.0 6,311.0

Non Current Assets

Land 2,021.0 2,797.0 2,889.0 2,829.0 2,830.0
Building 6,996.0 8,161.0 8,387.0 9,100.0 9,789.0
Plant Machinery 13,316.0 14,625.0 15,307.0 16,912.0 18,480.0
Equipments 34.0 40.0 41.0 44.0 44.0
Furniture n fittings 644.0 810.0 833.0 907.0 1,000.0
Railway sidings 2.0 2.0 2.0 2.0 2.0
Vehicles 161.0 184.0 180.0 179.0 189.0
Intangible Assets 684.0 684.0 2,734.0 2,744.0 3,490.0
Other fixed assets 234.0 663.0 716.0 719.0 786.0
Gross Block 24,092.0 27,966.0 31,089.0 33,436.0 36,610.0
Accumulated Depreciation (4,716.0) (6,252.0) (7,790.0) (9,204.0) (10,757.0)
# Non Current Assets 19,376.0 21,714.0 23,299.0 24,232.0 25,853.0

# Invested Capital 25,825.0 26,353.0 27,077.0 29,985.0 32,164.0

EBIT 17,140.8 17,698.6 15,419.2 18,890.7 23,895.3

ROIC 66.37% 67.16% 56.95% 63.00% 74.29%

# Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net CAPEX 3,141.0 2,414.0 1,834.0 2,009.0 2,694.0

Change in Working capital (1,810.0) (861.0) 1,975.0 558.0

EBIT 17,140.8 17,698.6 15,419.2 18,890.7 23,895.3

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-Tax) 12,855.6 13,274.0 11,564.4 14,168.1 17,921.4

Reinvestment 604.0 973.0 3,984.0 3,252.0

Reinvestment Rate 4.55% 8.41% 28.12% 18.15%

4 Year average 14.81%

4 Year Median 13.28%

# Calculation of Growth Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 4.55% 8.41% 28.12% 18.15%

ROIC 67.16% 56.95% 63.00% 74.29%

Intrinsic Growth 3.06% 4.79% 17.72% 13.48%

4 Year average 9.76%

4 Year Median 9.14%
# Calculation of PV of FCFF Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Actual Forecast

EBIT 23,895.25 26,078.34 28,460.88 31,061.10 33,898.87

Tax rate 25.00% 25.00% 25.00% 25.00% 25.00%

EBIT(1-t) 17,921.44 19,558.76 21,345.66 23,295.82 25,424.15

Less- Reinvestment Rate 13.28% 12.21% 11.14% 10.07% 9.00%

Free cash flow to Firm (FCFF) 15,541.50 17,170.66 18,967.78 20,949.94 23,135.98

Mid Year Convention 0.5 1.5 2.5 3.5

Discounting factor 0.934 0.814 0.709 0.618

PV of FCFF 16,031.55 15,437.66 14,863.63 14,308.91

Expected Growth 9.14% Median of 4 year Growth Rate

Terminal Growth 5.90% From Google
WACC 14.72%

# Calculation of Terminal Value Sensitivity Analysis Of Enterprise Value

242,777.62 13.50% 14.73% 16.00% 17.00%
FCFF (n+1) 27,556.54 4.00%
WACC 14.716% 4.80%
Terminal Growth rate 5.90% 5.90%
7.00%
Terminal value 312,581.59 8.00%

Calculation of Equity Value Per Share

PV of FCFF 74,254.69
PV of Terminal Value 168,522.93
Value of Enterprise Value or
Value of Operating Assets 242,777.62
Sensitivity Analysis Of Equity Value Per Share
Add: Cash 4,880.19 198.70 13.50% 14.73% 16.00% 14.00%
Less : Debt 38.00 4.00%
Value of Equity 247,619.81 4.80%
No of Shares 1,246.18 5.90%
7.00%
Equity value Per Share 198.70 8.00%

Share Price 460 Real time market price

Discount/Premium 1.32x
SS
 Mar-28
Forecast

36,995.90

25.00%

27,746.92

9.00% Industry Growth Rate https://www.ibef.org/industry/fmcg

25,249.70

4.5

0.539

13,612.94
 Regression Rate 2 years Weekly

ITC LTD Weekly Returns Nifty Weekly Returns Beta Drifting

Date Closing Price Return Date Closing Price Return Levered Raw Beta 0.79 Beta Calculation (1) 0.787 By Slope
7/26/2021 191.51 7/26/2021 15763.05 Beta Weight 75.00% Beta Calculation (2) 0.789 By Regression
8/2/2021 200.20 4.54% 8/2/2021 16238.20 3.01% Beta Calculation (3) 0.787 By Covariance
8/9/2021 197.58 -1.31% 8/9/2021 16529.10 1.79% Market Beta 1
8/16/2021 195.20 -1.21% 8/16/2021 16450.50 -0.48% Market Beta Weight 25.00%
8/23/2021 192.40 -1.44% 8/23/2021 16705.20 1.55%
8/30/2021 196.79 2.28% 8/30/2021 17323.60 3.70% Adjusted Beta 0.84
9/6/2021 198.71 0.97% 9/6/2021 17369.25 0.26%
9/13/2021 215.99 8.70% 9/13/2021 17585.15 1.24%
9/20/2021 222.81 3.16% 9/20/2021 17853.20 1.52% SUMMARY OUTPUT
9/27/2021 219.92 -1.30% 9/27/2021 17532.05 -1.80%
10/4/2021 216.51 -1.55% 10/4/2021 17895.20 2.07% Regression Statistics
10/11/2021 239.73 10.73% 10/11/2021 18338.55 2.48% Multiple R 0.461336
10/18/2021 221.09 -7.78% 10/18/2021 18114.90 -1.22% R Square 0.212831
10/25/2021 208.56 -5.66% 10/25/2021 17671.65 -2.45% Adjusted R 0.205189
11/1/2021 211.69 1.50% 11/1/2021 17916.80 1.39% Standard E 0.030269
11/8/2021 217.63 2.80% 11/8/2021 18102.75 1.04% Observatio 105
11/15/2021 221.93 1.98% 11/15/2021 17764.80 -1.87%
11/22/2021 209.31 -5.68% 11/22/2021 17026.45 -4.16% ANOVA
11/29/2021 207.12 -1.05% 11/29/2021 17196.70 1.00% df SS MS F Significance F
12/6/2021 220.62 6.52% 12/6/2021 17511.30 1.83% Regression 1 0.0255145 0.025515 27.848669 7.308E-07
12/13/2021 203.66 -7.69% 12/13/2021 16985.20 -3.00% Residual 103 0.0943671 0.000916
12/20/2021 203.71 0.02% 12/20/2021 17003.75 0.11% Total 104 0.1198816
12/27/2021 203.75 0.02% 12/27/2021 17354.05 2.06%
1/3/2022 204.08 0.16% 1/3/2022 17812.70 2.64% Coefficients
Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%Upper 95.0%
1/10/2022 208.00 1.92% 1/10/2022 18255.75 2.49% Intercept 0.007227 0.0029739 2.430231 0.0168184 0.0013292 0.013125295774 0.001329 0.013125
1/17/2022 202.82 -2.49% 1/17/2022 17617.15 -3.50% X Variable 0.789174 0.1495445 5.277184 7.308E-07 0.4925877 1.085760350102 0.492588 1.08576
1/24/2022 203.33 0.25% 1/24/2022 17101.95 -2.92%
1/31/2022 218.94 7.67% 1/31/2022 17516.30 2.42%
2/7/2022 217.21 -0.79% 2/7/2022 17374.75 -0.81%
2/14/2022 207.35 -4.54% 2/14/2022 17276.30 -0.57%
2/21/2022 204.54 -1.35% 2/21/2022 16658.40 -3.58%
2/28/2022 215.58 5.40% 2/28/2022 16245.35 -2.48%
3/7/2022 225.96 4.81% 3/7/2022 16630.45 2.37%
3/14/2022 234.13 3.62% 3/14/2022 17287.05 3.95%
3/21/2022 242.21 3.45% 3/21/2022 17153.00 -0.78%
3/28/2022 242.16 -0.02% 3/28/2022 17670.45 3.02%
4/4/2022 256.02 5.72% 4/4/2022 17784.35 0.64%
4/11/2022 257.70 0.65% 4/11/2022 17475.65 -1.74%
4/18/2022 249.62 -3.13% 4/18/2022 17171.95 -1.74%
4/25/2022 248.14 -0.59% 4/25/2022 17102.55 -0.40%
5/2/2022 254.92 2.74% 5/2/2022 16411.25 -4.04%
5/9/2022 247.23 -3.02% 5/9/2022 15782.15 -3.83%
5/16/2022 267.69 8.28% 5/16/2022 16266.15 3.07%
5/23/2022 257.36 -3.86% 5/23/2022 16352.45 0.53%
5/30/2022 266.82 3.68% 5/30/2022 16584.30 1.42%
6/6/2022 264.33 -0.94% 6/6/2022 16201.80 -2.31%
6/13/2022 257.62 -2.54% 6/13/2022 15293.50 -5.61%
6/20/2022 260.12 0.97% 6/20/2022 15699.25 2.65%
6/27/2022 278.22 6.96% 6/27/2022 15752.05 0.34%
7/4/2022 286.73 3.06% 7/4/2022 16220.60 2.97%
7/11/2022 287.22 0.17% 7/11/2022 16049.20 -1.06%
7/18/2022 294.07 2.38% 7/18/2022 16719.45 4.18%
7/25/2022 296.52 0.83% 7/25/2022 17158.25 2.62%
8/1/2022 304.15 2.57% 8/1/2022 17397.50 1.39%
8/8/2022 301.90 -0.74% 8/8/2022 17698.15 1.73%
8/15/2022 305.28 1.12% 8/15/2022 17758.45 0.34%
8/22/2022 306.16 0.29% 8/22/2022 17558.90 -1.12%
8/29/2022 316.18 3.28% 8/29/2022 17539.45 -0.11%
 9/5/2022 323.38 2.27% 9/5/2022 17833.35 1.68%
9/12/2022 324.16 0.24% 9/12/2022 17530.85 -1.70%
9/19/2022 338.93 4.56% 9/19/2022 17327.35 -1.16%
9/26/2022 325.04 -4.10% 9/26/2022 17094.35 -1.34%
10/3/2022 326.90 0.57% 10/3/2022 17314.65 1.29%
10/10/2022 324.94 -0.60% 10/10/2022 17185.70 -0.74%
10/17/2022 338.15 4.07% 10/17/2022 17576.30 2.27%
10/24/2022 338.35 0.06% 10/24/2022 17786.80 1.20%
10/31/2022 345.98 2.26% 10/31/2022 18117.15 1.86%
11/7/2022 348.67 0.78% 11/7/2022 18349.70 1.28%
11/14/2022 333.70 -4.29% 11/14/2022 18307.65 -0.23%
11/21/2022 332.97 -0.22% 11/21/2022 18512.75 1.12%
11/28/2022 329.88 -0.93% 11/28/2022 18696.10 0.99%
12/5/2022 334.04 1.26% 12/5/2022 18496.60 -1.07%
12/12/2022 327.88 -1.85% 12/12/2022 18269.00 -1.23%
12/19/2022 319.66 -2.51% 12/19/2022 17806.80 -2.53%
12/26/2022 324.40 1.48% 12/26/2022 18105.30 1.68%
1/2/2023 327.83 1.06% 1/2/2023 17859.45 -1.36%
1/9/2023 321.66 -1.88% 1/9/2023 17956.60 0.54%
1/16/2023 327.39 1.78% 1/16/2023 18027.65 0.40%
1/23/2023 338.54 3.41% 1/23/2023 17604.35 -2.35%
1/30/2023 372.45 10.01% 1/30/2023 17854.05 1.42%
2/6/2023 363.35 -2.44% 2/6/2023 17856.50 0.01%
2/13/2023 375.14 3.24% 2/13/2023 17944.20 0.49%
2/20/2023 382.74 2.03% 2/20/2023 17465.80 -2.67%
2/27/2023 382.59 -0.04% 2/27/2023 17594.35 0.74%
3/6/2023 385.62 0.79% 3/6/2023 17412.90 -1.03%
3/13/2023 373.25 -3.21% 3/13/2023 17100.05 -1.80%
3/20/2023 376.38 0.84% 3/20/2023 16945.05 -0.91%
3/27/2023 381.15 1.27% 3/27/2023 17359.75 2.45%
4/3/2023 384.98 1.00% 4/3/2023 17599.15 1.38%
4/10/2023 393.18 2.13% 4/10/2023 17828.00 1.30%
4/17/2023 405.75 3.20% 4/17/2023 17624.05 -1.14%
4/24/2023 422.94 4.24% 4/24/2023 18065.00 2.50%
5/1/2023 426.12 0.75% 5/1/2023 18069.00 0.02%
5/8/2023 417.88 -1.94% 5/8/2023 18314.80 1.36%
5/15/2023 417.28 -0.14% 5/15/2023 18203.40 -0.61%
5/22/2023 440.88 5.66% 5/22/2023 18499.35 1.63%
5/29/2023 440.68 -0.05% 5/29/2023 18534.10 0.19%
6/5/2023 438.45 -0.51% 6/5/2023 18563.40 0.16%
6/12/2023 453.10 3.34% 6/12/2023 18826.00 1.41%
6/19/2023 444.75 -1.84% 6/19/2023 18665.50 -0.85%
6/26/2023 451.60 1.54% 6/26/2023 19189.05 2.80%
7/3/2023 468.40 3.72% 7/3/2023 19331.80 0.74%
7/10/2023 472.90 0.96% 7/10/2023 19564.50 1.20%
7/17/2023 490.45 3.71% 7/17/2023 19745.00 0.92%
7/24/2023 468.45 -4.49% 7/24/2023 19778.30 0.17%
Weighted Average Cost of Capital

All figures are in INR unless stated otherwise

Peer Comps

Debt/ Debt/ Levered Unlevered

Name Country Total Debt Total equity Tax Rate 1 Equity Capital Beta 2 Beta 3

ITC INDIA 306.04 573367.418 30.00% 0.05% 0.05% 0.79 0.79

Godfrey Phillips INDIA 354.98 10569 30.00% 3.36% 3.25% 0.87 0.85
VST Industries INDIA 0 5856.004 30.00% 0.00% 0.00% 0.65 0.65
Indian Wood Prod INDIA 79.18 159.488 30.00% 49.65% 33.18% 0.08 0.06
NTC Industries INDIA 6.6 91.1421 30.00% 7.24% 6.75% 65 61.86
Sinnar Bidi Udy. INDIA 0 8.61 30.00% 0.00% 0.00% 0.02 0.02

Average 30.00% 10.05% 7.21% 11.23 10.71

Median 30.00% 1.71% 1.65% 0.72 0.72

Cost of Debt Cost of Equity

Pre Tax cost of Debt 25.41% Risk Free Rate 7.25%

Tax Rate 30.00% Equity Share Premium 9.54%
Post Tax cost of Debt 0.18 Levered Beta 4 0.76
Cost of Equity 14.48%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.72

Total Debt 306.0 0.05% 7.21% Target Debt / Equity 7.76%
Mar. Capitalization 573,367.4 99.95% 92.79% Tax Rate 30.00%
Total Capital 573,673.5 100.00% 100.00% Levered Beta 0.76

0.05% 7.76% Weighted Average Cost of Capital

Total Cost Total weight

Debt 17.79% 7.21%
Equity 14.48% 92.79%
Weighted Average Cost of Capital 14.716%

Notes :-
1. TAX RATE CONSIDERED MARGINAL RATE OF COUNTRY
2. LEVERED DATD IS BASED ON 5 YEAR MONTHLY DATE
3. UNLEVERED BETA= LEVERED BETA / (1 + (1- TAX RATE) * DEBT / EQUITY)
4. LEVERED BETA= UNLEVERED BETA * (1 + (1- TAX RATE) * DEBT / EQUITY)
Comparable Company Valuation (In Crores)

Market Data Financials Valuation

Share Shares Enterprise
Company Ticker price Outstanding Equity Value Net Debt value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

ITC ITC 460.10 1246.18 573,367.4 (4,574.2) 568,793.3 70,919.0 27,732.5 19,476.7 8.0x 20.5x 29.4x
Godfrey Phillips GODFRYPHLP 2032.50 5.20 10,569.0 314.7 10,883.7 3,781.5 1,074.4 802.6 2.9x 10.1x 13.2x
VST Industries VSTIND 3802.60 1.54 5,856.0 (19.7) 5,836.3 1,324.8 451.0 323.5 4.4x 12.9x 18.1x
Indian Wood Prod IWP 24.92 6.40 159.5 74.9 234.4 183.0 13.4 2.5 1.3x 17.5x 64.3x
NTC Industries NTCIND 76.59 1.19 91.1 3.9 95.0 49.4 11.3 6.3 1.9x 8.4x 14.4x
Sinnar Bidi Udy. SINNAR 215.25 0.04 8.6 (0.0) 8.6 6.3 0.5 0.4 1.4x 17.1x 19.6x

HIGH 8.0x 20.5x 64.3x

75TH Percentile 4.0x 17.4x 27.0x
AVERAGE 3.3x 14.4x 26.5x
MEDIAN 2.4x 15.0x 18.8x
25TH Percentile 1.5x 10.8x 15.3x
LOW 1.3x 8.4x 13.2x

ITC LTD Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise value 170,223.9 417,096.6 362,250.1

Net Debt (4,574.2) (4,574.2) (4,574.2)
Implied Market Value 174,798.1 421,670.7 366,824.2
Shares Outstanding 1,246.2 1,246.2 1,246.2
Implied Value Per Share 140.3 338.4 294.4
Source : Screener & The Valuation School
Overvalued Overvalued Overvalued
 Football Field Analysis
OpenLow Low OpenHigh High
COMPS 140.3 140.3 338.4 338.4
Football Field Analysis - Valuation summary DCF Bear 35.74 35.74 43.08 43.08
600.00 DCF Base 34.59 34.59 40 40
DCF Bull 35.24 35.24 41.63 41.63
52W H/L 303.65 303.65 499.75 499.75
500.00

460
400.00
Current Price

300.00

200.00

100.00

0.00
COMPS DCF Bear DCF Base DCF Bull 52W H/L
 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share Capital - Feb-02 Feb-02 Mar-02 Mar-02 Mar-02 Apr-03 May-03 May-03 May-03 May-03 May-03 May-03
Equity Capital 782.0 790.0 795.0 802.0 805.0 1,215.0 1,220.0 1,226.0 1,229.0 1,231.0 1,232.0 1,243.0
Reserves 18,677.0 22,368.0 26,442.0 30,934.0 41,875.0 45,198.0 51,290.0 57,915.0 64,044.0 59,116.0 61,223.0 67,912.0
Borrowings -
Long term Borrowings 105.0 91.0 76.0 61.0 27.0 18.0 12.0 8.0 6.0 6.0 5.0 3.0
Short term Borrowings 2.0 - 150.0 195.0 44.0 19.0 17.0 2.0 1.0 4.0 1.0 35.0
Lease Liabilities - - - - - - - - 268.0 261.0 244.0 267.0
Other Borrowings 10.0 12.0 16.0 13.0 13.0 8.0 7.0 3.0 2.0 - - -
Other Liabilities -
Non controlling int 157.0 180.0 203.0 225.0 261.0 295.0 334.0 343.0 377.0 347.0 366.0 384.0
Trade Payables 1,538.0 1,772.0 2,106.0 2,020.0 2,339.0 2,659.0 3,496.0 3,510.0 3,630.0 4,319.0 4,417.0 4,659.0
Advance from Customers - - - - 805.0 495.0 461.0 430.0 703.0 811.0 1,278.0 1,295.0
Other liability items 8,814.0 10,118.0 11,060.0 11,702.0 5,483.0 5,991.0 7,404.0 8,301.0 7,050.0 7,666.0 8,429.0 10,032.0
Total Liabilities 30,085.0 35,329.0 40,848.0 45,952.0 51,651.0 55,898.0 64,241.0 71,739.0 77,311.0 73,761.0 77,196.0 85,831.0

Fixed Assets - 10,007.0 12,140.0 12,921.0 15,303.0 15,107.0 15,893.0 16,524.0 19,374.0 21,713.0 23,298.0 24,232.0 25,851.0
Land 1,504.0 1,512.0 1,564.0 1,717.0 1,615.0 1,673.0 1,685.0 2,021.0 2,797.0 2,889.0 2,829.0 2,830.0
Building 2,800.0 3,802.0 4,110.0 4,860.0 4,219.0 4,716.0 5,331.0 6,996.0 8,161.0 8,387.0 9,100.0 9,789.0
Plant Machinery 9,794.0 11,422.0 12,633.0 14,667.0 9,112.0 10,384.0 11,453.0 13,316.0 14,625.0 15,307.0 16,912.0 18,480.0
Equipments 26.0 27.0 34.0 46.0 27.0 32.0 32.0 34.0 40.0 41.0 44.0 44.0
Furniture n fittings 519.0 690.0 729.0 805.0 413.0 459.0 497.0 644.0 810.0 833.0 907.0 1,000.0
Railway sidings 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Vehicles 100.0 110.0 120.0 128.0 107.0 128.0 140.0 161.0 184.0 180.0 179.0 189.0
Intangible Assets 414.0 418.0 398.0 678.0 563.0 563.0 570.0 684.0 684.0 2,734.0 2,744.0 3,490.0
Other fixed assets 361.0 394.0 411.0 458.0 117.0 138.0 212.0 234.0 663.0 716.0 719.0 786.0
Gross Block 15,519.0 18,376.0 20,000.0 23,361.0 16,176.0 18,094.0 19,920.0 24,090.0 27,965.0 31,088.0 33,435.0 36,608.0
Accumulated Depreciation 5,506.0 6,230.0 7,073.0 8,057.0 1,069.0 2,201.0 3,396.0 4,716.0 6,252.0 7,790.0 9,204.0 10,757.0
Net Block 10,013.0 12,146.0 12,927.0 15,304.0 15,107.0 15,893.0 16,524.0 19,374.0 21,713.0 23,298.0 24,231.0 25,851.0

CWIP 2,396.0 2,062.0 3,117.0 2,700.0 2,560.0 3,730.0 5,508.0 4,136.0 3,256.0 4,011.0 3,226.0 3,003.0
Investments 5,207.0 5,981.0 7,284.0 6,943.0 11,748.0 17,581.0 22,053.0 25,043.0 28,663.0 24,871.0 24,841.0 29,415.0

Other Assets -
Inventories 6,427.0 7,522.0 8,255.0 8,587.0 9,062.0 8,116.0 7,495.0 7,860.0 8,879.0 10,397.0 10,864.0 11,771.0
Trade receivables 1,200.0 1,396.0 2,439.0 1,982.0 1,917.0 2,474.0 2,682.0 4,035.0 2,562.0 2,502.0 2,462.0 2,956.0
Cash Equivalents 3,130.0 3,828.0 3,490.0 7,896.0 6,063.0 2,967.0 2,900.0 4,152.0 7,277.0 4,659.0 4,654.0 4,880.0
Short term loans 71.0 65.0 107.0 150.0 14.0 7.0 74.0 67.0 6.0 7.0 11.0 13.0
Other asset items 1,647.0 2,335.0 3,234.0 2,391.0 5,180.0 5,129.0 7,004.0 7,071.0 4,952.0 4,015.0 6,906.0 7,941.0
Total Assets 30,091.0 35,335.0 40,853.0 45,953.0 51,651.0 55,897.0 64,240.0 71,738.0 77,308.0 73,760.0 77,195.0 85,830.0

Check 6.0 6.0 5.0 1.0 - (1.0) (1.0) (1.0) (3.0) (1.0) (1.0) (1.0)
Nifty Annual Retiurn On Markets
100
Year Annual
2000 -14.65% Average Return 15.41%
2001 -16.18% Add Dividend Yield 1.38% From PrimeInvestor.com
2002 3.25% Total Market Return 16.79%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83% Nifty Return 2000-2022
2007 54.77% 100.00%
2008 -51.79%
80.00%
2009 75.76%
2010 17.95% 60.00%
2011 -24.62% 40.00%
2012 27.70%
20.00%
2013 6.76%
2014 31.39% 0.00%
0 5 10 15 20 25
2015 -4.06% -20.00%
2016 3.01% -40.00%
2017 28.65%
-60.00%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
S.No. Name CMP Rs. No. Eq. Shares Cr. Market Capitalization Debt Rs.Cr. Cash End Rs.Cr. Net Debt Rs.Cr. EV Rs. CR. Sales Rs.Cr. EV / EBITDA NP 12M Rs.Cr. EV (paste) Diff.
1 ITC 460.10 1246.18 573,367.42 306.04 4880.19 -4574.15 568,793.27 70919.03 20.51 19476.72 568791.98 1.288
2 Godfrey Phillips 2032.50 5.20 10,569.00 354.98 40.31 314.67 10,883.67 3781.45 10.13 802.58 10882.43
3 VST Industries 3802.60 1.54 5,856.00 0.00 19.74 -19.74 5,836.26 1324.76 12.94 323.54 5851.47 -15.206
4 Indian Wood Prod 24.92 6.40 159.49 79.18 4.31 74.87 234.36 183.04 17.52 2.48 234.29 0.068
5 NTC Industries 76.59 1.19 91.14 6.60 2.74 3.86 95.00 49.42 8.44 6.32 95.34 -0.3379
6 Sinnar Bidi Udy. 215.25 0.04 8.61 0.00 0.04 -0.04 8.57 6.29 17.14 0.44 8.57 0
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 ITC 460.1 573367.418 306.04 0
2 Godfrey Phillips 2032.5 10569 354.98 0.1
3 VST Industries 3802.6 5856.004 0 0
4 Indian Wood Prod 24.92 159.488 79.18 0.22
5 NTC Industries 76.59 91.1421 6.6 0.07
6 Sinnar Bidi Udy. 215.25 8.61 0 0.04
COMPANY NAME ITC LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
CURRENT VERSION 2.10

META
Number of shares 1,246.18
Face Value 1.00
Current Price 460.10
Market Capitalization 573,366.13

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales 35,306.43 38,817.15 39,192.10 42,767.60 43,448.94 48,339.58 49,387.70 49,257.45 60,644.54 70,919.03
Raw Material Cost 13,353.03 15,007.90 13,763.88 15,456.59 14,827.72 17,623.52 18,048.60 20,776.71 27,071.07 29364.36
Change in Inventory 112.74 235.72 195.38 -592.57 -1,027.76 203.19 703.13 645.27 686.00 358.59
Power and Fuel 644.96 610.67 571.88 584.33 653.50 746.73 780.85 699.56 889.77 1,232.34
Other Mfr. Exp 1,395.57 1,533.25 1,581.59 1,683.90 1,697.62 1,871.01 1,908.29 1,587.18 1,887.67 2,327.80
Employee Cost 2,504.24 2,772.28 3,440.97 3,631.73 3,760.90 4,177.88 4,295.79 4,463.33 4,890.55 5,736.22
Selling and admin 3,361.20 3,876.19 4,261.78 4,179.74 3,954.87 4,546.39 4,488.63 4,236.77 4,858.38 5,604.08
Other Expenses 1,080.27 1,000.96 1,235.89 1,169.23 1,005.98 1,039.85 1,225.13 1,074.39 1,109.95 1,308.56
Other Income 965.74 1,229.35 1,483.11 1,758.63 2,239.81 2,080.44 2,417.32 2,576.95 1,909.72 2,097.64
Depreciation 964.92 1,027.96 1,077.40 1,152.79 1,236.28 1,396.61 1,644.91 1,645.59 1,732.41 1,809.01
Interest 29.17 90.96 78.13 49.03 115.01 71.40 81.38 57.97 59.99 77.77
Profit before tax 13,051.55 14,362.05 14,859.07 16,026.32 17,409.11 19,149.82 20,034.57 17,938.17 20,740.47 25,915.12
Tax 4,060.93 4,596.42 5,358.21 5,549.09 5,916.43 6,313.92 4,441.79 4,555.29 5,237.34 6,438.40
Net profit 8,891.38 9,663.17 9,344.45 10,289.44 11,271.20 12,592.33 15,306.23 13,161.19 15,242.66 19,191.66
Dividend Amount 4,771.92 5,009.69 6,840.12 5,770.02 6,285.21 7,048.70 12,476.58 13,231.96 14,171.80 19,263.40
EBITDA 13,946.40 15,378.51 15,858.19 17,040.35 18,538.92 20,374.26 21,474.31 19,420.04 22,272.40 27,516.84

Quarters
Report Date Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 13,079.72 14,342.27 13,247.25 13,757.15 17,108.16 16,555.53 18,489.45 17,107.99 17,704.52 17,634.89
Expenses 8,294.70 9,471.15 8,803.51 8,739.55 11,510.49 10,956.13 12,412.32 10,848.89 10,999.82 11,010.89
Other Income 545.69 579.49 447.04 468.77 421.92 498.62 320.73 454.68 595.43 682.52
Depreciation 413.49 408.51 414.13 421.73 429.59 466.96 438.12 462.38 447.11 461.40
Interest 12.61 2.88 9.34 9.75 9.56 10.71 9.25 12.59 9.21 12.15
Profit before tax 4,904.61 5,039.22 4,467.31 5,054.89 5,580.44 5,620.35 5,950.49 6,238.81 6,843.81 6,832.97
Tax 1,317.41 1,222.38 1,123.87 1,291.16 1,461.64 1,360.67 1,488.24 1,568.49 1,773.72 1,607.95
Net profit 3,526.55 3,755.47 3,276.48 3,713.76 4,056.73 4,195.69 4,389.76 4,619.77 5,006.65 5,175.48
Operating Profit 4,785.02 4,871.12 4,443.74 5,017.60 5,597.67 5,599.40 6,077.13 6,259.10 6,704.70 6,624.00

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 795.32 801.55 804.72 1,214.74 1,220.43 1,225.86 1,229.22 1,230.88 1,232.33 1,242.80
Reserves 26,441.64 30,933.94 41,874.80 45,198.19 51,289.68 57,915.01 64,044.04 59,116.46 61,223.24 67,912.46
Borrowings 242.41 268.80 83.78 45.72 35.92 13.44 277.45 270.83 249.44 306.04
Other Liabilities 13,369.04 13,947.93 8,888.04 9,439.67 11,694.85 12,584.73 11,760.04 13,142.59 14,491.01 16,369.66
Total 40,848.41 45,952.22 51,651.34 55,898.32 64,240.88 71,739.04 77,310.75 73,760.76 77,196.02 85,830.96
Net Block 12,921.30 15,303.28 15,106.63 15,893.48 16,523.96 19,374.19 21,713.34 23,298.48 24,231.59 25,851.27
Capital Work in Progress 3,117.37 2,700.20 2,559.72 3,729.89 5,508.33 4,136.42 3,256.46 4,011.29 3,225.54 3,003.30
Investments 7,284.02 6,942.77 11,747.59 17,581.38 22,052.86 25,043.49 28,663.35 24,870.87 24,841.01 29,415.02
Other Assets 17,525.72 21,005.97 22,237.40 18,693.57 20,155.73 23,184.94 23,677.60 21,580.12 24,897.88 27,561.37
Total 40,848.41 45,952.22 51,651.34 55,898.32 64,240.88 71,739.04 77,310.75 73,760.76 77,196.02 85,830.96
Receivables 2,439.21 1,982.07 1,917.18 2,474.29 2,682.29 4,035.28 2,562.48 2,501.70 2,461.90 2,956.17
Inventory 8,255.24 8,586.87 9,062.10 8,116.10 7,495.09 7,859.56 8,879.33 10,397.16 10,864.15 11,771.16
Cash & Bank 3,490.19 7,896.22 6,063.30 2,967.40 2,899.60 4,152.03 7,277.34 4,659.02 4,654.42 4,880.19
No. of Equity Shares ### ### ### ### ### ### ### ### ### ###
New Bonus Shares ###
Face value 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

New Other Assets 3,341.08 2,540.81 5,194.82 5,135.78 7,078.75 7,138.07 4,958.45 4,022.24 6,917.41 7,953.85
New Total Assets 40,848.41 45,952.22 51,651.34 55,898.32 64,240.88 71,739.04 77,310.75 73,760.76 77,196.02 85,830.96

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity 7,343.58 9,843.20 9,799.04 10,627.31 13,169.40 12,583.41 14,689.66 12,526.97 15,775.51 18,877.55
Cash from Investing Activity -3,254.08 -5,275.43 -3,920.73 -3,250.93 -7,113.89 -5,545.68 -6,174.02 5,739.98 -2,238.49 -5,732.29
Cash from Financing Activity -4,121.54 -4,661.03 -5,612.52 -7,301.03 -6,221.13 -6,868.64 -8,181.48 -18,633.83 -13,580.50 -13,006.03
Net Cash Flow -32.04 -93.26 265.79 75.35 -165.62 169.09 334.16 -366.88 -43.48 139.23

PRICE: 235.23 217.23 218.83 280.30 255.50 297.25 171.70 218.50 250.65 383.50

DERIVED:
Adjusted Equity Shares in Cr 1,192.98 1,202.33 1,207.08 1,214.74 1,220.43 1,225.86 1,229.22 1,230.88 1,232.33 1,242.80
ITC LTD SCREENER.IN

Narration Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 13,079.72 14,342.27 13,247.25 13,757.15 17,108.16 16,555.53 18,489.45 17,107.99 17,704.52 17,634.89
Expenses 8,294.70 9,471.15 8,803.51 8,739.55 11,510.49 10,956.13 12,412.32 10,848.89 10,999.82 11,010.89
Operating Profit 4,785.02 4,871.12 4,443.74 5,017.60 5,597.67 5,599.40 6,077.13 6,259.10 6,704.70 6,624.00
Other Income 545.69 579.49 447.04 468.77 421.92 498.62 320.73 454.68 595.43 682.52
Depreciation 413.49 408.51 414.13 421.73 429.59 466.96 438.12 462.38 447.11 461.40
Interest 12.61 2.88 9.34 9.75 9.56 10.71 9.25 12.59 9.21 12.15
Profit before tax 4,904.61 5,039.22 4,467.31 5,054.89 5,580.44 5,620.35 5,950.49 6,238.81 6,843.81 6,832.97
Tax 1,317.41 1,222.38 1,123.87 1,291.16 1,461.64 1,360.67 1,488.24 1,568.49 1,773.72 1,607.95
Net profit 3,526.55 3,755.47 3,276.48 3,713.76 4,056.73 4,195.69 4,389.76 4,619.77 5,006.65 5,175.48

OPM 37% 34% 34% 36% 33% 34% 33% 37% 38% 38%
ITC LTD

Narration Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing Best Case Worst Case
Sales 35,306.43 38,817.15 39,192.10 42,767.60 43,448.94 48,339.58 49,387.70 49,257.45 60,644.54 70,919.03 70,936.85 82,934.24 76,635.06
Expenses 22,226.53 24,565.53 24,660.61 27,298.09 26,928.35 29,802.19 30,044.16 32,192.67 40,021.39 45,214.77 45,271.92 52,928.66 49,768.36
Operating Profit 13,079.90 14,251.62 14,531.49 15,469.51 16,520.59 18,537.39 19,343.54 17,064.78 20,623.15 25,704.26 25,664.93 30,005.58 26,866.70
Other Income 965.74 1,229.35 1,483.11 1,758.63 2,239.81 2,080.44 2,417.32 2,576.95 1,909.72 2,097.64 2,053.36 - -
Depreciation 964.92 1,027.96 1,077.40 1,152.79 1,236.28 1,396.61 1,644.91 1,645.59 1,732.41 1,809.01 1,809.01 1,809.01 1,809.01
Interest 29.17 90.96 78.13 49.03 115.01 71.40 81.38 57.97 59.99 77.77 43.20 43.20 43.20
Profit before tax 13,051.55 14,362.05 14,859.07 16,026.32 17,409.11 19,149.82 20,034.57 17,938.17 20,740.47 25,915.12 25,866.08 28,153.37 25,014.49
Tax 4,060.93 4,596.42 5,358.21 5,549.09 5,916.43 6,313.92 4,441.79 4,555.29 5,237.34 6,438.40 6,438.40 25% 25%
Net profit 8,891.38 9,663.17 9,344.45 10,289.44 11,271.20 12,592.33 15,306.23 13,161.19 15,242.66 19,191.66 19,191.66 21,145.64 18,788.06
EPS 7.45 8.04 7.74 8.47 9.24 10.27 12.45 10.69 12.37 15.44 15.40 16.97 15.08
Price to earning 31.56 27.03 28.27 33.09 27.67 28.94 13.79 20.43 20.26 24.83 29.88 29.88 23.02
Price 235.23 217.23 218.83 280.30 255.50 297.25 171.70 218.50 250.65 383.50 460.10 506.94 347.10

RATIOS:
Dividend Payout 53.67% 51.84% 73.20% 56.08% 55.76% 55.98% 81.51% 100.54% 92.97% 100.37%
OPM 37.05% 36.71% 37.08% 36.17% 38.02% 38.35% 39.17% 34.64% 34.01% 36.24% 36.18%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 8.06% 8.84% 10.30% 12.82% 16.94% 16.94% 8.06%
OPM 36.63% 36.53% 36.36% 35.06% 36.18% 36.18% 35.06%
Price to Earning 25.98 24.86 23.02 23.85 29.88 29.88 23.02
 CASH FLOW
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity - 6,256 7,102 7,344 9,843 9,799 10,627 13,169 12,583 14,690 12,527 15,776 18,878
Profit from operations 9,244 11,218 13,172 14,261 15,154 16,075 17,433 18,862 19,416 17,326 20,857 25,895
Receivables -357 -446 -1,546 558 -207 -870 -964 -755 1,411 -66 -732 -884
Inventory -408 -985 -755 -505 -693 593 602 -359 -508 -1,460 -466 -941
Payables 193 0 456 -23 622 321 2,098 639 -607 1,112 1,099 1,058
Other WC items 0 331 0 0 0 0 0 0 0 0 0 0
Working capital changes -573 -1,101 -1,844 31 -277 44 1,736 -476 296 -413 -100 -767
Direct taxes -2,415 -3,015 -3,984 -4,449 -5,078 -5,492 -6,000 -5,803 -5,023 -4,387 -4,982 -6,250
Cash from Investing Activity - -2,694 -3,881 -3,254 -5,275 -3,921 -3,251 -7,114 -5,546 -6,174 5,740 -2,238 -5,732
Fixed assets purchased -2,468 -2,644 -2,887 -3,300 -2,348 -3,122 -2,878 -3,169 -2,441 -1,837 -2,142 -2,743
Fixed assets sold 59 10 38 9 8 50 80 28 27 3 133 49
Investments purchased -54,269 -75,713 -94,242 -98,742 -154,081 -85,683 -98,330 -94,187 -79,835 -57,553 -69,776 -80,932
Investments sold 53,879 75,152 93,293 99,658 150,651 81,034 95,017 92,454 75,835 62,797 70,992 77,230
Interest received 302 265 374 559 741 756 736 1,184 1,513 1,275 1,035 1,324
Dividends received 241 249 192 268 64 4 13 13 17 7 16 19
Invest in subsidiaries 0 0 0 0 -8 0 0 0 0 0 0 0
Investment in group cos 0 0 0 0 0 0 0 0 0 -2 -2 -2
Redemp n Canc of Shares 0 0 0 0 0 129 18 18 0 0 0 56
Other investing items -438 -1,200 -21 -3,728 1,052 3,579 -1,769 -1,887 -1,290 1,051 -2,494 -733
Cash from Financing Activity - -3,305 -3,310 -4,122 -4,661 -5,613 -7,301 -6,221 -6,869 -8,181 -18,634 -13,580 -13,006
Proceeds from shares 765 922 691 979 532 1,067 913 969 625 291 292 2,477
Proceeds from borrowings 28 -2 156 7 0 0 11 0 0 0 0 0
Repayment of borrowings -33 -12 -15 -20 -13 -13 -8 -18 -3 -2 -1 -1
Interest paid fin -19 -71 -48 -16 -28 -25 -49 -98 -44 -41 -40 -41
Dividends paid -3,503 -3,592 -4,239 -4,876 -5,133 -6,994 -5,952 -6,519 -7,302 -18,881 -13,788 -15,418
Financial liabilities 0 0 0 0 0 0 0 0 -49 -55 -59 -59
Other financing items -542 -556 -667 -734 -971 -1,335 -1,136 -1,203 -1,409 55 15 35
Net Cash Flow 257 -90 -32 -93 266 75 -166 169 334 -367 -43 139