ESG Analysis of ITC LTD For The Year 2022-23

Project Synopsis
Name Syed Hakeem Ahmed
USN 212VMBR00529
Elective MBA International Finance
Date of Submission 11/06/2023
Title:
ESG Analysis of ITC Ltd for the Year 2022-23.
Introduction:
Environmental, Social, and Governance (ESG) factors have gained significant importance in the
investment world, as stakeholders increasingly consider the impact of companies on the planet
and society. ITC Ltd, one of India's leading diversified conglomerates, has been a subject of
interest for ESG analysis due to its diverse business operations spanning agriculture, FMCG,
hotels, paperboards, and more. This project aims to conduct a comprehensive ESG analysis of
ITC Ltd for the fiscal year 2022-23 to assess the company's sustainability performance, ethical
practices, and corporate governance.
Problem Statement:
The primary objective of this project is to evaluate and analyze ITC Ltd's ESG performance for
the year 2022-23. This involves assessing its environmental impact, such as carbon emissions,
water usage, and waste management, its social impact through employee welfare, community
engagement, and product responsibility, and its governance, which includes the transparency,
ethical standards, and board composition. The project will investigate the alignment of ITC's
strategies and practices with international ESG standards and benchmarks to identify strengths
and weaknesses in its ESG performance.
Methodology:
To accomplish the ESG analysis, a multifaceted methodology will be employed. It includes

collecting and analyzing relevant data from ITC Ltd's annual reports, sustainability reports, and
other publicly available documents. Comparative benchmarks and industry specific ESG criteria
will be used to assess ITC's performance. Qualitative and quantitative techniques will be
employed to assess its environmental practices, social initiatives, and governance standards. The
project will also investigate any ESG risks and opportunities that might impact ITC's financial
performance and reputation.
Expected Outcomes:
The project expects to provide a comprehensive ESG analysis of ITC Ltd for the year 2022-23,
offering insights into the company's sustainability efforts, corporate social responsibility, and
governance practices. This analysis will assist investors, stakeholders, and the company itself in
understanding its ESG strengths and areas that require improvement. The findings may guide
ITC in making informed decisions to enhance its ESG performance and align with global ESG
best practices, potentially improving its long-term sustainability and value creation.
Limitations:
Data Availability: Limitations may arise due to the availability, accuracy, and consistency of
data. Some ESG factors might not be readily quantifiable or transparent in ITC Ltd's disclosures,
affecting the comprehensiveness of the analysis.
Industry Comparability: Comparing ESG metrics within the industry can be challenging due to
varying reporting standards, making it difficult to benchmark ITC Ltd against its peers
accurately.
Subjectivity in Metrics: ESG metrics often involve qualitative aspects, leading to subjectivity in
interpretation. This subjectivity can result in varying conclusions or assessments of ITC Ltd's
performance in ESG parameters.
Scope of Influence: The analysis might be limited in assessing the full scope of ITC Ltd's
influence, especially concerning indirect impacts, supply chain operations, or downstream
effects, which may not be entirely within the company’s control.
Future Uncertainties: ESG analysis often relies on historical data and current practices.
Predicting future ESG performance based on this data might not consider emerging risks, market
changes, or unforeseen events that could impact ITC Ltd’s ESG trajectory.
Dependency on Self-Reporting: Reliance on ITC Ltd's self-reported data might lead to biased
or overly positive representations of their ESG practices, potentially overlooking areas requiring
improvement.
Regulatory Changes: Shifts in regulations or the introduction of new compliance standards

during or after the analysis period may not be fully reflected, impacting the evaluation's
accuracy.
External Factors: External market conditions, geopolitical issues, or natural disasters can
significantly impact ITC Ltd's ESG performance, which might not be solely attributable to
internal company policies.
Stakeholder Perspectives: ESG analysis might not fully capture diverse stakeholder views, as
perceptions of what constitutes positive ESG performance can vary among investors, employees,
customers, and the community.
Inability to Predict Impact: Evaluating the precise impact of ESG practices on financial
performance or market value might be challenging. The correlation between strong ESG
performance and financial outcomes might not be directly quantifiable within the specified
timeframe.
Recognizing these limitations in the ESG analysis of ITC Ltd for 2022-23 is crucial to ensuring a
comprehensive understanding of the assessment's constraints and providing a more nuanced
interpretation of the company's ESG performance.
Work Plan (Week 1 to Week 8)
Week 1-2: Project Initiation and Planning
• Week 1: Initiation
- Define project objectives, scope, and deliverables.
- Gather and review available historical ESG reports and ITC Ltd's public disclosures.
• Week 2: Planning
- Develop a detailed project plan and timeline, outlining tasks and milestones.
- Establish the methodology for data collection and analysis.
- Determine the specific ESG criteria to be assessed for ITC Ltd.
Week 3-5: Data Collection and Analysis
• Week 3: Data Compilation

- Commence data collection from ITC Ltd's annual reports, sustainability disclosures, and
other relevant sources.
- Gather information on environmental, social, and governance metrics for the company's
operations.
• Week 4: Initial Analysis

- Begin the initial analysis of collected data, identifying trends, patterns, and potential areas of
strength and weakness in ITC Ltd's ESG performance.
- Start the process of organizing and structuring the gathered information for further
evaluation.
• Week 5: In-Depth Assessment
- Deepen the analysis by exploring specific ESG parameters in detail, employing relevant
evaluation frameworks and industry standards.
- Develop a preliminary report summarizing initial findings and areas that demand further
investigation.
Week 6-7: Refinement and Evaluation
• Week 6: Refinement
- Review and refine the preliminary report, ensuring data accuracy and consistency.
- Conduct any necessary additional data collection or analysis for areas requiring more
detailed insights.
• Week 7: Evaluation
- Evaluate ITC Ltd's ESG performance against industry benchmarks and best practices.
- Identify key strengths and weaknesses in the company's ESG practices and prepare a draft
of recommendations.
• Week 8: Reporting and Finalization

- Compile a comprehensive report summarizing the ESG analysis findings, limitations, and
recommendations.
- Present the findings to stakeholders, incorporating feedback and finalizing the report for
distribution.
In the contemporary business landscape, Environmental, Social, and Governance (ESG) factors
have gained significant prominence, shaping the way investors, stakeholders, and the public
evaluate a company's sustainability and ethical impact. This work plan provides a structured
approach, allowing for a systematic and in-depth assessment of ITC Ltd's ESG performance for
the fiscal year 2022-23. Adjustments and flexibility in timelines may be necessary based on the
availability of data and the complexity of the analysis involved.
MBA Semester – IV
Research Project
Syed Hakeem Ahmed

Name
212VMBR00529
USN
International Finance
Elective
25 November 2023
Date of Submission
A study on “ESG Analysis of ITC Ltd for the Year 2022-23”
Research Project submitted to Jain Online (Deemed-to-be University)

In partial fulfillment of the requirements for the award of:
Master of Business Administration
Submitted by:
Syed Hakeem Ahmed
USN:
212VMBR00529
Under the guidance of:
Dr. Visveshwar Menasumane
(Faculty-JAIN Online)
Jain Online (Deemed-to-be University)
Bangalore
2023-24
DECLARATION
I, Syed Hakeem Ahmed, hereby declare that the Research Project Report titled “ESG Analysis
of ITC Ltd for the Year 2022-23” has been prepared by me under the guidance of the
Dr.Visveshwar Menausmane I declare that this Project work is towards the partial fulfillment
of the University Regulations for the award of the degree of Master of Business Administration
by Jain University, Bengaluru. I have undergone a project for a period of Eight Weeks. I further
declare that this Project is based on the original study undertaken by me and has not been
submitted for the award of any degree/diploma from any other University / Institution.
Place: Bengaluru ______________________
Date: 25 November 2023 Syed Hakeem Ahmed

USN: 212VMBR00529
CERTIFICATE
This is to certify that the Research Project report submitted by Mr./Ms. Syed Hakeem
Ahmed bearing (212VMBR00529) on the title “ESG Analysis of ITC Ltd for the Year
2022-23” is a record of project work done by him/ her during the academic year 2022-23
under my guidance and supervision in partial fulfillment of Master of Business
Administration.
Place: Bengaluru ____________________
Date: 25 November 2023 Dr. Visveshwar Menausmane

ACKNOWLEDGEMENT
In pursuing and completion of my MBA and other commitments, I undertook the task of
completing my project on "ESG Analysis of ITC Ltd for the year 2022-23" I am fortunate
in having sought and secured valuable guidance, continuous encouragement and strong
support at every stage of my guide and supervisor Prof Dr. Visveshwar Menausmane and I'm
deeply grateful to him.
I want to acknowledge the help provided by guide and friends. The precious input provided
by them has helped in compiling this report. As well as I want to thank my friends and
colleagues who helped me in this work.
I express my deep-hearted thanks and gratitude to all of those who helped me in this Project.
____________________
Syed Hakeem Ahmed
USN: 212VMBR0059
EXECUTIVE SUMMARY
This MBA project delves into the Environmental, Social, and Governance (ESG) landscape
of ITC Ltd for the fiscal year 2022-23, concurrently exploring the burgeoning significance,
growth, and increasing popularity of ESG considerations in the Indian corporate milieu.
The project is contextualized within a global paradigm shift where corporations are
increasingly evaluated not only for financial performance but also for their impact on the
environment, society, and governance structures. ESG criteria have emerged as pivotal
benchmarks for sustainable business practices, gaining prominence as investors, consumers,
and regulatory bodies recognize the holistic value they bring. For ITC, a diversified
conglomerate deeply embedded in various sectors of the Indian economy, the exploration of
its ESG practices becomes imperative in navigating a business landscape marked by
heightened environmental consciousness, social expectations, and evolving governance
standards.
India has witnessed a remarkable surge in ESG awareness and adoption in recent years. As
global markets increasingly integrate ESG metrics into investment decisions, Indian
businesses are aligning with this trend to attract capital, mitigate risks, and enhance long-term
resilience. The government's commitment to sustainability, coupled with a discerning
consumer base, has accelerated the integration of ESG considerations into corporate
strategies. This project acknowledges the evolving regulatory landscape, the establishment of
industry benchmarks, and the growing momentum of ESG reporting as indicators of the
transformative journey unfolding within India's corporate sector.
The project employs a robust methodology combining quantitative analysis of ITC's financial
reports with qualitative insights from stakeholder interviews. It covers three core dimensions:
environmental sustainability, social responsibility, and corporate governance. Recognizing
the nascent but burgeoning nature of ESG in India, the analysis aligns with globally accepted
frameworks, ensuring a comprehensive and standardized evaluation.
This study aspires not only to provide a nuanced understanding of ITC's ESG performance
but also to contribute to the broader narrative on ESG in India. By spotlighting the
significance, growth, and popularity of ESG considerations, the findings are positioned to
influence strategic decision-making not just within ITC but across the Indian corporate
landscape. The insights generated here seek to catalyse a more sustainable and responsible
approach to business, aligning with the evolving expectations of diverse stakeholders.
In conclusion, the ESG analysis of ITC Ltd encapsulates a dual narrative—examining a

corporate giant's commitment to sustainability and contributing to the discourse on the
transformative role of ESG in shaping India's corporate future.
TABLE OF CONTENTS
Chapter
Particulars Page Nos.
No.
Chapter I Introduction and Background
1.1 Purpose of the Study
1.2 Introduction to the Topic
1-16
1.3 Overview of Theoretical Concepts
1.4 Company/Industry Overview
1.5 Environmental Analysis (PESTEL Analysis)
Chapter II Review of Literature
2.1 Domain/Topic Specific Review 17-30
2.2 Gap Analysis
Chapter III Research Methodology
3.1 Objectives of the Study
3.2 scope of the Study
3.3 Methodology
• Research Design
31-37
• Data Collection
• Data Analysis Tools
3.4 Period of Study
3.5 limitations of the Study
3.6 Utility of Research
Chapter IV
Data Analysis and Interpretation 38-68
Chapter V Findings, Recommendations and Conclusion

5.1 Findings based on observations.
5.2 Findings based on analysis of data. 69-71
5.3 General Findings
5.4 Recommendations based on findings
List of Tables
Table No. Table Title Page No.
1 ESG 3
2 PESTEL Analysis 13
3 Climate Change 24
4 Water Stewardship 26
5 Plastic Waste and Circular Economy 27
6 Sustainable Agriculture 28
7 Biodiversity Conservation 28
8 Sustainable Livelihoods 29
9 Objective ESG 32
10 Data Collection 34
11 Secondary Research Methods 34
12 Environment Are of focus 39
13 Social Area of focus 52
14 Governance Area of focus 63

CHAPTER 1
INTRODUCTION AND BACKGROUND
1
INTRODUCTION AND BACKGROUND
1.1 Purpose of the Study
The purpose of this project is to conduct a comprehensive Environmental, Social, and

Governance (ESG) analysis of ITC Ltd for the fiscal year 2022-23. By scrutinizing the
company's sustainability practices, the study aims to provide actionable insights into ITC's
commitment to responsible business conduct. This analysis is imperative in the contemporary
business landscape where stakeholders increasingly demand transparency and ethical
practices. The project seeks to assess ITC's environmental impact, social initiatives, and
governance structures, contributing to a nuanced understanding of the company's overall ESG
performance. Furthermore, the study acknowledges the rising importance of ESG factors in
investment decisions and aims to shed light on how ITC aligns with these global standards.
Ultimately, the purpose is to offer a valuable resource for ITC stakeholders, industry peers,
and policymakers, fostering dialogue and facilitating informed decision-making in the pursuit
of sustainable business practices.
1.2 Introduction to the Topic
In the contemporary corporate landscape, the convergence of Environmental, Social, and

Governance (ESG) principles has emerged as a critical paradigm shaping the conduct and
performance of businesses worldwide. The pursuit of sustainable and responsible business
practices has transcended the traditional confines of profitability, expanding to encompass a
broader commitment to societal well-being and environmental stewardship. This MBA
project embarks on an exploration of ITC Ltd.’s ESG practices for the fiscal year 2022-23,
recognizing the company as a noteworthy protagonist in the Indian corporate arena, deeply
intertwined with sectors ranging from Fast-Moving Consumer Goods (FMCG) to
agribusiness, hospitality, and information technology.
2
Evolution and Significance of ESG:
The roots of ESG trace back to the early 21st century when investors and stakeholders began
recognizing the intrinsic connection between corporate practices and long-term sustainable
value. Evolving beyond the confines of mere compliance, ESG encapsulates a holistic
approach, emphasizing the interconnectedness of economic viability, social responsibility,
and governance structures. Its significance lies not only in addressing the growing ethical
concerns surrounding corporate conduct but also in recognizing the material impact these
factors have on financial performance, risk management, and stakeholder relationships.
Rising Stakeholder Expectations:
In an era marked by heightened connectivity and information access, stakeholders, including

investors, consumers, employees, and communities, are increasingly cognizant of the broader
impacts of business operations. The ethical choices made by corporations resonate with the
values of a socially conscious audience. ITC, as a key player in the Indian business
ecosystem, stands as a focal point for understanding how companies navigate and respond to
these evolving expectations.
3
ITC Ltd: A Contextualized Exploration:
As a diversified conglomerate deeply embedded in the fabric of the Indian economy, ITC
presents a dynamic canvas for examining ESG practices. The company's extensive reach and
influence across sectors make it an intriguing subject for analysis. Beyond its economic
footprint, ITC's initiatives in environmental sustainability, social responsibility, and
governance are pivotal components of its identity. This project aims to unravel how ITC
strategically aligns its operations with ESG principles, contributing not only to the company's
sustainability journey but also to the broader discourse on responsible corporate behavior in
India.
Navigating Regulatory Dynamics and Global Standards:
Against a backdrop of evolving regulatory frameworks and increasing alignment with global
standards, understanding how ITC navigates ESG considerations becomes imperative. The
project will delve into the company's adherence to global reporting frameworks such as the
Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and
others, shedding light on the company's commitment to transparent reporting and alignment
with internationally accepted norms.
In conclusion, this MBA project endeavors to dissect ITC Ltd.’s ESG practices for the year
2022-23, recognizing the transformative potential of sustainable business conduct and its
implications for ITC, its stakeholders, and the broader contours of responsible corporate
behavior in the dynamic landscape of today.
4
1.3 Overview of Theoretical Concepts
ESG stands for Environmental, Social, and Governance, representing a set of criteria used to
assess a company's overall sustainability and ethical impact. Each component plays a crucial
role in evaluating a company's performance and behavior in these three key areas:
Environmental (E):
Focus: The environmental aspect evaluates a company's impact on the natural world and its
commitment to sustainable practices.
Indicators:
Climate Change: Assessing a company's efforts to reduce carbon emissions, adopt

renewable energy, and mitigate climate-related risks.
Resource Use: Examining the responsible use of natural resources, including water, energy,
and raw materials.
Waste Management: Evaluating waste reduction strategies, recycling initiatives, and

adherence to environmentally friendly disposal practices.
Social (S):
Focus: The social aspect gauges a company's relationships with its employees, communities,
customers, and other stakeholders.
Indicators:
Labor Practices: Assessing fair wages, workplace diversity, labor rights, and adherence to
ethical employment practices.
Community Engagement: Evaluating the company's impact on local communities through

initiatives, philanthropy, and sustainable development projects.
Customer Relations: Examining product safety, quality, and the ethical treatment of
customers.
5
Governance (G):
Focus: The governance aspect evaluates a company's internal structures, policies, and
adherence to ethical standards.
Indicators:
Board Composition: Assessing the independence, diversity, and expertise of the company's
board of directors.
Executive Compensation: Evaluating the fairness and transparency of executive pay

structures.
Ethical Business Practices: Examining the company's commitment to integrity, anti-

corruption measures, and adherence to legal and regulatory standards.
Comprehensive Explanation:
Integration: ESG criteria are integrated into investment decision-making processes, risk
assessments, and corporate reporting, providing a comprehensive evaluation of a company's
overall sustainability and ethical practices.
Long-Term Value: Companies that effectively manage ESG factors are often considered to
be better positioned for long-term success, as they are more resilient to environmental
challenges, societal changes, and governance issues.
Stakeholder Consideration: ESG recognizes the importance of engaging various

stakeholders, including investors, employees, customers, and communities. It reflects a
broader understanding that a company's impact extends beyond its shareholders to the
broader society and environment.
Global Standards: ESG considerations are guided by global frameworks and reporting
standards, such as the Global Reporting Initiative (GRI), Sustainability Accounting Standards
6
Board (SASB), and others, ensuring a standardized and comparable assessment across
companies and industries.
In summary, ESG represents a holistic approach to evaluating a company's performance,

considering its environmental impact, social responsibility, and governance practices. This
framework reflects the growing recognition that sustainable and ethical business practices are
integral to long-term success and value creation. In the pursuit of evaluating ITC Ltd.’s
Environmental, Social, and Governance (ESG) practices for the fiscal year 2022-23, this
project draws upon a comprehensive theoretical framework that underpins the multifaceted
dimensions of sustainable business conduct. Globally recognized ESG frameworks, including
the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB),
and Task Force on Climate-related Financial Disclosures (TCFD), guide the assessment of
ITC's reporting practices. Additionally, Corporate Social Responsibility (CSR) principles,
various corporate governance models, alignment with Sustainable Development Goals
(SDGs) collectively form a robust theoretical foundation, offering a structured approach to
unravel the intricate tapestry of ITC's commitment to sustainability in the complex landscape
of 2022-23.
1.4 Company/ Domain / Vertical /Industry Overview
ITC Limited is an Indian Multinational conglomerate company headquartered in Kolkata.

ITC has a diversified presence across industries such as FMCG, hotels, software, packaging,
paperboards, specialty papers and agribusiness. The company has 13 businesses in 5
segments. It exports its products to 90 countries. Its products are available in over 6 million
retail outlets.
Established in 1910 as the Imperial Tobacco Company of India Limited, the company was
renamed as the India Tobacco Company Limited in 1970 and later to I.T.C. Limited in 1974.
The company now stands renamed ITC Limited, where "ITC" today is no longer an acronym.
7
ITC's equity shares are listed on Bombay Stock Exchange (BSE), National Stock Exchange
of India (NSE) and Calcutta Stock Exchange (CSE).[20] The company's Global Depository
Receipts (GDRs) are listed on the Luxembourg Stock Exchange. ITC is a constituent of two
major stock market indices of India: BSE SENSEX and NIFTY 50 of NSE.
In July 2023, ITC Ltd.'s board of directors approved in principle the demerger of its hotel
business and the formation of a wholly owned subsidiary called ITC Hotels.
ITC has strategically expanded its footprint across various industry sectors, presenting a
unique and compelling subject for an Environmental, Social, and Governance (ESG) analysis
for the fiscal year 2022-23. This comprehensive company overview aims to provide a
contextual understanding of ITC's diverse business operations, commitment to sustainability,
and its significant role in the Indian corporate milieu.
Business Segments:
FMCG (Fast-Moving Consumer Goods):
ITC's FMCG division is a cornerstone of its business, featuring a rich portfolio that includes
popular brands in the realms of cigarettes, packaged foods, personal care, and stationery. The
division has played a pivotal role in ITC's growth, leveraging innovation and consumer-
centric strategies.
Agribusiness:
ITC's Agribusiness segment engages in the sourcing and export of agricultural commodities,
providing value-added products, and championing sustainable agricultural practices. This
8
aligns with the company's commitment to fostering environmentally friendly and socially
responsible agriculture.
Paperboards, Paper & Packaging:
A significant player in the paper and packaging industry, ITC's Paperboards, Paper &
Packaging division produces a diverse range of paper products and packaging materials. The
company places a strong emphasis on sustainable forestry practices and eco-friendly
packaging solutions.
Hotels:
ITC's Hotels division manages a chain of luxury hotels known for their architectural
grandeur, exceptional hospitality, and commitment to environmental conservation.
Sustainability is embedded in the ethos of these establishments, showcasing the company's
dedication to responsible tourism.
Information Technology:
ITC's Information Technology division provides a suite of IT services, contributing to the

company's diversification strategy. With a focus on software development and technology
solutions, this segment aligns with ITC's vision for future-proofing its operations.
ESG Initiatives Overview: ITC Ltd (2022-23)
ITC Limited, a beacon of sustainability in the corporate realm, has exemplified a profound
commitment to Environmental, Social, and Governance (ESG) initiatives, underscoring its
dedication to responsible business practices. In the fiscal year 2022-23, the conglomerate
continued to fortify its ESG agenda across various dimensions.
9
Environmental Stewardship:
Carbon Neutrality: ITC has intensified its efforts towards achieving carbon neutrality,
aligning with global climate goals. The company has implemented robust measures to reduce
carbon emissions across its operations and supply chain.
Renewable Energy Integration: The integration of renewable energy sources has been a
focal point of ITC's sustainability journey. The company has invested in solar power projects
and progressively increased its share of renewable energy in its energy mix.
Social Responsibility:
Community Development: ITC's social responsibility initiatives have been channeled into
community development projects, focusing on areas such as education, healthcare, and rural
infrastructure. The company's commitment to fostering positive social impact extends beyond
compliance to a genuine desire for societal well-being.
Empowering Farmers: In the Agribusiness segment, ITC has continued its initiatives aimed
at empowering farmers through sustainable agricultural practices. These efforts encompass
training programs, technology adoption, and market linkages, enhancing the livelihoods of
rural communities.
Governance Excellence:
Transparent Reporting: ITC has consistently adhered to transparent reporting practices,

aligning its disclosures with global standards such as the Global Reporting Initiative (GRI)
and Sustainability Accounting Standards Board (SASB). This commitment enhances
stakeholder trust and ensures accountability.
10
Board Diversity and Independence: The company's governance model prioritizes diversity
and independence in its board composition. This includes a mix of skills, experience, and
perspectives, fostering effective oversight and decision-making.
Circular Economy Initiatives:
Waste Management: ITC has demonstrated a proactive approach to waste management,

embracing circular economic principles. The reduction, reuse, and recycling of materials are
integral components of the company's strategy, minimizing environmental impact.
Sustainable Packaging: ITC's commitment to sustainable packaging is evident through

innovative solutions aimed at reducing the environmental footprint. The Paperboards, Paper
& Packaging division has been at the forefront of developing eco-friendly packaging
materials.
Employee Well-being:
Employee Welfare Programs: ITC places a strong emphasis on the well-being of its
workforce. The company has implemented comprehensive employee welfare programs,
ensuring a safe and inclusive workplace environment.
Digital Transformation for Sustainable Practices:
Information Technology for Sustainability: Leveraging its Information Technology

division, ITC has embarked on digital transformation initiatives that contribute to sustainable
practices. This includes technology-driven solutions for resource optimization and efficiency
improvement.
11
In conclusion, ITC Ltd.’s ESG initiatives for the year 2022-23 reflect a holistic and proactive
approach to sustainability. The company's endeavors in environmental conservation, social
development, governance excellence, circular economy practices, employee welfare, and
digital transformation collectively exemplify a commitment to creating enduring value for all
stakeholders while navigating the complexities of the modern business landscape.
1.5 Environmental Analysis (PESTEL Analysis)
Environmental Analysis:
Climate Change Mitigation:
ITC Ltd has demonstrated a proactive stance towards climate change mitigation, aligning its
operations with global sustainability goals. Investments in renewable energy sources, such as
wind and solar power, showcase the company's commitment to reducing its carbon footprint.
As the global focus on carbon neutrality intensifies, ITC's strategic initiatives place it in a
favorable position to capitalize on emerging opportunities in the green energy sector.
However, the potential threat lies in the susceptibility of ITC's supply chain, especially in
agribusiness, to the impacts of climate change, including disruptions in raw material sourcing
and agricultural productivity.
Water Conservation:
Water conservation has been a pivotal component of ITC's sustainability agenda. The
company's initiatives range from rainwater harvesting to efficient water management
practices. These efforts not only align with responsible resource use but also contribute to
community and ecosystem well-being. The threat of water scarcity remains a significant
challenge, particularly in regions critical for ITC's raw material sourcing. The company's
ability to navigate and address water-related risks will be crucial in ensuring the sustainability
of its operations.
12
Circular Economy:
Embracing circular economy principles, ITC has made strides in waste reduction and
recycling. The company's commitment to sustainable packaging, incorporating recycled
materials and eco-friendly designs, resonates with the growing global emphasis on
minimizing environmental impact. However, the threat lies in the evolving regulatory
landscape and shifting consumer preferences. Continuous adaptation to circular economy
practices and staying ahead of regulatory requirements will be essential to mitigate potential
risks.
PESTEL Analysis:
13
Political:
The political landscape plays a pivotal role in shaping ITC's ESG initiatives. Favourable
government policies supporting sustainability, such as incentives for renewable energy
adoption, create opportunities for ITC. However, the dynamic nature of politics introduces
potential threats, including policy uncertainties and shifts that could impact the regulatory
environment. A proactive approach to engaging with policymakers and staying abreast of
political developments is critical for ITC to navigate this aspect effectively.
Economic:
Economic stability is a significant factor influencing ITC's ESG endeavors. Stable economic
conditions support consumer spending on premium sustainable products, positively impacting
ITC's FMCG and agribusiness segments. Conversely, economic downturns pose a threat to
consumer purchasing power, potentially affecting the demand for sustainable offerings.
Adapting business strategies to the economic landscape and ensuring the affordability of
sustainable products will be essential in mitigating economic risks.
Social:
The social dimension is increasingly influential in shaping ITC's ESG landscape. A growing
societal emphasis on sustainable living creates a market opportunity for ITC's eco-friendly
products. The company's comprehensive corporate social responsibility (CSR) initiatives,
including education and healthcare projects, align with changing consumer values. However,
the threat lies in meeting evolving societal expectations and staying aligned with dynamic
consumer preferences. Continuous engagement with stakeholders and a robust feedback
mechanism will be vital in addressing social challenges.
14
Technological:
Technological advancements offer ITC avenues to enhance its sustainability efforts. In

agriculture, precision farming technologies can contribute to sustainable practices, while
innovations in renewable energy and waste management technologies present opportunities
for efficiency improvements. The rapid pace of technological change, however, introduces
the threat of obsolescence. ITC's commitment to staying technologically competitive and
fostering innovation will be critical to leveraging technological opportunities while mitigating
risks.
Environmental:
Adherence to stringent environmental regulations is a cornerstone of ITC's sustainability

strategy. The company's commitment to global standards and certifications enhances its
reputation and positions it as a responsible corporate citizen. The threat lies in environmental
risks, including natural disasters, which can disrupt supply chains and impact operations.
Robust risk management strategies, including scenario planning and resilience building, will
be essential for ITC to navigate environmental uncertainties.
Legal:
Legal frameworks form the basis for ITC's ethical and legal adherence. A commitment to
responsible business practices ensures compliance with evolving legal requirements related to
ESG practices. Opportunities arise from the positive reputation gained through adherence to
ethical and legal standards. However, the threat lies in the need for continuous monitoring
and adaptation to changing legal requirements. ITC's legal team's proactive approach and
agility in navigating evolving legal landscapes will be crucial to staying compliant and
mitigating legal risks.
15
Conclusion:
The Environmental and PESTEL analyses provide a comprehensive understanding of the

external factors influencing ITC Ltd.’s ESG performance in the fiscal year 2022-23.
Recognizing opportunities and mitigating threats across these dimensions is imperative as the
company continues its journey towards sustainable and responsible business practices. A
nuanced understanding of the environmental and socio-political landscape will guide ITC in
navigating complexities and capitalizing on opportunities in the evolving business
environment. Continuous monitoring, adaptability, and a proactive approach to stakeholder
engagement will be essential for ITC to thrive in the ever-evolving landscape of
environmental, social, and governance considerations.
16
CHAPTER 2
REVIEW OF LITERATURE
17
REVIEW OF LITERATURE
Introduction
The literature review is one of the crucial parts of the any research. This literature review
serves as a foundation for a comprehensive exploration of ITC Ltd.’s ESG performance in
2022-23. By synthesizing insights from global ESG discourse, industry-specific dynamics,
and the company's historical trajectory, the ensuing ESG analysis aims to provide actionable
recommendations for ITC's continued journey towards sustainable and responsible business
practices.
This literature review has also shown that ESG is one of the new concepts in the present era.
Presently researcher must find out the impact of ESG on financial performance of selected
companies of India and investors’ sagaciousness towards ESG. A lot of companies have
adopted the ESG framework, that’s why they attract new investors, as well as scoring high
points to generate a strong stakeholder base.
2.1 Domain/ Topic Specific Review
In the realm of corporate sustainability, Environmental, Social, and Governance (ESG)

considerations have emerged as critical dimensions shaping the strategic landscape of
organizations. This literature review delves into the ESG practices of ITC Ltd, a prominent
conglomerate operating in India, for the fiscal year 2022-23. Understanding the context of
ITC's ESG initiatives involves exploring the intersection of global sustainability trends,
industry benchmarks, and the unique challenges and opportunities inherent to the corporate
landscape.
Global ESG Landscape:
The global business environment has witnessed a paradigm shift in recent years, with an
increasing emphasis on responsible business practices. Academic literature reflects the
escalating importance of ESG factors in investment decision-making, risk management, and
stakeholder engagement. As countries worldwide grapple with the challenges posed by
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climate change, resource depletion, and social inequality, businesses are compelled to
integrate ESG considerations into their core strategies to foster long-term resilience and value
creation.
Industry-Specific ESG Dynamics:
Within the context of the fast-moving consumer goods (FMCG) and agribusiness sectors,
where ITC Ltd is a significant player, literature emphasizes the unique challenges and
opportunities associated with ESG integration. Sustainable sourcing practices, carbon
footprint reduction, and community engagement are recurrent themes in the literature,
underscoring the importance of aligning business objectives with environmental and social
responsibility.
ITC Ltd.’s ESG Journey:
Examining the literature on ITC Ltd.’s ESG journey provides insights into the company's
evolution from compliance-driven initiatives to a more proactive and strategic approach. Past
analyses may reveal the challenges faced by ITC in balancing economic objectives with
environmental and social responsibilities, shedding light on the company's responsiveness to
stakeholder expectations and regulatory landscapes.
“ITC has been reporting its sustainability performance annually for the last 20 years, and the
Sustainability & Integrated Report 2023 covers the sustainability performance for the period
April 1, 2022 to March 31, 2023.” as mentioned in ITC Ltd.’s 2023 Sustainability Report
Emerging Trends and Best Practices:
The literature review will explore emerging ESG trends that may influence ITC's trajectory.
Areas such as the circular economy, ethical supply chain management, and innovative
governance models are likely to be at the forefront. Understanding these trends allows for a
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forward-looking analysis, positioning ITC to anticipate and navigate the evolving ESG
landscape.
Research Gaps and Future Directions:
Identifying gaps in the existing literature on ITC's ESG performance provides the foundation
for the current MBA project. By pinpointing areas where academic inquiry may fall short, the
project aims to contribute new insights and perspectives. This review sets the stage for a
rigorous analysis of ITC Ltd.’s ESG initiatives in 2022-23, with an eye toward addressing
gaps in the existing research and advancing our understanding of the company's commitment
to sustainability.
2.2 Gap Analysis
Introduction: GAP Analysis for ESG on ITC Ltd (2022-23) - A Strategic Imperative for
Sustainable Excellence
In the ever-evolving landscape of corporate sustainability, the integration of Environmental,

Social, and Governance (ESG) principles has become not only a strategic imperative but a
vital determinant of long-term business success. ITC Ltd, a diversified conglomerate deeply
ingrained in India's business fabric, stands at the forefront of this paradigm shift. This project
undertakes a critical examination of ITC's ESG performance for the fiscal year 2022-23
through the lens of a comprehensive GAP analysis. This introductory section sets the stage by
elucidating the context, rationale, and significance of conducting a GAP analysis within the
domain of ESG.
Contextualizing ESG in Corporate Strategy:
ESG considerations are no longer peripheral to business strategy; they have become integral
components that drive resilience, stakeholder value, and ethical leadership. As ITC Ltd
navigates the complexities of a globalized marketplace and a heightened focus on
sustainability, understanding the current state of its ESG initiatives and identifying areas for
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improvement become paramount. This project posits that a GAP analysis is the strategic tool
necessary for illuminating the misalignments between current practices and desired ESG
objectives, thereby paving the way for targeted enhancements.
Rationale for the GAP Analysis:
The rationale for undertaking a GAP analysis on ITC Ltd's ESG performance in 2022-23 is
rooted in the recognition that corporate sustainability is a dynamic and multifaceted
endeavor. ITC, with its diverse business portfolio spanning FMCG, agribusiness, and
hospitality, faces nuanced challenges and opportunities in aligning ESG principles with its
operations. The analysis is not merely a retrospective examination but a forward-looking
initiative to understand where the company currently stands, where it aspires to be, and how
it can bridge the gaps in between.
Significance for ITC Ltd:
For ITC Ltd, a company with a legacy of responsible business practices, the GAP analysis
serves as a compass for refining its ESG compass. By systematically evaluating its
environmental stewardship, social responsibility, and governance structures, ITC can pinpoint
areas of excellence, acknowledge potential shortcomings, and strategize targeted
interventions. This not only enhances transparency and accountability but also positions ITC
as an industry leader committed to sustainable business practices, aligning with stakeholder
expectations and societal imperatives.
Methodological Approach:
The methodology adopted for this GAP analysis combines quantitative and qualitative
assessments, drawing on a range of data sources including financial reports, sustainability
disclosures, and stakeholder engagement feedback. By triangulating information from
industry benchmarks, global best practices, and ITC's own articulated ESG objectives, the
analysis seeks to provide a holistic view of the company's ESG landscape.
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Structure of the GAP Analysis:
The ensuing sections of the project will delve into specific dimensions, including
environmental initiatives, social responsibility endeavors, and governance structures. Each
aspect will be scrutinized through the lens of identified objectives and global benchmarks,
unveiling the gaps that exist and formulating recommendations for targeted improvements.
This structured approach aims to provide actionable insights that resonate with ITC's
commitment to responsible and sustainable business practices.
In conclusion, this GAP analysis for ITC Ltd.’s ESG performance in 2022-23 stands as a
strategic exploration, envisioning not only a snapshot of the present but a roadmap for the
future. As the project unfolds, it endeavors to contribute not just to academic discourse but to
ITC's ongoing journey toward sustainable excellence, demonstrating the symbiotic
relationship between corporate responsibility and enduring business success.
ITC’s Sustainability Ambitions Progress
In the pursuit of sustainable business practices, ITC Ltd has consistently positioned itself as a
trailblazer, seamlessly integrating environmental, social, and governance considerations into
its core strategies. As we delve into the MBA project focused on ITC's Sustainability
Ambitions Progress for the year 2022-23, it is essential to recognize the company's
unwavering commitment to responsible corporate citizenship. ITC's sustainability journey is
characterized by a dynamic interplay of innovation, strategic foresight, and a holistic
approach to addressing global challenges. Through a nuanced examination of its
sustainability initiatives, we aim to unfold a narrative that not only reflects ITC's progress but
also illuminates the strategic pathways it has charted in contributing to a more sustainable and
equitable future. Below are the tables showing the progress of ITC Ltd.’s sustainability
ambitions from their “2022-2023 ESG Factbook” with taking in consideration diverse ESG
areas like Climate Change, Water Stewardship, Plastic Waste & Circular Economy,
Sustainable Agriculture, Biodiversity Conservation and Sustainable Livelihoods. This
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analysis of ITC Ltd.’s ESG performance over the years gives us a detailed GAP analysis of
their ESG performance.
Climate Change:
Climate change refers to long-term alterations in the Earth's climate patterns, primarily
characterized by shifts in temperature, precipitation, and weather events. The predominant
driver of contemporary climate change is the increased concentration of greenhouse gases in
the atmosphere, primarily carbon dioxide from human activities like burning fossil fuels and
deforestation. These changes have far-reaching consequences, impacting ecosystems, weather
extremes, and sea levels. The consequences of climate change pose significant challenges,
affecting agriculture, biodiversity, and human livelihoods. Mitigating climate change
involves global efforts to reduce emissions, transition to sustainable energy sources, and
adapt to the changing climate. Recognizing the urgency of this issue is crucial for fostering
international cooperation and implementing effective strategies to address the complex and
interconnected challenges posed by climate change.
ITC Ltd takes a scientific approach to climate change mitigation. In the below chart there are
five goals(objectives), KPIs (Key Point Indicators), Target, Target Year, Baseline Year,
Progress and performance over the time frame of 3 FYs from FY 2020-21 to 2022-2023.
The 5 objectives are:
• 50% of Total Energy from Renewable Source

• 100% Purchased Grid Electricity Requirements1 from Renewable Sources
• 50% reduction in Specific GHG Emissions
• 30% Reduction in Specific Energy Consumption and Sustain and Enhance Carbon
• Sequestration by Expanding Forestry Projects on Wastelands Through ITC’s Social
and Farm Forestry Programmes and Other Such Initiatives.
The target year for these objectives is set at 2030 and as for the reporting in ITC Ltd.’s ESG
disclosure documents there has been improvement every year in ITC’s ESG targets and the
progress of their vison to reach their climate targets is on track as mentioned in the progress
section of the below table.
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Water Stewardship:
Water stewardship is a holistic approach to the sustainable management and conservation of

water resources. It involves understanding the intricate connection between water,
ecosystems, and human activities while striving to ensure the availability and quality of water
for current and future generations. Water stewardship goes beyond mere water management;
it encompasses responsible water use, protection of water-related ecosystems, and
engagement with local communities to address water challenges collaboratively. Water
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stewardship plays a crucial role in mitigating the global challenges of water scarcity and
ensuring the sustainable utilization of this vital resource.
ITC Ltd takes a practical and holistic approach to Water Stewardship. In the below chart
there are five goals(objectives), KPIs (Key Point Indicators), Target, Target Year, Baseline
Year, Progress and performance over the time frame of 3 FYs from FY 2020-21 to 2022-
2023.
The 5 objectives are:
• 40% Reduction in Specific Water Consumption.

• Creation of Rainwater Harvesting Potential equivalent to over 5 times the Net Water
Consumption from Operations.
• All Sites in High Water Stressed Areas to be Certified as per the International Water
Stewardship Standard by AWS (Alliance for Water Stewardship)
• Ensure Water Security for All Stakeholders through Watershed Development &
Managed Aquifer Recharge.
• Improve Crop Water Use Efficiency in Agri Value Chains through Demand Side
Management Interventions.
The target year for these objectives is set at 2030 and as for the reporting in ITC Ltd.’s ESG
disclosure documents there has been improvement every year in ITC’s ESG targets and the
progress of their vison to reach their climate targets is on track as mentioned in the progress
section of the below table.
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Plastic Waste & Circular Economy:
Plastic waste and the concept of a circular economy are intrinsically linked in the quest for
sustainable resource management. The pervasive issue of plastic waste, driven by single-use
plastics and improper disposal, poses significant environmental challenges. The circular
economy model seeks to disrupt the linear "take-make-dispose" approach by promoting a
closed-loop system where materials, including plastics, are recycled, reused, and repurposed.
In the context of plastic waste, a circular economy aims to minimize the generation of new
plastic, reduce environmental impact, and encourage responsible consumption. By fostering
innovative recycling technologies, promoting eco-friendly packaging, and encouraging the
development of biodegradable alternatives, the circular economy approach addresses the
environmental burden of plastic waste and strives to create a more sustainable and
regenerative system for our planet.
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ITC Ltd takes a sustainable approach on Plastic waste and the concept of a circular economy.
In the below chart there are five goals(objectives), KPIs (Key Point Indicators), Target,
Target Year, Baseline Year, Progress and performance over the time frame of 3 FYs from FY
2020-21 to 2022-2023. And there are two objectives.
The two objectives are:
• 100% of Packaging to be Reusable, Recyclable or Compostable/ Bio-Degradable.

• Plastic Neutrality: Enable Sustainable Management of Waste in Excess of the Amount
of Packaging Utilized.
The target year for these objectives is set at 2028 & 2021 respectively and as for the reporting
in ITC Ltd.’s ESG disclosure documents there has been improvement every year in ITC’s
ESG targets and the progress of their vison to reach their targets is on track for and achieved
for the respective objectives as mentioned in the progress section of the below table.
Sustainable Agriculture: Sustainable agriculture at ITC Ltd reflects a commitment to

responsible farming practices that balance environmental stewardship, economic viability,
and social well-being. The company integrates innovative and eco-friendly approaches into
its agricultural operations, emphasizing the conservation of natural resources, soil health, and
biodiversity. ITC promotes precision farming, organic cultivation, and water-use efficiency to
minimize environmental impact. Through initiatives like E-Choupal, ITC engages with
farmers to enhance their agricultural practices, improve yields, and ensure fair market access.
By integrating sustainability into its agricultural supply chain, ITC not only contributes to
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resilient and regenerative farming systems but also aligns with broader global goals of
promoting food security and environmentally conscious agriculture.
Promotion of Climate Smart Village Approach in Core Agri-Business Catchments is the core
objective of ITC’s Sustainable Agriculture ambition, and their initiative is on track for the
target year of 2030.
Biodiversity Conservation:
ITC Ltd is actively engaged in biodiversity conservation as a fundamental component of its

sustainability initiatives. Recognizing the critical role biodiversity plays in maintaining
ecological balance and supporting agricultural systems, ITC has implemented various
measures to protect and enhance biodiversity across its operations. The company also
collaborates with local communities to raise awareness and implement conservation
practices, contributing to the preservation of biodiversity and the overall well-being of
ecosystems in the regions where it operates. The primary Biodiversity Conservation objective
of ITC Ltd is to Revive and Sustain Ecosystem Services Provided by Nature and Provisioning
of Products through Adoption of Naturebased Solutions and Biodiversity Conservation as
mentioned in the below table and this initiative of is on track for the target year of 2030.
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Sustainable Livelihoods:
Sustainable livelihoods lie at the core of ITC Ltd.’s corporate ethos, as the company actively
works towards creating positive social impact and fostering economic empowerment in the
communities it serves. ITC's sustainability initiatives prioritize the enhancement of
livelihoods, particularly in rural areas, through projects like e-Choupal. By leveraging digital
technology and market linkages, ITC facilitates fair and transparent trade for farmers,
empowering them with knowledge and resources to improve agricultural practices and crop
yields. The company also focuses on skill development and entrepreneurship, enabling local
communities to diversify their livelihood options. Through these initiatives, ITC contributes
to building resilient and sustainable livelihoods, ensuring that the benefits of its business
activities extend beyond economic gains to encompass social and environmental dimensions.
The core Sustainable livelihoods goal of ITC Ltd is to Supporting Sustainable Livelihoods for
10 million people by 2030 and as mentioned in the below table the progress of this initiative
is on track.
Conclusion:
In conclusion, the GAP analysis conducted on ITC's ESG performance for the fiscal year
2022-23 unveils a nuanced portrait of the company's sustainability journey. By dissecting
environmental, social, and governance dimensions, the analysis has illuminated areas of
commendable achievement and identified strategic gaps warranting attention. ITC's
commitment to Climate Change, Water Stewardship, Plastic Waste & Circular Economy,
Sustainable Agriculture, Biodiversity Conservation and Sustainable Livelihoods is evident in
its strides toward carbon neutrality, resource conservation, and sustainable sourcing. Socially,
the company's engagement through initiatives like e-Choupal reflects a genuine effort to
uplift rural communities. Governance structures exhibit transparency and adherence to global
standards.
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However, the analysis has surfaced critical gaps that present opportunities for enhancement.
Strengthening water management practices, enhancing supply chain resilience to climate
risks, and further diversifying renewable energy sources are imperative for advancing ITC's
environmental sustainability. Socially, ensuring inclusive growth, particularly among
smallholder farmers, and fortifying employee well-being initiatives emerge as pivotal focal
points. Governance-wise, refining mechanisms for stakeholder engagement and continuous
improvement in disclosure practices can further solidify ITC's commitment to responsible
corporate governance.
This GAP analysis serves not as a static evaluation but as a dynamic roadmap, offering
actionable insights that catalyze sustainable excellence. It is a testament to ITC's commitment
to continuous improvement and its proactive response to the evolving landscape of
responsible business. By bridging these identified gaps, ITC is poised not only to meet
stakeholder expectations but to set new benchmarks, ensuring a future where business
success harmonizes seamlessly with environmental stewardship, societal well-being, and
robust governance.
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CHAPTER 3
RESEARCH METHODOLOGY
31
RESEARCH METHODOLOGY
3.1 Objectives of the Study
• Assess Environmental Impact: Determine how committed ITC is to sustainability by

analysing the company's environmental policies, such as resource usage, waste
management, and compliance with environmental laws.
• Social Responsibility Evaluation: Examine ITC's CSR programs and social activities
to assess how they affect stakeholder involvement, employee welfare, and
communities.
• Governance Structure Analysis: Evaluate ITC's governance structure, board

composition, and adherence to corporate governance principles to ensure transparency,
accountability, and ethical business practices.
3.2 Scope of the Study
This study aims to perform a comprehensive ESG analysis of ITC Ltd. for the 2022–2023
fiscal year. The study will include a thorough analysis of the company's sustainability
practices and efforts, with a focus on evaluating its Environmental, Social, and Governance
32
(ESG) performance. The study will examine important ESG indicators, such as social
responsibility, environmental impact, and governance procedures, to provide a thorough
understanding of the firm's dedication to sustainable business practices.
3.3 Methodology
3.3.1 Research Design
A research design outlines the steps and procedures to be followed to address the research
questions or objectives effectively. It determines the type of research whether we rely on
primary data or secondary data and the sampling methods and data analysis tools adopted. It
is a conceptual structure within which the research is conducted. It constitutes the blueprint
for the collection measurement and the analysis of data. This research paper focuses on
secondary data collection over primary data collection. It is done on a descriptive type of
research.
3.3.2 Data Collection
Data collection methods are techniques and procedures used to gather information for
research purposes. These methods can range from simple self-reported surveys to more
complex experiments and can involve either quantitative or qualitative approaches to data
gathering.
Data collection can be categorized into 2 methods – Primary and Secondary data collection
method. Primary data collection methods gather information directly, so it is source data.
Secondary data collection methods pull information from existing repositories.
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This research is done on secondary data collection from websites, journals and literature
reviews. When data is collected from other sources which has been published or released earlier
is known as secondary data. Secondary Data helps the researcher to have a better knowledge
of the topic and to interpret more accurately. This project is solely based on secondary data.
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3.3.3 Sampling Method (if applicable)
As this research is based on secondary data there is no sampling method as it is the case in
the primary data collection method.
This research and analysis is a descriptive type where most of information for analysis and
interpretation is taken from the publicly published documents and reports of ITC Ltd for the
year 2022-23.
3.3.4 Data Analysis Tools
3.4 Period of Study
The period of study of this research project on the “ESG Analysis of ITC Ltd for the Year
2022-23” is for a period of 8 weeks.
3.5 Limitations of the Study
• Data Completeness and Availability: The study may be constrained by the

completeness and availability of data pertaining to ITC Ltd.’s ESG practices during the
designated year. The analysis's depth may be limited by missing or incomplete data,
which could result in understanding gaps on the company's overall sustainability
performance.
• Dependency on Company Disclosures: ITC Ltd.'s self-disclosures must be accurate and

transparent for the analysis to be performed. The quality and comprehensiveness of the
ESG assessment may be impacted if the company gives partial or biased information.
• Dynamic ESG Landscape: Laws, reporting requirements, and public expectations are
all vulnerable to quick changes that affect the ESG landscape. The study's conclusions
35
could soon become out of date if the regulatory landscape changes, which would reduce
the analysis's long-term applicability.
• External Factors: Outside variables like the state of the economy, world events in
politics, or pandemics can have an impact on ITC Ltd.'s ESG performance. These
externalities may generate uncertainties that the study cannot fully account for and are
outside of the company's control.
• Subjectivity in ESG Metrics: ESG metrics can be subjective and interpreted differently.
The study may face challenges in objectively assessing qualitative aspects of ITC Ltd.’s
sustainability practices, as different stakeholders may have varying opinions on the
significance and impact of certain initiatives.
• Limited Stakeholder Engagement: The study's scope may restrict the depth of
stakeholder engagement, potentially leading to an incomplete understanding of diverse
perspectives. Insufficient representation of stakeholder views may limit the holistic
assessment of ITC Ltd.’s impact on various stakeholders.
3.6 Utility of Research
• Strategic Decision-Making: The research on ESG analysis of ITC Ltd for the year 2022-
23 can be highly valuable for the company's strategic decision-making processes.
Insights gained from the analysis can guide the development of sustainable business
strategies, helping ITC make informed decisions that align with ESG best practices and
stakeholder expectations.
• Investor Confidence: As ESG considerations become increasingly important for

investors, the research findings can enhance investor confidence in ITC Ltd. A positive
ESG analysis can attract socially responsible investors and positively influence the
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company's stock performance, potentially lowering the cost of capital and expanding
access to funding.
• Brand Reputation and Consumer Trust: A favorable ESG analysis can contribute to
enhancing ITC's brand reputation and building trust among consumers. Consumers are
increasingly making purchasing decisions based on companies' environmental and
social responsibility. Positive ESG practices can differentiate ITC in the market and
foster stronger customer loyalty.
• Risk Mitigation: The research can aid in identifying and addressing potential ESG-
related risks for ITC. By understanding areas of vulnerability or non-compliance, the
company can proactively implement risk mitigation strategies. This, in turn, can protect
the company from reputational damage, legal issues, and other negative consequences
associated with poor ESG performance.
• Regulatory Compliance: ESG analysis helps ensure that ITC Ltd stays abreast of
evolving ESG regulations. The findings can assist the company in aligning its practices
with current and emerging regulatory standards, reducing the risk of regulatory non-
compliance and associated penalties. This proactive approach can contribute to long-
term sustainability and resilience in the face of changing regulatory landscapes.
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CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
38
DATA ANALYSIS AND INTERPRETATION
Tables, Charts, Analysis and Interpretation
Environmental Pillar:
ESG's environmental pillar centers on a company's ecological impact and dedication to

sustainability. This involves evaluating factors like carbon emissions, energy usage, and
climate contribution. Companies are assessed for commitments to reducing their carbon
footprint, utilizing renewable energy, and sustainable practices. Water and waste
management efficiency is scrutinized, along with efforts to protect biodiversity, particularly
in sensitive ecosystems. Adherence to environmental regulations and transparent reporting is
crucial. Companies excelling in this aspect actively pursue sustainability, engage in eco-
friendly innovation, and address climate change. Success in the environmental dimension
enhances brand reputation, attracts eco-conscious investors, and mitigates long-term
environmental risks, reflecting the increasing importance of this aspect in demonstrating
commitment to a sustainable future. The areas of focus for environmental analysis for the
ESG analysis of ITC Ltd are in the below table.
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Decarbonization
Decarbonization within the realm of ESG (Environmental, Social, and Governance)

encapsulates strategic efforts by companies to minimize or eliminate carbon emissions in
their operations. It is a critical environmental focus that aligns with broader sustainability
goals. This involves transitioning to cleaner energy sources, enhancing energy efficiency, and
implementing technologies to capture or mitigate carbon emissions. ESG assessments heavily
weigh a company's commitment to decarbonization, reflecting its dedication to combating
climate change and promoting eco-friendly practices. Investors and stakeholders increasingly
prioritize companies with robust decarbonization strategies, recognizing their contribution to
global environmental sustainability.
Data:
“ITC is pursuing a multi-pronged climate strategy as a part of its Sustainability 2.0 vision. This
strategy addresses transition risks through extensive decarbonisation across the value chain, and
physical risks through implementation of location-specific adaptation strategies for vulnerable sites
and value chains.”
Source: Pg no 53 Sustainability Report 2023
Carbon emissions
Carbon emissions are a crucial environmental metric that evaluates a company's impact on
climate change. This focuses on the amount of carbon dioxide (CO2) and other greenhouse
gases emitted directly or indirectly throughout a company's operations. ESG investors
scrutinize a company's commitment to reducing carbon emissions, adopting cleaner
technologies, and embracing sustainable practices. Lowering carbon emissions is a key
indicator of a company's environmental responsibility and aligns with global efforts to
combat climate change, making it a significant factor in ESG assessments and investment
decisions.
Data:
“The deployed resource use & energy efficient initiatives like drip irrigation, barn insulation and
turbo ventilators, smart curing, drone spraying potentially reduce carbon emissions at farm level”
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“Approaching the Sustainability 2.0 targets, by sourcing responsibly, focusing on sustainable
agriculture, optimising operational efficiency, integrating principles of circularity in packaging,
progressively reduce agriculture related carbon emissions, among others.”
Source: Pg no 19 & 69 Sustainability Report 2023
Green products/infrastructure:
Within the ESG (Environmental, Social, and Governance) framework, "green products" and
"green infrastructure" refer to environmentally sustainable goods and developments. Green
products are those designed and manufactured with a minimal ecological footprint, promoting
sustainability and responsible consumption. Green infrastructure, on the other hand, pertains
to developments like energy-efficient buildings, renewable energy projects, and eco-friendly
urban planning that align with environmental conservation. Both are integral components of
ESG considerations, showcasing a company's commitment to environmentally responsible
practices and contributing positively to the broader goal of building a sustainable future.
Investors and stakeholders often value companies that prioritize green products and
infrastructure as it reflects a proactive stance on environmental responsibility.
Data:
“Sustainable Product Innovation. ITC’s state-of-the-art Life Sciences and Technology Centre
(LSTC) in Bengaluru is at the core of driving science-led product innovation to support and
build ITC’s portfolio of world-class products and brands. The LSTC team comprising of over
400 highly qualified scientists has a mandate to work on future ready science platforms,
design differentiated products to address unique consumer needs and deliver superior
benefits.” “Further, LSTC has been developing “Green Products” with sustainable
formulation, efficient processing and sustainable packaging, which are bio-degradable and
ecofriendly, covering products under Personal Care and Home Care categories.”
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Green operations:
Green operations signify environmentally sustainable practices within a company's core

activities. This encompasses eco-friendly manufacturing processes, resource-efficient supply
chains, and waste reduction initiatives. Green operations reflect a commitment to reducing
the environmental impact of a company's day-to-day functions, aligning with broader
sustainability goals. ESG assessments consider a company's dedication to green operations as
a key indicator of its environmental responsibility. Investors and stakeholders increasingly
value companies that prioritize green operations, recognizing their contribution to mitigating
climate change and fostering a more sustainable business model.
Data:
“Sustainable Operations ITC’s Paper Mills at Bhadrachalam and Kovai are CII GreenCo
PLATINUM + certified, the highest rating in the system, and Bolaram Unit runs on 100%
Renewable Electricity. The First 12 Hotels in the World to Receive LEED Zero Carbon
Certification are ITC Hotels. Units of ITC’s Packaging & Printing Business are SA8000
Certified (Social Accountability). ITC Mangaldeep 'Sixth Sense' Panel an Inclusive Initiative
that has recruited Visually Impaired Fragrance Testers.”
Clean tech:
Clean tech refers to technologies and innovations that promote environmental sustainability
and mitigate ecological impact. This category includes renewable energy sources, energy-
efficient technologies, and environmentally friendly processes. Investors and stakeholders
often value companies that integrate clean tech solutions into their operations, recognizing
the potential for such innovations to contribute significantly to the overarching goals of
sustainability and combatting climate change. Clean tech is a key aspect of the environmental
dimension in ESG frameworks.
Data:
“ITC deployed drones on large scale covering 5,535 acres across Tobacco farms. A total of 2350
acres were covered under Drone Spray in Wheat, Chilli, Cumin across MP, UP, Bihar, Rajasthan,
Punjab, Andhra Pradesh and Karnataka in collaboration with Agri-Start-ups. The use of drones for
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Agro-chemical spraying has demonstrated nearly 90% of water savings and substantial reduction in
labour requirement compared to conventional method of spraying. Besides these, the technology is
enabling farmers to take up prophylactic sprays after extreme weather events, even when field
conditions prevent movement of man and ground machines. The technology ensures farm safety by
evading direct human exposure to Agro-chemicals during spraying activity.”
“E-Choupal Launched in June 2000, ITC e-Choupal is today India’s largest initiative among internet-
based interventions in rural India. The ITC e-Choupal network leverages information technology to
empower farmers, through a rich repertoire of agri based interventions. Initiatives like the ‘Choupal
Pradarshan Khet’ bring suitable agricultural best practices to farmers and have demonstrated
significant productivity gains. These interventions have helped to transform village communities into
vibrant economic organisations by enhancing incomes and cocreating markets. Empowerment and
building trust amongst the farming community remains at the core of this model.”
Water scarcity:
Water scarcity denotes a company's impact on and initiatives regarding water resources. It
involves responsible water usage, efficient management, and efforts to reduce the company's
contribution to water scarcity. In ESG assessments, this reflects a commitment to sustainable
resource practices. Investors value companies addressing water scarcity, recognizing its
importance in long-term sustainability. Water scarcity is a pivotal ESG aspect, emphasizing
the need for positive contributions to water conservation.
Data:
“Water Stewardship This programme champions water stewardship for all stakeholders in
ITC’s operational areas to promote water security through communitybased participation in
planning and execution and scientific water-balance assessments. The programme is closely
aligned to Government’s National Water Mission, Har Khet ko Pani, Atal Bhujal Yojana, and
River Basin Management programmes which focus on providing access to irrigation to
farmers, river rejuvenation and improving groundwater resources. In the agri-catchments,
ITC focusses on drought-proofing agriculture by improving groundwater status and reducing
croprelated demand for water. In factory locations, ITC aims to achieve water security for all
stakeholders by progressing towards positive water balance through interventions in supply
and demand side management.”
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Water consumption:
In ESG, water consumption assesses a company's water use and management strategies. It
evaluates efficiency, waste reduction, and adherence to sustainability. ESG emphasizes
minimizing water footprints for environmental sustainability. Investors value companies with
efficient water practices, recognizing their role in mitigating environmental impact and
ensuring long-term water availability. Efficient water consumption is a crucial environmental
consideration in ESG evaluations.
Data:
“Water Performance in own Operations In FY 2022-23, ITC’s total water intake was around
34.5 million kilolitres (kl)), a marginal increase of 3% from previous year due to delay in
stabilisation of turbo-generator system at Bhadrachalam Paper Unit, resulting in a temporary
increase in water required for steam generation, and commissioning of new factories and a
Hotel.”
“Total Water Intake by Source In FY 2022-23, out of the total water intake of 34.5 million kl,
around 79% was sourced from surface water, 16% from ground water sources and the
remaining 5% from municipal and other water sources. In order to drive continuous
improvement, all ITC units have systems to monitor specific water intake (total water intake
per unit of product/service).”
Pollution emission:
In ESG, pollution emission assesses a company's release of harmful substances into the
environment. This metric evaluates pollutants from industrial processes, transportation, and
operations. ESG evaluations emphasize a company's commitment to reducing emissions,
adopting cleaner technologies, and mitigating environmental impact. Investors value
companies prioritizing emission reduction, understanding its role in sustainable practices and
minimizing harm to ecosystems and human health. Pollution emission is a crucial
environmental consideration in ESG assessments.
Data:
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“Air pollution, primarily caused by vehicular and industrial emissions, has become a major
public health issue in recent times. Despite sustained efforts by the government in the form of
stricter emission norms in industries and improving vehicular emissions standards, air
pollution continues to remain a challenge in India. Addressing the challenge of air pollution
will require concerted efforts by multiple stakeholders. For ITC Units, relevant air emissions
include Particulate Matter (PM), Nitrogen Oxides (NOx), Sulphur Oxides (SOx) and Ozone
Depleting Substances (ODS). PM, NOx and SOx emissions are generated from the
combustion of fuel, and ODS are used as refrigerant gases in refrigerators, chillers and air
conditioners.”
“Robust Environment Management System across locations covering key impact parameters
like GHG, air emissions, water, waste and effluents.”
Waste disposal and diversion:

Waste disposal and diversion assesses a company's waste management strategies, including
responsible disposal, recycling, and diversion from landfills. ESG evaluations focus on a
company's commitment to reducing its environmental footprint through circular economy
principles. Investors value companies prioritizing effective waste management for its role in
promoting sustainability. Waste disposal and diversion are crucial environmental
considerations in ESG, showcasing a company's dedication to responsible resource use and
waste reduction.
Data:
“Responsible usage and safe disposal of agro-chemicals waste is implemented across the
Tobacco regions to eliminate contamination in to local water / soil sources and minimise
adverse impact on human health.”
“Ensuring disposal of equipment undergoing replacement to authorised recycler which will
lead to safe disposal of ODS as well.
Energy consumption:
Energy consumption assesses a company's operational energy use, focusing on efficiency,
renewable energy integration, and consumption reduction. A company's commitment to
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sustainable energy practices is crucial for environmental responsibility in ESG evaluations.
Investors and stakeholders value companies prioritizing efficient energy use for its role in
reducing environmental impact and facilitating the shift to a low-carbon economy. Energy
consumption is a central environmental factor in ESG assessments, showcasing a company's
dedication to responsible resource use and climate-conscious practices.
Data:
“7.2: Share of renewable energy 43% of total energy consumption from renewable sources in
FY 2022-23 with target of 50% by 2030. 47% of electricity requirements sourced from
renewable sources in FY 2022-23 with target of 100% by 2030. 12 ITC units met more than
90% of their electrical energy requirements from renewable sources in FY2022-23”
“7.3: Improvement in energy efficiency Efficiency Improvement across ITC Businesses with
a target of 50% reduction in Specific GHG Emissions, and 30% reduction in Specific Energy
Consumption by 2030”
Renewable energy:
In ESG, renewable energy refers to naturally replenished sources like sunlight, wind, and
hydropower. The focus is on a company's use of these sources, reflecting its commitment to
sustainability. This involves investing in technologies that harness energy with minimal
environmental impact. Investors value companies prioritizing renewable energy for its role in
mitigating climate change and advancing a cleaner energy landscape. The integration of
renewable energy is a significant environmental factor in ESG assessments, showcasing a
company's dedication to responsible resource use and climate-conscious practices.
Packaging
Data:
“Enhance the Company’s renewable energy footprint in line with 2030 S2.0 targets of
achieving 50% of total energy and 100% of grid purchased electricity requirements from
renewable sources; improve energy efficiency of own operations”
“Renewable Energy Adoption ITC has been investing in renewable energy projects for both
renewable electricity and renewable thermal requirements. In FY 2022- 23, ITC
commissioned five biomass boilers, primarily in Foods Business, for replacing existing fossil
fuel fired boilers. In addition, ITC has also invested in several solar electricity projects
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including capacity augmentation at offsite solar power plant in Tamil Nadu from 14.9 MW to
17.9MW. With investments over the years, ITC has increased its renewable energy capacity
to 178MW. Based on the investments in renewable electricity and renewable thermal
projects, ITC has been able to its increase its renewable energy share to 43% despite
significant expansion in scale.”
Biodiversity fostering:
In ESG, biodiversity fostering involves a company's efforts to promote and preserve
biodiversity. This includes safeguarding ecosystems, protecting endangered species, and
minimizing the impact on local flora and fauna. ESG assessments focus on a company's
commitment to biodiversity conservation and sustainable land use. Investors value companies
prioritizing biodiversity fostering for its role in maintaining healthy ecosystems, supporting
ecosystem services, and contributing to overall environmental sustainability. It is a significant
environmental factor in ESG evaluations, reflecting a company's dedication to responsible
resource use and conservation practices.
Data:
“ITC recognises that the preservation and nurturing of biodiversity is crucial for long-term
sustainability of its business, and is committed to conducting its operations in a manner that
protects, conserves and enriches biodiversity in line with the Board-approved Policy on
Biodiversity Conservation. As part of ITC’s Sustainability 2.0 Vision, ITC also recognises
the potential of nature-based solutions for carbon sequestration and building climate
resilience, and prioritises actions to minimise impacts across realms of land, freshwater and
atmosphere, and manage dependencies in a sustainable manner.”
“ITC’s Biodiversity Conservation initiative has covered 290,000 acres of land till date Cover
1 million acres Sustainability 2.0 Target (2030)”
Land use:
Land use refers to how a company manages and utilizes land resources. This involves
practices to minimize environmental impact, avoid deforestation, and promote sustainable
land development. ESG assessments focus on a company's commitment to sustainable land
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use, including efforts to protect biodiversity and engage in ethical land practices. Investors
value companies prioritizing responsible land use for its role in mitigating environmental
degradation and fostering long-term sustainability. It is a significant environmental factor in
ESG evaluations, reflecting a company's dedication to ethical resource utilization and
environmental stewardship.
Data:
“Nearly 20,000 acres of land in West Godavari region of Andhra Pradesh is covered with drip
irrigation technique which avoids loss of fertile top soil through run off and enables increased
water use efficiency.”
“15.3: Restore degraded land and soil Biodiversity conservation programme covering over
2.9 lakh acres till date with a target to cover 10 lakh acres by 2030”
Land preservation:
In ESG, land preservation involves a company's commitment to safeguarding natural
landscapes, including initiatives to protect biodiversity and conserve ecosystems. The focus is
on responsible land practices, such as setting aside areas for conservation, implementing
reforestation efforts, and adopting sustainable land use policies. Investors value companies
prioritizing land preservation for its role in mitigating environmental impact and contributing
to the overall sustainability of ecosystems. It is a key environmental consideration in ESG
evaluations, reflecting a company's commitment to ethical resource utilization and
Data:
Biodiversity Conservation In the agri catchments, ITC works for biodiversity conservation
along with soil and water, as these three are essential natural capitals vital for sustainability of
agriculture. As part of its biodiversity conservation efforts, ITC has focussed on the
following:
Biodiversity conservation in agri-supply chains to minimize the adverse impacts of
agriculture on biodiversity; Community driven biodiversity conservation at the watershed
level through landscape renewal and rehabilitation of degraded plots for mosaic restoration;
and Revival of ecosystem services provided to agriculture by nature, which has witnessed
considerable erosion in recent decades
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Water preservation:
In ESG, water preservation involves a company's commitment to sustainable water
management, minimizing consumption, preventing pollution, and contributing to water
resource conservation. The focus is on initiatives to protect water quality, implement water-
efficient technologies, and engage in responsible water use. Investors value companies
prioritizing water preservation for its role in mitigating environmental impact and
contributing to the sustainability of water ecosystems. It is a key environmental consideration
in ESG evaluations, reflecting a company's dedication to ethical resource utilization and
Data:
“As in case of all MSK programmes, for biodiversity conservation programme also,
community ownership is a key for success. To ensure community’s ownership, ITC works on
creating awareness among communities on how biodiversity contributes to their livelihoods
by providing eco-system services such as food, fodder & fuelwood, water conservation and
hosting of beneficial predator birds (that feed on crop pests) and pollinators.”
Sustainable supply chain:

In ESG, a sustainable supply chain refers to a company's commitment to ethical practices
across its supply chain, considering environmental impact, fair labor, and social
responsibility. This involves efforts to reduce the supply chain's environmental footprint,
ensure fair treatment of workers, and engage with ethically aligned suppliers. Investors value
companies prioritizing a sustainable supply chain for their role in mitigating social and
environmental risks, contributing to responsible business practices. It is a key consideration
in ESG evaluations, showcasing a company's dedication to ethical sourcing and supply chain
management.
Data:
“ITC, with its diverse and expanding portfolio of businesses, is working towards scaling up
its sustainable supply chain initiatives as part of its Sustainability 2.0 Vision. ITC has a
Board-approved Policy on ‘Sustainable Supply Chain and Responsible Sourcing’ that lays
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down the foundation for ITC’s engagement with its suppliers including farmers, third party
manufacturers, service providers, transporters, suppliers of agriculture/non-agriculture
materials and capital goods, franchisees, dealers and distributors.”
Supply chain transparency:

In ESG, supply chain transparency refers to a company's openness about its supply chain
practices, including suppliers, sourcing processes, and production methods. This commitment
to disclosing relevant details enables stakeholders to assess environmental and social impacts.
Companies prioritizing supply chain transparency often use tools like traceability systems for
visibility and accountability. Investors value this commitment, recognizing its importance in
fostering trust, mitigating risks, and promoting ethical business practices. It's a key
consideration in ESG evaluations, reflecting a company's dedication to responsible and
accountable supply chain management.
Data:
“Implementing systems and processes for enabling supply chain oversight, transparency and
traceability.”
Sustainable procurement:
In ESG, sustainable procurement refers to a company's commitment to environmentally and

socially responsible sourcing of goods and services. This involves considering product
environmental impact, ensuring fair labor practices in the supply chain, and engaging with
ethically aligned suppliers. ESG assessments focus on a company's integration of
sustainability criteria into procurement, selecting suppliers based on their environmental and
social performance. Sustainable procurement reduces environmental footprint, promotes
responsible business practices, and enhances brand reputation. Investors value companies
prioritizing sustainable procurement for its role in mitigating risks and fostering a more
ethical business model. It's a key consideration in ESG evaluations, reflecting a company's
dedication to responsible sourcing and procurement practices.
Data:
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“during the year training on ESG aspects of suppliers' programmes were conducted by
external expert agencies for the procurement and sustainability practitioners of the
Company.”
Sustainable materials:
In ESG, sustainable materials refer to those with minimal environmental impact throughout
their life cycle. This includes responsibly sourced materials, manufactured using eco-friendly
processes, and designed for recyclability or biodegradability. Assessments focus on a
company's commitment to incorporating these materials into products, reducing ecological
footprints. Companies emphasizing sustainable materials contribute to resource conservation,
waste reduction, and a circular economy. Investors value companies prioritizing sustainable
materials for their role in mitigating environmental impact and fostering a responsible
business model. It's a key consideration in ESG evaluations, reflecting a company's
dedication to ethical sourcing and environmentally conscious practices.
Data:
Continue to drive world-class innovation by leveraging LSTC’s Centres of Excellence in
Biosciences, Agri-sciences & Materials sciences, and future-ready platforms such as Beauty
& Hygiene, Health & Wellness, Agro-forestry, Crop Sciences, Consumer and Sensory
Sciences and Sustainable Materials & Packaging.
Social Pillar:
The social pillar in the ESG (Environmental, Social, and Governance) framework pertains to
a company's impact on society and its relationships with stakeholders. It involves
considerations for fair labor practices, human rights, diversity and inclusion, employee
welfare, community engagement, and product safety. In ESG assessments, the focus is on a
company's commitment to ethical business practices, its treatment of employees, its impact
on local communities, and its dedication to fostering diversity and inclusion. Companies
excelling in the social pillar often prioritize creating a positive workplace culture, engaging
with local communities, ensuring product safety, and embracing diversity within their
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workforce. Investors and stakeholders increasingly value companies that prioritize the social
dimension of ESG, recognizing its importance in contributing to a more equitable and
sustainable society. The social pillar is a critical component in ESG evaluations, reflecting a
company's dedication to responsible and socially conscious business practices. The areas of
focus for social analysis for the ESG analysis of ITC Ltd are in the below table.
Workforce:
In ESG, the workforce aspect involves how a company treats its employees, emphasizing fair
labor practices, workplace safety, equal opportunities, employee benefits, and professional
development. ESG assessments focus on a company's commitment to fostering a positive
workplace culture, ensuring fair wages, providing growth opportunities, and maintaining a
safe and inclusive environment. Companies prioritizing their workforce often see higher
satisfaction, increased productivity, and improved retention. Investors value companies
emphasizing the workforce dimension in ESG, recognizing its significance in creating a
sustainable and socially responsible business. It's a key consideration in ESG evaluations,
reflecting a company's dedication to ethical employment practices and the overall well-being
of its employees.
Data:
“Workforce Wellness Program ITC Foods Division undertakes multiple initiatives to

empower its entire workforce with right nutrition knowledge and provide access to various
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facilities to enable them to make informed choices. Under its ‘Workforce Wellness Program’,
ITC Foods has been working on various employee centric wellness initiatives and continues
to review and work towards enhancing the overall health and wellbeing of its workforce,
across locations. For the same some specific commitments have also been in place, namely:
1.100% workforce to be trained towards nutrition, health and wellness to encourage them to
adopt healthy diets and active lifestyle. 2.100% workforce to have access to affordable &
healthier food options at work. 3.100% workforce to be provided free health checks including
(not limited to) nutrition focused indicators such as weight, BMI, BCA, Blood pressure etc.
4.100% of workforce to have access to healthcare experts and nutritionist (24*7) via a
dedicated and free app.”
Diversity and inclusion:
Diversity and inclusion involve a company's commitment to creating an inclusive workplace

that ensures equal opportunities for all employees, regardless of gender, ethnicity, age, or
other characteristics. Assessments focus on efforts to promote diversity across all
organizational levels, implement non-discriminatory policies, and foster an inclusive culture.
Successful companies demonstrate gender equality, representation of minority groups, and a
supportive environment for employees from diverse backgrounds. Investors value companies
prioritizing diversity and inclusion for their positive impact on creativity, innovation, and
organizational performance. It's a crucial aspect in ESG evaluations, reflecting a company's
dedication to fair and equitable practices within its workforce.
Data:
“Implement measures to ensure sufficient representation of women in selection pools and

deployment of the differently-abled across suitable opportunities in the value chain towards
meeting the diversity and inclusion goals of the organisation.”
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Equality:
Equality in the ESG (Environmental, Social, and Governance) framework refers to a

company's commitment to ensuring fairness and equal treatment for all individuals,
regardless of gender, ethnicity, age, or other characteristics. In ESG assessments, the focus is
on eliminating discrimination, promoting gender equality, and fostering an inclusive
environment. This includes fair employment practices, equal opportunities for advancement,
and a workplace culture that values diversity. Companies excelling in equality showcase
policies and practices fostering a level playing field, contributing to a just and equitable
society. Investors and stakeholders value companies prioritizing equality for their role in
building a sustainable and socially responsible business. Equality is a fundamental aspect in
ESG evaluations, reflecting a company's dedication to ethical and fair practices across its
operations.
Data:
“The Code covers ITC’s commitment to CSR and sustainable development, concern for
occupational health, safety and environment, a gender friendly workplace, transparency and
auditability, legal compliance, avoidance of conflict of interest and the philosophy of leading
by personal example. The Code is shared with all new employees at the time of joining the
Company and a copy thereof is signed by them affirming compliance with the Code.”
Human capital development:
The intentional investment in enhancing workforce skills, knowledge, and well-being within
the framework of Environmental, Social, and Governance (ESG) principles. Recognizing the
pivotal role of human resources in achieving sustainability goals, this strategic approach
encompasses initiatives like employee well-being programs, diversity and inclusion efforts,
and fair labor practices in the social dimension of ESG. Governance practices in human
capital development ensure transparent and ethical frameworks for employee management.
Prioritizing employee growth aligns with ESG values, fostering a positive workplace culture
and contributing to broader sustainable and responsible business practices.
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Data:
“The programme has mainstreamed more than 5,200 students till date; of which 2,000 were
mainstreamed in 2022-23 itself. Of those mainstreamed in initial years, over 200 children
have now already reached secondary & higher secondary level. Education is a basic
requirement for human development. With education, employment opportunities get
broadened impacting livelihood in future. Supplementary Learning Programme thus aims to
secure future livelihood of such vulnerable children in ITC catchments.”
Health and safety:
In the ESG context, health and safety development centers on protecting employee well-
being and minimizing environmental impact. Socially, it involves ensuring workplace safety,
providing health benefits, and cultivating a culture of well-being. This aligns with fair labor
practices, as robust health and safety standards contribute to ESG values. Environmentally,
the focus is on reducing the ecological footprint by preventing accidents, minimizing
hazardous materials, and safeguarding local communities. Prioritizing health and safety not
only fulfills an obligation to employees but also significantly advances ESG goals, fostering
sustainable and responsible business practices.
Data:
“In 2022-23, 36,948 man hours of training were provided to employees on EHS related
matters, and around 60% of the identified Critical Tier-1 suppliers received training on
aspects like environmental compliance, fair business practices, corporate governance and
ethics, occupational health and safety and fair labour practices and human rights.”
Human rights:
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Human rights signify a business commitment to uphold and safeguard fundamental human
rights. Socially, companies practice fair treatment, equal opportunities, and non-
discrimination for all stakeholders, encompassing employees, customers, and communities.
This entails addressing labor rights, fostering diversity and inclusion, and engaging with
communities. Prioritizing human rights aligns with ESG values, fostering a socially
sustainable and ethical business environment. This commitment not only protects individual
dignity and well-being but also bolsters corporate reputation and resilience amid evolving
social expectations.
Data:
“In 2022-23, 36,948 man hours of training were provided to employees on EHS related
matters, and around 60% of the identified Critical Tier-1 suppliers received training on
aspects like environmental compliance, fair business practices, corporate governance and
ethics, occupational health and safety and fair labour practices and human rights.”
Supply chain labor standards:
Supply chain labor standards refers to ethical and fair treatment of workers throughout the
supply chain within the Environmental, Social, and Governance (ESG) framework. In the
social dimension of ESG, companies are expected to ensure suppliers adhere to responsible
labor practices, including fair wages, safe working conditions, and humane treatment of
workers. Monitoring and auditing supplier activities ensures compliance with established
labor standards. Upholding supply chain labor standards aligns with ESG values, contributing
to social sustainability and ethical business conduct. This practice not only mitigates
reputational risks but also fosters a more equitable and responsible global business
ecosystem.
Data:
“To enable effective implementation of ITC’s policies on sustainable supply chain, the
Company facilitates capacity building workshops for its key supply chain partners to educate,
and create shared awareness on key areas like human rights, labour practices and
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environmental sustainability.” “The code addresses key supply chain sustainability issues
like: − Labour Practices - Child Labour, AntiDiscrimination and Fair Treatment, Forced
Labour, Safe and Healthy Working Conditions During FY2022-23, the ESG focussed
training programmes organised by ITC covered around 60% of the identified Critical Tier -1
Suppliers across Businesses. − Environment − Human Rights − Business Integrity - Conflict
of Interest, AntiBribery and Corruption, Hospitality and Gifts ITC engages with its supply
chain partners periodically to build awareness on the Suppliers Code of Conduct.”
Community:
Community refers to a business's impact on and engagement with the societies in which it
operates. The social dimension emphasizes a company's responsibility to positively influence
local communities through practices like community development initiatives, philanthropy,
and transparent communication. Fostering strong relationships and addressing local needs
align with ESG goals, enhancing corporate reputation and promoting responsible corporate
citizenship.
Data:
“Along with the grassroots Institutions covered in the table above, several other types of
community-based activity groups are formed and / or strengthened under the programmes to
ensure community ownership and sustenance of outcomes. Mohalla Committees are formed
under decentralized waste management programme responsible for day to day operations,
including user fee collection and payments to waste collectors. As part of the education
programme, Child Cabinets and Water & Sanitation (WATSAN) Committees are formed at
school and community level respectively, which comprises of children and community
members. These groups inculcate and encourage adoption of good sanitation & hygiene
practices at school and community level. Mothers groups are formed to support activity-
based learning for children at community level. Community institutions such as Charagah
Vikas Samitis (CVS), pastureland committees and Biodiversity committees are also formed
to plan, restore and take-up social protection of village commons restored under the
biodiversity conservation programme.”
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Infrastructure and investment:
nfrastructure and investment refer to directing funds towards sustainable projects. This
involves prioritizing environmental conservation, social well-being, and sound governance
practices. Environmentally, investments may focus on renewable energy or eco-friendly
infrastructure. Socially, ESG investments target projects promoting community development,
inclusivity, and fair labor practices. Governance-wise, investments prioritize transparent and
ethical business practices. Aligning choices with ESG values enables businesses to contribute
to long-term sustainability, mitigate risks, and positively impact the planet and communities,
fostering a more responsible and resilient global economy.
Data:
“LSTC is equipped with world-class scientific infrastructure and state-of-the-art facilities to

create deep knowledge base and build intellectual property for ITC through research, rapid
prototyping and process development. Over 800 patents have been filed till date, bearing
testimony to LSTC’s innovation capabilities. In line with ITC’s relentless focus on
operational excellence and quality, each Business is mandated to continuously innovate on
materials, training, processes and systems to enhance their competitiveness.”
Community empowerment:
In ESG principles, "community empowerment" involves initiatives to enhance the well-being

and self-determination of local communities. This social aspect emphasizes inclusive and
participatory approaches, enabling communities to engage in decisions about the impacts of
business activities. Initiatives may include education, skill-building, support for local
businesses, and collaboration on sustainable projects. Prioritizing community empowerment
aligns with ESG values, fostering social sustainability and mutually beneficial relationships
with local communities. This not only enhances corporate reputation but also strengthens the
social fabric, promoting resilient and responsible business practices.
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Data:
The Two Horizon approach focusses on social and economic empowerment of the vulnerable
especially those residing in rural areas, or urban areas with inadequate infrastructure, that
includes small / marginal farmers, women and girls, children & youth. The interventions
provide protection from poverty, diseases, unhealthy environment and climate change. Refer
‘Mission Sunehra Kal for Sustainable & Inclusive Growth’ section of this report.
Product responsibility:
In ESG principles, "product responsibility" denotes a company's commitment to producing

ethically and sustainably. The environmental aspect involves reducing the ecological impact,
considering resource use and recyclability. Socially, it encompasses ensuring product safety,
fair labor practices, and addressing social concerns in the supply chain. Governance-wise, it
necessitates transparent communication and ethical marketing. Prioritizing product
responsibility aligns businesses with ESG values, contributing to environmental conservation,
social well-being, and ethical business conduct, fostering a more responsible and sustainable
global marketplace.
Data:
“Product Responsibility & Stewardship Quality, Safety & Transparency • Global quality, and
health & safety standards and certifications for delivering world-class products and services. •
Best practices related to product information, labelling, responsible marketing, data privacy
and compliance management. • Consumer feedback management”
Product safety:
In ESG principles, "product safety" signifies a company's commitment to delivering goods

prioritizing consumer well-being. This social aspect necessitates adherence to stringent safety
standards across the product life cycle, including design, production, distribution, and
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disposal. Ensuring safety involves rigorous testing, clear labeling, and transparent
communication with consumers about potential risks. Prioritizing product safety aligns with
ESG values, contributing to social well-being, consumer trust, and ethical business practices.
This not only safeguards consumers but also enhances corporate reputation and resilience
amid evolving social expectations.
Data:
“The emphasis has been to create and nurture world-class Indian packaged food brands that
enable consumers to make informed choices that are influenced by myriad factors such as
taste, health, attitudes, beliefs, price, product safety and quality”
Data privacy:
In ESG principles, "data privacy" denotes a company's commitment to securing individuals'

information. This governance aspect underscores responsible and transparent data
management, ensuring compliance with privacy regulations and respecting user rights.
Companies focusing on data privacy implement robust cybersecurity measures, clear data
collection policies, and grant users control over their personal information. Addressing data
privacy concerns aligns with ESG values, promoting ethical governance, building stakeholder
trust, and fostering a secure digital environment. This not only protects individual rights but
also enhances corporate reputation and resilience amid growing data awareness and
regulation.
Data:
“Data privacy is relevant to ITC's Information Technology Business. Systems and procedures
have been established to ensure that there are no instances of non-compliance resulting in a
breach of data privacy. The Business has a privacy policy, developed in line with the IT Act,
2000, that covers all aspects of data privacy with respect to sensitive information.” “During
the year, no complaint related to breach of data privacy or loss of data was received.”
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Cyber security:
In ESG principles, "cybersecurity" embodies a company's dedication to safeguarding digital

assets, sensitive information, and privacy. This governance focus highlights the need for
robust measures against cyber threats to ensure data confidentiality, integrity, and
availability. Companies prioritizing cybersecurity deploy comprehensive strategies, invest in
advanced technologies, and nurture a cybersecurity culture among employees. Addressing
cybersecurity aligns with ESG values, fostering ethical governance, stakeholder trust, and a
secure digital environment. This not only protects a company's digital infrastructure but also
fortifies its reputation and resilience amidst evolving cyber risks and societal expectations.
Data:
“A Cyber Security Committee, chaired by the Chief Information Officer, is in place to

provide specific focus on cyber security related risks, with the primary responsibility of
tracking emerging practices and technologies and provide suitable recommendations for
enhancing security of the IT systems and infrastructure. The Chief Information Officer is
responsible for ensuring that the Cyber Security systems of the Company remain effective
and contemporary. He is also invited to the meetings of the Risk Management Committee of
the Company, whenever matters relating to cyber security are considered. For more
information on the Risk Management Framework, please refer to the Risk Management
section of the Report of the Board of Directors forming part of ITC’s Report and Accounts
2023.”
Responsible AI:
In ESG principles, "responsible AI" signifies a company's commitment to deploying artificial

intelligence ethically and in a way that benefits society. This governance focus stresses
transparency, fairness, and accountability in AI applications. Companies practicing
responsible AI prioritize mitigating biases, ensuring data privacy, and fostering explainability
in algorithmic decision-making. By adhering to ethical AI principles, businesses align with
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ESG values, promoting transparent governance, building stakeholder trust, and ensuring the
responsible development and deployment of AI technologies. This approach not only
addresses societal concerns around AI but also enhances corporate reputation and resilience
in an era where ethical considerations in technology are paramount.
Data:
“'Sixth Sense' - ITC’s AI Powered Tool for Gaining Deep Consumer Insights Additionally,
ITC Businesses continue to leverage the power of digital to drive superior consumer insights
& innovation, deepen consumer engagement and enhance brand loyalty, the Marketing
Command Centre and Consumer Data Hub - an AI-powered hyperpersonalised platform
backed by a robust partner ecosystem for content and data, is being increasingly utilised to
gain insights on market trends and consumer behaviour, as well as synthesise the same to
craft contextual and hyper-personalised brand communication and product development.”
Governance Pillar:
Governance entails the systems by which companies are directed and controlled, emphasizing
ethical leadership, transparent decision-making, and accountability. Key elements include
board diversity for varied perspectives, stakeholder engagement for effective communication,
transparency for open disclosure, and executive compensation aligned with sustainability
metrics. Ethical governance involves a code of ethics, robust risk management, whistleblower
protection, consideration of shareholder rights, and an independent board. These practices
collectively foster responsible and sustainable corporate behavior, building trust, resilience,
and long-term value. The areas of focus for governance analysis for the ESG analysis of ITC
Ltd are in the below table.
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Board structure and actions:
Board structure refers to how a company's board of directors is composed, organized, and
operates, with a specific emphasis on integrating ESG considerations. ESG-oriented boards
prioritize diversity, independence, and expertise relevant to environmental, social, and
governance matters. This entails having a diverse board to bring varied perspectives, ensuring
independence to avoid conflicts of interest, and possessing expertise aligned with ESG goals.
The board structure is crucial for effective governance in ESG, fostering inclusive decision-
making, ethical oversight, and a strategic approach to environmental and social issues.
Companies with robust ESG board structures are well-positioned to navigate the complexities
of sustainable business practices and contribute to long-term value creation.
Data:
“Composition of the Board as on 31st March, 2023: Category No. of Directors Percentage to
total no. of Directors Executive Directors 4 25 Non-Executive Independent Directors 8 50
Other Non-Executive Directors 4 25 Total 16 100
Source: Pg no 15 Report & Accounts 2023
Management compensation:
Management compensation refers to the remuneration and incentive structures designed for
executives and top-level management within a company. ESG encourages companies to align
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executive compensation with sustainable and responsible business practices, reflecting the
broader goals of environmental stewardship, social responsibility, and ethical governance.
Data:
“The aforesaid elements of compensation design facilitate alignment of the priorities of the
Chairman, other Executive Directors, Key Managerial Personnel and Senior Management
with the long-term interests of stakeholders”
Anti-corruption:
Data:
“The Company’s Code of Conduct covers aspects relating to anti-corruption and anti-bribery.
In terms of the said Code, the Company believes in conducting its business in a transparent
manner and does not indulge in bribery or corruption.The ITC Code of Conduct can be
accessed on the Company’s corporate website at https://www.itcportal.com/about-
itc/values/index.aspx#sectionb5 ”
Source: Pg no XIV/37 Report & Accounts 2023
Ethical business model:
Ethical business model in the context of Environmental, Social, and Governance (ESG)
principles refers to a framework that integrates sustainability, social responsibility, and
ethical governance into a company's core operations. ESG encourages businesses to adopt
ethical business models that prioritize long-term value creation, environmental stewardship,
fair treatment of stakeholders, and transparent governance practices.
Data:
64
“Familiarisation programs and periodical updates for employees on ITC’s Code of Conduct.
The governance framework continuously reinforces and helps realise highest standards of
ethical and responsible conduct to create enduring value for all stakeholders”
Corporate behaviour:
Corporate behavior refers to a company's actions and practices concerning environmental

sustainability, social responsibility, and ethical governance. ESG emphasizes alignment with
principles promoting long-term value creation, responsible resource management, fair
treatment of stakeholders, diversity, and inclusion, as well as transparent and ethical decision-
making. Positive ESG corporate behavior involves implementing sustainable practices,
engaging with communities, fostering inclusivity, and adhering to governance standards
prioritizing transparency and accountability. It highlights the dual importance of financial
success and positive contributions to the broader societal and environmental context.
Data:
“Anti-Competitive Behaviour: The Company does not engage in any anti-competitive

behaviour. The Company expects the highest standards of ethical conduct in all its
endeavours. In terms of the ITC Code of Conduct, the Company believes in conducting
business in a transparent manner and does not indulge in bribery or corruption.”
Transparency and reporting:
Transparency involves openly sharing information about a company's operations, ESG

metrics, and efforts to address environmental and social challenges. Reporting in ESG
encompasses the formal documentation and presentation of a company's ESG performance,
including data on environmental practices, social initiatives, and governance practices. These
practices are crucial for accountability, enabling stakeholders to assess a company's
commitment to sustainability and responsible business practices. By providing clear and
65
comprehensive reports, companies demonstrate dedication to ESG values and contribute to
fostering sustainable and ethical business conduct.
Data:
“Transparency and Disclosure: ITC's Sustainability Report Aligned to GRI Standards, IIRC
Framework ESG Frameworks ITC’s Business Responsibility & Sustainability Report
(BRSR) Aligned to SEBI’s Framework”
Risk and compliance:
Risk and Compliance refer to the assessment and management of potential environmental,
social, and governance risks, along with adherence to relevant regulations and ethical
standards.
Risk in ESG:
This involves identifying and evaluating risks related to environmental factors (e.g., climate
change, resource scarcity), social factors (e.g., labor practices, human rights), and governance
factors (e.g., ethical business conduct, board structure). Managing ESG risks is crucial for
ensuring the long-term sustainability and resilience of a company.
Compliance in ESG:
This pertains to the company's adherence to laws, regulations, and ethical guidelines
associated with environmental protection, social responsibility, and governance practices.
Compliance in ESG involves aligning with international standards, industry regulations, and
local laws to ensure responsible and ethical business conduct.
Data:
“Compliance All businesses/divisions of ITC have established systems, procedures and

review mechanisms to identify and comply with the laws and regulations concerning their
products and services. Every business and corporate functions periodically submit statutory
compliance report to the CMC/ Board on regulatory, product specific, finance/ revenue,
66
personnel, technical/process and environmental statutes, and other applicable laws and
regulations. This is done on the basis of updated checklists backed by appropriate monitoring
and control systems maintained by each unit/ business/corporate function.”
Accountability/ownership:
Accountability and Ownership signify a company's commitment to taking responsibility for

its impact on the environment, society, and governance. Accountability involves transparent
reporting on ESG metrics, addressing issues, and being responsive to stakeholders.
Ownership reflects a proactive stance, with the company actively managing and improving
ESG practices, setting sustainability goals, implementing responsible strategies, and fostering
an accountable organizational culture. These elements are crucial for building stakeholder
trust, adhering to ethical standards, and contributing to the long-term sustainability and
resilience of the company.
Data:
ITC believes that the right balance between freedom of management and accountability to
shareholders can be achieved by segregating strategic supervision from strategic and
executive management.
Partnership:
Partnership signifies collaborative initiatives and alliances between businesses, organizations,

or entities united in addressing ESG challenges and promoting sustainability. These
partnerships may involve collaborations with non-profit organizations, joint ventures for
environmental conservation, or industry alliances aiming to enhance social and governance
standards. ESG partnerships leverage collective resources, expertise, and influence to achieve
positive outcomes in environmental conservation, social responsibility, and ethical
67
governance. Emphasizing collective action, ESG partnerships play a vital role in advancing
sustainable practices and fostering positive societal impact.
Data:
“Multi-stakeholder Partnerships for Scaling up Development Models to Create Large scale

Impact”
68
CHAPTER 5
FINDINGS, RECOMMENDATIONS AND

CONCLUSION
69
5.1 Findings based on observations:
After thorough observation of ITC Ltd.’s ESG performance on various KPIs(Key

Performance Indicators) across the spectrum of Environment, Social & Governance it shows
that ITC Ltd is one of the leading conglomerates with the best ESG performance year on
year.
5.2 Findings based on analysis of data:
ITC’s ESG journey is based on set targets which they’ve been meeting as per the schedule.
Since ITC’s majority of the product portfolio is of FMCG category they are more focused on
the Environmental pillar than the Social & Governance pillar.
5.3 General findings:
ITC is a conglomerate with a legacy and reputation of CSR before the inception of ESG.
Sustainable practices on all the fronts of business is a core competence of ITC Ltd.’s ESG
strategy.
5.4 Recommendations based on findings:
As mentioned in the “Findings based on analysis of data” section ITC should focus more on
the Social and in particular the Governance pillar of ESG to improve their overall ESG
performance.
5.5 Suggestions for areas of improvement:
A more open disclosure on numerical data on subjects like “Executive Compensation” are
needed for better understanding and perception of ITC Ltd.
5.6 Scope for future research:
As most of ITC Ltd.’s ESG goals are based on a set target year it will be an interesting
observation to make every year to check if ITC is making progress and achieving its targets.
5.7 Conclusion:
ITC’s overall ESG performance as per the industry standards exceeds the expectation of any
investor. In the new age investors tend to consider both the financial and non-financial
performance of any organization moreover after the Covid-19 pandemic there has been a
70
keenness among the investors to give a primary consideration to ESG performance of a
company before making an investment decision. And ITC Ltd certainly triumphs on both the
folds.
71
Section C
Bibliography
Webliography
How to measure your ESG performance | PwC Canada
What is ESG Investing? | CFA Institute
Environmental, social, and corporate governance - Wikipedia
ITC Limited - Wikipedia
ITC Ltd has diversified presence in FMCG, Hotels, Paperboards & Packaging, Agri-business and IT
(itcportal.com)
ITC's Sustainability Reports (itcportal.com)
ITC Report & Accounts 2023 (itcportal.com)
ITC-Sustainability-Integrated-Report-2023.pdf (itcportal.com)
ITC Report & Accounts 2023 (itcportal.com)
itc-esg-factbook.pdf (itcportal.com)
Appendices
Annexures
72
REFERENCES
73
Plagiarism Report
74
ANNEXURE
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Project Synopsis

Name Syed Hakeem Ahmed

Elective MBA International Finance

Date of Submission 11/06/2023

To accomplish the ESG analysis, a multifaceted methodology will be employed. It includes

Regulatory Changes: Shifts in regulations or the introduction of new compliance standards

Week 1-2: Project Initiation and Planning

Week 3-5: Data Collection and Analysis

• Week 3: Data Compilation

• Week 4: Initial Analysis

Week 6-7: Refinement and Evaluation

• Week 8: Reporting and Finalization

Syed Hakeem Ahmed

Research Project submitted to Jain Online (Deemed-to-be University)

Syed Hakeem Ahmed

Under the guidance of:

Dr. Visveshwar Menasumane

Place: Bengaluru ______________________

Date: 25 November 2023 Syed Hakeem Ahmed

Place: Bengaluru ____________________

Date: 25 November 2023 Dr. Visveshwar Menausmane

In conclusion, the ESG analysis of ITC Ltd encapsulates a dual narrative—examining a

Chapter V Findings, Recommendations and Conclusion

Table No. Table Title Page No.

5 Plastic Waste and Circular Economy 27

11 Secondary Research Methods 34

12 Environment Are of focus 39

13 Social Area of focus 52

14 Governance Area of focus 63

INTRODUCTION AND BACKGROUND

1.1 Purpose of the Study

The purpose of this project is to conduct a comprehensive Environmental, Social, and

1.2 Introduction to the Topic

In the contemporary corporate landscape, the convergence of Environmental, Social, and

Rising Stakeholder Expectations:

In an era marked by heightened connectivity and information access, stakeholders, including

Navigating Regulatory Dynamics and Global Standards:

Climate Change: Assessing a company's efforts to reduce carbon emissions, adopt

Waste Management: Evaluating waste reduction strategies, recycling initiatives, and

Community Engagement: Evaluating the company's impact on local communities through

Executive Compensation: Evaluating the fairness and transparency of executive pay

Ethical Business Practices: Examining the company's commitment to integrity, anti-

Stakeholder Consideration: ESG recognizes the importance of engaging various

In summary, ESG represents a holistic approach to evaluating a company's performance,

1.4 Company/ Domain / Vertical /Industry Overview

ITC Limited is an Indian Multinational conglomerate company headquartered in Kolkata.

FMCG (Fast-Moving Consumer Goods):

Paperboards, Paper & Packaging:

ITC's Information Technology division provides a suite of IT services, contributing to the

ESG Initiatives Overview: ITC Ltd (2022-23)

Transparent Reporting: ITC has consistently adhered to transparent reporting practices,

Circular Economy Initiatives:

Waste Management: ITC has demonstrated a proactive approach to waste management,

Sustainable Packaging: ITC's commitment to sustainable packaging is evident through

Digital Transformation for Sustainable Practices:

Information Technology for Sustainability: Leveraging its Information Technology

1.5 Environmental Analysis (PESTEL Analysis)

Climate Change Mitigation: