DCF Valuation -ITC LTD

Mar/24E

EBITDA 23663.5
Less: D&A 1935.6
EBIT 21727.8

Less: Taxes 5878.3

Tax Adjusted EBIT 15849.6

Plus:D&A 1935.6
Unlevered Cash Flow 17785.2
Growth

Discounting Periods 1
Precent to Include 100.00%
Cashflows to Include 17785.2
Present Value of Cash flows 17074.5298188627

EBITDA Exit Multiple 33.36x

Terminal Value 938643.86
PV of Terminal Value 765510.96
Enterprise Value 852860.13
Net Debt -3247.78
Equity Value 856107.91
Outstanding Share 1267.44
Price per Share 675.463891945485
 Mar/25E Mar/26E Mar/27E Mar/28E

24781.8 25900.1 27018.5 28136.8

2038.7 2141.8 2244.8 2347.9
22743.1 23758.4 24773.6 25788.9

5993.1 6107.9 6222.7 6337.5

16750.0 17650.5 18550.9 19451.4

2038.7 2141.8 2244.8 2347.9

18788.7 19792.2 20795.8 21799.3
5.64% 5.34% 5.07% 4.83%

2 3 4 5
100.00% 100.00% 100.00% 100.00%
18788.7 19792.2 20795.8 21799.3
17317.1847650525 17513.1853044537 17665.8724570656 17778.3947315306
WACC -ITC LTD

Cost of Equity Cost of Debt

Beta 1.78 Interest on Debt 5.77%
Risk Free Rate 7.12% Tax Rate 27.15%
Market Return 3.40%
Market Premium -3.72% Kd 4.20%
Ke 0.50%

Current Share Price 1011.55

WACC
Weightage Cost
Debt 13611.45 1.12% 0.50%
Equity 1206758.919 98.88% 4.20%
Total Capital 1220370.369
WACC 4.16%
 Historica
Years Mar/14A Mar/15A

# Income Statement
Sales ₹ 35,306.4 ₹ 38,817.2
Sales Growth 9.94%

COGS ₹ 17,785.1 ₹ 19,688.4

COGS as % of Sales 50.72%

Gross Profit ₹ 17,521.37 ₹ 19,128.77

Gross Margins 49.63% 49.28%

Selling and General Expenses ₹ 4,441.5 ₹ 4,877.2

SG as % of Sales 12.58% 12.56%

EBIDTA ₹ 13,079.90 ₹ 14,251.62

Margins 37.05% 36.71%

Interest ₹ 29.2 ₹ 91.0

Interest as % of Sales 0.08% 0.23%

Depreciation ₹ 964.9 ₹ 1,028.0

Depreciation as % of Sales 2.73% 2.65%

EBT ₹ 12,085.81 ₹ 13,132.70

EBT Margins 34.23% 33.83%

Tax ₹ 4,060.9 ₹ 4,596.4

Effective Tax Rate 33.60% 35.00%

Net Profit ₹ 8,024.88 ₹ 8,536.28

Net Margins 22.73% 21.99%

No. of Equity Shares 1,192.98 1,202.33

EPS 6.73 7.10

Eps Growth 5.25%

Dividend per Share ₹ 4.0 ₹ 4.2

Dividend Payout Ratio 59.46% 58.69%

Retained Earnings 40.54% 41.31%

# Balance Sheet
Equity Share Capital ₹ 795.3 ₹ 801.6
Reserves ₹ 26,441.6 ₹ 30,933.9
 Borrowings ₹ 242.4 ₹ 268.8
Other Liabilities ₹ 13,369.0 ₹ 13,947.9
Total Liabilities ₹ 40,848.41 ₹ 45,952.22

Fixed Assets Net Block ₹ 12,921.3 ₹ 15,303.3

Capital Work in Progress ₹ 3,117.4 ₹ 2,700.2
Investments ₹ 7,284.0 ₹ 6,942.8
Other Assets ₹ 3,341.1 ₹ 2,540.8
Total Non Current Assets ₹ 26,663.77 ₹ 27,487.06

Receivables ₹ 2,439.2 ₹ 1,982.1

Inventory ₹ 8,255.2 ₹ 8,586.9
Cash & Bank ₹ 3,490.2 ₹ 7,896.2
Total Current Assets ₹ 14,184.64 ₹ 18,465.16

Total Assets ₹ 40,848.41 ₹ 45,952.22

Check 1 1

# Cash Flow
Cash from Operating Activities ₹ 7,343.6 ₹ 9,843.2

Cash Flow from Investing Activities ₹ (3,254.1) ₹ (5,275.4)

Cash Flow from Financing Activities ₹ (4,121.5) ₹ (4,661.0)

Net Cash Flow ₹ (32.0) ₹ (93.3)

 Historical Financial Statements - ITC LTD
Mar/16A Mar/17A Mar/18A Mar/19A Mar/20A

₹ 39,192.1 ₹ 42,767.6 ₹ 43,448.9 ₹ 48,339.6 ₹ 49,387.7

0.97% 9.12% 1.59% 11.26% 2.17%

₹ 19,162.9 ₹ 21,949.1 ₹ 21,967.5 ₹ 24,216.0 ₹ 24,330.4

48.89% 51.32% 50.56% 50.10% 49.26%

₹ 20,029.16 ₹ 20,818.48 ₹ 21,481.44 ₹ 24,123.63 ₹ 25,057.30

51.11% 48.68% 49.44% 49.90% 50.74%

₹ 5,497.7 ₹ 5,349.0 ₹ 4,960.9 ₹ 5,586.2 ₹ 5,713.8

14.03% 12.51% 11.42% 11.56% 11.57%

₹ 14,531.49 ₹ 15,469.51 ₹ 16,520.59 ₹ 18,537.39 ₹ 19,343.54

37.08% 36.17% 38.02% 38.35% 39.17%

₹ 78.1 ₹ 49.0 ₹ 115.0 ₹ 71.4 ₹ 81.4

0.20% 0.11% 0.26% 0.15% 0.16%

₹ 1,077.4 ₹ 1,152.8 ₹ 1,236.3 ₹ 1,396.6 ₹ 1,644.9

2.75% 2.70% 2.85% 2.89% 3.33%

₹ 13,375.96 ₹ 14,267.69 ₹ 15,169.30 ₹ 17,069.38 ₹ 17,617.25

34.13% 33.36% 34.91% 35.31% 35.67%

₹ 5,358.2 ₹ 5,549.1 ₹ 5,916.4 ₹ 6,313.9 ₹ 4,441.8

40.06% 38.89% 39.00% 36.99% 25.21%

₹ 8,017.75 ₹ 8,718.60 ₹ 9,252.87 ₹ 10,755.46 ₹ 13,175.46

20.46% 20.39% 21.30% 22.25% 26.68%

1,207.08 1,214.74 1,220.43 1,225.86 1,229.22

6.64 7.18 7.58 8.77 10.72

-6.89% 7.45% 5.33% 13.59% 18.14%

₹ 5.7 ₹ 4.8 ₹ 5.1 ₹ 5.8 ₹ 10.1

85.31% 66.18% 67.93% 65.54% 94.70%

14.69% 33.82% 32.07% 34.46% 5.30%

₹ 804.7 ₹ 1,214.7 ₹ 1,220.4 ₹ 1,225.9 ₹ 1,229.2

₹ 41,874.8 ₹ 45,198.2 ₹ 51,289.7 ₹ 57,915.0 ₹ 64,044.0
 ₹ 83.8 ₹ 45.7 ₹ 35.9 ₹ 13.4 ₹ 277.5
₹ 8,888.0 ₹ 9,439.7 ₹ 11,694.9 ₹ 12,584.7 ₹ 11,760.0
₹ 51,651.34 ₹ 55,898.32 ₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75

₹ 15,106.6 ₹ 15,893.5 ₹ 16,524.0 ₹ 19,374.2 ₹ 21,713.3

₹ 2,559.7 ₹ 3,729.9 ₹ 5,508.3 ₹ 4,136.4 ₹ 3,256.5
₹ 11,747.6 ₹ 17,581.4 ₹ 22,052.9 ₹ 25,043.5 ₹ 28,663.4
₹ 5,194.8 ₹ 5,135.8 ₹ 7,078.7 ₹ 7,138.1 ₹ 4,958.4
₹ 34,608.76 ₹ 42,340.53 ₹ 51,163.90 ₹ 55,692.17 ₹ 58,591.60

₹ 1,917.2 ₹ 2,474.3 ₹ 2,682.3 ₹ 4,035.3 ₹ 2,562.5

₹ 9,062.1 ₹ 8,116.1 ₹ 7,495.1 ₹ 7,859.6 ₹ 8,879.3
₹ 6,063.3 ₹ 2,967.4 ₹ 2,899.6 ₹ 4,152.0 ₹ 7,277.3
₹ 17,042.58 ₹ 13,557.79 ₹ 13,076.98 ₹ 16,046.87 ₹ 18,719.15

₹ 51,651.34 ₹ 55,898.32 ₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75

1 1 1 1 1

₹ 9,799.0 ₹ 10,627.3 ₹ 13,169.4 ₹ 12,583.4 ₹ 14,689.7

₹ (3,920.7) ₹ (3,250.9) ₹ (7,113.9) ₹ (5,545.7) ₹ (6,174.0)

₹ (5,612.5) ₹ (7,301.0) ₹ (6,221.1) ₹ (6,868.6) ₹ (8,181.5)

₹ 265.8 ₹ 75.3 ₹ (165.6) ₹ 169.1 ₹ 334.2

Mar/21A Mar/22A Mar/23A LTM Mar/24E

₹ 49,257.5 ₹ 60,644.5 ₹ 70,919.0 ₹ 70,593.2 ₹ 66,087.5

-0.26% 23.12% 16.94% -6.81%

₹ 26,881.5 ₹ 34,053.1 ₹ 38,302.1 ₹ 44,341.1 ₹ 35,940.0

54.57% 56.15% 54.01% 62.81% 54.38%

₹ 22,375.94 ₹ 26,591.48 ₹ 32,616.90 ₹ 26,252.13 ₹ 30,147.49

45.43% 43.85% 45.99% 37.19% 45.62%

₹ 5,311.2 ₹ 5,968.3 ₹ 6,912.6 ₹ 6,484.0

10.78% 9.84% 9.75% 9.81%

₹ 17,064.78 ₹ 20,623.15 ₹ 25,704.26 ₹ 26,252.13 ₹ 23,663.47

34.64% 34.01% 36.24% 37.19% 35.81%

₹ 58.0 ₹ 60.0 ₹ 77.8 ₹ 45.5 ₹ 76.9

0.12% 0.10% 0.11% 0.06% 0.12%

₹ 1,645.6 ₹ 1,732.4 ₹ 1,809.0 ₹ 1,816.4 ₹ 1,935.6

3.34% 2.86% 2.55% 2.57% 2.93%

₹ 15,361.22 ₹ 18,830.75 ₹ 23,817.48 ₹ 24,390.26 ₹ 21,650.97

31.19% 31.05% 33.58% 34.55% 32.76%

₹ 4,555.3 ₹ 5,237.3 ₹ 6,438.4 ₹ 6,349.7 ₹ 5,878.3

29.65% 27.81% 27.03% 26.03% 27.15%

₹ 10,805.93 ₹ 13,593.41 ₹ 17,379.08 ₹ 18,040.54 ₹ 15,772.70

21.94% 22.41% 24.51% 25.56% 23.87%

1,230.88 1,232.33 1,242.80 1,242.80 1247.41

8.78 11.03 13.98 14.52 12.64

-22.09% 20.41% 21.12% 3.67%

₹ 10.7 ₹ 11.5 ₹ 15.5 ₹ 14.3

122.45% 104.25% 110.84% 113.15%

0.00% 0.00% 0.00% 0.00%

₹ 1,230.9 ₹ 1,232.3 ₹ 1,242.8 ₹ 1,407.2

₹ 59,116.5 ₹ 61,223.2 ₹ 67,912.5 ₹ 75,082.7
 ₹ 270.8 ₹ 249.4 ₹ 306.0 ₹ 247.6
₹ 13,142.6 ₹ 14,491.0 ₹ 16,369.7 ₹ 14,566.5
₹ 73,760.76 ₹ 77,196.02 ₹ 85,830.96 ₹ 91,303.94

₹ 23,298.5 ₹ 24,231.6 ₹ 25,851.3 ₹ 27,026.3

₹ 4,011.3 ₹ 3,225.5 ₹ 3,003.3 ₹ 3,762.1
₹ 24,870.9 ₹ 24,841.0 ₹ 29,415.0 ₹ 34,054.9
₹ 4,022.2 ₹ 6,917.4 ₹ 7,953.8 ₹ 7,622.0
₹ 56,202.88 ₹ 59,215.55 ₹ 66,223.44 ₹ 72,465.25

₹ 2,501.7 ₹ 2,461.9 ₹ 2,956.2 ₹ 3,019.6

₹ 10,397.2 ₹ 10,864.2 ₹ 11,771.2 ₹ 11,025.8
₹ 4,659.0 ₹ 4,654.4 ₹ 4,880.2 ₹ 4,793.2
₹ 17,557.88 ₹ 17,980.47 ₹ 19,607.52 ₹ 18,838.69

₹ 73,760.76 ₹ 77,196.02 ₹ 85,830.96 ₹ 91,303.94

1 1 TRUE 1

₹ 12,527.0 ₹ 15,775.5 ₹ 18,877.6 ₹ 18,209.3

₹ 5,740.0 ₹ (2,238.5) ₹ (5,732.3) ₹ (2,341.3)

₹ (18,633.8) ₹ (13,580.5) ₹ (13,006.0) ₹ (15,845.2)

₹ (366.9) ₹ (43.5) ₹ 139.2 ₹ 22.8

Mar/25E Mar/26E Mar/27E Mar/28E CAGR for Actuals

₹ 69,411.0 ₹ 72,734.5 ₹ 76,058.1 ₹ 79,381.6 7.22%

5.03% 4.79% 4.57% 4.37%

₹ 37,959.3 ₹ 39,978.7 ₹ 41,998.0 ₹ 44,017.4 7.97%

54.69% 54.97% 55.22% 55.45%

₹ 31,451.68 ₹ 32,755.87 ₹ 34,060.06 ₹ 35,364.25 6.41%

45.31% 45.03% 44.78% 44.55%

₹ 6,669.9 ₹ 6,855.7 ₹ 7,041.6 ₹ 7,227.4 4.52%

9.61% 9.43% 9.26% 9.10%

₹ 24,781.80 ₹ 25,900.14 ₹ 27,018.47 ₹ 28,136.81 6.99%

35.70% 35.61% 35.52% 35.44%

₹ 77.9 ₹ 79.0 ₹ 80.0 ₹ 81.1 10.30%

0.11% 0.11% 0.11% 0.10%

₹ 2,038.7 ₹ 2,141.8 ₹ 2,244.8 ₹ 2,347.9 6.49%

2.94% 2.94% 2.95% 2.96%

₹ 22,665.19 ₹ 23,679.41 ₹ 24,693.63 ₹ 25,707.85 7.02%

32.65% 32.56% 32.47% 32.39%

₹ 5,993.1 ₹ 6,107.9 ₹ 6,222.7 ₹ 6,337.5 4.72%

26.44% 25.79% 25.20% 24.65%

₹ 16,672.10 ₹ 17,571.51 ₹ 18,470.91 ₹ 19,370.32 8.03%

24.02% 24.16% 24.29% 24.40%

1252.41 1257.42 1262.43 1267.44

13.31 13.97 14.63 15.28 7.59%

5.01% 4.74% 4.49% 4.26%

₹ 15.5 ₹ 16.7 ₹ 17.9 ₹ 19.1 14.51%

116.44% 119.47% 122.27% 124.87%

0.00% 0.00% 0.00% 0.00%

₹ 1,463.1 ₹ 1,519.0 ₹ 1,574.9 ₹ 1,630.8

₹ 79,535.1 ₹ 83,987.4 ₹ 88,439.7 ₹ 92,892.0
 ₹ 259.9 ₹ 272.3 ₹ 284.7 ₹ 297.1
₹ 14,929.7 ₹ 15,292.9 ₹ 15,656.1 ₹ 16,019.3
₹ 96,187.77 ₹ 101,071.60 ₹ 105,955.43 ₹ 110,839.26

₹ 28,481.7 ₹ 29,937.1 ₹ 31,392.4 ₹ 32,847.8

₹ 3,805.2 ₹ 3,848.3 ₹ 3,891.5 ₹ 3,934.6
₹ 36,638.6 ₹ 39,222.4 ₹ 41,806.2 ₹ 44,389.9
₹ 8,020.9 ₹ 8,419.7 ₹ 8,818.6 ₹ 9,217.5
₹ 76,946.39 ₹ 81,427.54 ₹ 85,908.68 ₹ 90,389.82

₹ 3,095.7 ₹ 3,171.8 ₹ 3,247.9 ₹ 3,323.9

₹ 11,370.7 ₹ 11,715.7 ₹ 12,060.6 ₹ 12,405.5
₹ 4,774.9 ₹ 4,756.6 ₹ 4,738.3 ₹ 4,720.0
₹ 19,241.38 ₹ 19,644.07 ₹ 20,046.75 ₹ 20,449.44

₹ 96,187.77 ₹ 101,071.60 ₹ 105,955.43 ₹ 110,839.26

1 1 1 TRUE

₹ 19,243.1 ₹ 20,276.9 ₹ 21,310.6 ₹ 22,344.4

₹ (2,098.5) ₹ (1,855.8) ₹ (1,613.0) ₹ (1,370.2)

₹ (17,122.7) ₹ (18,400.2) ₹ (19,677.8) ₹ (20,955.3)

₹ 21.8 ₹ 20.9 ₹ 19.9 ₹ 18.9

 Ratio Analysis - ITC LTD
Years Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Sales Growth 9.9% 1.0% 9.1% 1.6% 11.3% 2.2%

EBITDA Growth 9.0% 2.0% 6.5% 6.8% 12.2% 4.3%
EBT Growth 8.7% 1.9% 6.7% 6.3% 12.5% 3.2%
Net Profit Growth 6.4% -6.1% 8.7% 6.1% 16.2% 22.5%
Dividend Growth 4.2% 36.0% -16.2% 8.4% 11.7% 76.5%

Gross Margin 49.6% 49.3% 51.1% 48.7% 49.4% 49.9% 50.7%

EBITDA Margin 37.05% 36.71% 37.08% 36.17% 38.02% 38.35% 39.17%
EBIT Margin 34.31% 34.07% 34.33% 33.48% 35.18% 35.46% 35.84%
EBT Margin 34.23% 33.83% 34.13% 33.36% 34.91% 35.31% 35.67%
Net Profit Margin 22.73% 21.99% 20.46% 20.39% 21.30% 22.25% 26.68%

SalesExpenseas%Sales 12.58% 12.56% 14.03% 12.51% 11.42% 11.56% 11.57%

Depreciationas%Sales 2.73% 2.65% 2.75% 2.70% 2.85% 2.89% 3.33%
OperatingIncomeas%Sales 34.23% 33.83% 34.13% 33.36% 34.91% 35.31% 35.67%

Return on Capital Employed 44.09% 41.32% 31.46% 30.82% 29.09% 28.98% 27.00%
Retained Earnings % 40.54% 41.31% 14.69% 33.82% 32.07% 34.46% 5.30%
Reutrn on Equity% 29.46% 26.90% 18.79% 18.78% 17.62% 18.19% 20.19%
Self Sustained Growth Rate 11.94% 11.11% 2.76% 6.35% 5.65% 6.27% 1.07%
Interest Coverage Ratio 415.32x 145.38x 172.20x 292.00x 132.90x 240.07x 217.48x

Debtor Turnover Ratio 14.47x 19.58x 20.44x 17.28x 16.20x 11.98x 19.27x
Creditor Turnover Ratio 2.64x 2.78x 4.41x 4.53x 3.72x 3.84x 4.20x
Inventory Turnover Ratio 4.28x 4.52x 4.32x 5.27x 5.80x 6.15x 5.56x
Fixed Asset Turnover 2.73x 2.54x 2.59x 2.69x 2.63x 2.50x 2.27x
Capital Turnover Ratio 1.30x 1.22x 0.92x 0.92x 0.83x 0.82x 0.76x

(in days)
Debtor Days 25 19 18 21 23 30 19
Payable Days 138 131 83 81 98 95 87
Inventory Days 85 81 84 69 63 59 66
Cash Conversion Cycle -28 -32 19 10 -13 -5 -2

CFO/Sales 0.21x 0.25x 0.25x 0.25x 0.30x 0.26x 0.30x

CFO/Total Assets 0.18x 0.21x 0.19x 0.19x 0.21x 0.18x 0.19x
CFO/Total Debt 30.29x 36.62x 116.96x 232.44x 366.63x 936.27x 52.95x
Mar/21 Mar/22 Mar/23 Mar/24E Mar/25E Mar/26E Mar/27E Mar/28E

-0.3% 23.1% 16.9% -6.8% 5.0% 4.8% 4.6% 4.4%

-11.8% 20.9% 24.6% -7.9% -5.6% 9.5% 9.0% 8.6%
-12.8% 22.6% 26.5% -9.1% -7.1% 9.4% 8.9% 8.6%
-18.0% 25.8% 27.8% -9.2% -7.6% 11.4% 10.8% 10.2%
5.9% 7.0% 34.8% -7.7% NA 16.7% 15.4% 14.3%

45.4% 43.8% 46.0% 45.6% 45.3% 45.0% 44.8% 44.5%

34.64% 34.01% 36.24% 35.70% 35.61% 35.52% 35.44% 0.00%
31.30% 31.15% 33.69% 32.88% 32.77% 32.66% 32.57% 32.49%
31.19% 31.05% 33.58% 32.76% 32.65% 32.56% 32.47% 32.39%
21.94% 22.41% 24.51% 23.87% 24.02% 24.16% 24.29% 24.40%

10.78% 9.84% 9.75% 9.81% 9.61% 9.43% 9.26% 9.10%

3.34% 2.86% 2.55% 2.93% 2.94% 2.94% 2.95% 2.96%
31.19% 31.05% 33.58% 32.76% 32.65% 32.56% 32.47% 32.39%

25.44% 30.13% 34.40% 28.31% 27.99% 27.70% 27.44% 27.20%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17.91% 21.76% 25.13% 20.62% 20.58% 20.55% 20.52% 20.49%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
265.99x 314.90x 307.26x 282.71x 291.93x 300.91x 309.65x 318.16x

19.69x 24.63x 23.99x 21.89x 22.42x 22.93x 23.42x 23.88x

3.75x 4.18x 4.33x 4.54x 4.65x 4.76x 4.86x 4.96x
4.74x 5.58x 6.02x 5.99x 6.10x 6.21x 6.31x 6.40x
2.11x 2.50x 2.74x 2.45x 2.44x 2.43x 2.42x 2.42x
0.82x 0.97x 1.03x 0.86x 0.86x 0.85x 0.84x 0.84x

19 15 15 17 16 16 16 15
97 87 84 80 79 77 75 74
77 65 61 61 60 59 58 57
-2 -7 -8 -3 -2 -2 -2 -1

0.25x 0.26x 0.27x 0.28x 0.28x 0.28x 0.28x 0.28x

0.17x 0.20x 0.22x 0.20x 0.20x 0.20x 0.20x 0.20x
46.25x 63.24x 61.68x 73.56x 74.03x 74.45x 74.84x 75.20x
Mean Median

8.3% 9.1%
8.3% 6.8%
8.4% 6.7%
10.0% 8.7%
18.7% 8.4%

48.4% 49.4%
36.7% 36.9%
33.9% 34.2%
33.7% 34.0%
22.5% 22.1%

11.7% 11.6%
2.9% 2.8%
33.7% 34.0%

32.3% 30.5%
28.9% 33.8%
21.5% 19.5%
4.5% 4.2%
250.35x 253.03x

18.76x 19.43x
3.84x 4.01x
5.22x 5.42x
2.53x 2.57x
0.96x 0.92x

20 19
98 91
71 67
-7 -6

0.26x 0.26x
0.19x 0.19x
194.33x 62.46x
 Historical Financial Statements - TATA MOTORS LTD
Years Mar/24E Mar/25E Mar/26E Mar/27E Mar/28E
Weights 11 12 13 14 15
Sales ₹ 66,087.5 ₹ 69,411.0 ₹ 72,734.5 ₹ 76,058.1 ₹ 79,381.6
COGS ₹ 35,940.0 ₹ 37,959.3 ₹ 39,978.7 ₹ 41,998.0 ₹ 44,017.4
Selling and General Expenses ₹ 6,484.0 ₹ 6,669.9 ₹ 6,855.7 ₹ 7,041.6 ₹ 7,227.4
Interest ₹ 76.9 ₹ 77.9 ₹ 79.0 ₹ 80.0 ₹ 81.1
Depreciation ₹ 1,935.6 ₹ 2,038.7 ₹ 2,141.8 ₹ 2,244.8 ₹ 2,347.9
EBT ₹ 21,651.0 ₹ 22,665.2 ₹ 23,679.4 ₹ 24,693.6 ₹ 25,707.9
Tax ₹ 5,878.3 ₹ 5,993.1 ₹ 6,107.9 ₹ 6,222.7 ₹ 6,337.5
No. of Shares 1247.41 1252.41 1257.42 1262.43 1267.44
Dividend Per Share ₹ 14.3 ₹ 15.5 ₹ 16.7 ₹ 17.9 ₹ 19.1

Equity Share Capital ₹ 1,407.2 ₹ 1,463.1 ₹ 1,519.0 ₹ 1,574.9 ₹ 1,630.8

Reserves ₹ 75,082.7 ₹ 79,535.1 ₹ 83,987.4 ₹ 88,439.7 ₹ 92,892.0
Borrowings ₹ 247.6 ₹ 259.9 ₹ 272.3 ₹ 284.7 ₹ 297.1
Other Liabilities ₹ 14,566.5 ₹ 14,929.7 ₹ 15,292.9 ₹ 15,656.1 ₹ 16,019.3
Fixed Assets Net Block ₹ 27,026.3 ₹ 28,481.7 ₹ 29,937.1 ₹ 31,392.4 ₹ 32,847.8
Capital Work in Progress ₹ 3,762.1 ₹ 3,805.2 ₹ 3,848.3 ₹ 3,891.5 ₹ 3,934.6
Investments ₹ 34,054.9 ₹ 36,638.6 ₹ 39,222.4 ₹ 41,806.2 ₹ 44,389.9
Other Assets ₹ 7,622.0 ₹ 8,020.9 ₹ 8,419.7 ₹ 8,818.6 ₹ 9,217.5
Receivables ₹ 3,019.6 ₹ 3,095.7 ₹ 3,171.8 ₹ 3,247.9 ₹ 3,323.9
Inventory ₹ 11,025.8 ₹ 11,370.7 ₹ 11,715.7 ₹ 12,060.6 ₹ 12,405.5
Cash & Bank ₹ 4,793.2 ₹ 4,774.9 ₹ 4,756.6 ₹ 4,738.3 ₹ 4,720.0

Cash from Operating Activities ₹ 18,209.3 ₹ 19,243.1 ₹ 20,276.9 ₹ 21,310.6 ₹ 22,344.4

Cash Flow from Investing Activitie ₹ (2,341.3) ₹ (2,098.5) ₹ (1,855.8) ₹ (1,613.0) ₹ (1,370.2)
Cash Flow from Financing Activiti ₹ (15,845.2) ₹ (17,122.7) ₹ (18,400.2) ₹ (19,677.8) ₹ (20,955.3)
COMPANY NAME ITC LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 1,248.47
Face Value 1
Current Price 429.15
Market Capitalization 535781.83

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 35306.43 38817.15 39192.1 42767.6
Raw Material Cost 13353.03 15007.9 13763.88 15456.59
Change in Inventory 112.74 235.72 195.38 -592.57
Power and Fuel 644.96 610.67 571.88 584.33
Other Mfr. Exp 1395.57 1533.25 1581.59 1683.9
Employee Cost 2504.24 2772.28 3440.97 3631.73
Selling and admin 3361.2 3876.19 4261.78 4179.74
Other Expenses 1080.27 1000.96 1235.89 1169.23
Other Income 965.74 1229.35 1483.11 1758.63
Depreciation 964.92 1027.96 1077.4 1152.79
Interest 29.17 90.96 78.13 49.03
Profit before tax 13051.55 14362.05 14859.07 16026.32
Tax 4060.93 4596.42 5358.21 5549.09
Net profit 8891.38 9663.17 9344.45 10289.44
Dividend Amount 4771.92 5,009.69 6840.12 5,770.02

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 13757.15 17108.16 16555.53 18489.45
Expenses 8739.55 11510.49 10956.13 12412.32
Other Income 468.77 421.92 498.62 320.73
Depreciation 421.73 429.59 466.96 438.12
Interest 9.75 9.56 10.71 9.25
Profit before tax 5054.89 5580.44 5620.35 5950.49
Tax 1291.16 1461.64 1360.67 1488.24
Net profit 3713.76 4056.73 4195.69 4389.76
Operating Profit 5017.6 5597.67 5599.4 6077.13
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 795.32 801.55 804.72 1214.74
Reserves 26441.64 30933.94 41874.8 45198.19
Borrowings 242.41 268.8 83.78 45.72
Other Liabilities 13369.04 13947.93 8888.04 9439.67
Total 40848.41 45952.22 51651.34 55898.32
Net Block 12921.3 15303.28 15106.63 15893.48
Capital Work in Progress 3117.37 2700.2 2559.72 3729.89
Investments 7284.02 6942.77 11747.59 17581.38
Other Assets 17525.72 21005.97 22237.4 18693.57
Total 40848.41 45952.22 51651.34 55898.32
Receivables 2439.21 1982.07 1917.18 2474.29
Inventory 8255.24 8586.87 9062.1 8116.1
Cash & Bank 3490.19 7896.22 6063.3 2967.4
No. of Equity Shares 7953182950 8015519541 8047206991 12147383071
New Bonus Shares ###
Face value 1 1 1 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 7343.58 9843.2 9799.04 10627.31
Cash from Investing Activity -3254.08 -5275.43 -3920.73 -3250.93
Cash from Financing Activity -4121.54 -4661.03 -5612.52 -7301.03
Net Cash Flow -32.04 -93.26 265.79 75.35

PRICE: 235.23 217.23 218.83 280.3

DERIVED:
Adjusted Equity Shares in Cr 1,192.98 1,202.33 1,207.08 1,214.74
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

43448.94 48339.58 49387.7 49257.45 60644.54 70919.03
14827.72 17623.52 18048.6 20776.71 27071.07 29364.36
-1027.76 203.19 703.13 645.27 686 358.59
653.5 746.73 780.85 699.56 889.77 1232.34
1697.62 1871.01 1908.29 1587.18 1887.67 2327.8
3760.9 4177.88 4295.79 4463.33 4890.55 5736.22
3954.87 4546.39 4488.63 4236.77 4858.38 5604.08
1005.98 1039.85 1225.13 1074.39 1109.95 1308.56
2239.81 2080.44 2417.32 2576.95 1909.72 2097.64
1236.28 1396.61 1644.91 1645.59 1732.41 1809.01
115.01 71.4 81.38 57.97 59.99 77.77
17409.11 19149.82 20034.57 17938.17 20740.47 25915.12
5916.43 6313.92 4441.79 4555.29 5237.34 6438.4
11271.2 12592.33 15306.23 13161.19 15242.66 19191.66
6,285.21 7,048.70 12,476.58 13,231.96 14,171.80 19263.4

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

17107.99 17704.52 17634.89 17164.46 17774.47 18019.37
10848.89 10999.82 11010.89 10494.39 11320.23 11515.55
454.68 595.43 682.52 722.3 664.88 651.31
462.38 447.11 461.4 442.46 453.04 459.45
12.59 9.21 12.15 9.9 9.87 13.6
6238.81 6843.81 6832.97 6940.01 6656.21 6682.08
1568.49 1773.72 1607.95 1759.89 1700.31 1281.57
4619.77 5006.65 5175.48 5104.93 4898.07 5335.23
6259.1 6704.7 6624 6670.07 6454.24 6503.82
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
1220.43 1225.86 1229.22 1230.88 1232.33 1242.8
51289.68 57915.01 64044.04 59116.46 61223.24 67912.46
35.92 13.44 277.45 270.83 249.44 306.04
11694.85 12584.73 11760.04 13142.59 14491.01 16369.66
64240.88 71739.04 77310.75 73760.76 77196.02 85830.96
16523.96 19374.19 21713.34 23298.48 24231.59 25851.27
5508.33 4136.42 3256.46 4011.29 3225.54 3003.3
22052.86 25043.49 28663.35 24870.87 24841.01 29415.02
20155.73 23184.94 23677.6 21580.12 24897.88 27561.37
64240.88 71739.04 77310.75 73760.76 77196.02 85830.96
2682.29 4035.28 2562.48 2501.7 2461.9 2956.17
7495.09 7859.56 8879.33 10397.16 10864.15 11771.16
2899.6 4152.03 7277.34 4659.02 4654.42 4880.19
12204294911 12258631601 12292231241 12308844231 12323255931 12428017741

1 1 1 1 1 1

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

13169.4 12583.41 14689.66 12526.97 15775.51 18877.55
-7113.89 -5545.68 -6174.02 5739.98 -2238.49 -5732.29
-6221.13 -6868.64 -8181.48 -18633.83 -13580.5 -13006.03
-165.62 169.09 334.16 -366.88 -43.48 139.23

255.5 297.25 171.7 218.5 250.65 383.5

1,220.43 1,225.86 1,229.22 1,230.88 1,232.33 1,242.80

 Mar-12 Mar-13 Mar-14
Cash from Operating Activity - 18,384 22,163 36,151
Profit from operations 22,432 24,406 36,303
Receivables -6,659 -5,177 445
Inventory -2,719 -2,656 -2,853
Payables 5,867 8,132 4,694
Loans Advances 0 0 0
Other WC items 1,231 -303 1,870
Working capital changes -2,280 -3 4,157
Direct taxes -1,768 -2,240 -4,308
Cash from Investing Activity - -19,464 -22,969 -27,991
Fixed assets purchased -13,876 -18,863 -26,975
Fixed assets sold 93 37 50
Investments purchased -5,857 73 -429
Investments sold 84 34 4
Interest received 467 713 653
Dividends received 70 95 40
Invest in subsidiaries -304 0 0
Investment in group cos -9 0 0
Redemp n Canc of Shares 0 0 0
Acquisition of companies 0 0 -185
Inter corporate deposits -3 45 0
Other investing items -129 -5,103 -1,149
Cash from Financing Activity - 6,567 -1,692 -3,883
Proceeds from shares 139 1 0
Redemption of debentures 0 -97 -658
Proceeds from borrowings 27,462 27,863 33,258
Repayment of borrowings -15,010 -20,395 -29,141
Interest paid fin -3,374 -4,666 -6,171
Dividends paid -1,503 -1,551 -722
Financial liabilities 0 0 0
Other financing items -1,147 -2,849 -450
Net Cash Flow 5,488 -2,499 4,277
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
35,531 37,900 30,199 23,857 18,891 26,633
43,397 38,626 28,840 33,312 28,771 23,352
-3,179 -2,223 -4,152 -10,688 -9,109 9,950
-3,692 -5,743 -6,621 -3,560 2,069 2,326
3,598 3,947 9,301 7,320 -4,692 -8,085
0 -520 0 0 0 0
-398 5,852 4,727 494 4,512 875
-3,672 1,313 3,254 -6,434 -7,221 5,065
-4,194 -2,040 -1,895 -3,021 -2,659 -1,785
-36,232 -36,694 -39,571 -25,139 -20,878 -33,115
-31,962 -31,503 -16,072 -35,079 -35,304 -29,702
74 59 53 30 67 171
-5,461 -4,728 -6 -329 -130 -1,439
42 89 1,965 2,381 5,644 21
698 731 638 690 761 1,104
80 58 620 1,797 232 21
0 0 0 0 0 0
-160 0 -107 -4 -9 -606
0 0 0 14 533 0
0 -111 0 0 -8 -27
0 0 0 0 0 0
456 -1,289 -26,663 5,360 7,335 -2,659
5,201 -3,795 6,205 2,012 8,830 3,390
0 7,433 5 0 0 3,889
-744 0 0 0 0 0
36,363 19,519 33,390 37,482 51,128 38,297
-23,332 -24,924 -21,732 -29,964 -35,198 -29,847
-6,307 -5,716 -5,336 -5,411 -7,005 -7,518
-720 -108 -121 -96 -95 -57
0 0 0 0 0 -1,346
-57 0 0 0 0 -29
4,500 -2,589 -3,167 730 6,843 -3,092
Mar-21 Mar-22 Mar-23
29,001 14,283 35,388
31,198 26,943 41,694
-5,505 185 -2,213
3,814 472 -5,665
5,748 -7,012 6,945
0 0 0
-4,150 -4,396 -2,194
-93 -10,750 -3,127
-2,105 -1,910 -3,179
-25,672 -4,444 -15,417
-20,205 -15,168 -19,230
351 230 285
-7,530 -3,008 -50
226 104 6,895
428 653 973
18 32 46
0 0 0
-10 0 0
0 0 19
0 -98 0
0 0 0
1,051 12,813 -4,357
9,904 -3,380 -26,243
2,603 19 20
0 0 0
46,641 46,578 43,934
-29,709 -42,816 -62,557
-8,123 -9,251 -9,336
-30 -100 -141
-1,477 -1,559 -1,517
0 3,750 3,355
13,232 6,459 -6,272