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ITC Ltd Annual Report 2024

May 23, 2024

60425_rns_2024-05-23_4839c948-c7b2-46d5-b99e-56a878e1f713.pdf

Annual Report

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ITC Limited Virginia House 37 J. L. Nehru Road Kolkata 700 071, India A Tel. : 91 33 2288 9371 Enduring Value Fax: 91 33 2288 4016 / 1256 / 2259 / 2260

23[rd ] May, 2024

The Manager Listing. Department National Stock Exchange of India Ltd. Exchange Plaza Plot No. C-1, G Block Bandra-Kurla Complex, Bandra (East) Mumbai 400 051

The General Manager Dept. of Corporate Services BSE Ltd. P. J. Towers Dalal Street Mumbai 400 001

The Secretary The Calcutta Stock Exchange Ltd. 7, Lyons Range Kolkata 700 001

Dear Sirs,

Audited Annual Financial Results, Dividend and other matters

Further to our letter dated 9[th ] May, 2024, we enclose, in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following, as approved by the Board of Directors of the Company ('the Board') at the meeting held today i.e., 23[rd ] May, 2024:

  • Audited Financial Results of the Company, both Standalone and Consolidated, for the Quarter and Twelve Months ended 31[st ] March, 2024;

  • (i)

  • (ii) Audited Segment-wise Revenue, Results, Assets and Liabilities of the Company, both Standalone and Consolidated, for the Quarter and Twelve Months ended 31[s][t ] March, 2024;

  • (iii) Audited Balance Sheet, both Standalone and Consolidated, as at 3p[t ] March, 2024;

  • (iv) Audited Statement of Cash Flows, both Standalone and Consolidated, for the Twelve Months ended 31[st ] March, 2024; and

  • (v) Reports from the Statutory Auditors of the Company, Messrs. S R B C & CO LLP, Chartered Accountants, on the aforesaid Standalone and Consolidated Financial Results. The Auditors have issued the said Reports with unmodified opinion.

The Board at the aforesaid meeting has also -

  • (a) recommended Final Dividend off 7.50 per Ordinary Share off 1/- each for the financial year ended 31[s][t ] March, 2024, subject to declaration of the same by the Members at the ensuing 113[t][h ] Annual General Meeting ('AGM') of the Company convened for Friday, 26[t][h ] July, 2024; the Final Dividend, if declared, will be paid between Monday, 29[t][h ] July, 2024 and Wednesday, 31[st ] July, 2024 to those Members entitled thereto.

Together with the Interim Dividend off 6.25 per Ordinary Share declared by the Board on 29[th ] January, 2024, the total Dividend for the financial year ended 31[st ] March, 2024 would be f 13. 75 per Ordinary Share off 1 /- each.

FMCG •HOTELS• PAPERBOARDS & PACKAGING• AGRI-BUSINESS • INFORMATION TECHNOLOGY Visit us at www .itcportal.com • Corporate Identity Number : LI 6005WB 191 0PLC00 1985 • e-mail : [email protected]

==> picture [58 x 52] intentionally omitted <==

----- Start of picture text -----

A
Enduring Value
----- End of picture text -----

  • (b) fixed Tuesday, 4[th ] June, 2024 as the Record Date for the purpose of determining entitlement of the Members for payment of Final Dividend referred to in (a) above.

  • (c) recommended for the approval of the Members:

  • (I) appointment of Dr. Alok Pande (DIN: 10631871) as a Non-Executive Director of the Company for a period of three years with effect from 27[th ] July, 2024. Dr. Pande, if appointed, will represent the Specified Undertaking of the Unit Trust of India;

  • (II) re-appointment of Mr. Sunil Panray (DIN: 09251023) as a Non-Executive Director of the Company for a period of three years with effect from 20[th ] December, 2024;

  • (Ill) re-appointment of Mr. Sumant Bhargavan (DIN: 01732482) as a Director and also as a Wholetime Director of the Company for a period of two years with effect from 12[th ] July, 2025;

  • (IV) re-appointment of Mr. Supratim Dutta (DIN: 01804345) as a Director and also as a Wholetime Director of the Company for a period of three years with effect from 22[nd ] July, 2025;

  • (V) re-appointment of Messrs. S R B C & CO LLP, Chartered Accountants (Registration No. 324982E/E300003), as the Auditors of the Company from the conclusion of the 113[th ] AGM to hold such office for a period of five years till the conclusion of the 118[th ] AGM.

The Board Meeting commenced at 12.15 p.m. and concluded at 2.00 p.m.

==> picture [76 x 63] intentionally omitted <==

(R. K. Singhi) Executive Vice President & Company Secretary

Encl: as above.

==> picture [43 x 52] intentionally omitted <==

cc: Securities Exchange Commission Division of Corporate Finance Office of International Corporate Finance Mail Stop 3-9 450 Fifth Street Washington DC 20549 U.S.A. cc: Societe de la Bourse de Luxembourg 35A Boulevard Joseph II L-1840 Luxembourg

Enduring Villue ITC Limited

Statement of Standalone Financial Results for the Quarter and Twelve Months ended 31st March, 2024

(i in Crores) (i in Crores) (i in Crores) (i in Crores) (i in Crores)
Paricular
Gross Revenue from sale of products and serices
Other operating revenue
REVENUE FROM OPERATIONS[(i)+(ii)]
OTHER INCOME
TOTAL INCOME (1+2)
EXPENSES
a)
Cost of materials consumed
b)
Purchases of Stock-in-Trade
c)
Changes in inventories of finished goods, Stock-in-Trade, work-
in-progress and intermediates
d)
Excise duty
e)
Employee benefits expense
f)
Finance costs
g)
Depreciation and amortization expense
h)
Other expenses
TOTAL EXPENSES		 serices (i)
(ii)
1
2
3		 3 Months
ended
31.03.2024'		 Corresponding 3
Months

ended

**31.03.2023# **
Preceding
Twelve
Twelve

3 Months
Months
Months

ended
ended
ended
31.12.2023
31.03.2024
31.03.2023
(Audited)
17571.72
181.15
{Audited)
17224.00
282.08
(Unaudited
(Audited)
(Audited)
17482.80
169.05		 69446.20
69480.89
659.09
770.39
17752.87
17506.08
798.59
746.30
18551.46
18252.38		 17651.85
1135.34
18787.19		 70105.29
70251.28
3538.28
2437.61
73643.57
72688.89
4 5392.67
1329.04
(68.77)
1173.58
969.39
12.12
415.36
2794.32
12017.71		 4978.38
5617.03
21309.84
19809.83
1786.40
1593.31
6042.97
9109.85

29.36
(360.96)
(370.71)
(39.50)
1108.10
1168.60
4664.48
4208.01
893.98
949.83
3732.23
3569.46
11.83
12.38
45.73
41.81
421.94
416.75
1647.82
1662.73
2500.46
2659.75
10247.87
9649.16
11730.45
12056.69
47320.23
48011.35
6521.93
6730.50
26323.34
24677.54

72.87
(5.52)
(7.57)
72.87
6594.80
6724.98
26315.77
24750.41
1507.94
1152.91
5893.80
5997.10
1584.71
1095.82
5661.21
6025.32
(76.77)
57.09
232.59
(28.22)
5086.86
5572.07
20421.97
18753.31
(127.90)
242.42
2281.06
29.26
(172.47)
261.73
2481.63
91.31

13.83
(31.36)
(228.72)
(0.34)
41.08
16.11
37.62
(82.46)

(10.34)
(4.06)
(9.47)
20.75
4958.96
5814.49
22703.03
18782.57
1242.80
1247.56
1248.47
1242.80
70984.83
66351.00

4.10
4.47
16.39
15.15

4.08
4.45
16.35
15.11
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4)
EXCEPTIONAL ITEMS (Refer Note 4)
PROFIT BEFORE TAX (5+6)
TAX EXPENSE
a)
Current Tax
b)
Deferred Tax
PROFIT FOR THE PERIOD (7-8)
OTHER COMPREHENSIVE INCOME
A (i) Items that will not be reclassified to profit or loss
(ii) Income tax relating to items that will not be reclassified to proft
or loss
B (i) Items that will be reclassified to proft or loss
(ii) Income tax relating to items that will be reclassified to profit or
loss
TOTAL COMPREHENSIVE INCOME (9+10)
PAID UP EQUITY SHARE CAPITAL
(Ordinary Shares_of,_1/- each)
RESERVES EXCLUDING REVALUATION RESERVES
EARNINGS PER SHARE (of, 1/- each) (not annualised):
(a) Basic (')
(bl Dilutedm		 5
6
7
8
9
10
11
12
13
14		 6533.75
(2.05)
6531.70
1511.50
1443.88
67.62
5020.20
1525.00
1699.96
(190.30)
20.50
(5.16)
6545.20
1248.47
4.02
**4.02 **		 6521.93
6730.50

72.87
(5.52)
6594.80
6724.98
1507.94
1152.91
1584.71
1095.82
(76.77)
57.09
5086.86
5572.07
(127.90)
242.42
(172.47)
261.73

13.83
(31.36)
41.08
16.11

(10.34)
(4.06)
4958.96
5814.49
1242.80
1247.56

4.10
4.47

4.08
4.45

# The figures of 3 months ended 31.03.2024 and corresponding 3 months ended 31.03.2023 are the balancing figures betwe n the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years, which were subjected to limited review.

Notes:

  1. The audited Standalone Financial Results and Segment Results were reviewed . by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 23rd May, 2024.

  2. The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.

  3. 91,12,800 Ordinary Shares oft 1/- each were issued and allotted under the Company's Employee Stock Option Schemes during the quarter ended 31st March, 2024. Consequently, the issued and paid-up Share Capital of the Company stands increased tot 1248,47,21,471/- as on 31st March, 2024.

  4. The National Company Law Tribunal, Kolkata Bench, vide Order dated 22nd April, 2024, has directed to convene a Meeting of the Ordinary Shareholders of the Company on Thursday, 6th June, 2024 for the purpose of considering, and if thought fit, approving the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited {ITCHL) and their respective shareholders and creditors under Sections .230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Business into ITCHL.

Further, expenses aggregating t 2.05 Crores incurred during the quarter (quarter ended 31.12.2023 - t 5.52 Crores and twelve months ended 31.03.2024 - t 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

  1. The Company on 11th March, 2024 acquired 2,356 Compulsorily Convertible Preference Shares of t 10/- each of Sproutlife Foods Private Limited (Sproutlife), an associate company, consequent to which the Company's shareholding in Sproutlife aggregated 44.74% of its share capital on a fully diluted basis.

  2. The Company on 22nd March, 2024 acquired from Russell Credit Limited, a wholly owned subsidiary, 36,26,633 Equity Shares of t 10/- each of International Travel House Limited {ITHL), an associate company, and 90,000 Equity Shares of � 100/- each of Maharaja Heritage Resorts Limited (MHRL), a joint venture company, at their respective book values. Consequently, the Company's shareholding in ITHL and MHRL aggregated 48.96% and 50%, respectively, of their paid-up share capital.

  3. The Board of Directors of the Company have recommended to the Members for their approval, Final Dividend of � 7.50 per Ordinary Share oft 1/- each for the financial year ended 31st March, 2024 (previous year: Final Dividend oft 6.75 per Ordinary Share and Special Dividend of� 2.75 per Ordinary Share). Together with the Interim Dividend of t 6.25 per Ordinary Share (previous year: t 6.00 per Ordinary Share) paid on 27th February, 2024, the total Dividend for the financial year ended 31st March, 2024 amounts to t 13. 75 per Ordinary Share (previous year:

� 12.75 per Ordinary Share and Special Dividend of� 2.75 per Ordinary Share). Total cash outflow on account of Dividend (including Interim Dividend oft 7799.45 crores paid in February, 2024) will be� 17162.99 crores.

The Record Date fixed for the purpose of determining entitlement of the Members for the Final Dividend is Tuesday, 4th June, 2024 and such Dividend, if declared, wi!I be paid between Monday, 29th July, 2024 and Wednesday, 31st July, 2024 to those Members entitled thereto.

  1. The 113th Annual General Meeting of the Company has been convened for Friday, 26th July, 2024.

  2. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ITC LIMITED

Segment-wise Revenue, Results, Assets and Liabilities for the Quarter and Twelve Months ended 31st March, 2024


I in Crores)
I in Crores)
I in Crores)
I in Crores)
I in Crores)
I in Crores)
STANDALONE
Paricular Preceding 3
3 Months
3 Months
Monhs
ended
ended
ended
31.03.2024"
31.03.2023"
31.12.2023


Twelve
Month
ended
31.03.2024
Twlve

Month

ended

31.03.2023
1.-- Segment Revenue
a)
FMCG - Cigarettes
- Others
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
Total
Less : Inter-segment revenue
Gross Revenue from sale ofproducts and serices		 (Auditedl
(Auditedl
7924.84
7355.83
5300.17
4944.95		 l
(Auditedl		 *IUnaudtted*
/Audited)
/Audited)
7548.75
5209.05
30596.59
20966.83
28206.83
19122.50
**13225.01 ** 12300.78
12757.80		 51563.42 47329.33
897.91
3100.73
2072.85
19296.50		 781.71
842.03
3578.60
3054.74
2221.01
2080.93
18882.10
18735.50		 2989.50
15791.83
8344.40
78689.15		 2585.03
18172.34
9081.35
77168.05
1724.78
17571.72		 1658.10
17224.00		 1252.70
1742.80		 9242.95
7687.16
6946.20
69480.89

2.
Segment Results
a)
FMCG - Cigarettes
- Others [Note (i)]
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
Total
Less :
i)
Financ Costs
ii)
Other un-alloca_ble (income) net of
un-allocble expenditure [Note (ii)]
iii)
Exceptional Items•
Profit Before Tax
3.
Segment Assets
a)
FMCG - Cigarettes
- Others
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
Total
Unallocated Corporte Assets
Total A ets		 4923.31
477.25
5400.56		 4689.10
501.62
5190.72
4728.07
431.82
5159.89
19089.17
1778.55
20867.72		 17927.06
1374.18
19301.24
267.07
202.55
293.38
6163.56
12.12
(382.31)
2.05
6531.70		 199.60
229.66
307.08
339.25
445.02
295.95
6142.42
6024.75
11.83
12.38

(391.34)
(718.13)
(72.87)
5.52
6594.80
6724.98
753.77
1254.43
1377.60
24253.52
45.73
(2115.55)
7.57
26315.77		 541.90
1327.74
2293.99
23464.87
41.81

(1254.48)
(72.87)
24750.41
9160.85
12500.83		 7290.67
11966.57		 8905.24
12843.49		 9160.85
7290.67
12500.83
11966.57
21661.68
6683.65
5024.81
9413.71		 19257.24
6514.91
4114.31
9201.17		 21748.73
6510.27
4403.27
9165.75		 21661.68
19257.24
6683.65
6514.91
5024.81
4114.31
9413.71
9201.17
42783.85
44543.75
87327.60		 39087.63
43174.11
82261.74		 41828.02
45891.70
87719.72		 42783.85
39087.63
44543.75
43174.11
87327.60
82261.74

4.
Segment Liabilities
a)
FMCG - Cigarettes
- Others
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
Total
Unallocaed Corporate Liabilities		 5248.89
5056.90
5297.81
2501.71
2351.99
2509.15
7750.60
7408.89
7806.96
1157.29
940.88
1119.09
1380.10
1649.76
968.61
1257.39
1315.17
1288.10
11545.38
11314.70
11182.76
358.92
3353.24
3323.56		 5248.89
2501.71		 5056.90
2351.99
7750.60
1157.29
1380.10
1257.39		 7408.89
90.88
1649.76
1315.17
11545.38
358.92		 11314.70
3353.24
Total Liabilities 15094.30
14667.94		 14506.32 15094.30 14 7.94

• The figures of 3 months ended 31.03.2024 and corresponding 3 months ended 31.03.2023 are the balancing figures between the audtted figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years, which were subjected to limlted review.

  • Refer note 4 to the Standalone Financial Results.

Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter and twelve months ended 31.03.2024 is f 616.42 Crores and f 2338.50 Crores respectively (quarter ended 31.12.2023- f 571.61 Crores; quarter ended 31.03.2023 - f 658.96 Crores and twelve months ended 31.03.2023 - f 1953.97 Crores).

Note (ii): As stock options and stock appreciation linked reward units are granted under the ITC Employee Stock Option Schemes (ITC ESOS) and ITC Employee Cash Settled Stock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Committee.

ITC Limited

ITC Limited ITC Limited
(f in Crores)
Balance Sheet
STANDALONE
Pariculars As at
31st March 2024
A at
31st March 2023
(Audited)
(Audited)
A
1
2
B
1
2		 ASSETS
Non-current assets
(a)
Property, Plant and Equipment
(b)
Capital work-in-progress
(c)
Investment Property
(d)
Goodwill
(e)
Other Intangible assets
(f)
other Intangible assets under development
(g)
Right-of-use assets
(h)
Financial Assets
(i) Investments
(ii) Loans
(iii) Others
(i)
Other non-current assets
Non-current asset
Current assets
(a)
Inventories
(b)
Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Other Bank Balances
(v) Loans
(vi) others
(c)
Other current assets
Current asset


22015.50
20491.32
1077.97
1681.47
373.09
352.26
577.20
577.20
2055.74
2037.42
9.07
15.13
721.69
715.91
22821.94
16363.55
2.63
4.07
372.88
3608.23
1229.22
1211.74
51256.93
---------
47058.30
12631.51
10593.90
11916.88
16357.07
331.1.45
2321.33
197.63
206.88
6020.06
3624.38
9.10
5.95
849.86
705.84
1134.18
1388.09
36070.67
35203.44
t
-------
87327.60
82261.74
EQUITY AND LIABILITIES
Totl A et� ____.
.
---_=;�
Equity
(a)
Equity Share capital
1248.47
1242.80
(b)
other Equity
70984.83
66351.00
Equit
72233.30
67593.80
LIABILITIES
Non-current liabilities
(a)
Financial Liabilities
(i)Borrowings
1.76
3.28
(ii) Lease Liabilities
261.95
273.59
(iii) Other financial liabilities
109.87
152.49
(b)
Provisions
221.45
201.83
(c)
Deferred tax liabilities (Net)
2083.66
1621.13
Non-current liabilities
2678.69
2252.32
Current liabilities
(a)
Financial Liabilities
(i)
Borrowings
1.52
1.26
(ii) Lease Liabilities
46.74
46.54
(iii) Trade payables
Total outstanding dues of micro enterprises
206.85
137.50
and small enterprises
Total outstanding dues of creditors other than
4282.70
4213.76
micro enterprises and small enterprises
(iv) Other financial liabilities
1659.33
1730.68
(b)
Other current liabilities
5389.75
5446.16
(c)
Provisions
68.72
63.59
(d)
Current Tax Liabilities (Net)
760.00
776.13
Current liabilities
12415.61
12415.62
Totl Eauit and Liabilities
87327.60
82261.74
72233.30
67593.80
1.76
3.28
261.95
273.59
109.87
152.49
221.45
201.83
2083.66
1621.13
2678.69
2252.32
1.52
1.26
46.74
46.54
206.85
137.50
4282.70
4213.76
1659.33
1730.68
5389.75
5446.16
68.72
63.59
760.00
776.13
12415.61
12415.62
87327.60
82261.74

ITC Limited

Standalone Statement of Cash Flows for the year ended 31st March, 2024

Standalone Statement of Cash Flowsfor the year ended 31st March , 2024
A.
B.
c.
cash Flow from Operating Activities
PROFIT BEFORE TAX
ADJUSTMENTS FOR:
Depreciation and amortization expense
Share based payments to employees
Finance costs
Interest Income
Dividend Income
(Gain)/Loss on sale of property, plant and equipment, lease termination - Net
Inventory write-offs/ write-downs (net of reversals)
Doubtful and bad debts
Doubtful and bad advances, loans and deposits
Impairment of investment in joint venture
Gain recognised on divestment of shares held in joint venture
Net gain arising on financial instruments measured at amortised cost/ mandatorily measured
at fair value through profit or loss
Foreign currency translations and transactions - Net
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
ADJUSTMENTS FOR :
Trade receivables, advances and other assets
Inventories
Trade payables, other liabilities and provisions
CASH GENERATED FROM OPERATIONS
Income tax paid (net of refunds)
NET CSH FROM OPERTING ACTIVITIES
cash Flow from Investing Activities
Purchase of property, plant and equipment, intangibles, ROU asset etc.
Sale of property, plant and equipment
Purchase of current investments
Sale/redemption of current investments
Payment towards contingent purchase consideration
Investment in subsidiaries
Investment in associates
Investment in joint venture
Purchase of non-current investments
Sale/redemption of non-current investments
Redemption of investment in subsidiary
Advance received towards divestment of shares held in joint venture
Dividend received
Interest received
Investment in bank deposits
(original maturity more than 3 months)
Redemption/ maturity of bank deposits
(original maturity more than 3 months)
Investment in deposit with housing finance company
Redemption/ maturity of deposit with housing finance companies
Loans given
Loans realised
NET CSH FROM/ (USED IN) INVESTING ACTIVITIES
Cash Flow from Financing Activities
Proceeds from issue of share capital
Repayment of non-current borrowings
Principal payment of lease liabilities
Interest paid
Net increase in statutory restricted accounts balances
Dividend paid
Dividend distribution tax refund received
NE CASH USED IN FINANCING ACIVITIES
NET (DECREAE)/ INCREAE IN CAH AND CAH EQUIVALENTS
OPENING CASH AND CASH EQUIVALENTS
CLOSING CAH AND CAH EOUIVALENTS		 For th yur �ne
3lsl Man1 204
(flnComl
26315.77
1647.82
103.10
45.73
(1592.41)
(9.351
(5.07)
149.62
9.23
25.03
-
(9.49)
(784.82)
(6.28)
!14S6.891
2458.88
(887.87)
(2187.23)
17.30
13057.801
F
1662.73
58.50
41.81
(1434.53)
(556.90)
4.53
155.46
(0.93)
1.16
8.50
-
(416.74)
37.89
(603.25)
(751.59)
755.24

F
1662.73
58.50
41.81
(1434.53)
(556.90)
4.53
155.46
(0.93)
1.16
8.50
-
(416.74)
37.89		 or the year ended







31st March, 2023
(fin Crores)
24750.41
(438.52)


24311.89
(599.601
21801.0
15682.851
16118.23
(2647.231
100.85
(64931.45)
67992.14
-
(1050.35)
(86.26)
(0.9)
(2745.51)
2622.86
-
-
990.35
1016.53
(3578.11)
4446.34
-
-
(12.22)
10.51
2127.55
1442.83
(1.26)
(56.64]
(46.02)
12.12
(19606.06)
-
(1858.32)
48.86
(72925.91)
67720.51
(63.75)
(1184.14)
(1.88)
-
(2349.41)
4057.60
18.00
56.00
556.90
1216.27
(7427.20)
5476.33
(3500.00)
5000.00
(8.21)
8.98
2477.39
(0.74)
(51.97)
(40.04)
14.94
(15150.44)
20.43		 23712.29
(5800.59]













17911.70
(5159.37)
(18255.03)
(9.25)
206.88
197.63		 (12730.43)
21.90
184.98
206.88
Notes:
1.
2.

The above Cash Flow Statement has been prepared under the "Indirect Method" as set_out_in Ind AS
CASH AND CSH EQUIVALENTS:
Cash and cash equivalents as above
Unrealised gain / (loss) on foreign currency cash and cash equivalents
Cash and cash equivalents		 - 7 "Statement of Cash Flows"
Asat
31st March,2024
197.63
197.63		 As at
31st March, 2023
206.88
206.88

3. Net Cash Flow from Operating Activities includes an amount of 1' 436.16 Crores (2023 - 1' 328.80 Crores) spent towards Corporate Social Responsibility.

4. Figures presented as" ... " are below the rounding off norm adopted by the Company.

Notes:

(1) The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following : FMCG Cigarettes Cigarettes, Cigars etc. Others Branded Packaged Foods Businesses (Staples & Meals; Snacks; Dairy & Beverages; Biscuits & Cakes; Chocolates, Coffee & Confectionery); Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis. Hotels Hoteliering. Paperboards, Paper & Packaging Paperboards, Paper including Specialty Paper & Packaging including Flexibles. Agri Business Agri commodities such as wheat. rice. spices. coffee. soya and leaf tobacco.

(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.

Registered Office Virginia House, 37 J.L. Nehru Road, For and on behalf of the Board Kolkata 700 071, India Dated : 23rd May, 2024 Place : Kolkata, India Chairman & Managing Director (DIN: 00280529) Web Ite: www.itcportal.com I 'E-mail: [email protected] I Phone: +91-33-2288 9371 I Fax: +91-33-2288 06551 CIN: L 16005WB1910PLC001985

==> picture [36 x 42] intentionally omitted <==

==> picture [37 x 29] intentionally omitted <==

M.wlurin•"'•lue ITC Limited Statement of Consolidated Financial Results for the Quarter and Twelve Months ended 31st March, 2024


(f in Crors)
(f in Crors)
(f in Crors)
Paricular Corresponding 3
3 Months
Months
ended
ended
31.03.2024#
31.03.2023#

Preceding
3 Months Twelve Months Twelve Months
ended
ended
ended
31.12.2023
31.03.2024
31.03.2023
Grss Revenue fom sale of prducts and serics
Other operting revenue
REVENUE FROM OPERATIONS(i) +{ii)
OTHER INCOME
TOTAL INCOME (1+2)
(i)
(ii)
1
2
3		 (Audited
(Audited'
19291.40
18799.18
155.09
259.11
19446.49
19058.29
683.83
609.65
20130.32
19667.94
(Unaudited
19337.84
146.66
19484.50
656.83
20141.33		 (Audited)
(Audited)


76274.98
75826.58
565.51
691.63
76840.49
76518.21
2727.84
1980.49

79568.33
78498.70
EXPENSES
a)
Cost of materials consumed
b)
Purchases of stock-in-trade
C)
Changes in inventories of finished goods, stock-in-trde, work-
in-progress and intermediates
d)
Excise duty
e)
Employee benefits expense
f)
Finance costs
g)
Depreciation and amorization expense
h)
Other expenses
TOTAL EXPENSES
4		 5550.34
5189.98
1375.42
1841.69
(338.72)
(261.12)
1523.79
1423.40
1557.95
1442.81
12.59
12.15
461.44
461.40
3151.49
2797.53
13294.30
12907.84
5715.63
21772.58
20275.99
1579.37
6063.32
9088.37
(253.15)
(588.69)
(358.59)
1465.13
5959.49
5581.36
1586.39
6134.35
5736.22
13.60
45.96
43.20
459.45
1816.39
1809.01
2887.31
11245.09
10529.93
13453.73
52448.49
**52705.49 **
SHARE OF PROFIT / (LOSS) OF ASSOCIATES AND JOINT
VENTURES
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4+5)
EXCEPTIONAL ITEMS (Refer Note 4)
PROFIT BEFORE TAX (6+7)
TAX EXPENSE
a)
Current Tax
b)
Deferred Tax
PROFIT FOR THE PERIOD (8-9)
OTHER COMPREHENSIVE INCOME
A(i)
Items that will not be rclassified to proft or loss
(ii) Incme tax relating to items that will not be rclassified to profit
or loss
B (i)
Items that will be reclassified to profit or loss
(ii) Incme tax relating to items that will be reclassified to profit or
loss
TOTAL COMPREHENSIVE INCOME (10+11)
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
OWNERS OF THE PARENT
NON-CONTROLLING INTERESTS
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
ATRIBUTABLE TO:
OWNERS OF THE PARENT
NON-CONTROLLING INTERESTS
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
OWNERS OF THE PARENT
NON-CONTROLLING INTERESTS
PAID UP EQUITY SHARE CAPITAL
(Ordinar Shars on 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES
EARNINGS PER SHARE (of� 1/- each) (not annualised):
(a)
Basic�
(bl Diluted m
5
6
7
8
9
10
11
12
13
14
15		 3.49
17.57
6839.51
6777.67
(2.05)
72.87
6837.46
6850.54
1646.75
1607.95
1574.24
1673.37
72.51
(65.42)
5190.71
5242.59
2022.56
27.77
2014.09
(191.76)
(226.08)
13.82
239.83
216.93
(5.28)
{11.22)
7213.27
5270.36
5120.55
5175.48
70.16
67.11
2022.25
27.54
0.31
0.23
7142.80
5203.02
70.47
67.34
1248.47
1242.80
4.10
4.17
4.10
4.15
6.01
27.61
49.04
6693.61
27147.45
25842.25
(5.52)
(7.57)
72.87
6688.09
27139.88
25915.12
1281.57
6388.52
6438.40
1238.80
6165.27
6450.90
42.77
223.25
(12.50)
5406.52
20751.36
19476.72
298.97
2955.66
91.02
308.10
2941.52
109.75
(35.70)
(268.53)
0.38
30.66
291.46
(41.05)
(4.09)
(8.79)
21.94
5705.49
23707.02
19567.74
5335.23
20458.78
19191.66
71.29
292.58
285.06
298.98
2955.66
91.76
(0.01)
...
(0.74)
5634.21
23414.44
19283.42
71.28
292.58
284.32
1247.56
1248.47
1242.80
73258.53
67912.46
4.28
16.42
15.50
4.26
16.38
15.46

# The figures of 3 months ended 31.03.2024 and corresponding 3 months ended 31.03.2023 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years, which were subjected to limited review.

L

Notes:

  1. The audited Consolidated Financial Results and Segment Results were reviewed by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 23rd May, 2024.

  2. The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.

  3. 91,12,800 Ordinary Shares oft 1/- each were issued and allotted under the Company's Employee Stock Option Schemes during the quarter ended 31st March, 2024. Consequently, the issued and paid-up Share Capital of the Company stands increased tot 1248,47,21,471/- as on 31st March, 2024.

  4. The National Company Law Tribunal, Kolkata Bench, vide Order dated 22nd April, 2024, has directed to convene a Meeting of the Ordinary Shareholders of the Company on Thursday, 6th June, 2024 for the purpose of considering, and if thought fit, approving the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited (ITCHL) and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Business into ITCHL.

Further, expenses aggregating t 2.05 Crores incurred during the quarter (quarter ended 31.12.2023 - � 5.52 Crores and twelve months ended 31.03.2024 - t 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

  1. The Company on 11th March, 2024 acquired 2,356 Compulsorily Convertible Preference Shares of t 10/- each of Sproutlife Foods Private Limited (Sproutlife), an associate company, consequent to which the Company's shareholding in Sproutlife aggregated 44.74% of its share capital on a fully diluted basis.

  2. The Company on 22nd March, 2024 acquired from Russell Credit Limited, a wholly owned subsidiary, 36,26,633 Equity Shares oft 10/- each of International Travel House Limited (ITHL), an associate company, and 90,000 Equity Shares oft 100/- each of Maharaja Heritage Resorts Limited (MHRL), a joint venture company, at their respective book values. Consequently, the Company's shareholding in ITHL and MHRL aggregated 48.96% and 50%, respectively, of their paid-up share capital.

  3. The Board of Directors of the Company have recommended to the Members for their approval, Final Dividend of t 7.50 per Ordinary Share oft 1/- each for the financial year ended 31st March, 2024 (previous year: Final Dividend oft 6.75 per Ordinary Share and Special Dividend oft 2.75 per Ordinary Share). Together with the Interim Dividend of t 6.25 per Ordinary Share (previous year: t 6.00 per Ordinary Share) paid on 27th February, 2024, the total Dividend for the financial year ended 31st March, 2024 amounts to t 13.75 per Ordinary Share (previous year:

t 12.75 per Ordinary Share and Special Dividend of� 2.75 per Ordinary Share). Total cash outflow on account of Dividend (including Interim Dividend oft 7799.45 crores paid in February, 2024) will bet 17162.99 crores.

The Record Date fixed for the purpose of determining entitlement of the Members for the Final Dividend is Tuesday, 4th June, 2024 and such Dividend, if declared, will be paid between Monday, 29th July, 2024 and Wednesday, 31st July, 2024 to those Members entitled thereto.

  1. The 113th Annual General Meeting of the Company has been convened for Friday, 26th July, 2024.

  2. Figures presented as " ... " are below the rounding off norm adopted by the Group.

  3. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015.

ITC LIMITED

Segment-wise Revenue, Results, As ets and Liabilities for the Quarter and Twelve Months ended 31st March, 2024


( in Crores)
( in Crores)
( in Crores)
( in Crores)
( in Crores)
Pariculars CONSOLIDATED
Corresponding 3 Preceding 3
3 Months
Months
Months
Twelve Months
ended
ended
ended
ended
31.03.2024'
31.03.2023'
31.12.2023
31.03.2024
(Audited)
(Audited)
(Unaudited)
(Audited)

Twelv Months
ended
31.03.2023
(Audited)
Corresponding 3 Preceding 3

Months
Months

ended
ended
31.03.2023'
31.12.2023
(Audited)
(Unaudited)
(Audited) (Audited)
(Audited)
1.
Segment Revenue
a)
FMCG- Cigarettes
- Other
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
e)
Others
Total
Less : Inter-segment revenue
Grss Revenue from sale of products and serices
2.
Segment Results
a)
FMCG - Cigarettes
- Others
TotalFMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
e)
Other
Total
Less:
i)
Finance costs
ii)
Other un-allocble (income) net of
un-allocable expenditure [Note(i)]
iii)
Exceptional items •
Add:
i)
Share of Profit/ (Loss) of associates and
joint ventures		 8688.92
8082.26
8295.18
5307.94
4951.17
5218.25		 33667.97
21002.15
31267.46
19153.09
1399.86
13033.43
13513.43		 5670.12
3103.39
16124.43
8344.41
3651.14
5420.55
2689.12
18443.39
9081.35
3262.73
931.03
808.72
872.46
3136.43
3607.30
3273.23
2072.86
2221.01
2080.91
967.80
868.29
950.04
21104.98
20538.75
20690.07		 85893.49
83897.14
1813.58
1739.57
1352.23
19291.40
18799.18
19337.84
5157.57
4915.68
4966.57
479.84
503.73
433.80		 9618.51
8070.56
76274.98
20071.04
1789.91
75826.58
18882.59
1386.49
537.41
519.41
500.37		 21860.95
20269.08



264.22
204.90
233.47
186.52
304.55
380.66
291.06
444.98
295.22
181.30
143.12
177.15		 764.94
1278.33
1372.34
600.14
557.31
1380.21
2293.95
534.62
6560.51
6516.96
6486.87		 25876.70
25035.17
12.59
12.15
13.60
(288.10)
(255.29)
(214.33)
2.05
(72.87)
5.52
3.49
17.57
6.01		 45.96

(1289.10)
7.57
27.61
43.20
(801.24)
(72.87)
49.04
Proft Before Tax 6837.46
685.5
6688.09		 27139.88
25915.12

3.
Segment Assets
a)
FMCG - Cigarettes
- Others
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
e)
Ot�ers
Total
Unallocated Corporate Assets
9751.86
7913.36
9479.95
12592.81
12059.55
12936.60		 9751.86
12592.81
7913.36
12059.55
2234.67
19972.91
22416.55
8765.18
7896.45
8448.08
5850.07
4836.69
5071.05
9596.76
9195.24
9264.58
3496.86
3090.47
3451.94
19972.91
22416.55		 22344.67
19972.91
8765.18
5850.07
9596.76
3496.86
7896.45
4836.69
9195.24
309.47
5 53.5
44991.76
4652.20
41772.62
40891.22
43077.46		 5 53.5
41772.62

44991.76
40891.22
Total Assets 91826.16
85882.98
91729.66		 91826.16
5442.84
2491.34
85882.98
5239.34
2338.08
4.
Segment liabilities
a)
FMCG- Cigarettes
- Others
Total FMCG
b)
Hotels
c)
Agri Business
d)
Paperboards, Paper & Packaging
e)
Others
Total
Unallocated Corporate Liabilities		 5442.84
5239.34
5467.66
2491.34
2338.08
2493.52
793.18
7577.42		 7961.18 793.18
7577.42
1159.06
920.30
1467.72
1750.62
1287.23
1315.18
1252.50
1210.08		 1118.23
1094.50
1294.28
1241.19
12709.38
3575.98
1159.06
1467.72
1287.23
1252.50
920.30
1750.62
1315.18
1210.08
13100.69
12773.60
3835.50
3570.59		 13100.69
3835.50		 12773.60
3570.59
Total Liabilities 16936.19
1634.19		 16285.36 16936.19 16344.19

# The figures of 3 months ended 31.03.2024 and corresponding 3 months ended 31.03.2023 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years, which were subjected to limited review.

• Refer note 4 to the Consolidated Financial Results

Note (i): As stock options and stock appreciation linked reward units are granted under the ITC Employee Stock Option Schemes (ITC ESOS) and ITC Employee Cash Settled Stock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Committee.

ITC Limited

ITC Limited
I in Crores)
Balance Sheet
Paricular
CONSOLIDATED
As at
31st March 2024		 As at
31st March 2023
(Audited) (Audited)

A
ASSETS
1
Non-current assets
(a)
Property, Plant and Equipment
23082.33
(b)
Capital work-in-progress
2851.14
(c)Investment Property
340.93
(d)
Goodwill
779.73
(e)
Other Intangible assets
2678.11
(f)
Intangible assets under development
9.64
(g)
Right-of-use assets
939.12
(h)
Investment acounted for using the equity method
549.73
(i)
Financial Assets
(i) Investments
17619.87
(ii) Loans
4.05
(iii) Others
408.99
0)
Deferred tax assets (Net)
72.19
(k)
Income Tax Assets (Net)
44.93
(I)
Other non-current assets
1379.86
Non-current assets
50760.62
2
Current assets
(a)
Inventories
14152.88
(b)
Biologicl assets other than bearer plants
150.00
(c)
Financial Assets
(i) Investments
12944.42
(ii) Trade recivables
4025.82
(iii) Cash and cash equivalents
625.89
(iv) Other Bank Balances
6591.79
(v) Loans
9.81
(vi) Others
1181.74
(d)
Other current assets
1383.19
Current assets
41065.54
Total A et
91826.16
B
EQUITY AND LIABILITIES
Equity
(a)
Equity Share cpital
1248.47
(b)
Other Equity
73258.53
Atributable to the owner of the parent
74507.00
Non-controlling interests
382.97
Total Equit
74 9.97
LIABILITIES
1
Non-current liabilities
(a)
Financial Liabilities
(i) Borrowings
1.76
(ii) Lease liabilities
230.61
(iii) Other financial liabilities
433.96
(b)
Provisions
288.30
(c)
Deferred tax liabilities (Net)
2141.44
(d)
Other non-current liabilities
149.72
Non-current liabilities
3245.79
2
Current liabilities
(a)
Financial Liabilities
(i) Borrowngs
9.52
(ii) Lease liabilities
61.54
(iii) Trade payables
Total outstanding dues of micro enterprises and
207.23
small enterprises
Total outstanding dues of creditors other than micro
4590.60
enterprises and small enterprises
(iv) Other financial liabilities
2179.00
(b)
Other current liabilities
5594.72
(c)
Provisions
106.91
(d)
Current Tax Liabilities (Net)
940.88
Current liabilities
13690.40
Totl Equit and Liabilitis
91826.16
23082.33
2851.14
340.93
779.73
2678.11
9.64
939.12
549.73
17619.87
4.05
408.99
72.19
44.93
1379.86
21117.08
2984.71
352.26
779.73
2727.32
18.59
874.88
337.59
11844.57
5.48
3739.75
52.02
66.16
1311.95
4212.09
11771.16
142.97
17232.86
2956.17
463.35
4416.84
7.12
1118.67
1561.75
39670.89
85882.98
1248.47
73258.53

74507.00		 1242.80
67912.46
69155.26
382.97 383.53

74 9.97		 69538.79
1.76
230.61
433.96
288.30
2141.44
149.72		 3.49
213.37
416.87
259.21
1629.00
82.84

3245.79
9.52
61.54
207.23
4590.60
2179.00
5594.72
106.91
940.88		 2604.78
35.32
53.86
137.88
4521.11
2407.71
5571.35
100.56
911.62

**13690.40 **		 13739.41

91826.16		 85882.98

ITC Limited

Consolidated Statement of Cash Flows for the year ended 31st March, 2024

ITC Limited
Consolidated Statement of Cash Flows for theyear ended 31st March, 2024
For the year ended
31st March, 2024
1, in Croresl		 For the year ended
31st March, 2023
"InCroresl
A. Cash Flow from Operating Activities
PROFIT BEFORE TAX
ADJUSTMENTS FOR :
Depreciation and amortization expense
Share based payments to employees
Finance costs
Interest Income
Dividend Income
(Gain)/Loss on sale of propery, plant and equipment, lease termination - Net
Inventory write-offs/ write-downs (net of reversals)
Doubtful and bad debts
Doubtful and bad advances, loans and deposits
Impairment of investment in joint venture
Gain recognised on divestment of shares held in joint venture
Share of (profit) / loss of associates and joint ventures
Net gain arising on financial instruments measured at amorised cost/ mandatorily
measured at fair value through profit or loss
Foreign currency translations and transactions - Net
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
ADJUSTMENTS FOR :
Trade receivables, advances and other assets
Inventories and biological assets other than bearer plants
Trade payables, other liabilities and provisions
CASH GENERATED FROM OPERATIONS
Income tax paid (net of refunds)
NET CASH FROM OPERATING ACIVITIES
B. Cash Flow from Investing Activities
Purchase of property, plant and equipment, intangibles, ROU asset, etc.
Sale of property, plant and equipment
Purchase of current investments
Sale/redemption of current investments
Payment towards contingent purchase consideration
Investment in associates
Purchase of non-current investments
Sale/redemption of non-current investments
Advance received towards divestment of shares held in joint venture
Dividend received from associates and joint venture
Dividend received from others
Interest received
Investment in bank deposits (original maturity more than 3 months)
Redemption/ maturity of bank deposits (original maturity more than 3 months)
Investment in deposit with housing finance company
Redemption/ maturity of deposit with housing finance company
Loans given
Loans realised
NET CASH FROM/ (USED IN) INVESTING ACTIVITIES
c.
Cash Flow from Financing Activities
Proceeds from issue of share capital
Proceeds from current borrowings
Repayment of non-current borrowings
Principal payment of lease liabilities
Interest paid
Net increase in statutory restricted accounts balances
Dividend paid
Dividend distribution tax refund received
NET CASH USED IN FINANCING ACTIVmES
NET INCREASE IN CASH AND CASH EQUIVALENTS
OPENING CASH AND CASH EQUIVALENTS
CLOSING CASH AND CSHEQUIVALENTS		 1816.39
107.30
45.96
(1710.51)
(11.13)
(57.04)
156.12
14.81
24.61
0.06
(9.84)
(27.61)
(840.17)
(13.38)
(933.64)
(2544.87)
141.48
(3562.53)
107.48
(72237.17)
75201.73
-
(65.04)
(2870.12)
2627.78
-
24.52
11.13
1138.35
(4612.10)
5800.00
-
-
(12.55)
11.29
1442.83
8.00
(1.57)
(66.89)
(46.25)
12.12
(19899.20)
-		 27139.88
!504.43]
26635.45
!3337.03]
23298.42
{6119.56)
17178.86
1562.77
(18550.96)
190.67
405.91
596.58		 1809.01
60.41
43.20
(1534.00)
(0.02)
4.40
157.33
5.96
0.75
1.42
-
(49.04)
(393.97)
31.37
(884.21)
(1097.87)
1057.93
(2742.99)
49.17
(78483.49)
73172.80
(63.75)
(1.88)
(2448.96)
4057.60
56.00
18.56
0.02
1323.74
(8904.33)
6754.44
(3520.00)
SOOD.OD
(8.56)
9.34
2477.39
-
(0.73)
(59.11)
(41.42)
14.94
(15417.53)
20.43		 25915.12
136.82
26051.94
(924.15)
25127.79
(6250.24)
18877.55
(5732.29)
(13006.03)
139.23
266.68
405.91

Notes:

1. The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS - 7 "Statement of Cash Flows".

2. CASH AND CASH EQUIVALENTS : As at As at
31st March, 2024 31st March, 2023
Cash and cash equivalents as above 596.58 405.91
Unrealised gain/ (loss) on foreign currency cash and cash equivalents 29.31 23.48
Cash credit facilities 33.96
Cash and cash equivalents 625.89 463.35

3. Net Cash Flow from Operating Activities includes an amount of" 450.50 Crores (2023-"341.23 Crores) spent towards Corporate Social Responsibility.

Notes:

(1) The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following :

FMCG Cigarettes Cigarettes, Cigars etc. Others Branded Packaged Foods Businesses (Staples & Meals; Snacks; Dairy & Beverages; Biscuits & Cakes; Chocolates, Coffee & Confectionery); Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis. Hotels Hoteliering. Paperboards, Paper & Packaging Paperboards, Paper including Specialty Paper & Packaging including Flexibles. Agri Business Agri commodities such as wheat, rice, spices, coffee, soya, and leaf tobacco. Others Information Technology services, Branded Residences etc.

(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.

(4) Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period. Registered Office : Virginia House, 37 J.L. Nehru Road, For and on behalf of the Board Kolkata 700 071, India Dated : 23rd May, 2024 Chairman & Managing Director Place : Kolkata, India (DIN : 00280529) bsite: www.itcportal.com I E-mail: endurin value itc.in I Phone: +91-33-2288 9371 Fax: +91-33-2288 0655 CIN: L 16005WB1910PLC001985

A EJKluring V11h1e ITC Limited

EJKlurng V1h1e
ITC Limited		 EJKlurng V1h1e
ITC Limited		 EJKlurng V1h1e
ITC Limited		 EJKlurng V1h1e
ITC Limited		 EJKlurng V1h1e
ITC Limited
Extract of Audited Standalone and Consolidated Financial Results for the Quarter and Twelve Months ended 31st March, 2024
(fin Crores)
Standalone
Consolidated
SI. No.
Pariculars
3 Months
Twelve Months
Corresponding
3 Months
Twelve Months
Corresponding
ended
ended
3 Months ended
ended
ended
3 Months ended
31.03.2024
31.03.2024
31.03.2023
31.03.2024
31.03.2024
**31.03.2023 **
Standalone
3 Months
Twelve Months
Corresponding
ended
ended
3 Months ended
31.03.2024
31.03.2024
31.03.2023
SI. No.
Pariculars		 3 Months
ended
31.03.2024
1
Total Income from Operations
2
Net Profit / (Loss) for the period (before tax and Exceptional items)
3
Net Profit/ (Loss) for the period before tax (after Exceptional items)
4
Net Profit / (Loss) for the period after tax (after Exceptional items)
5
Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period
(after tax) and Other Comprehensive income (after tax)]
6
Equity Share Capital
7
Reseres (excluding Revaluation Resere)
8
Earnings Per Share (on' 1/- each) (not annualised):
1. Basic(f):
2. Diluted (f:		 18551.46
73643.57
18252.38
6533.75
26323.34
6521.93
6531.70
26315.77
6594.80
5020.20
20421.97
5086.86
6545.20
22703.03
4958.96
1248.47
1248.47
1242.80
70984.83
4.02
16.39
4.10
4.02
16.35
4.08
20130.32

6839.51

6837.46

5190.71

7213.27

1248.47

4.10

4.10
79568.33

27147.45

27139.88

20751.36

23707.02

124807
73258.53

16.42
16.38
19667.94

6777.67

6850.54

5242.59

5270.36

1242.80


4.17

4.15

Note:

a) The above is an extract of the detailed format of the Statements of Audited Standalone and Consolidated Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited Financial Results and Segment Results were reviewed by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 23rd May, 2024. It is confirmed that the Statutory Auditors of the Company, Mis S R B C & CO LLP, Chartered Accountants, have issued Audit Reports with unmodified opinion on the said Standalone and Consolidated Financial Results. The full format of the Statements of Audited Standalone and Consolidated Financial Results are available on the Company's website (www.itcportal.com) and on the websites of the National Stock Exchange of India Limited (www.nseindia.com), BSE Limited (www.bseindia.com) and The Calcutta Stock Exchange Limited (www.cse-india.com).

b) The National Company Law Tribunal, Kolkata Bench, vide Order dated 22nd April, 2024, has directed to convene a Meeting of the Ordinary Shareholders of the Company on Thursday, 6th June, 2024 for the purpose of considering, and if thought fit, approving the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited (ITCHL) and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Business into ITCHL.

Further, expenses aggregating f 2.05 Crores incurred during the quarter (twelve months ended 31.03.2024 -f 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

c) The Board of Directors of the Company have recommended to the Members for their approval, Final Dividend off 7.50 per Ordinary Share off 1/- each for the financial year ended 31st March, 2024 (previous year: Final Dividend off 6.75 per Ordinary Share and Special Dividend off 2.75 per Ordinary Share). Together with the Interim Dividend off 6.25 per Ordinary Share (previous year: f 6.00 per Ordinary Share) paid on 27th February, 2024, the total Dividend for the financial year ended 31st March, 2024 amounts to f 13. 75 per Ordinary Share (previous year: f 12. 75 per Ordinary Share and Special Dividend of Rs. 2.75 per Ordinary Share). Total cash outflow on account of Dividend (including Interim Dividend off 7799.45 crores paid in February, 2024) will be f 17162.99 crores.

The Record Date fixed for the purpose of determining entitlement of the Members for the Final Dividend is Tuesday, 4th June, 2024 and such Dividend, if declared, will be paid between Monday, 29th July, 2024 and Wednesday, 31st July, 2024 to those Members entitled thereto.

d) Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

Registered Office Virginia House, 37 J.L. Nehru Road, Kolkata 700 071, India

Dated : 23rd May, 2024 Place : Kolkata, India

==> picture [107 x 63] intentionally omitted <==

For and on behalf of the Board �/ Chairman & Managing Director (DIN : 00280529)

Website: www.itcportal.com I E-mail: [email protected] I Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I GIN: L 16005WB1910PLC001985

SR BC & CO LLP Chartered Accountants

22, Camac Street 3rd Floor, Block 'B' Kolkata • 700 016, India Tel : +91 33 6134 4000

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of ITC Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of ITC Limited (the "Company") for the quarter ended March 31, 2024 and for the year ended March 31, 2024 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

  • is presented in accordance with the requirements of the Listing Regulations in this regard; and

  • ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2024 and for the year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;'·�--•.· . _ ---.-

& Co < � 1-(.olkata � «>Sc,

SR BC & co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318

SR BC & CO LLP Chartered Accountants

ITC Limited Page 2 of 3

selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

  • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists,..--,.·,-.we are required to draw attention in our auditor's report to the related disclosures in the

& Co < � Kolkata � , �ge,

SR BC& CO LLP Chartered Accountants

ITC Limited Page 3 of 3

financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure between the audited figures in respect of the full financial year fancied March 31, 2024 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were- subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP

Chartered ccountants

ICAI Firm egistration Number: ' 324982E/E�00003

perA 1 Partner Membership No.: 89802

UDIN: 24089802BKEJFC2337 Place: Kolkata Date: May 23, 2024

==> picture [75 x 74] intentionally omitted <==

22, Camac Street 3rd Floor, Block 'B' Kolkata - 700 016, India

SR BC& CO LLP Chartered Accountants

Tel : +91 33 6134 4000

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of ITC Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of ITC Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended March 31, 2024 and for the year ended March 31, 2024 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements/ financial information of the subsidiaries, associates and joint ventures, the Statement:

  • i. includes the results of the entities as mentioned in Annexure 1;

  • ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and

  • iii. gives a true· and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2024 and for the year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, its associates and joint ventures in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide .a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other "'·-- ,,,. comprehensive income and other financial information of the Group including its associat and joint ventures in accordance with the applicable accounting standards prescribed u e?r.

"'·-- ,,,. ::::::[·-] �::::::-.... c & c e?r. r-­ ! Kolkata ;; s

SR 8 C & CO LLP, a Limited Liability Partnership with LLP Identity No. AA8·4318

SR BC& CO LLP Chartered Accountants

ITC Limited Page 2 of 6

section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included· in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of their respective companies.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

==> picture [73 x 74] intentionally omitted <==

  • Evaluate the appropriateness of accounting policies used and the reasonableness accounting estimates and related disclosures made by the Board of Directors.

SR BC & CO LLP Chartered Accountants

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  • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its associates and joint ventures of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of:

  • twenty-four subsidiaries, whose financial statements include total assets of Rs. 8,009.91 crores as at March 31, 2024, total revenues of Rs. 1,065.40 crores and Rs. 3,666.49 crores, total net profit after tax of Rs. 205.44 crores and Rs. 573.98 crores, total comprehensive income of Rs. 733.50 crores and Rs. 1,249.51 crores, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 43.60 crores for the year ended March 31, 2024, as considered in the Statement which have been audited by their respective independent auditors. & Co 0: < <fl Kolkata � �sc

SR BC& CO LLP Chartered Accountants

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  • nine associates and three joint ventures, whose financial statements include Group's share of net profit of Rs. 3.49 crores and Rs. 27.61 crores and Group's share of total comprehensive income of Rs. 8.55 crores and Rs. 42.82 crores for the quarter and for the year ended March 31, 2024 respectively, as considered in the Statement whose financial statements and other financial information have been audited by their respective independent auditors.

The independent auditor's report on the financial statements/financial information of these entities have· been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and associates is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Certain of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP Chartered A countants ICAI Firm istration Number: 324982E/E300003 per A Partner Membership No.: 89802 UDIN: 24089802BKEJFE9821 Place: Kolkata Date: May 23, 2024

SR BC & CO LLP Chartered Accountants

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Annexure-1

List of subsidiaries/associates/joint ventures

Subsidiaries

S. No.
1		 S. No.
1		 Name
Russell Credit Limited
Greenacre Holdings Limited*
WelcomHotels Lanka (Private) Limited
Technico Agri Sciences Limited
Prag Agro Farm Limited		 Name
Russell Credit Limited
Greenacre Holdings Limited*
WelcomHotels Lanka (Private) Limited
Technico Agri Sciences Limited
Prag Agro Farm Limited
2
3
4
5
6
7
8
9
10		 Pavan Poplar Limited
ITC lnfotech India Limited
ITC lnfotech Do Brasil LTDA.
ITC lnfotech Limited, UK
ITC lnfotech (USA), Inc.*
11 lndivate Inc.*
12
13
14

ITC infotech GmbH
ITC lnftech France SAS
ITC lnfotech Malaysia Sdn. Bhd *
15 ITC lnfotech de Mexico, S.A. de C.V. (w.e.f. April 17, 2023)
ITC lnfotech Arabia Limited (w.e.f. December 17, 2023)
Landbase India Limited
16
17
18

Bay Islands Hotels Limited
19 Technico Pty Limited
20
21
22
23
24
25		 Technico Technologies Inc.*




Technico Asia Holdings Pty Limited*
Technico Horticultural (Kunming) Co. Limited*
ITC Integrated Business Services Limited
MRR Trading & Investment Company Limited*
Fortune Park Hotels Limited

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26 Gold Flake Corporation Limited
Surya Nepal Private Limited
27
28 Surya Nepal Ventures Pvt. Ltd. (w.e.f. July 03, 2023)*
North East Nutrients Private Limited
Wimco Limited
Srinivasa Resorts Limited
ITC lndiVision Limited
ITC Fibre Innovations Limited
ITC Hotels Limited (w.e.f. July 28, 2023)
29
30
31
32
33
34

*Represents step-dow,n subsidiaries

Associates

S. No. Name
1 Gujarat Hotels Limited
2 International Travel House Limited#
3 ATC Limited #
4 Divya Management Limited #
5 Antrang Finance Limited #
6 Russell Investments Limited #
7 Delectable Technologies Private Limited
8 Mother Sparsh Baby Care Private Limited
9 Sproutlife Foods Private Limited (w.e.f. May 04, 2023)

Represents associate of subsidiaries

Joint Ventures

S. No. Name
1
2		 Maharaja Heritage Resorts Limited
Logix Developers Private Limited
ITC Filtrona Limited
A
3

~~A~~ Joint venture of a subsidiary

==> picture [75 x 74] intentionally omitted <==

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