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

24th October, 2019

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

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

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

Dear Sirs,

Unaudited Financial Results for the Quarter and Six Months ended 30thSeptember, 2019

Further to our letter dated 10thOctober, 2019, 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 at the meeting held today i.e. 24thOctober, 2019:

(i) Unaudited Financial Results of the Company, both Standalone and Consolidated, for the Quarter and Six Months ended 30thSeptember, 2019;
(ii) Unaudited Segment-wise Revenue, Results, Assets and Liabilities of the Company, both Standalone and Consolidated, for the Quarter and Six Months ended 30th September, 2019;
(iii) Unaudited Cash Flow Statement, both Standalone and Consolidated, for the Six Months ended 30th September, 2019;
(iv) Unaudited Balance Sheet, both Standalone and Consolidated, as at 30th September, 2019; and
(v) Limited Review Reports from the Statutory Auditors, Messrs. S R B C & CO LLP, on the aforesaid Standalone and Consolidated Financial Results.

The meeting commenced at 12 noon and concluded at 5.00 p.m.

Yo is faithfully, ITC' imit-d

IP I

(R. K. "nghi) Executive Vice President & Company Secretary

Encl. as above.

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

Statement of Unaudited Standalone Financial Results for the Quarter and Six Months ended 30th September, 2019

							(Z in Crores)
			Corresponding 3	Preceding			Twelve
Particulars		3 Months	Months	3 Months	6 Months	6 Months	Months
		ended	ended	ended	ended	ended	ended
		30.09.2019	30.09.2018	30.06.2019	30.09.2019	30.09.2018	31.03.2019
		(Unaudited)		(Unaudited) (Unaudited) (Unaudited) (Unaudited)			(Audited)
Gross Revenue from sale of products and services	(I)	11750.16	11094.89	11361.35	23111.51	21817.11	45221.41
Other operating revenue	(ii)	121.31	177.62	141.47	262.78	329.99	562.98
REVENUE FROM OPERATIONS[(i)+(ii)]	1	11871.47	11272.51	11502.82	23374.29	22147.10	45784.39
OTHER INCOME	2	654.33	504.12	620.17	1274.50	907.97	2484.54
TOTAL INCOME (1+2)	3	12525.80	11776.63	12122.99	24648.79	23055.07	48268.93
EXPENSES
a)Cost of materials consumed		3408.42	3381.90	3098.29	6506.71	6434.82	13184.97
b)Purchases of stock-in-trade		742.32	876.09	1816.23	2558.55	2130.47	4300.32
c)Changes in inventories of finished goods, stock-in-trade, work-inprogress and intermediates		330.98	21.68	(774.66)	(443.68)	(176.24)	(180.14)
d)Employee benefits expense		632.26	596.31	690.31	1322.57	1339.28	2728.44
e)Finance costs		13.33	13.50	15.22	28.55	20.84	34.19
f)Depreciation and amortization expense		395.67	327.47	358.89	754.56	626.16	1311.70
g)Other expenses		2195.12	2190.56	2106.97	4302.09	4010.68	8445.29
TOTAL EXPENSES	4	7718.10	7407.51	7311.25	15029.35	14386.01	29824.77
PROFIT BEFORE TAX (3-4)	5	4807.70	4369.12	4811.74	9619.44	8669.06	18444.16
TAX EXPENSE (Refer Note 4)	6	784.60	1414.45	1637.80	2422.40	2895.71	5979.84
a)Current Tax		950.76	1340.09	1563.38	2514.14	2737.61	5849.24
b)Deferred Tax		(166.16)	74.36	74.42	(91.74)	158.10	130.60
PROFIT FOR THE PERIOD (5-6)	7	4023.10	2954.67	3173.94	7197.04	5773.35	12464.32
OTHER COMPREHENSIVE INCOME	8	(43.37)	(200.12)	(213.01)	(256.38)	(121.70)	362.56
A (i) Items that will not be reclassified to profit or loss		(34.91)	(173.28)	(218.57)	(253.48)	(77.24)	358.32
(ii) Income tax relating to items that will not be reclassified to profit orloss		2.27	(8.52)	2.23	4.50	(10.33)	3.69
B (i) Items that will be reclassified to profit or loss		(15.46)	(28.17)	5.12	(10.34)	(52.47)	0.85
(ii) Income tax relating to items that will be reclassified to profit orloss		4.73	9.85	(1.79)	2.94	18.34	(0.30)
TOTAL COMPREHENSIVE INCOME (7+8)	9	3979.73	2754.55	2960.93	6940.66	5651.65	12826.88
PAID UP EQUITY SHARE CAPITAL	10	1228.65	1224.19	1225.86	1228.65	1224.19	1225.86
(Ordinary Shares of: 1/- each)RESERVES EXCLUDING REVALUATION RESERVES	11						56723.93
EARNINGS PER SHARE (oft 1/- each) (not annualised):	12
(a) Basic (?)		3.28	2.42	2.59	5.87	4.73	10.19
(b) Diluted (')		3.27	2.40	2.57	5.84	4.69	10.13

Notes :

1 The Unaudited Standalone Financial Results, Segment Results, Balance Sheet and Cash Flow Statement were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 24th October, 2019.

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 During the quarter ended 30th September, 2019, 2,78,58,610 Ordinary Shares of t 1/- each were issued and allotted under the Company's Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2019 stands increased to 1228,64,90,211/-.
4 The Company has exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Deferred Tax Liabilities (net) as at March 31, 2019 and the estimate of tax expense for the year ended 31st March, 2020 have been re-measured. The resultant impact is being recognised over the current and the remaining quarters of the financial year. Consequently, tax expense for the current quarter and six months ended 30th September, 2019 includes a credit of t 340.00 Crores.
5 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
6 The Company does not have any exceptional item to report for the above periods.

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six Months ended 30th September, 2019 which needs to be explained.

ITC Limited

	Balance Sheet		STANDALONE
Particulars			As atcurrent half year end30.09.2019	As atprevious year end31.03.2019
			(Unaudited)	(Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		18902.04	17945.65
	(b) Capital work-in-progress		2446.99	3391.47
	(c) Investment Property		385.37	-
	(d) Intangible assets		534.77	540.75
	(e) Intangible assets under development		4.32	9.89
	(g) Right of use assets		706.23	-
	(h) Financial Assets
	(i) Investments		13328.32	14071.45
	(ii) Loans		4.62	6.21
	(iii) Others		1078.85	2380.49
	(i)Other non-current assets		1453.713884512	1883.0540228.96
		Non-current assets
2	Current assets
	(a)Inventories		8940.92	7587.24
	(b)Financial Assets
	(i) Investments		12955.68	12506.55
	(ii) Trade receivables		3665.38	3646.22
	(iii) Cash and cash equivalents		165.01	162.71
	(iv) Other Bank Balances		2825.07	3606.02
	(v) Loans		4.35	5.02
	(vi) Others		1015.74812.42	1360.29694.91
	Other current assets(c)	Current assets	30384.57	29568.96

		Total Assets	69229.79	69797.92
B	EQUITY AND LIABILITIES
	Equity
	(a) Equity Share capital		1228.65	1225.86
	(b) Other Equity		55827.05	56723.93
		Equity	57055.70	57949.79
	LIABILITIES
1	Non-current liabilities
	(a) Financial Liabilities
	(i) Borrowings		7.89	7.89
	(ii) Lease liabilities		277.89	-
	(iii) Other financial liabilities		115.58	41.90
	(b) Provisions		137.04	132.64
	(c) Deferred tax liabilities (Net)	Non-current liabilities	1946.902485.30	2044.142226.57

2	Current liabilities
	(a) Financial Liabilities
	(i) Trade payables
	Total outstanding dues of micro enterprises		41.22	54.32
	and small enterprises
	Total outstanding dues of creditors other than		3444.74	3313.96
	micro enterprises and small enterprises
	(ii) Lease liabilities		64.18	-
	(iii) Other financial liabilities		1045.53	972.94
	(b) Other current liabilities		4719.54	4910.40
	(c) Provisions		29.09	25.24
	(d) Current Tax Liabilities (Net)	Current liabilities	344.499688.79	344.709621.56

		Total Equity and Liabilities	69229.79	69797.92

ITC Limited

Standalone Cash Flow Statement for the half year ended 30th September, 2019

			For the half year ended		(Tin CroresFor the half year ended
			30th September, 2019		30th September, 2018
A.	Cash Flow from Operating Activities
	PROFIT BEFORE TAX		9619.44		8669.06
	ADJUSTMENTS FOR:
	Depreciation and amortization expense	754.56		626.16
	Share based payments to employees	79.02		140.08
	Finance costs	28.55		20.84
	Interest Income	(725.65)		(617.78)
	Dividend Income	(69.26)		(64.83)
	Loss on sale of property, plant and equipment - Net	30.58		49.85
	Doubtful and bad debts	7.72		8.99
	Doubtful and bad advances, loans and deposits	(0.67)		1.89
	Net gain recognised on disposal of subsidiary			(1.53)
	Net (gain)/loss arising on investments mandatorily measured at fair value
	through profit or loss	(446.20)		(228.64)
	Foreign currency translations and transactions - Net	(3.32)	(344.67)	2.72	(62.25)
			9274.77		8606.81
	OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
	ADJUSTMENTS FOR :
	Trade receivables, loans, advances and other assets	2.57		(363.63)
	Inventories	(1353.68)		(696.93)
	Trade payables, other liabilities and provisions	(90.45)	(1441.56)	302.95	(757.61)
	CASH GENERATED FROM OPERATIONS		7833.21		7849.20
	Income tax paid		(2514.34)		(1916.84)
	NET CASH FROM OPERATING ACTIVITIES		5318.87		5932.36
B.	Cash Flow from Investing Activities
				(1388.84)
	Purchase of property, plant and equipment, Intangibles etc.	(1125.54)
	Sale of property, plant and equipment	20.39		1.69
	Purchase of current investments	(39988.20)		(38578.66)
	Sale/redemption of current investments	39625.31		38927.30
	Investment in subsidiary	(104.93)		(187.05)
	Purchase of non-current investments	(774.11)		(326.66)
	Redemption proceeds of non-current investments	1767.63		17.00
	Proceeds on disposal of subsidiary	-		2.01
	Dividend Income	9.04		9.13
	Interest received	744.73		655.84
	Investment in bank deposits(original maturity more than 3 months)	(883.48)		(604.33)
	Redemption / maturity of bank deposits(original maturity more than 3 months)	3185.60		1866.12
	Investment in deposit with housing finance companies	(548.49)		(61.12)
	Redemption / maturity of deposit with housing finance companies	699.15		536.42
	Loans given	(0.93)		(3.47)
	Loans realised	3.19		2.75
	NET CASH USED IN INVESTING ACTIVITIES		2629.36		868.13
C.	Cash Flow from Financing Activities
				657.06
	Proceeds from issue of share capital	517.95-		90.00
	Proceeds from current borrowings
	Repayment of lease liabilities	(20.54)
	Interest paid	(24.33)		(80.33)
	Net increase in statutory restricted accounts balances	3.19		15.63
	Dividend paid	(7048.71)		(6285.21)
	Income tax on dividend paid	(1373.52)		(1230.15)
	NET CASH USED IN FINANCING ACTIVITIES		(7945.96)		(6833.00)
	NET INCREASE! (DECREASE) IN CASH AND CASH EQUIVALENTS		2.27		(32.51)
	OPENING CASH AND CASH EQUIVALENTS		162.75		96.02
	CLOSING CASH AND CASH EQUIVALENTS		165.02		63.51
Note:	CASH AND CASH EQUIVALENTS :

	Cash and cash equivalents as above		165.02		63.51
	Unrealised gain / (loss) on foreign currency cash and cash equivalents		(0.01)		(0.03)
	Cash credit facilities		-		3.06
	Cash and cash equivalents		165.01		66.54

ITC LIMITED

Unaudited Segment-wise Revenue, Results, Assets and Liabilities for the Quarter and Six Months ended 30th September, 2019

					STANDALONE		in Crores
	Particulars	3 Monthsended30.09.2019	Corresponding 3Monthsended30.09.2018	Preceding 3Monthsended30.06.2019	6 Monthsended30.09.2019	6 Monthsended30.09.2018	Twelve Monthsended31.03.2019
		(Unaudited)		(Unaudited) (Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1.	Segment Revenue
	a)FMCG - Cigarettes- Others	5326.833288.31	5026.063160.35	5433.403060.05	10760.236348.36	10153.656030.38	20712.9512505.28
	Total FMCG	8615.14	8186.41	8493.45	17108.59	16184.03	33218.23
	b)Hotelsc)Agri Businessd)Paperboards, Paper & PackagingTotal	426.632647.521565.4213254.71	362.552219.731424.4612193.15	392.593611.231527.5314024.80	819.226258.753092.9527279.51	703.835371.002780.2925039.15	1665.459396.545860.1650140.38
	Less : Inter-segment revenue	1504.55	1098.26	2663.45	4168.00	3222.04	4918.97
	Gross Revenue from sale of products and services	11750.16	11094.89	11361.35	23111.51	21817.11	45221.41
2.	Segment Results
	a)FMCG - Cigarettes- Others [Note (i)]- Restructuring of Lifestyle RetailingBusiness	3844.4590.46	3579.0758.45	3849.1378.02-	7693.58168.48	7137.46108.57	14551.07315.7270.47
	Total FMCG	3934.91	3637.52	3927.15	7862.06	7246.03	14937.26
	b)Hotelsc)Agri Businessd)Paperboards, Paper & PackagingTotali)Less :Finance Costsii)Other un-allocable (income) net of	17.43249.42355.914557.6713.33	15.56236.07310.914200.0613.50	10.39202.95329.764470.2515.22	27.82452.37685.679027.9228.55	28.78430.58606.578311.9620.84	177.74776.631239.2317130.8634.19
	un-allocable expenditure [Note (ii)]	(263.36)	(182.56)	(356.71)	(620.07)	(377.94)	(1347.49)
	Profit Before Tax	4807.70	4369.12	4811.74	9619.44	8669.06	18444.16
3.	Segment Assets
	a)FMCG - Cigarettes- Others	8405.019568.16	8255.278488.58	8392.389536.33	8405.019568.16	8255.278488.58	8315.158093.09
	Total FMCG	17973.17	16743.85	17928.71	17973.17	16743.85	16408.24
	b)Hotelsc)Agri Businessd)Paperboards, Paper & PackagingTotal	6510.033873.396925.7635282.35	5793.133322.496979.3532838.82	6368.814626.166966.8235890.50	6510.033873.396925.7635282.35	5793.133322.496979.3532838.82	6016.283901.036966.6933292.24
	Unallocated Corporate Assets	33947.44	29813.85	38781.55	33947.44	29813.85	36505.68
	Total Assets	69229.79	62652.67	74672.05	69229.79	62652.67	69797.92
4.	Segment Liabilities
	a)FMCG - Cigarettes- Others	4650.752238.88	4408.372100.21	4980.182080.61	4650.752238.88	4408.372100.21	4720.752017.30
	Total FMCG	6889.63	6508.58	7060.79	6889.63	6508.58	6738.05
	b)Hotelsc)Agri Businessd)Paperboards, Paper & PackagingTotal	911.55816.96844.949463.08	600.31949.21871.528929.62	874.641019.28795.409750.11	911.55816.96844.949463.08	600.31949.21871.528929.62	608.42907.32755.909009.69
	Unallocated Corporate Liabilities	2711.01	3373.43	3960.35	2711.01	3373.43	2838.44
	Total Liabilities	12174.09	12303.05	13710.46	12174.09	12303.05	11848.13

Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter and six months ended 30.09.2019 is 221.02 Crores and 401.71 Crores respectively (quarter ended 30.09.2018 - t 158.84 Crores; quarter ended 30.06.2019 - 180.69 Crores; six months ended 30.09.2018 - 286.60 Crores and twelve months ended 31.03.2019 - 688.25 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 r ain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Corn ee.

'11.

'41/

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 :

: CigarettesFMCG	Cigarettes, Cigars etc.
: Others	Branded Packaged Foods Businesses (Staples & Meals; Snacks; Dairy & Beverages;Biscuits & Cakes; Chocolates, Coffee & Confectionery); Apparel; Education andStationery 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 soya, spices, coffee 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.

(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, Kolkata 700 071, India

For and on behalf of the Board

Dated : 24th October, 2019 Place : Kolkata, India

Director & ef Fina"ncia1 tfcer Chairman & Managing Director

Website: www.itcportal.comI E-mail: [email protected] Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I CIN : L16005WB1910PLC001985

Statement of Unaudited Consolidated Financial Results for the Quarter and Six Months ended 30th September, 2019

							? in Crores
Particulars		3 Monthsended30.09.2019	Corresponding3 Monthsended30.09.2018	Preceding3 Monthsended30.06.2019	6 Monthsended30.09.2019	6 Monthsended30.09.2018	TwelveMonthsended31.03.2019
		jUnaudited)		(Unaudited) (Unaudited) (Unaudited) (Unaudited)			(Audited)
Gross Revenue from sale of products and servicesOther operating revenueREVENUE FROM OPERATIONSW)+(ii)]OTHER INCOMETOTAL INCOME (1+2)	(i)(ii)123	12759.44107.9512867.39629.8813497.27	12018.61165.6712184.28474.3712658.65	12532.31125.5912657.90647.2913305.19	25291.75233.5425525.291277.1726802.46	23764.29301.8624066.15898.6524964.80	49348.43513.6849862.112173.7952035.90

EXPENSESa)Cost of materials consumedb)Purchases of stock-in-tradec)Changes in inventories of finished goods, stock-in-trade, work		3461.47720.74255.49	3449.89851.45(68.37)	3125.011796.40(736.73)	6586.482517.14(481.24)	6533.232078.69(231.05)	13403.014220.51(203.19)
in-progress and intermediatesd)Employee benefits expensee)Finance costsf)Depreciation and amortization expense		1035.9513.99415.84	947.9222.19349.28	1078.8714.58378.94	2114.8228.57794.78	2032.4630.09669.40	4177.8845.421396.61
g)Other expenses		255168	2576.83	2456.60	5008.28	4683.99	9857.54
TOTAL EXPENSES	4	8455.16	8129.19	8113.67	16568.83	15796.81	32897.78
PROFIT BEFORE TAX (3-4)TAX EXPENSE (Refer Note 4)a)Current Taxb)Deferred Tax	56	5042.11868.391029.68(161.29)	4529.461484.391409.2075.19	5191.521755.011680.4074.61	10233.632623.402710.08(86.68)	9167.993073.542919.56153.98	19138.126313.926191.62122.30
PROFIT FOR THE PERIOD (5-6)	7	4173.72	3045.07	3436.51	7610.23	6094.45	12824.20
SHARE OF PROFIT / (LOSS) OF ASSOCIATES AND JOINTVENTURES	8	0.97	1.94	4.46	5.43	4.29	11.70
PROFIT AFTER TAX, SHARE OF PROFIT OF ASSOCIATES ANDJOINT VENTURES (7+8)	9	4174.69	3047.01	3440.97	7615.66	6098.74	12635.90
OTHER COMPREHENSIVE INCOMEA (i) Items that will not be reclassified to profit or loss	10	(52.18)(43.21)	(218.16)(194.09)	(242.95)(236.29)	(295.13)(279.50)	(96.51)(90.85)	326.40383.04
(ii) Income tax relating to items that will not be reclassified to profitor loss		2.58	(7.25)	2.23	4.81	(9.06)	3.04
B (i) Items that will be reclassified to profit or loss		(16.28)	(26.67)	(7.10)	(23.38)	(14.94)	(59.38)
(ii) Income tax relating to items that will be reclassified to profit orloss		4.73	9.85	(1.79)	2.94	18.34	(0.30)
TOTAL COMPREHENSIVE INCOME (9+10)PROFIT FOR THE PERIOD ATTRIBUTABLE TO :	11	4122.51	2828.85	3198.02	7320.53	6002.23	13162.30
OWNERS OF THE PARENTNON-CONTROLLING INTERESTS		4119.1655.53	3003.9943.02	3355.0185.96	7474.17141.49	5978.55120.19	12592.33243.57
TOTAL COMPREHENSIVE INCOME FOR THE PERIODATTRIBUTABLE TO :
OWNERS OF THE PARENT		4067.27	2787.05	3112.06	7179.33	5883.26	12919.28
NON-CONTROLLING INTERESTS		55.24	41.80	85.96	141.20	118.97	243.02
PAID UP EQUITY SHARE CAPITAL(Ordinary Shares of? 1/- each)RESERVES EXCLUDING REVALUATION RESERVES	1213	1228.65	1224.19	1225.86	1228.65	1224.19	1225.8657915.01
EARNINGS PER SHARE (of? 1/- each) (not annualised):	14
(a) Basic (?)(b) Diluted (?)		3.353.34	2.462.44	2.742.72	6.096.06	4.904.86 _	10.3010.24

Notes :

1 The Unaudited Consolidated Financial Results, Segment Results, Balance Sheet and Cash Flow Statement were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 24th October, 2019.

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 During the quarter ended 30th September, 2019, 2,78,58,610 Ordinary Shares of ? 1/- each were issued and allotted under the Company's Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2019 stands increased to ?1228,64,90,211/-.

4 The Company and some of its subsidiaries have exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Deferred Tax Liabilities (net) as at March 31, 2019 and the estimate of tax expense for the year ended 31st March 2020 have been re-measured. The resultant impact is being recognised over the current and the remaining quarters of the financial year. Consequently, tax expense for the current quarter and six months ended 30th September, 2019 includes a credit of ? 349.62 Crores.

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

6 The Group does not have any exceptional item to report for the above periods.

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six months ended 30th September, 2019 which needs to be explained.

	ITC Limited

		CONSOLIDATED	Z in Crores
	Balance Sheet	As at	As at
		current half year end	previous year end
Particulars
		30.09.2019	31.03.2019
		(Unaudited)	(Audited)
A	ASSETS

1	Non-current assets(a) Property, Plant and Equipment	19586.52	18625.74
	(b) Capital work-in-progress	3261.90	4126.18
	(c) Investment Property	385.37	-
	(d) Goodwill on Consolidation	202.53	202.53
	(e) Other Intangible assets	538.75	545.92
	(f) Intangible assets under development	4.92	10.24
	(g) Right of use assets	1014.80	-
	(h) Financial Assets(i) Investments
	(a) Investment in Associates	147.90	157.26
	(b) Investment in Joint Ventures	120.24	121.86
	(c) Others	10551.17	11416.87
	(ii) Loans	6.71	8.34
	(iii) Others	1081.01	2385.17
	(i)Deferred tax assets (Net)	56.27	59.37
	(j)Income Tax Assets (Net)	32.101561.72	28.532363.13
	(k)Other non-current assetsNon-current assets	38551.91	40051.14

2	Current assets
	(a)Inventories	9290.12	7859.56
	Biological assets other than bearer plants(b)	100.77	84.41
	(c) Financial Assets
	(i) Investments	13719.89	13347.50
	(ii) Trade receivables	4074.59308.26	4035.28317.81
	(iii) Cash and cash equivalents(iv) Other Bank Balances	3479.71	3834.22
	(v) Loans	5.46	6.75
	(vi) Others	1256.56	1499.68
	(d)Other current assets	909.96	762.06
	Current assets	33145.32	31747.27

	Total AssetsEQUITY AND LIABILITIES	71697.23	71798.41
B
	Equity
	(a) Equity Share capital	1228.65	1225.86
	(b) Other Equity	57258.59	57915.01
	Attributable to the owners of the parent	58487.24	59140.87
		484.67	343.47
	Non-controlling interestsTotal Equity	58971.91	59484.34

	LIABILITIES

1	Non-current liabilities
	(a) Financial Liabilities
	(i) Borrowings	8.16	8.15
	(ii) Lease liabilities	226.00147.23	-73.41
	(it) Other financial liabilities(b) Provisions	167.94	161.95
	(c) Deferred tax liabilities (Net)	1956.01	2052.06
	(d) Other non-current liabilities	11.12	6.51
	Non-current liabilities	2516.46	2302.08

2	Current liabilities
	(a) Financial Liabilities(i) Borrowings	1.32	1.86
	(ii) Trade payables
	Total outstanding dues of micro enterprises and small
	enterprises	42.25	55.41
	Total outstanding dues of creditors other than micro
	enterprises and small enterprises	3582.03	3454.17
	(iii) Lease liabilities	63.88	-
	(iv) Other financial liabilities	1287.83	1187.16
	(b) Other current liabilities	4757.09	4838.32
	(c) Provisions	57.24417.22	51.38423.69
	(d) Current Tax Liabilities (Net)Current liabilities	10208.86	10011.99

	Total Equity and Liabilities	71697.23	71798.41

	ITC Limited
--	-------------

Consolidated Cash Flow Statement for the half year ended 30th September, 2019

				in Crores
		For the ha f year ended		For the half year ended
A. Cash Flow from Operating Activities		30th September, 2019		30th September, 2018
PROFIT BEFORE TAX		10239.06		9172.28
ADJUSTMENTS FOR :
Depreciation and amortization expense	794.78		669.40
Share based payments to employees	84.23		155.64
Finance costs	28.57		30.09
Interest Income	(769.89)		(656.10)
Dividend Income	(8.31)		(8.34)
Loss on sale of property, plant and equipment - Net	30.58-		49.22(1.53)
Net gain recognised on disposal of subsidiary	12.41		9.19
Doubtful and bad debtsDoubtful and bad advances, loans and deposits	(0.63)		1.90
Share of (profit)/loss of associates and joint ventures	(5.43)		(4.29)
Net (gain)/loss arising on investments mandatorily measured at Fair Value
through profit or loss	(461.81)		(234.36)
Foreign currency translations and transactions - Net	(7.43)	(302.93)	2.21	13.03
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES		9936.13		9185.31
ADJUSTMENTS FOR:
Trade receivables, loans, advances and other assets	(64.12)		(445.15)
Inventories and biological assets other than bearer plants	(1446.92)		(779.39)
Trade payables, other liabilities and provisions	48.42	(1462.62)	442.55	(781.99)
CASH GENERATED FROM OPERATIONS		8473.51		8403.32
Income tax paid		(2716.93)		(2069.76)
NET CASH FROM OPERATING ACTIVITIES		5756.58		6333.56

B. Cash Flow from Investing Activities
Purchase of property, plant and equipment, Intangibles etc.	(1251.60)		(1587.51)
Sale of property, plant and equipment	19.78		2.45
Purchase of current investments	(41309.42)		(39949.60)
Sale/redemption of current investments	41040.98		40281.91
Purchase of non-current investments	(774.11)		(326.66)
Redemption proceeds of non- current investments	1767.63		17.002.01
Proceeds on disposal of subsidiary	-8.34		4.97
Dividend from associates and joint venturesDividend from others	8.31		8.34
Interest received	768.18		682.46
Investment in bank deposits (original maturity more than 3 months)	(1392.20)		(985.88)
Redemption / maturity of bank deposits (original maturity more than 3 months)	3269.70		1919.86
Investment in deposit with housing finance companies	(675.53)		(61.15)
Redemption / maturity of deposit with housing finance companies	699.15		536.42
Loans given	(2.94)		(3.69)
Loans realised	5.86		2.96
NET CASH USED IN INVESTING ACTIVITIES		2182.13		543.89

C. Cash Flow from Financing Activities
Proceeds from issue of share capital	517.95		657.05
Proceeds from current borrowings	-		90.00
Repayment of current borrowings			(3.19)
Repayment of non-current borrowings	(0.07)		(0.03)-
Repayment of lease liabilities	(23.13)		(89.74)
Interest paidNet increase in statutory restricted accounts balances	(23.99)3.19		15.64
Dividend paid	(7048.71)		(6285.21)
Income tax on dividend paid	(1373.65)		(1230.28)
NET CASH USED IN FINANCING ACTIVITIES		(7948.41)		(6845.76)
NET INCREASE! (DECREASE) IN CASH AND CASH EQUIVALENTS		(9.70)		31.69
OPENING CASH AND CASH EQUIVALENTS		342.88		173.79
CLOSING CASH AND CASH EQUIVALENTS		333.18		205.48

Note :
CASH AND CASH EQUIVALENTS :
Cash and cash equivalents as above		333.18		205.48
Unrealised gain I (loss) on foreign currency cash and cash equivalents		(26.24)		(26.78)
Cash credit facilities		1.32		5.43
Cash and cash equivalents		308.26		184.13

ITC LIMITED Unaudited Segment-wise Revenue, Results, Assets and Liabilities for the Quarter and Six Months ended 30th September, 2019

								(T in Crores)
Particulars			3 Monthsended30.09.2019(Unaudited)	Corresponding 3Monthsended30.09.2018(Unaudited)	CONSOLIDATEDPreceding 3Monthsended30.06.2019(Unaudited)	6 Monthsended30.09.2019(Unaudited)	6 Monthsended30.09.2018(Unaudited)	Twelve Monthsended31.03.2019(Audited)

1.		Segment Revenue
	a)	FMCG - Cigarettes- Others	5841.913296.22	5469.863168.74	6141.923068.07	11983.836364.29	11218.726046.49	22913.2712535.04
		Total FMCG	9138.13	8638.60	9209.99	18348.12	17265.21	35448.31
	b)	Hotels	445.82	381.14	411.60	857.42	742.49	1746.74
	c)	Agri Business	2673.59	2247.59	3622.40	6295.99	5408.98	9565.39
	d)e)	Paperboards, Paper & PackagingOthers	1565.42540.18	1424.46493.11	1527.53523.22	3092.951063.40	2780.29962.64	5860.161966.62
		Total	14363.14	13184.90	15294.74	29657.88	27159.61	54587.22

		Less : Inter-segment revenue	1603.70	1166.29	2762.43	4366.13	3395.32	5238.79
		Gross Revenue from sale of products and services	12759.44	12018.61	12532.31	25291.75	23764.29	49348.43
2.		Segment Results
	a)	FMCG - Cigarettes	4036.44	3739.17	4145.75	8182.19	7563.77	15411.77
		- Others	92.04	60.45	79.89	171.93	114.87	325.55
		- Restructuring of Lifestyle RetailingBusiness		-		-	-	70.47
		Total FMCG	4128.48	3799.62	4225.64	8354.12	7678.64	15807.79
	b)	Hotels	17.01	17.32	9.82	26.83	32.19	185.69
	c)	Agri Business	249.40	239.84	201.78	451.18	433.28	793.38
	d)	Paperboards, Paper & Packaging	355.9177.01	310.9144.99	329.7668.82	685.67145.83	606.57110.17	1239.23172.45
	e)	Others
		Total	4827.81	4412.68	4835.82	9663.63	8860.85	18198.54
	Less :	i)Finance Costsii)Other un-allocable (income) net of	13.99(228.29)	22.19(138.97)	14.58(370.28)	28.57(598.57)	30.09(337.23)	45.42(985.00)
		un-allocable expenditure [Note]
	Profit Before Tax		5042.11	4529.46	5191.52	10233.63	9167.99	19138.12
3.		Segment Assets
	a)	FMCG - Cigarettes- Others	9013.449683.03	8864.698622.09	8913.869651.52	9013.449683.03	8864.698622.09	8863.698224.57
		Total FMCG	18696.47	17486.78	18565.38	18696.47	17486.78	17088.26
	b)	Hotels	7832.54	7003.19	7649.38	7832.54	7003.19	7302.46
	c)	Agri Business	4172.49	3608.59	4923.75	4172.49	3608.59	4191.18
	d)	Paperboards, Paper & Packaging	6917.79	6970.091021.01	6953.941004.27	6917.79999.92	6970.091021.01	6960.54901.55
	e)	OthersTotal	999.9238619.21	36089.66	39096.72	38619.21	36089.66	36443.99
		Unallocated Corporate Assets	33078.02	28937.16	37827.10	33078.02	28937.16	35354.42
	Total Assets		71697.23	65026.82	76923.82	71697.23	65026.82	71798.41
4.		Segment Liabilities
								4888.65
	a)	FMCG - Cigarettes- Others	4891.282223.78	4606.682101.07	5175.132076.42	4891.282223.78	4606.682101.07	2020.85
		Total FMCG	7115.06	6707.75	7251.55	7115.06	6707.75	6909.50
	b)	Hotels	888.07	649.97	846.63	888.07	649.97	637.39
	c)	Agri Business	784.00	910.33	929.40	784.00	910.33	785.36
	d)e)	Paperboards, Paper & PackagingOthers	844.82298.53	870.44285.78	794.94310.02	844.82298.53	870.44285.78	755.48296.42
		Total	9930.48	9424.27	10132.54	9930.48	9424.27	9384.15
		Unallocated Corporate Liabilities	2794.84	3457.83	4058.24	2794.84	3457.83	2929.92
	Total Liabilities		12725.32	12882.10	14190.78	12725.32	12882.10	12314.07

Note: 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 a d 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.

Notes:

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

Registered Office : Virginia House, 37 J.L. Nehru Road, For and on behalf of the Board Kolkata 700 071, India

Dated : 24th October, 2019 Place : Kolkata, India Director & hief Financ• icer Chairman & Managing Director

Website: www.itcportal.comI E-mail: [email protected] Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I CIN L16005WB1910PLC001985

	Extract of Unaudited Standalone and Consolidated Financial Results for the Quarter and Six Months ended 30th September, 2019
							(T In Crores)
		Standalone			Consolidated
SI. No.	Particulars	3 Months	6 Months	Corresponding	3 Months	6 Months	Corresponding
		ended	ended	3 Months ended	ended	ended	3 Months ended
		30.09.2019	30.09.2019	30.09.2018	30.09.2019	30.09.2019	30.09.2018
1	Total Income from Operations	12525.80	24648.79	11776.63	13497.27	26802.46	12658.65
2	Net Profit / (Loss) for the period (before tax and Exceptional items)	4807.70	9619.44	4369.12	5042.11	10233.63	4529.46
3	Net Profit / (Loss) for the period before tax (after Exceptional items)	4807.70	9619.44	4369.12	5042.11	10233.63	4529.46
4	Net Profit / (Loss) for the period after tax (after Exceptional items)	4023.10	7197.04	2954.67	4174.69	7615.66	3047.01
5	Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period(after tax) and Other Comprehensive Income (after tax)]	3979.73	6940.66	2754.55	4122.51	7320.53	2828.85
6	Equity Share Capital	1228.65	1228.65	1224.19	1228.65	1228.65	1224.19
7	Earnings Per Share (of Z 1/- each) (not annualised):
	1. Basic (!):	3.28	5.87	2.42	3.35	6.09	2.46
	2. Diluted (Z):	3 27	5.84	2.40	3.34	6.06	2.44

Note:

a) The above is an extract of the detailed format of the Statements of Unaudited Standalone and Consolidated Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Unaudited Financial Results and this extract were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 24th October, 2019. The full format of the Statements of Unaudited 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 Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Reports have been forwarded to the Stock Exchanges. These Reports do not have any impact on the above 'Results and Notes' for the Quarter and Six Months ended 30th September, 2019 which needs to be explained.

Registered Office : For and on behalf of the Board Virginia House, 37 J.L. Nehru Road, Kolkata 700 071, India

Dated : 24th October, 2019

Place : Kolkata, India Director hief Financial Officer Chairman & Managing Director

Website: www.itcportal.comI E-mail: [email protected] Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I CIN : L16005WB1910PLC001985

SRBC&COLLP Chartered Accountants

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

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

Review Report to The Board of Directors ITC Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of ITC Limited (the "Company") for the quarter ended September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the statement of cash flows for the corresponding period from April 01, 2018 to September 30, 2018, as reported in these unaudited standalone financial results have been approved by the Board of Directors of the Company, but have not been subjected to review.
1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (`lnd AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

SRBC& CO LLP Chartered Accountants

ITC Limited Page 2 of 2

The comparative Ind AS financial information of the Company for the corresponding quarter and period ended September 30, 2018 included in these standalone Ind AS financial results, were reviewed by the predecessor auditor and the Ind AS financial statements of the Company for the year ended March 31, 2019, were audited by predecessor auditor who expressed an unmodified opinion on such financial information on October 26, 2018 and May 13, 2019 respectively.

ForS R B C & CO LLP

Chartered Accountants ICAI Firm registration number: 324982E/E300003

4": per dhir Soni

Partner Membership No.: 41870

UDIN: 19041870AAAABT1114

Place: Kolkata Date: October 24, 2019

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

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

Review Report to The Board of Directors ITC Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of ITC Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter ended September 30, 2019 and year to date from April 1, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the corresponding quarter and half year ended September 30, 2018 and the consolidated statement of cash flows for the corresponding period from April 1, 2018 to September 30, 2018, as reported in these unaudited consolidated financial results have been approved by the Holding Company's Board of Directors but have not been subjected to review.
1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

The Statement includes the results of the entities as mentioned in Annexure 1.

ITC Limited Page 2 of 3

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of other auditor, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
1. We did not review the interim financial results and other financial information of four subsidiaries, whose interim financial results reflect total assets of Rs. 933 crores as at September 30, 2019, total revenues of Rs. 510 crores and Rs. 1013 crores, total net profit after tax of Rs. 60 crores and Rs. 103 crores, total comprehensive income of Rs. 65 crores and Rs. 106 crores, for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019, respectively, and net cash outflow of Rs. 19 crores for the period from April 1, 2019 to September 30, 2019, included in the consolidated unaudited financial results, as considered in the consolidated unaudited financial results. This interim financial result has been reviewed by other auditor, whose report has been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of the other auditor and procedures performed by us as stated in Paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

The Ind AS consolidated financial statements of the Group for the year ended March 31, 2019, were audited by predecessor auditor who expressed an unmodified opinion on May 13, 2019.

ForS RBC &CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

pe dhir Soni P ner Membership No.: 41870

UDIN: 19041870AAAABU3911

Place: Kolkata Date: October 24, 2019

SR B C& CO LIP Chartered Accountants

ITC Limited Page 3 of 3

Annexure-1

List of subsidiaries / associates I jointly controlled entities

Subsidiaries

S. No.	Name
1	Russell Credit Limited
2	Greenacre Holdings Limited *
3	WelcomHotels Lanka (Private) Limited
4	Technico Agri Sciences Limited
5	Prag Agro Farm Limited
6	Pavan Poplar Limited
7	ITC Infotech India Limited
8	ITC Infotech Limited, UK *
9	ITC Infotech (USA), Inc.*
10	Indivate Inc. *
11	Landbase India Limited
12	Bay Islands Hotels Limited
13	Technico Pty Limited
14	Technico Technologies Inc. *
15	Technico Asia Holdings Pty Limited *
16	Technico Horticultural (Kunming) Co. Limited *
17	ITC Investments & Holdings Limited
18	MRR Trading & Investment Company Limited *
19	Fortune Park Hotels Limited
20	Gold Flake Corporation Limited
21	Surya Nepal Private Limited
22	North East Nutrients Private Limited
23	Wimco Limited
24	Srinivasa Resorts Limited

* Represents step-down 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 *

Represents associates of subsidiaries

Jointly Ventures

S. No.	Name
1	Maharaja Heritage Resorts Limited
2	Espirit Hotels Private Limited
3	Logix Developers Private Limited
4	ITC Essentra Limited"

^Joint venture of a subsidiary

AI assistant

ITC Ltd Interim / Quarterly Report 2019

60425_rns_2019-10-24_61d40530-6eb3-41a7-8f1d-be546384c086.PDF