ITC Ltd — Interim / Quarterly Report 2023

Oct 19, 2023

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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

19[th] October, 2023

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,

Unaudited Financial Results – Media Statement and Presentation

Further to our letter dated 19[th] October, 2023 forwarding the Unaudited Financial Results of the Company Quarter and Six Months ended 30[th] September, 2023, we now enclose a copy of the Media Statement issued by the Company and a presentation on the Company’s financial performance for the aforesaid period for information of the investors.

Yours faithfully, ITC Limited RAJENDRA Digitally signed by RAJENDRA KUMAR KUMAR SINGHI Date: 2023.10.19 SINGHI 20:33:34 +05'30' (R. K. Singhi) Executive Vice President & Company Secretary

Encl: as above.

FMCG ⚫ HOTELS ⚫ PAPERBOARDS & PACKAGING ⚫ AGRI-BUSINESS ⚫ INFORMATION TECHNOLOGY Visit us at www.itcportal.com ⚫ Corporate Identity Number : L16005WB1910PLC001985 ⚫ e-mail : enduringvalue@itc.in

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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

ITC Limited Virginia House 37 J. L. Nehru Road Kolkata, 700 071, India Tel.: 91 33 2288 9371 Fax: 91 33 2288 0655

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Media Statement

October 19, 2023

Standalone Financial Results for the Quarter ended 30[th] September, 2023

Highlights

• Gross Revenue (excl. Wheat & Rice exports) up 8.9% YoY; PAT at Rs. 4,927 crores, up 10.3% YoY

• Strong performance continues in FMCG – Others; Segment Revenue up 8.3% YoY on a high base; 2-yr CAGR @ 14.5%

• Segment EBITDA margin expanded 150 bps YoY to 11.0%; Segment PBIT up 36.8% YoY.

• Resilient performance in Cigarettes Segment; Net Segment Revenue up 8.5% YoY and Segment PBIT up 8.0% YoY on a high base

• Sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes

• Market standing reinforced through focused portfolio/market interventions & agile execution.

• Stellar performance in Hotels Business with record high second quarter performance; Segment Revenue and PBIT up 21% and 50% YoY respectively on a high base

• Segment EBITDA margin up 170 bps YoY to 30.7% driven by higher RevPAR, structural cost interventions & operating leverage

• ITC Hotels was honoured to have exclusively curated and served from the best of India’s culinary heritage at the prestigious G20 summit, Bharat Mandapam, New Delhi. ITC Maurya also had the honour of hosting the President of the United States of America and the entire US delegation to the Summit

• Scheme of Demerger approved by Board in August 2023; progressing as per scheduled timelines.

• Agri Business Segment Revenue up 26.4% YoY (excl. Wheat & Rice exports); Segment PBIT up 3.3% YoY (2-yr CAGR +9.7%)

• Geopolitical tensions and climate emergencies have led to concerns over food security and food inflation globally. To ensure India remains food secure, Government has had to impose trade restrictions on agri commodities; consequently limiting business opportunities for the Agri Business. The Company continues to engage with farmers to build resilience in agrarian practices against extreme weather events; the Company’s Climate Smart Agriculture programme covers over 23 lakh acres and about 7.5 lakh farmers in the country

• Strong customer relationships and agile execution in Leaf Tobacco & Value Added Agri products continue to drive growth

• In line with its strategy to rapidly grow the salience of value-added products in the portfolio, the Business ramped up capacity utilisation of the recently commissioned value-added Spices processing facility in Guntur. Further, the state-of-the-art facility (being set up by IIVL - a wholly owned subsidiary of the Company) to manufacture and export Nicotine and Nicotine derivate products conforming to US/EU pharmacopoeia standards has been commissioned; exports are expected to commence over the next few months.

• Performance in the Paperboards, Paper and Packaging Segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices and high-base effect; domestic demand was also relatively subdued in certain discretionary categories

• Sharp drop in net sales realisation and global pulp prices witnessed during the quarter are likely to have bottomed out; green shoots of revival in demand were visible towards the end of the quarter

• The project for augmentation of in-house chemical pulp capacity by appx. 20% was completed during the quarter; this initiative will further enhance substitution of imported pulp and enable reduction in operating costs

• Structural advantages of the integrated business model, Industry 4.0 initiatives, strategic investments in pulp import substitution, High Pressure Recovery Boiler and proactive capacity augmentation in Value Added Paperboards aided in partly mitigating pressure on margins.

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The global economy remains in the grip of a marked slowdown with growth in China and the Euro Area now expected to be lower than earlier estimates reflecting, inter alia, structural weaknesses in these economies. India remains a bright spot with buoyant tax collections, moderating inflation, credit growth uptick being some of the key positives amongst high frequency indicators. While public investment remains strong, consumption demand has been relatively subdued especially in the value segment and rural markets on the back of sub-par monsoons and persistent Food inflation which saw a sharp spike during the quarter. Green shoots of recovery are visible, with prospects of improved agri output, onset of the festive season, increase in rural wages and government spending on infrastructure auguring well for a recovery in rural markets. Pace of economic growth in China and other Advanced Economies, rising geopolitical tensions, crude oil prices, consumer price inflation (especially Food), commodity price volatility and agri output – would be the key monitorables in the near term.

Amidst a challenging operating environment as stated above and high base effect in some of its operating segments, the Company sustained its strong growth momentum during the quarter driven by focus on customer centricity, accelerated digital adoption, execution excellence and agility. Gross Revenue stood at Rs. 17549 crores representing a growth of 3.4% YoY (excl. Wheat & Rice exports: up 8.9%) while PBT at Rs. 6514 crores grew by 9.7% YoY. PAT grew by 10.3% YoY to Rs. 4927 crores. Earnings Per Share for the quarter stood at Rs. 3.96 (previous year Rs. 3.61).

FMCG – OTHERS

• The FMCG Businesses continue to deliver strong performance with Segment Revenue growing 8.3% YoY on a high base to Rs. 5,292 crores (2-yr CAGR +14.5%) ; Segment EBITDA margins expanded 150 bps YoY to 11%.

• Atta, Spices, Personal Wash and Agarbatti drive growth amidst relatively subdued consumer demand environment.

• In the Stationery business, Classmate Notebooks and Pens witnessed strong growth on YoY basis. Exports continue to be scaled up leveraging capabilities of the state-of-the-art owned manufacturing facility.

• The FMCG Businesses continued to witness robust growth in both urban and rural markets on a high base, driven by enhanced distribution footprint, superior last mile execution, deep consumer insights, purposeful innovation and portfolio premiumisation. Both traditional and emerging channels (viz. Modern Trade, e- Commerce, Quick Commerce) witnessed robust traction driven by sharp execution of channel-specific business plans, collaborations, format-based assortments catering to the needs of a diverse set of shoppers and category-specific sell-out strategies. Certain categories such as Biscuits, Snacks, Noodles, popular Soaps witnessed increasing competitive intensity including from local/regional players in the backdrop of commodity price deflationary conditions.

• While commodity prices declined on a YoY basis, the overall input cost table remains elevated compared to pre-pandemic levels; certain commodities such as wheat, maida, sugar, potato etc. witnessed sequential uptick in prices. The Businesses remain focused on driving profitability improvement through multi-pronged interventions viz. premiumisation, supply chain optimisation, digital interventions across the value chain, strategic cost management and judicious pricing actions.

• The Company’s Trade Marketing & Distribution highway has transformed into a smart omni-channel network including 6 Direct to Consumer (D2C) platforms. ‘ITC e-Store’, the Company’s exclusive D2C platform, is now operational in 24,000+ pin-codes and continues to receive excellent consumer response. Category specific D2C platforms viz. Classmateshop.com, Dermafique.com and Aashirvaad.com/Meri Chakki are being scaled up to gain consumer insights, as well as commerce. These initiatives continue to receive encouraging consumer response.

• The Company’s digitally powered eB2B platform, UNNATI app (now also available in several vernacular languages) covers over 6.3 lakh outlets, facilitating sharp and direct engagement with retailers, superior analytics, personalised recommendations of hyperlocal baskets based on consumer purchase insights, and deeper brand engagement.

➢ Branded Packaged Foods Businesses

• ‘Aashirvaad’ Atta posted robust growth reinforcing its leadership position in the Branded Atta industry

• Value-added atta range sustained its strong growth momentum driven by increased thrust in Modern Trade and e-Commerce channels.

• In line with its strategy to address value-added adjacencies leveraging mother brands, the Aashirvaad portfolio was augmented with the launch of several differentiated variants such as ‘Gluten Free Flour’, ‘Ragi Flour’, ‘Multi-Millet Mix’, Rava (‘Aashirvaad Samba Broken Wheat’, ‘Aashirvaad Bansi Rava’ and

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‘Aashirvaad Double Roasted Suji Rava’), ‘Aashirvaad Organic Dals’, ‘Aashirvaad Besan’ and ‘Aashirvaad Vermicelli’. These products have received excellent response and continue to gain consumer franchise in launch markets.

• ‘Sunfeast’ Biscuits and Cakes recorded resilient performance during the quarter on the back of stability in core brands and scale up of recent launches. The ‘Sunfeast Dark Fantasy’ range of differentiated cookies sustained its leadership position in the premium segment. ‘Mom’s Magic’ range of cookies also witnessed strong growth. The portfolio mix was further enriched with the launch of ‘Bounce Day & Night’ – a delicious dark choco biscuit with soft vanilla cream. Towards deepening consumer engagement, the brand launched the highly innovative ‘MyFantasyAdWithSRK’ campaign, leveraging Gen-AI technology, enabling consumers to live their #fantasy of starring in a personalised advertisement opposite the iconic Shah Rukh Khan. The initiative has already witnessed more than 7 lakh+ engagements within a short span of time.

• ‘YiPPee!’ Noodles sustained its position as a strong No. 2 brand amidst increasing competitive intensity. In line with the Government’s initiative of promoting millets and in keeping with the Company’s strategy of creating a portfolio of healthier and ‘Good For You’ products, the Business augmented its portfolio with the launch of ‘YiPPee! Magic with Millets’. During the quarter, the brand launched ‘Be a Star’ contest in its new campaign ‘Why just be happy, when you can be YiPPee!’, inspiring participants to craft, capture, and share their most creative ‘Noodle slurping moment’ with YiPPee!.

• ‘Bingo!’ Snacks continued to strengthen its product portfolio across an exciting range of snacks and namkeens, with a focus on the target cohort i.e. youth segment. Recently launched variants viz. ‘Bingo! Nachos Chilli Limon’ and ‘Bingo! Tedhe Medhe Cream & Onion’ have been well received by customers and are being scaled up. The Business launched a differentiated millet-based variant - ‘Bingo! Tedhe Medhe Chatpata Twist’, a deliciously crunchy snack with a spicy twist, which continues to gain increasing consumer traction.

• ‘Sunrise’ Spices posted robust growth during the quarter. Product portfolio was augmented with launch of an exclusive ‘Swaad Bihar Ka’ range of spices customised to regional taste including ‘Sunrise Chicken Masala’, ‘Sunrise Meat Masala’, ‘Sunrise Kitchen King Masala’ and ‘Sunrise Rajshahi Garam Masala’ in a limitededition pack featuring ‘Madhubani’ artwork.

• The Frozen Snacks category under the ‘ITC Master Chef’ brand, delivered robust growth, powered by a range of innovative and differentiated offerings. Recently launched variants such as ‘ITC Master Chef Paneer Pakoda’, ‘ITC Master Chef Batata Vada’ and ‘ITC Master Chef Crispy Onion Rings’ continue to gain strong traction.

• ‘Aashirvaad Svasti’ fresh dairy portfolio comprising pouch milk, curd, lassi and paneer continued to gain strong consumer traction on the back of best-in-class quality standards, differentiated products and superior taste profile.

• ➢ In the Personal Care Products Business , ‘Fiama’ range of personal wash products registered strong growth fuelled by investments in brand building, wider distribution and growth in emerging channels. ‘Savlon Cool’ soap based on the proposition of skin friendly germ protection continued to garner encouraging consumer response. In the Homecare portfolio, Nimyle posted robust growth on the back of its unique proposition of ‘100% Natural Action’ and hygienic floors for children and pets.

• ➢ In the Education and Stationery Products Business , ‘Classmate’ Notebooks fortified its leadership position with continued focus on portfolio premiumisation, exports and leveraging institutional strengths. The premium portfolio comprising ‘Paperkraft’, ‘Classmate Pulse’ and ‘Classmate Interaktiv’ continued to gain strong traction. To build brand affinity with college students, Classmate Pulse Style Icon campaign was launched with on-ground activation comprising quizzes, competitions targeting the top 75 universities across the country, leveraging back to college season. The recently launched ‘Classmate Spin Ball Pen’ was amplified with high-decibel TV campaigns.

• ➢ ‘Mangaldeep’ Agarbattis and Dhoop recorded robust growth during the quarter anchored on a range of differentiated products and enhanced visibility. The portfolio was augmented with the launch of ‘Mangaldeep Scent 3in1’, ‘Mangaldeep Flora’ and a new ziplock range. The Dhoop portfolio was further enhanced with the launch of ‘Dhoop 3in1’. In Safety Matches , the Business strengthened its market leadership position by driving value-added portfolio and wider distribution.

FMCG – CIGARETTES

Net Segment Revenue and Segment PBIT up 8.5% and 8.0% YoY respectively; 2-yr CAGR: Net Segment Revenue +15.7%, Segment PBIT +15.5%

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• The Business continues to counter illicit trade and reinforce market standing by fortifying the product portfolio through innovation, democratising premiumisation across segments and enhancing product availability backed by superior on-ground execution

• Several differentiated variants launched recently continue to perform well.

• As seen in the past, stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enables volume recovery for the legal cigarette industry from illicit trade leading to higher demand for Indian tobaccos and bolstering revenue to the exchequer from the tobacco sector.

• Sharp escalation in costs of leaf tobacco and certain other inputs, along with increase in taxes, largely mitigated through improved mix, strategic cost management and calibrated pricing.

HOTELS

Segment Revenue grew 21.2% YoY, on a high base (1.5x of Q2 FY20); Segment PBIT up 50% YoY (~7.2x of Q2 FY20). Stellar performance across properties driven by retail and MICE segments.

• Strong growth was witnessed in ARRs across properties. Occupancy remained flattish YoY mainly due to renovations and relatively fewer wedding dates during the quarter. The Business continued to focus on its strategy of offering a host of curated propositions across accommodations and iconic cuisine brands to augment revenues across properties.

• Strategic investments towards renovations and refurbishments continue in line with the Businesses’ commitment to deliver exceptional quality and seamless experience across properties.

• Segment EBITDA margin expanded by 170 bps YoY to 30.7% driven mainly by higher RevPAR, curated packages, finest F&B offerings and strategic cost management initiatives.

• The Business had the exclusive distinction of curating and serving from the best of India’s culinary heritage at the prestigious G20 Summit, Bharat Mandapam, New Delhi. ITC Maurya also had the honour of hosting the President of the United States of America and the entire US delegation to the Summit.

• Digital investments continue to be leveraged towards enhancing guest experience, facilitating guest acquisition, augmenting revenue generation and driving operational efficiency.

• In line with its ‘asset-right’ strategy, the Business added three new properties to the Group portfolio including ‘WelcomHeritage Santa Roza, Kasauli’, ‘Fortune Park Hoshiarpur’ and ‘Fortune Ranjit Vihar, Amritsar’ and continues to strengthen its pipeline of managed properties to be launched in a phased manner over the next few quarters.

• Reaffirming the Company’s commitment to the ethos of ‘Responsible Luxury’, ITC Maurya received the ‘Best Green Hotel’ award by H&RA recognizing the sustained commitment towards excellence in hospitality services. Further, Welcomhotel Guntur received the ‘Best Eco-friendly Hotel’ award at Andhra Pradesh State Annual Tourism Excellence Award – 2023.

• During the quarter, the Board approved the scheme of demerger of Hotels Business under a scheme of arrangement, with ITC holding a stake of ~40% in ITC Hotels and the balance shareholding of ~60% to be held directly by shareholders of ITC proportionate to their shareholding in ITC.

• The Scheme has been submitted to stock exchanges for requisite approvals.

AGRI BUSINESS

Agri Business Revenue grew by 26.4% YoY (excl. Wheat & Rice exports) driven by Value Added Agri products & Leaf Tobacco

• During the quarter, stock limits on wheat, ban on non-basmati rice exports and export duty on parboiled rice, further limited business opportunities for the Agri Business.

• Capacity utilisation of the recently commissioned state-of-the-art value-added Spices processing facility in Guntur ramped up. The Business seeks to leverage the facility’s multi-dimensional capabilities, its identity-preserved sourcing expertise, custody of supply chain and strong customer relationships to rapidly grow exports to Food Safe Markets.

• During the quarter, ITC IndiVision Limited (IIVL), a wholly owned subsidiary of the Company, received requisite regulatory approvals for its facility to manufacture Nicotine & Nicotine Derivative products conforming to US & EU pharmacopoeia standards. The distinctive capabilities of the Company’s Agri Business in crop development and the ability to provide complete traceability & assurance of sustainability across the value chain, will enable establishing IIVL as the trusted partner for supplying high quality nicotine/nicotine derivative products to discerning customers.

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• ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) – a crop-agnostic ‘phygital’ full stack AgriTech platform has been scaled up across nine states. Over 1250 Farmer Producer Organisations (FPOs) encompassing more than 10.6 lac farmers have been added to the Company’s network.

PAPERBOARDS, PAPER & PACKAGING

Performance in the Paperboards, Paper & Packaging Segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices, relatively subdued domestic demand and high base effect; Segment Revenue declined 9.5% YoY (2-yr CAGR +6.4%)

• Low priced Chinese supplies in global markets, drop in Chinese domestic demand and slump in EU markets exerted pressure on exports. Further, subdued consumer demand in domestic markets impacted customer offtake during the quarter.

• Margins were impacted largely by sharp drop in realisations and increased cost of inputs (primarily wood and coal). Segment PBIT declined 49.9% YoY.

• Sharp drop in net sales realisation and global pulp prices witnessed during the quarter are likely to have bottomed out; green shoots of revival in demand for VAP and recycled boards were visible towards the end of the quarter.

• Fine paper prices remained relatively firm and Décor paper witnessed strong performance.

• Integrated business model and strategic interventions in import pulp substitution, High Pressure Recovery Boiler, digital interventions and cost competitive fibre chain partially mitigated inflationary impact.

• Augmentation of in-house chemical pulp capacity was completed during the quarter. The additional capacity of approx. 20% of chemical pulp, will enable higher import substitution and reduce operating costs.

• In the Packaging and Printing Business, new business development is being accelerated in domestic and export markets offering innovative and customised solutions, with special focus on consumer electronics, QSR and personal care products. Capacity utilisation at the recently commissioned Nadiad unit in Gujarat continues to be ramped up progressively to efficiently service customers in proximal markets.

• The sustainable paperboards/packaging solutions portfolio continues to witness strong growth leveraging cuttingedge innovation platforms (+27% YoY; 2-yr CAGR +62%). The Company’s wholly owned subsidiary, ITC Fibre Innovations Limited, is in the process of setting up a state-of-the-art premium Moulded Fibre Products manufacturing facility in Badiyakhedi, Madhya Pradesh. The project is progressing as per schedule.

CONTRIBUTION TO SUSTAINABLE DEVELOPMENT

ITC is a global exemplar in ‘Triple Bottom Line’ performance and is the only enterprise in the world of comparable dimensions to have achieved and sustained the three key global indices of environmental sustainability of being ‘water positive’ (for 21 years), ‘carbon positive’ (for 18 years), and ‘solid waste recycling positive’ (for 16 years) . The Company sustained its ‘AA’ rating by MSCI-ESG for the 5[th] successive year - the highest amongst global tobacco companies. The Company has also been included in the Dow Jones Sustainability Emerging Markets Index for the third year in a row - a reflection of being a sustainability leader in the industry and a recognition of its continued commitment to people and planet.

ITC has also been rated at the 'Leadership Level' score of 'A-' for both Climate Change and Water Security (Asia and Global average at ‘C’ for climate change and ‘B’ for water security) by CDP, a reputed independent global platform for disclosures on environmental impacts.

The Company’s infrastructure facilities continue to set new benchmarks of sustainability. All luxury collection hotels of the Company are now LEED Platinum certified with 12 ITC Hotels being certified as LEED Zero Carbon .

The Sustainability & Integrated Report 2023 is available on the Company’s corporate website at - - - - - - https://www.itcportal.com/sustainability/sustainability integrated report 2023/ITC Sustainability Integrated - Report 2023.pdf

Please refer link below for performance highlights of the quarter: https://www.itcportal.com/investor/pdf/ITC-Quarterly-Result-Presentation-Q2-FY2024.pdf

The Board of Directors, at its meeting on 19[th] October 2023, approved the financial results for the quarter ended 30[th] September 2023, which are enclosed.

(Nazeeb Arif) Executive Vice President Corporate Communications

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Q2 FY24 Results

19[th] October, 2023

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Forward-Looking Statements

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This presentation contains certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions of future events over which the Company exercises no control. Therefore there can be no as to their and readers are advised not to undue reliance on these guarantee accuracy place any forward looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward looking statements. Such risks and uncertainties include, but are not limited to: growth, competition, acquisitions, domestic and international economic conditions affecting demand, supply and price conditions in the various businesses in the Company’s portfolio, changes in Government regulations, tax regimes and other statutes, and the ability to attract and retain high quality human resource.

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Macro Economic Context

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Macro Economic Environment

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Global Economy remains weak
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▪ 2023 Global GDP growth estimated at 3.0% (vs 3.5% in 2022);

• Growth in Advanced Economies slowing down

• China & EU facing structural weakness

▪ Tight monetary conditions weighing on investment and activity

• Advanced economies near peak of rate hike cycle; “higher for longer”

• Geo-political dynamics pose downside risk to growth

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India remains relatively better placed but growth to be lower than LY
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• FY24 GDP expected to grow by 6.5% (vs 7.2% in FY23)

• Inflation in FY24 expected to drop to ~5.4% Vs 6.7% in FY23

• Sharp spike in Food inflation in Jul’23; remains elevated

• Crude oil prices up ~25% over the last three months

▪ Subdued consumer demand

• Rural/Value segment weak; Discretionary categories also remain muted

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Global Growth Slowdown in 2023 (GDP % y-o-y)
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India growth outlook FY24 (Real GDP % y-o-y)
7.2
6.1 6.3
5.2 5.0
3.0
2022 2023 J'23 2023 2022 2023 J'23 2023
O'23 O'23
India China
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Source : IMF WEO, RBI

Elevated Food Inflation & below-normal Monsoon

2W, compact car and SUV sales (YoY%)

Housing Credit (YoY%)

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33% 32% 34% 28% PSL = Priority Sector Lending
28% 49%
44%
15% 16%
7%
Housing non PSL Housing PSL
13% 2% 1% 1% 25%
4%
-7%
17%
-2%
-11% -11% -10%
1% 1% 2%
-23% -22%
Mini and Compact Cars SUV Two Wheeler Sales
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IIP Infra. and Consumer Durables (YoY%)

Food inflation remains elevated (YoY%)

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15% 15%
11%
7%
6%
1%
-3%
-8%
-7%
IIP Consumer Durables IIP Infrastructure
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Subdued Consumer Demand (Rural / Value Segment)

Rainfall & Reservoir levels (-)6% LPA; Spatial/Temporal skews; Recovery in Kharif sowing

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=60% 20% - 59% (19%) - 19% (59%) - (20%)
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Source : SIAM, RBI, MOSPI, IMD
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India Macro

Key Positives

Key Monitorables Subdued Consumption

Moderating Inflation

Strong tax collections

Crude oil prices Global growth & external trade

Buoyancy in services and uptick in Global growth & consumer sentiments external trade Stable growth outlook Private capex yet to pick up

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Uncertainty on Consumption Demand

Heightened Uncertainty

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Geopolitical
dynamics
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Commodity
price volatility
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Climate
Emergency
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Q2 FY24 Results Key Highlights

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Key Highlights: Q2 FY24

Gross Revenue

EBITDA

excl. Wheat & Rice exports excl. Paperboards, Paper & Packaging Segment +8.9% +9.5%

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+8.9%
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Profit After Tax

+10.3%

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For the quarter ended 30[th] Sept, 2023, YoY change

Key Highlights: Q2 FY24

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• Strong performance continues in FMCG – Others; Segment Revenue up 8.3% YoY on a high base; 2-year CAGR +14.5% Atta, Spices, Personal Wash and Agarbatti drive growth amidst relatively subdued consumer demand environment

• Classmate Notebooks and Pens witnessed strong growth on YoY basis

• Segment EBITDA margins expanded 150 bps YoY to 11.0%

• Segment PBIT up 36.8% YoY

▪ Resilient performance in Cigarettes Segment

• Net Segment Revenue up 8.5% YoY; Segment PBIT up 8.0% YoY on a high base 2 Yr. CAGR: Net Segment Revenue +15.7%, Segment PBIT +15.5%

• Stellar performance in Hotels Business with record high second quarter performance; Segment Revenue and PBIT up 21% and 50% YoY respectively on a high base

• Strong growth in ARRs across properties; Occupancy largely flattish (fewer wedding dates, pre-season renovations)

• Segment EBITDA margin up 170 bps YoY to 30.7% driven by higher RevPAR, structural cost interventions & operating leverage

• Exclusively curated and served from the best of India’s culinary heritage at the prestigious G20 summit , Bharat Mandapam, New Delhi

• Scheme of Demerger approved by Board in August 2023; progressing as per scheduled timelines

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Key Highlights: Q2 FY24

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▪ Agri Business Segment Revenue up 26.4% YoY (excl. Wheat & Rice exports) driven by Value Added Agri products & Leaf Tobacco

• Segment PBIT up 3.3% YoY (2 Yr. CAGR +9.7%)

• Geopolitical tensions & climate emergencies raise concerns on food security and food inflation; trade restrictions imposed by Govt. on agri commodities limit business opportunities for the segment

• Performance in Paperboards, Paper and Packaging Segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices and high-base effect; domestic demand relatively subdued in certain discretionary categories

• Sharp drop in net sales realisation & global pulp prices witnessed during the quarter are likely to have bottomed out; green shoots of revival in demand were visible towards the end of the quarter

• The project for augmentation of in-house chemical pulp capacity by appx. 20% completed during the quarter; will further enhance substitution of imported pulp & enable reduction in operating costs

• Integrated business model and strategic interventions (in-house pulp, VAP, Digital, HPRB) partly mitigate pressure on margins

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FMCG Others

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FMCG Others – Q2 FY24

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Segment Revenue up 8.3% YoY on a high base

• Segment Revenue up 8.3% YoY; 2 Yr. CAGR +14.5% on a high base; Q2 FY23 had witnessed sharp sequential growth

• Strong YoY growth in Atta, Spices, Personal Wash and Agarbatti

• Notebooks & Pens continues to witness strong traction

• Rapid scale up in Alternate Channels

• Channel specific business plans, collaborations and format-based assortments enable robust traction

• Commodity price deflation on YoY basis; sequential uptick in certain commodities (viz. wheat, maida, sugar, potato)

• Increasing competitive intensity including from local / regional players in the backdrop of commodity price deflation

• Marketing investments stepped up

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FMCG Segment Revenue
Rs. Cr.
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Rural Markets Direct outlet servicing Scale up of stockists 1.25x^ network (3.4x^) Market Coverage Total outlet servicing 2.0x^ 1.12x^

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^of pre pandemic levels

Commodity Price Trends

A Mixed Bag

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Indexed market rates

FMCG Others

Segment EBITDA +25% YoY Margins up 150 bps YoY

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▪ Q2 Segment EBITDA margins at 11.0% up 150 bps YoY

• Margin expansion driven by multi-pronged interventions viz. premiumisation, supply chain agility, judicious pricing actions, digital initiatives and strategic cost management

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Annual Rs. Cr. Quarterly Rs. Cr.
Full Year Seg. EBITDA Seg. EBITDA Margin %
Seg. EBITDA Seg. EBITDA Margin %
10.2%
Sharp Mix
2000 9.1%
700 11.0%
1800 8.9% 10.0% 11.5% Cost Enrichment
9.5%
600
1600 7.1% 8.0% 9.5% Focus
1400 5.5% 500 7.5%
1200 4.0% 6.0% 400 5.0%
1000 5.5%
4.0% 300
2.5%
800
2.4% 3.5%
200
600 2.0% Judicious
400 100 1.5%
0.0% 159 221 394 403 463 581 Pricing Actions
90
200 456 688 914 1317 1449 1954 0 65 -0.5%
265
0 -2.0% Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
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Purposeful Innovation

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Tedhe Medhe |Bingo! Nachos Cream & Onion | Chilli Limon

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ITC Master Chef Frozen Snacks Paneer Pakoda | Onion Rings

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Recent Launches

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Sunfeast YiPPee! Bounce Day & Night Magic with Millets Choco & Vanilla

Aashirvaad Svasti Paneer Slices

Sunfeast Fantastik Roast Almond| Choco Almond

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Classmate Mangaldeep Spin Ball Pen Flora

Engage L’amante Intensity

Sunrise Spices Savlon Handwash Chicken Masala Herbal Sensitive

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Deepening Consumer Engagement

Leveraging Emerging Trends

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HAR DIL KI FANTASY Engagements: 7 lakh+ Scan to try now!

darkfantasyadwithsrk.in

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Targeted Brand Collaboration

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Leveraging Special Occasions to enhance Consumer Connect

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High Intensity Activations

Regional taste and preferences

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Sharpening Value Proposition

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Cohort based marketing

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IF YOUR PET IS ONE OF THESE…….

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NAP GOD YOGA LOVER TREAT HUNTER

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FMCG Cigarettes

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FMCG Cigarettes – Q2 FY24

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Segment Revenue

• Net Segment Revenue* up 8.5% and Segment PBIT up 8.0% YoY on a high base 2 Yr. CAGR: Net Segment Revenue +15.7%, Segment PBIT +15.5%

• Portfolio Vitality | Product Availability | Execution Excellence

7658 cr. 10.1%

• Several differentiated variants launched recently continue to perform well

• Market standing reinforced by fortifying the product portfolio/ market interventions & agile execution

Innovation & democratising premiumisation across segments

Segment Results 4782 cr. 8.0%

• Sharp cost escalation (Leaf Tobacco & certain other inputs) + increase in taxes → largely mitigated through improved mix, strategic cost management and calibrated pricing

Relative stability in taxes, backed by deterrent actions by enforcement agencies, enables continued volume recovery from illicit trade

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* Net of Excise Duty/NCCD on Sales

FMCG Cigarettes

Innovation

• Classic Connect

• Gold Flake SLK

• American Club Clove Mint

• Gold Flake Indie Mint

Reinforcing market standing

Portfolio Fortification

• Gold Flake Neo SMART Filter

• Wills Deluxe

• Bristol Deluxe FT

• Flake XL

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• Flake Skipper

Recent Introductions

• Classic Alphatec

• Classic Verve Balanced Taste

• American Club Smash ` • American Club Clove Magik

• Players Rush

• • Capstan Victory

• •

• GF Glostar Flake Snap

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Hotels Business

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Hotels – Q2 FY24

Record high second quarter

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• Strong growth in ARRs across properties

• Occupancy flattish YoY mainly due to renovations & relatively fewer wedding dates.

Segment Revenue

649 cr.

(+21%; 1.5x of Q2 FY20)

Segment Results

126 cr.

(+50%)

• Healthy pipeline of management contracts under Mementos, Welcomhotel, Storii, Fortune and WelcomHeritage brands

Phased openings over the next few quarters

• Segment EBITDA margin expanded by 170 bps YoY to 30.7% ; margin expansion driven by higher RevPAR, curated packages, finest F&B offerings and strategic cost management initiatives

• Scheme of Demerger approved by Board in August 2023; progressing as per scheduled timelines.

Scheme submitted to stock exchanges for requisite approvals.

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Curated from the best of India’s culinary heritage at G20 summit, New Delhi

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The Largest and the most exclusive catering in Indian Hospitality ever

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Curated offerings to drive demand

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Trails and Tales

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Onam Sadhya

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Executing ‘Asset Right’ Strategy

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Bouquet of brands catering to relevant need spaces (21 properties added in the last 18 months)

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Strong pipeline of management contracts

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Agri Business

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Agri Business – Q2 FY24

Segment Revenue 3931 cr. 1.7% Segment Results 357 cr. 3.3%

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Revenue up 26.4% (excl. Wheat & Rice exports)

driven by Value Added Agri & Leaf Tobacco

• Strong customer relationships & agile execution in Leaf Tobacco & Value Added Agri exports continue to drive growth

• Strategic sourcing support to Branded Packaged Foods Businesses – Wheat, Dairy, Beverages & Spices

• Stock limits on wheat, ban on non-basmati rice exports and export duty on parboiled rice, limited business opportunities for the Agri Business

• State-of-the-art facility^ at Mysuru for manufacture and export of Nicotine & Nicotine Derivative products conforming to US & EU pharmacopoeia standards

• Commissioned during the quarter; exports expected to commence over the next few months

• Distinctive capabilities in crop development + complete traceability & sustainability assurance →competitive advantage

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9 1,250 7
States FPOs Languages
~60 10.6 lac 8.2 lac
Tie-ups with Farmer App
Partner Cos registrations downloads
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^ Being undertaken by ITC IndiVision Limited (IIVL), the Company’s wholly owned subsidiary

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Paperboards, Paper & Packaging

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Challenging operating environment & high base effect

Paperboards, Paper & Packaging – Q2 FY24

• Performance reflects impact of low priced Chinese supplies in global markets, drop in Chinese domestic demand and slump in EU markets exerted pressure on exports; sharp reduction in global pulp prices and high base effect

Segment Revenue 2070 cr. 9.5% Segment Results 316 cr. 49.9%

• Domestic demand subdued in certain discretionary categories

• Sharp drop in realisations and global pulp prices → likely to have bottomed out

• Green shoots of demand revival visible towards the quarter end

• Chemical pulp capacity expansion (~+20%) project completed → substitution of imported pulp + reduction in operating costs

• Sharp escalation in wood & coal costs ; Integrated business model & strategic interventions (inhouse pulp, VAP, Digital, HPRB) partly mitigate pressure on margins

• New business development being accelerated offering innovative and customised solutions, with special focus on consumer electronics, QSR and personal care products

Rapid scale up of Sustainable products

2.6x

• Sustainable Products portfolio continues to witness strong growth

• State-of-the-art premium Moulded Fibre Products manufacturing facility^ being set up in Badiyakhedi, Madhya Pradesh.

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^ Being undertaken by ITC Fibre Innovations Limited, the Company’s wholly owned subsidiary

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Financials

| 31 |

Key Financials – Q2 FY24

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YoY
Rs. Cr. Q2 FY24 Q2 FY23
growth
Gross Revenue 17,549 16,971 3.4% +8.9% YoY (excl. Wheat & Rice exports)
Net Revenue 16,357 15,976 2.4%
EBITDA 6,042 5,864 3.0% +9.5% YoY (excl. Paperboards, Paper &
Packaging Segment )
PBT 6,514 5,939 9.7%
PAT 4,927 4,466 10.3%
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Standalone basis

Segment Revenue Q2 FY24

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• FMCG Cigarettes

• Net Segment Revenue* up 8.5% YoY

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 of products and services Rs. cr.	Q2	Q2	Q2	- Net Segment R - 2 Yr. C • FMCG Others - Segment Rev - 2 Yr. C - Staples, Note growth amid environment • Hotels - Best-ever Q2 • Agri Business Revenue up • Paperboards,
	FY24 7658 5292	FY23 6954 4885	YoY growth 10.1% 8.3%
	12949 649 3931	11839 536 3997 2288	9.4% 21.2% -1.7% -9.5%
	2070
	19600	18659	5.0%
	2051	1688	21.5%
	17549	16971	3.4%

• 2 Yr. CAGR at 15.7%

• Segment Revenue up 8.3% YoY on high base

• 2 Yr. CAGR at 14.5%

• Staples, Notebooks & Pens, Personal Wash & Agarbatti drive growth amidst relatively subdued consumer demand environment

• Best-ever Q2, Revenue up 21% YoY on high base

Revenue up 26.4% YoY (excl. Wheat & Rice exports)

• Paperboards, Paper & Packaging

• Low priced Chinese supplies and muted demand in export markets

• Sharp reduction in global pulp prices and high base effect

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* Net of Excise Duty/NCCD on Sales

Segment Results Q2 FY24

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Segment Results a) FMCG - Cigarettes - Others Total FMCG b) Hotels c) Agri Business d) Paperboards, Paper & Packaging Total Less : i) Finance Cost ii) Other un-allocable (income) net of un-allocable expenditure Profit Before Exceptional Items & Tax Rs. cr.	Q2	Q2	Q2	• FMCG Cigarettes - Segment PBIT up 8.0% YoY • 2 Yr. CAGR at 15.5% • FMCG-Others: ‒ Segment EBITDA at 581 cr. (+25% YoY) ‒ EBITDA margin at 11.0% • Up 150 bps YoY • Hotels: ‒ EBITDA margins expanded by 170 bps • Paperboards, Paper & Packaging: ‒ Sharp drop in realisations + increa partly offset through strategic inter pulp, VAP, Digital, High Pressure Reco
	FY24 4782 439 5220	FY23 4429 321 4750	YoY growth 8.0% 36.8% 9.9%
	126	84 345 630	49.8% 3.3% -49.9%
	357
	316
	6019	5809	3.6%
	11	11 -140
	-505
	6514	5939	9.7%

• EBITDA margins expanded by 170 bps YoY

• Sharp drop in realisations + increase in input costs partly offset through strategic interventions (in-house pulp, VAP, Digital, High Pressure Recovery Boiler)

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ITC – A Global Exemplar in Sustainability

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Impactful Social Performance

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ITC e-Choupal Afforestation Watershed Development
4 Million Farmers Over 11,13,000 acres Over 1.5 million acres
empowered greened covered
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Primary Education
Reaching over
12.7 lac Children
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Women Empowerment
1.39 lac
poor women benefitted
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Skilling & Vocational
Training
Skilled over 1.05 lac youth
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Livestock Development
Over 21.7 lac milch
animals covered
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Mother & Child Health Over 6.8 lac beneficiaries covered*

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Solid Waste Management
Well-being Out of Waste
programme covers
57.2 lac households
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Climate Smart Agriculture 23 lac acres covered*

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*Basis FY23

Sustainability 2.0

REDUCE I RECYCLE I RESTORE

Sustainability Targets 2030 Raising the Bar

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Strategic Interventions to Combat Climate Change

De-Carbonization Climate Adaptation and Resilience Building Green Circularity Infrastructure Inclusive Value Nature based solutions Chains

Renewable Specific GHG Recyclable Plastic Plastic Energy Emissions Packaging Neutrality 100% 50% 50% 100% Collection since FY22 Water Security for All Biodiversity & Agriculture million 5x of ITC’s Net 1 Biodiversity acres Conservation Consumption million Climate Smart 3 acres Village AWS Certification for High Water Stressed Sites 1.5 million Social Farm and by 2035 acres Forestry

Proactively work towards achieving ‘Net Zero’ emission status

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Supporting Sustainable Livelihoods: From 6 million to 10 million
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Sustainability – Highlights

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• Exceeded commitment on Plastic Neutrality ; collected and sustainably managed over 60,000 MT of plastic waste in FY23

• 60% critical Tier - 1 suppliers trained on ESG related aspects during FY23

• Best-in-class ESG Ratings:

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• AA rating by MSCI for the 5[th] consecutive year; A- Leadership score under CDP ratings ahead of Asia & Global average; Continues to be included in the Dow Jones Sustainability Emerging Markets Index - a reflection of being a sustainability leader in the industry

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• The only enterprise of comparable dimensions globally to have achieved and sustained the three key global indices of environmental sustainability of being ‘water positive’ (for 21 years) , ‘carbon positive’ (for 18 years) , and ‘solid waste recycling positive’ (for 16 years)

• Water Stewardship:

• ICML Malur → first F&B unit in Asia and Paper mill at Kovai → second site in the world to receive Platinum level certification by AWS (Alliance for Water Stewardship)

• Bio Diversity:

• Winner of the first UNDP Mahatma Award for Biodiversity → in recognition of efforts in promoting biodiversity conservation through intensive community engagement

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ITC Infotech

| 39 | 39

ITC Infotech

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Revenue EBITDA Rs.cr.
3500 3321
2853
3000
2454
2500 2249
2007
2000 717
618 579
1500
1000
161 291
500
0
FY19 FY20 FY21 FY22 FY23
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Rs. cr.
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• Strong double digit sequential growth in Revenue

• Healthy Total Contract Value (TCV) signings; strong pipeline

• Investments continue in Capability building in strategic focus areas, sales org. & infrastructure.

Q2 FY24 EBITDA margin @ upper-end of mid-tier IT cos.

| 40 |

ITC: Enduring Value

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A passion for Profitable growth...

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in a way that is Sustainable…

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and Inclusive.

| 41 |

Links

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Product/initiative	Link
Bingo! on Instagram	https://www.instagram.com/bingo_snacks/
YiPPee! on Instagram	https://www.instagram.com/sunfeast_yippee/
Aashirvaad on Instagram	https://www.instagram.com/aashirvaad/
Sunfeast Dark Fantasy on Instagram	https://www.instagram.com/sunfeastdarkfantasy/
Mom’s Magic on Instagram	https://instagram.com/sfmomsmagic/
Classmate on Instagram	https://instagram.com/classmatebyitc/
ITC : Creating Enduring Value for India	https://youtu.be/VwnE4eN_BTk
Details on the Company’s Sustainability 2.0 vision	https://www.itcportal.com/sustainability/sustainability-integrated-report- 2023/ITC-Sustainability-Integrated-Report-2023.pdf
Quarterly Media Statement	https://www.itcportal.com/investor/pdf/ITC-Press-Release-Q2-FY2024.pdf

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