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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

14[th] August, 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 14[th] August, 2023 forwarding the Unaudited Financial Results of the Company for the Quarter ended 30[th] 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: 2023.08.14 SINGHI 17:01:56 +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 : [email protected]

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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

August 14, 2023

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

Highlights

Gross Revenue (ex-Agri Business) up 10.6% YoY; PBT at Rs. 6,546 crores, up 18.2% YoY
Robust growth in FMCG – Others; Segment Revenue up 16.1% YoY to exceed Rs. 5,000 crores in a quarter for the first time; Segment EBITDA margin expanded 325 bps YoY to 11.0%
Staples, Biscuits, Noodles, Beverages, Dairy, Agarbatti and premium Soaps drive growth
Notebook sales continue to witness strong growth
Segment PBIT at 2.1x of LY.
Continued strong performance by Cigarettes Segment; Net Segment Revenue up 10.9% YoY
Sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes
Segment PBIT up 11.2% YoY
Market standing reinforced through focused portfolio/market interventions & agile execution.
Best-ever Q1 in Hotels Business; Segment Revenue up 8.1% YoY on high base, Segment PBIT up 17.0% YoY; led by strong growth in ARRs
Segment EBITDA margin up 140 bps YoY to 33.9% (+1640 bps over pre-pandemic levels) driven by higher RevPAR, structural cost interventions & operating leverage
6 new hotels added to the ITC Hotels Group during the quarter.
Agri Business Segment Revenues up 31% YoY (excl. wheat exports); Segment PBIT up 25.3% YoY
Strong customer relationships and agile execution in Leaf Tobacco & Value Added Agri products drive growth and margins
Geopolitical tensions have led to concerns over food security and food inflation globally. To ensure India remains food secure, Government has had to impose restrictions on wheat & rice exports. These restrictions have resulted in lower business opportunities for the Agri Business during the quarter.
Subdued demand conditions (domestic and exports), low priced Chinese supplies in global markets, sharp reduction in global pulp prices and high-base effect weigh on the Paperboards, Paper and Packaging Segment
Lower realisations and sharp increase in input costs (viz. wood, coal) exert pressure on margins
Segment Revenue -6.5% YoY ( 2-yr CAGR + 16% ); Segment PBIT -22.9% YoY ( 2-yr CAGR +10% )
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 partly mitigate pressure on margins.

The global economy is witnessing a marked slowdown with high inflation and interest rates taking a toll on economic activity, especially in Advanced Economies. The Chinese economy too, after a relatively promising start post re-opening after the end of its ‘zero covid’ policy, appears to be on a structurally weaker growth trajectory. Against this backdrop, the Indian economy remains resilient, with buoyant tax collections, moderating inflation, credit growth uptick being some of the key positives amongst high frequency indicators. Consumer demand is witnessing incipient signs of recovery. However, risks from the external

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sector; consumer price inflation (especially Food); commodity price volatility; El Nino impact on monsoons 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. 16,843 crores representing a de-growth of 7.3% YoY (ex-Agri Business: up 10.6%) while PBT at Rs. 6,546 crores grew by 18.2% YoY. PAT grew by 17.6% YoY to Rs. 4,903 crores. Earnings Per Share for the quarter stood at Rs. 3.9 (previous year Rs. 3.4).

FMCG – OTHERS

The FMCG Businesses continue to deliver robust performance with Segment Revenue growing 16.1% YoY to Rs. 5,166 crores ; Segment Revenue and Segment EBITDA at 1.7x and 3.2x respectively of Q1 FY20
Strong growth in Staples, Biscuits, Noodles, Beverages, Dairy, Agarbatti and premium Soaps
Education and Stationery Products Business continued to witness strong traction
Segment EBITDA at Rs. 570 crores; Margin at 11.0% (up 325 bps on YoY basis)

Overall, input costs remained elevated compared to pre-pandemic levels, even as certain commodities witnessed moderation in prices on a high base of the previous year. The Businesses continued to drive improvement in profitability through multi-pronged interventions viz. premiumisation, supply chain optimisation, judicious pricing actions, digital initiatives, strategic cost management and fiscal incentives.

The FMCG Businesses witnessed robust growth in both urban and rural markets driven by superior consumer insights, purposeful innovation, portfolio premiumisation, enhanced distribution footprint, excellence in last mile execution and leveraging Digital initiatives. Both traditional and emerging channels (viz. Modern Trade, e-Commerce, Quick Commerce) witnessed strong 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.
The Company’s Trade Marketing & Distribution highway has transformed into a smart omnichannel 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. The Meri Chakki initiative, which offers personalised quality atta to consumers in Delhi, was extended to Bengaluru during the quarter under the banner ‘Namma Chakki from Aashirvaad’. These initiatives have elicited encouraging response from target consumers.
The Company’s digitally powered eB2B platform, UNNATI now covers over 5.7 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 delivered robust performance, consolidating 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 Business has recently launched a number of differentiated variants of Rava (‘Aashirvaad Samba Broken Wheat’, ‘Aashirvaad Bansi Rava’ and ‘Aashirvaad Double Roasted Suji Rava’),

‘Aashirvaad Organic Dals’, ‘Aashirvaad Besan’ and ‘Aashirvaad Vermicelli’. These products continue to garner increasing consumer traction.

‘Sunfeast’ Biscuits and Cakes recorded strong growth during the quarter, driven by robust performance of the core portfolio and scaling up of several differentiated variants launched recently. The portfolio was further enriched with a slew of exciting launches viz., ‘Sunfeast All Rounder Sweet & Salty’, ‘Sunfeast Supermilk’ and ‘Sunfeast Farmlite Super Millets’ in two variants – ‘Chocochip Millet’ and ‘Multi Millet’ cookies.
‘YiPPee!’ Noodles posted robust performance on the back of increased penetration and brand outreach. In line with its purpose of creating ‘A Better World’, the brand continues to promote sustainability through plastic waste management and recycling.
Dairy & Beverages posted strong growth during the quarter on the back of best-in-class quality standards, differentiated offerings and superior taste profile. The ‘Sunfeast’ portfolio of milkshakes was augmented with launch of new flavours ‘Badam Milk’ and ‘Rose Milk’. The Dark Fantasy range of premium beverages also stood augmented with ‘Dark Fantasy Choco Nut Shake with Almond Bits’ and ‘Dark Fantasy Café Mocha with Belgian Chocolate’.
Encouraged by the Government of India’s initiative of promoting millets and 2023 being declared as the ‘International Year of Millets’, ITC has spearheaded ‘ ITC Mission Millets’, to implement multi-dimensional interventions in this area, leveraging its enterprise strengths in agriculture, food and hospitality. The Company has implemented a focused strategy to craft a millet based product portfolio for every occasion, age and format. To cater to the diverse needs of consumers, the Company has launched products across traditional and modern formats viz. ‘Gluten Free Flour’, ‘Multi-Millet Mix’ and ‘Ragi Flour’, Vermicelli, Biscuits and Snacks under the ‘Aashirvaad’, ‘Sunfeast’ and ‘Bingo’ brands. The thrust on millets is further exemplified by the Hotels Business creating easy-to-try recipes with millets to help encourage individuals experiment with the taste and texture of millets.
➢ 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 across channels. The recently launched ‘Fiama Golden Sandalwood Oil & Patchouli’ gel bar received encouraging consumer response. The Business also launched ‘Engage L’amante Luxury Perfume Sprays’ in the premium perfume space with a differentiated eco-friendly propellant. Combining state-of-the-art ‘Bag-on-Valve’ technology and unique scents, this range provides a delightful olfactory experience, setting new benchmarks in the industry. The Business bolstered its presence in the rapidly growing e-Commerce channel and continues to widen its assortment of offerings tailored to consumer needs.
➢ In the Education and Stationery Products Business , ‘Classmate’ Notebooks fortified its leadership position, delivering a superior performance driven by portfolio premiumisation, judicious pricing actions, exports and leveraging institutional strengths. The premium portfolio comprising ‘Paperkraft’, ‘Classmate Pulse’ and ‘Classmate Interaktiv’ continued to gain strong traction. The recently launched ‘Classmate Hook’ pens was scaled up by leveraging topical occasions and social media campaigns.
➢ ‘Mangaldeep’ Agarbattis and Dhoop recorded robust growth during the quarter leveraging a portfolio anchored on a wide range of differentiated products. The portfolio was further augmented with launch of ‘Anushri Aqua – Refreshing fragrances’ and ‘Anushri Woody – Exotic fragrances’. In Safety Matches , the Business strengthened its portfolio with the launch of ‘Dazzle – Premium Match Sticks’, a vibrant alternative to the traditional matchstick designed for the modern consumer.

FMCG – CIGARETTES

Net Segment Revenue and Segment PBIT up 10.9% and 11.2% YoY respectively

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, continues to enable 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.

HOTELS

Best-ever Q1 for the Hotels Business; Segment Revenue grew 8.1% YoY, on a high base (1.5x of Q1 FY20); Segment PBIT grew by 17.0% YoY and Segment EBITDA grew 12.9% YoY (3.0x of Q1 FY20).

Strong growth was witnessed in ARRs across properties, though Occupancy moderated on a high base due to relatively fewer wedding dates during the quarter and pre-planned renovations. The Business continued to focus on its strategy of offering a host of curated propositions across accommodation, dining and banqueting to augment revenues across properties.
Segment EBITDA margin expanded by 140 bps YoY to 33.9% driven mainly by higher RevPAR, curated packages, finest F&B offerings and strategic cost management initiatives.
Special occasions and festivals were effectively leveraged to drive demand. The Business launched ‘The Dehlnavi Trail’ a multi-city food festival celebrating Delhi’s rich culinary heritage in select cities; the food festival received excellent response. Iconic cuisine brands continue to be harnessed to promote dineins with limited-period menus curated for festive & special occasions featuring global and Indian favourites.
Digital investments continue to be leveraged towards enhancing guest experience, facilitating guest acquisition, augmenting revenue generation and driving operational efficiency.
The Business is witnessing growing interest amongst property owners to partner with its iconic brands resulting in healthy generation of leads and pipeline of management contracts. During the quarter, the Business added 6 hotels to the Group portfolio including Welcomhotel Hamsa Manali (with enchanting views of snow-clad Himalayan peaks) and Storii Moira Riviera (a boutique resort in North Goa overlooking verdant forests) .
Reaffirming the Company’s commitment to the ethos of ‘Responsible Luxury’, ITC Sonar became the second hotel globally to be awarded the LEED Zero Water Certification by the USGBC, after ITC Mughal, which is the first hotel to be awarded the certification globally. The first 12 hotels in the world to be LEED Zero Carbon certified are from the Hotels Business.

PAPERBOARDS, PAPER & PACKAGING

The Paperboards, Paper & Packaging Segment reflects the impact of subdued demand (domestic and exports), sharp reduction in global pulp prices and high base effect; Segment Revenue declined 6.5% YoY (2-yr CAGR +16%) and Segment PBIT declined 22.9% YoY (2-yr CAGR +10%)

Décor & Fine paper grades witnessed resilient performance.
Subdued demand in the EU and China, low priced Chinese supplies in global markets, steep decline in global pulp prices on a high base and relatively muted customer offtake in domestic markets (destocking) weighed on performance during the quarter.
Key inputs viz. wood and coal witnessed sharp surge in prices, exerting pressure on margins.
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.
New business development is being accelerated in domestic and export markets offering innovative and customised solutions, with special focus on consumer electronics and sustainable paperboards and packaging. 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 cutting-edge innovation platforms (2 year CAGR +53%). 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.

AGRI BUSINESS

Agri Business Revenue grew by 31% YoY (ex-Wheat exports) driven by Value Added Agri products & Leaf Tobacco; Segment PBIT grew by 25.3% YoY.

Restrictions imposed on wheat and rice exports by the Government in the backdrop of inflationary headwinds and food security concerns weighed on Segment Revenue during the quarter.
The recently commissioned state-of-the-art value-added Spices processing facility in Guntur continues to be scaled up. The Business seeks to leverage the facility’s multi-dimensional capabilities, its identitypreserved 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, successfully completed necessary trials and obtained statutory clearances for its pilot plant at the state-of-the art facility at Mysuru for the manufacture and export of 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 in this niche tobacco adjacencies segment.
The above interventions are in line with the strategy to enhance value capture by scaling up the ValueAdded Agri portfolio straddling multiple value chains comprising Spices, Coffee, Frozen Marine Products and Processed Fruits etc., leveraging the deep rural linkages and extensive sourcing expertise of the Company.
ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) – a crop-agnostic ‘phygital’ full stack AgriTech platform has been scaled up across nine states. Over 1150 Farmer Producer Organisations (FPOs) encompassing more than 7,40,000 farmers have been added to the Company’s network within a short period since launch.

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 . Further, Malur Food unit of the Company became the second unit after Kovai Paper to receive an AWS certification in Platinum category.

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-Q1-FY2024.pdf The Board of Directors, at its meeting on 14[th] August 2023, approved the financial results for the quarter ended 30[th] June 2023, which are enclosed.

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(Nazeeb Arif) Executive Vice President, Corporate Communications

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Q1 FY24 Results

14[th] August, 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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Global Growth Slowdown in 2023 (GDP % y-o-y)
4.0 4.0
3.5
3.0
2.7
1.5
World Advanced Emerging
2022 2023
India growth outlook FY24 (Real GDP % y-o-y)
6.5
6.5 6.1
6.0
5.5
5.0
4.5
IMF RBI
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 2023 Global GDP growth estd. at 3.0% (Vs. 3.5% in 2022)

Deceleration mainly in Advanced Economies
Chinese economy extremely sluggish after a good start; structurally weaker
Major central banks continue to tweak policy rates to combat inflation, weighing on growth
Commodity prices easing off after hyper inflation in LY; elevated volatility levels
Extreme weather events & geo-political events pose risk to inflation

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India remains relatively better placed but growth to be lower than FY23
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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
Food inflation witnesses sharp spike in Jun’23
External Trade softer in Q1; exports ~14% lower YoY
Green shoots in Rural demand; overall demand, however, remains a key monitorable
Consumer sentiments improving but below pre-pandemic levels

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Source : IMF WEO , Jul’23 and RBI

Key Economic Indicators

Tax collections remain buoyant (Rs lakh cr.)

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1.87 FY23 FY24
1.65
1.57 1.60
1.68
1.61
1.41
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
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Source : Ministry of Finance
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Credit Growth – industrial/personal (YoY %)

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Source : RBI

External Sector remains subdued ($ bn)

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70.0 64.4
65.0
5 8. 1 60.0
60.0 53.1
55.0
50.0
3 9 45.0 .7 [42.3 ] 41.4
40.0
34.3
35.0
30.0
Apr-22 Jul-22 Oct-22 Jan-23 Apr-23
Merchandise Export Merchandise Imports
Source : Ministry of Commerce
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Overall CPI under check; Food spikes (YoY%)

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Source : MOSPI

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Rainfall -1% LPA (Jun’23 – 11 [th] Aug’23);
Spatial/Temporal skews
>=60% 20% - 59% (19%) - 19% (59%) - (20%) Source : IMD
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El Nino impact in Aug/Sep’23 - key monitorable

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India Macro

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Key Positives Key Monitorables
Slowdown in global
Moderating Inflation
growth impacting
external trade
Buoyant tax
collections Consumer demand &
Volume growth
Credit growth uptick El Nino impact on
Monsoon / Agri
Output
Resilient Economy Private capex yet to
pick up
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Q1 FY24 Results Headline Financials & Business Highlights

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Key Highlights: Q1 FY24

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Strong growth momentum sustained

Gross Revenue ex – Agri Business +10.6%

Profit Before Tax +18.2%

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

Key Highlights: Q1 FY24

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 Robust growth in FMCG – Others; Segment Revenue up 16.1% YoY to exceed 5000 cr. in a quarter for the first time

Staples, Biscuits, Noodles, Beverages, Dairy, Agarbatti and premium Soaps drive growth

Notebook sales continue to witness strong growth

Segment EBITDA margins at 11.0% (+325 bps YoY)

Segment PBIT at 2.1x of LY

Continued strong performance by Cigarettes Segment

Net Segment Revenue up 10.9% YoY; Segment PBIT up 11.2% YoY

Best-ever Q1 in Hotels Business; Segment Revenue up 8.1% YoY on high-base; Segment PBIT up 17.0% YoY
Strong growth in ARRs

Segment EBITDA margin up 140 bps YoY to 33.9% (+1640 bps over pre-pandemic levels) driven by higher RevPAR, structural cost interventions & operating leverage

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Key Highlights: Q1 FY24

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 Agri Business Segment Revenue up 31% YoY (excl. wheat exports)

Segment PBIT up 25.3% YoY driven by Value Added Agri products & Leaf Tobacco

 Subdued demand conditions (domestic and exports), low priced Chinese supplies in global markets, sharp reduction in global pulp prices and high-base effect weigh on the Paperboards, Paper and Packaging Segment

Lower realisations and sharp increase in input costs (viz. wood, coal) exert pressure on margins

Segment Revenue -6.5% YoY (2-yr. CAGR +16%) ; Segment PBIT -22.9% YoY (2-yr. CAGR +10%)

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 partly mitigate pressure on margins

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FMCG Others

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FMCG Others – Q1 FY24

Segment revenue up 16.1% YoY at ~1.7x of Q1 FY20

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 Segment Revenue up 16.1% YoY

Strong growth in Staples, Biscuits, Noodles, Beverages, Dairy, Agarbatti and premium Soaps
Education & Stationery Products Business continued to witness strong traction

 Robust growth in both urban and rural markets

Strong traction witnessed in both traditional and emerging channels (viz. Modern Trade, e-Commerce, Quick Commerce)

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FMCG Segment Revenue
Rs. cr.
Rural Markets Direct outlets
5,000
4,500
Scale up of stockists
4,000 1.2x ^
network (3.0x^)
3,500
3,000
Market Coverage Total outlets
2,500
2,000 1.9x^ 1.1x ^
Q1 Q1 Q1 Q1 Q1
FY20 FY21 FY22 FY23 FY24
5,166
3,060 3,375 3,726 4,451
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^of pre pandemic levels

FMCG Others – Q1 FY24

Segment EBITDA +64% YoY 3.2x of Q1 FY20

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 Segment EBITDA margins expanded 325 bps YoY to 11.0%

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

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Annual Performance Q1 Performance
Full Year Seg. EBITDA Seg. EBITDA Margin %
10.2%
2000 9.1%
1800 8.9% 10.0%
1600
7.1% 8.0%
1400 5.5%
1200 4.0% 6.0%
1000
4.0%
2.5%
800
600 2.0%
400
0.0%
200
456 688 914 1317 1449 1954
265
0 -2.0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23
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Levers of Margin Power Expansion Operating Of Leverage Digital

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Future-Ready Portfolio

Recent Launches

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Tedhe Medhe | Potato Chips Chatpata Twist | Chilli Charged

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Aashirvaad Namma Chakki | M.P. Chakki Atta Freshly Ground | Customised 100% Madhya Pradesh Wheat

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Dark Fantasy Dairy Beverages Choco Nut Shake| Café Mocha

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Sunfeast Rose Milk & Badam Milk Goodness of Milk

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Sunrise Rajshahi & Haah Salkumura Garam Masala | Duck Curry Masala

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All Rounder Engage L’amante Sweet & Salty Luxury Perfume Spray with Eco-Friendly Propellant

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Fiama Golden Sandalwood Oil & Patchouli

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Dazzle Premium Match Sticks

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Anushri Aqua & Woody Agarbatti Refreshing & Exotic fragrances

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ITC Mission Millets

UN: 2023 the International Year of Millets

Leveraging Enterprise Strengths in Agri, Food & Hospitality

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Millets: The humble Superfood

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EDUCATE EMPOWER ENCOURAGE

Empowering Farmers

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Good-For-You millet based product portfolio

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Powering an agri-value chain, anchored by ITCMAARS

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Finest culinary experience with Millets @ ITC Hotels

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Deepening Consumer Engagement

Leveraging Emerging Trends Leveraging Generative AI Witness your wackiest snacking EAT. moments come alive with AI Magic! PHIR REPEAT.

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Targeted Brand Collaboration
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Sharpening Value Proposition

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Brands with Purpose

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Helping homemakers with upskilling Supporting local Indian farmers by making Savlon Swasth India Mission: seeding Supporting women empowerment with Ab
opportunities majority of our juices from 100% Indian fruits behavioural change towards hand hygiene Samjhauta Nahi campaign
Making mental well-being a more proactive #HugHerMore campaign reinforcing the Supporting holistic skill development of school Training and empaneling visually impaired persons as
conversation magical effect of a Mom’s Hug students fragrance testers, fostering a life of dignity and hope
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FMCG Cigarettes

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FMCG Cigarettes – Q1 FY24

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 Net Segment Revenue* up 10.9% YoY; Segment PBIT up 11.2% YoY

Segment Revenue 7465 cr. 13.0% Segment Results 4656 cr. 11.2%

 Innovation & democratising premiumisation across segments

Portfolio Vitality | Product Availability | Execution Excellence

Several differentiated variants launched recently continue to perform well Market standing reinforced by fortifying the product portfolio

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
Capstan FT

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Flake XL
Flake Skipper

Recent Introductions

• American Club NY Cool & LA Twist `

Classic Alphatec
•
Classic Verve Balanced Taste American Club Smash
Players Klov
Players Rush
GF Glostar

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Hotels Business

ITC Rajputana

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Hotels – Q1 FY24

Best-ever Q1, on a high base

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Segment Revenue

Strong growth in ARRs across properties drive revenue growth

600 cr.

(+8.1%; 1.5x of Q1 FY20)

Occupancy moderated on a high base due to relatively fewer wedding dates during the quarter and pre-planned renovations
6 new hotels added to the ITC Hotels Group during the quarter

Segment Results

131 cr.

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

Phased openings over the next few quarters

(+17.0%)

Segment EBITDA margin expanded by 140 bps YoY to 33.9% ; margin expansion driven by higher RevPAR, curated packages, finest F&B offerings and strategic cost management initiatives

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(Rs. cr.)
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Executing ‘Asset Right’ Strategy

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Bouquet of brands catering to relevant need spaces (18 properties added in the last 16 months)
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Healthy Pipeline of Management Contracts – Phased openings over the next few quarters
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Curated offerings to drive demand

Celebrating Delhi’s rich culinary heritage

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Special Occasions leveraged

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CSK wins IPL; celebrates at ITC Narmada (5 mln. Views)

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Agri Business
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Agri Business – Q1 FY24

Revenue up 31% YoY (ex-Wheat exports)

driven by Value Added Agri products & Leaf Tobacco

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Strong growth in Value Added Agri products

Segment Revenue 5705 cr. 23.7% Segment Results 356 cr. 25.3%

Leveraging strong customer relations & agile execution and new state-of-the-art value-added Spices processing facility in Guntur
Strategic sourcing support to Branded Packaged Foods Businesses – Wheat, Dairy, Beverages & Spices
Restrictions imposed on wheat & rice exports in the backdrop of inflationary headwinds & food security concerns weigh on Revenues
Robust growth in Leaf Tobacco Revenue and Margins
State-of-the-art facility^ at Mysuru for manufacture and export of Nicotine & Nicotine Derivative products*
Trials successful & statutory clearances obtained

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

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9 1,150 6
States FPOs Languages
~60 7.4 lac 6.3 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

* Conforming to US & EU pharmacopoeia standards

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Paperboards, Paper & Packaging

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Subdued demand, sharp fall in global pulp prices & high base effect

Paperboards, Paper & Packaging – Q1 FY24

Subdued demand conditions, low priced Chinese supplies in global markets, steep decline in global pulp prices on a high base and relatively muted customer offtake in domestic markets (destocking) weighed on performance during the quarter

Segment Revenue

2121 cr. 6.5%

Décor & Fine paper grades witnessed resilient performance

2-yr CAGR: +16%

Sharp escalation in wood & coal costs ; 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

Segment Results 472 cr. 22.9% 2-yr CAGR: +10%

New business development is being accelerated in domestic and export markets offering innovative and customised solutions, with special focus on consumer electronics and sustainable paperboards and packaging
Sustainable Products portfolio continues to witness strong growth

Rapid scale up of Sustainable products

Capacity utilisation at the recently commissioned Nadiad unit in Gujarat continues to be ramped up progressively

2.3x

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Financials

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Key Financials – Q1 FY24

*Rs. Cr.*	Q1 FY24	Q1 FY23	YoY Growth
Gross Revenue Net Revenue EBITDA *PBT(bei)* PAT**		18,164 17,217 5,648 5,540 4,169	*-7.3%* *-9.0%* *10.7%* *18.2%* *17.6%*
	16,843

	15,659

	6,250

	6,546

	4,903

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+10.6% YoY (ex-Agri Business)

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Standalone basis

Segment Revenue Q1 FY24

	Rs. cr.	Rs. cr.	Rs. cr.
	Q1
*Rs. cr.*	FY24	FY23	*YoY* *Growth*
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		6609 4451	*13%* *16%*
	7465
	5166
	12631	11060	*14%*
	600	555 7473 2267	8% *-24%* *-6%*
	5705
	2121
	21058	21356	*-1%*
	4215	3192	*32%*
	16843	18164	*-7%*

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• FMCG Others

Segment Revenue up 16% YoY
Staples, Biscuits, Noodles, Beverages, Dairy, Agarbatti and premium Soaps drive growth
Notebook sales continue to witness strong growth

• Hotels

Best-ever Q1, Revenue up 8% YoY on high base

• Agri Business

Revenue up 31% YoY (excl. wheat exports)

• Paperboards, Paper & Packaging

Subdued demand conditions (domestic & exports), low priced
Chinese supplies in global markets, sharp reduction in global pulp prices, high base effect
Revenue up 16% (2-yr. CAGR)

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Segment Results Q1 FY24

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Rs. cr.

	Q1	Q1	Q1
*Rs. cr.*	FY24	FY23	*YoY* *Growth*
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		4189 204	*11%* *111%*
	4656
	431
	5087	4393	*16%*
	131	112 284 613	*17%* *25%* *-23%*
	356
	472
	6047	5402	*12%*
	11	9 -147
	-510
	6546	5540	*18%*

Up 325 bps YoY and 510 bps over Q1 FY20
EBITDA margins expanded by 140 bps YoY to 33.9%
Sharp surge 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 10,45,000 acres Over 1.49 million acres
empowered greened covered
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Primary Education
Reaching over
11.8 lac Children
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Women Empowerment
1.26 lac
poor women benefitted
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Skilling & Vocational
Training
Skilled over 1 lac youth
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Livestock Development
Over 21.3 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
55.6 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)

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ITC Infotech

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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.
Revenue
EBITDA
850 130
800
110
750
90
700
70
650
50
600
30
550 751 838 119 114
500 10
Q1 Q1 Q1 Q1
FY23 FY24 FY23 FY24
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Investments continue in Capability building in strategic focus areas & infrastructure
DXP Services integration successfully completed
Consistent increase in Total Contract Value (TCV) signings
Commenced execution on multi-year, multi-million dollar deals:
- A Leading Fortune 500 client & A Top-10 global hospitality chain

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

EBITDA includes:
Certain costs (including transition costs) associated with large deal signings

| 38 |

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.

| 39 |

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-Q1-FY2024.pdf

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| 40 |

AI assistant

ITC Ltd — Interim / Quarterly Report 2023

60425_rns_2023-08-14_6da7e8ab-312f-4cf0-b52e-f87424e1fd23.pdf

Unaudited Financial Results – Media Statement and Presentation

Media Statement

August 14, 2023

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

Highlights

FMCG – OTHERS

➢ Branded Packaged Foods Businesses

FMCG – CIGARETTES

Net Segment Revenue and Segment PBIT up 10.9% and 11.2% YoY respectively

HOTELS

PAPERBOARDS, PAPER & PACKAGING

AGRI BUSINESS

CONTRIBUTION TO SUSTAINABLE DEVELOPMENT

Q1 FY24 Results

Macro Economic Context

Macro Economic Environment

 2023 Global GDP growth estd. at 3.0% (Vs. 3.5% in 2022)

Key Economic Indicators

Tax collections remain buoyant (Rs lakh cr.)

Credit Growth – industrial/personal (YoY %)

External Sector remains subdued ($ bn)

India Macro

Q1 FY24 Results Headline Financials & Business Highlights

Key Highlights: Q1 FY24

 Robust growth in FMCG – Others; Segment Revenue up 16.1% YoY to exceed 5000 cr. in a quarter for the first time

Key Highlights: Q1 FY24

 Agri Business Segment Revenue up 31% YoY (excl. wheat exports)

 Subdued demand conditions (domestic and exports), low priced Chinese supplies in global markets, sharp reduction in global pulp prices and high-base effect weigh on the Paperboards, Paper and Packaging Segment

FMCG Others

FMCG Others – Q1 FY24

Segment revenue up 16.1% YoY at ~1.7x of Q1 FY20

 Segment Revenue up 16.1% YoY

 Robust growth in both urban and rural markets

FMCG Others – Q1 FY24

Segment EBITDA +64% YoY 3.2x of Q1 FY20

 Segment EBITDA margins expanded 325 bps YoY to 11.0%

Future-Ready Portfolio

Recent Launches

ITC Mission Millets

UN: 2023 the International Year of Millets

Leveraging Enterprise Strengths in Agri, Food & Hospitality

Deepening Consumer Engagement

Brands with Purpose

FMCG Cigarettes – Q1 FY24

FMCG Cigarettes

Reinforcing market standing

Portfolio Fortification

Recent Introductions

Hotels Business

Hotels – Q1 FY24

Best-ever Q1, on a high base

Segment Revenue

Executing ‘Asset Right’ Strategy

Curated offerings to drive demand

Special Occasions leveraged

Agri Business – Q1 FY24

Revenue up 31% YoY (ex-Wheat exports)

driven by Value Added Agri products & Leaf Tobacco

Subdued demand, sharp fall in global pulp prices & high base effect

Paperboards, Paper & Packaging – Q1 FY24

Segment Revenue

Rapid scale up of Sustainable products

Financials

Key Financials – Q1 FY24

+10.6% YoY (ex-Agri Business)

Segment Revenue Q1 FY24

• FMCG Others

• Hotels

• Agri Business

• Paperboards, Paper & Packaging

Segment Results Q1 FY24

Rs. cr.

ITC – A Global Exemplar in Sustainability

Impactful Social Performance

Sustainability 2.0

REDUCE I RECYCLE I RESTORE

Sustainability Targets 2030 Raising the Bar

ITC Ltd Interim / Quarterly Report 2023