ITC Ltd — Interim / Quarterly Report 2024

Aug 1, 2024

ITC Limited Virginia House 37 J. L. Nehru Road Kolkata 700 071, India A Tel.: 91 33 2288 9371 Enduring Value Fax: 91 3322884016/ 1256/2259/2260

1[st ] August, 2024

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

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

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

Dear Sirs,

Unaudited Financial Results for the quarer ended 30[th ] June, 2024 and other matters

. Further to our letter dated 18[th ] July, 2024, we enclose, in terms of Rcgulotion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following, as approved by the Board of Directors of the Company ('the Board') at the meeting held today i.e., 1[st ] August, 2024:

• (i) Unaudited Financial Results of the Company, both Standalone and Consolidated, for the Quarter ended 30[th ] June, 2024;

• (ii) Unaudited Segment-wise Revenue, Results, Assets and Liabilities of the Company, both Standalone and Consolidated, for the Quarter ended 30[th ] June, 2024;

• (iii) Limited Review Reports from the Statutory Auditors of the Company, Messrs. S R B C & CO LLP, Chartered Accountants, on the aforesaid Standalone and Consolidated Financial Results.

The Board at the aforesaid meeting also recommended for the approval of the Members, the appointment of Mr. Chandra Kishore Mishra as a Director and also as an Independent Director of the Company for a period of five years with effect from 14[th ] September, 2024.

The meeting commenced at 1.05 p.m. and concluded at .... �.:.!.� .. p.m.

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(R. K. S ghi) Executive Vice President & Company Secretary

Encl: as above.

FMCG •HOTELS• PAPERBOARDS & PACKAGING• AGRl-BUSINESS • INFORMATION TECHNOLOGY Visit us at www.itcportal.com • Corporate Identity Number: LI 6005WB I 910PLCOO I 985 •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

A Enduring Value ITC Limited

Statement of Unaudited Standalone Financial Results for the Quarter ended 30th June, 2024

		(" inCrores)	(" inCrores)	(" inCrores)	(" inCrores)	(" inCrores)
Pariculars		3 Months ended 30.06.2024		Corresponding 3 Months ended 30.06.2023	Preceding 3 Months ended 31.03.2024'	Twelve Months ended 31.03.2024
		(Unaudited)		(Unaudited)	(Audited)	(Audited) 69446.20 659.09
Gross Revenue from sale of products and services Other operating revenue REVENUE FROM OPERATIONS [(i)+(ii)] OTHER INCOME IUIAL INCUMI(1+:)	(i) (ii) 1 2 J	18077.24 142.50		16842.93 152.56	17571.72 181.15
		18219.74 701.27 18Y:1.01		16995.49 708.74 1 //04.:3	17752.87 798.59 18!! .46	70105.29 3538.28 /3643.57
		5413.29 3124.04 (1348.88) 1219.65 997.75 11.14 430.86 2518.42 12366.27			5392.67 1329.04 (68.77) 1173.58 969.39 12.12 415.36 2794.32 12017.71	21309.84 6042.97 (370.71) 4664.48 3732.23 45.73 1647.82 10247.87 47320.23
EXPENSES a) Cost of materials consumed b) Purchases of Stock-in-Trade c) Changes in inventories of finished goods, Stock-in-Trade, work-in-progress and intermediates d) Excise duty e) Employee benefits expense f) Finance costs g) Depreciation and amortization expense h) Other expenses TOTAL EXPENSES	4			4928.80 1835.54 (348.80) 1167.29 903.79 10.72 402.49 2258.81 11158.64
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) EXCEPTIONAL ITEMS (Refer Note 3) PROFIT BEFORE TAX (5+6) TAX EXPENSE a) Current Tax b) Deferred Tax PROFIT FOR THE PERIOD (7-8) OTHER COMPREHENSIVE INCOME A (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss B(i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss TOTAL COMPREHENSIVE INCOME (9+10) PAID UP EQUITY SHARE CAPITAL (Ordinary Shares oft 1/- each) RESERVES EXCLUDING REVALUATION RESERVES EARNINGS PER SHARE (off 1/- each) (not annualised): (a) Basic(t) (b)Diluted(f)	5 6 7 8 9 10 11 12 13 14	6554.74 6545.59 (3.04) . 6551.70 6545.59 1634.25 1642.85 1578.24 1591.28 56.01 51.57 4917.45 4902.74 (147.55) 422.96 (182.70) 401.24 20.95 2.53 18.98 25.65 (4.78) (6.46) 4769.90 5325.70 1248.47 1243.95 3.94 3.94 3.93 3.93			6533.75 (2.05) 6531.70 1511.50 1443.88 67.62 5020.20 1525.00 1699.96 (190.30) 20.50 (5.16) 6545.20 1248.47 4.02 4.02	26323.34 (7.57) 26315.77 5893.80 5661.21 232.59 20421.97 2281.06 2481.63 (228.72) 37.62 (9.47) 22703.03 1248.47 70984.83 16.39 16.35

• The figures for the preceding 3 months ended 31.03.2024 are the balancing figures between the audited figures in respect of the full financial year ended

• 31.03.2024 and the year to date figures upto the third quarter of that financial year, which were subjected to limited review.

Notes:

1. The unaudited Standalone Financial Results and Segment Results were reviewed by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 1st August, 2024.

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

3. The Shareholders of the Company at the Meeting held on 6th June, 2024 approved with requisite majority, the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited (ITCHL) and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Business into ITCHL (Scheme).

The Company has filed the petition with the Hon'ble National Company Law Tribunal, Kolkata Bench, seeking its sanction to the Scheme.

• Further, expenses aggregating f 3.04 Crores incurred during the quarter (quarter ended 31.03.2024 - f 2.05 Crores and twelve months ended 31.03.2024 -f 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

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

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2024 which needs to be explained.

ITC LIMITED

Unaudited Segment-wise Revenue, Results, As ets and Liabilities for the Quarter ended 30th June, 2024

for the Quarer	ended 30th June, 2024	ended 30th June, 2024	ended 30th June, 2024	ended 30th June, 2024
	STANDALONE If in Crores
Paricular	3 Months ended 30.06.2024 (Unaudited)	Corresponding 3 Months ended 30.06.2023 (Unaudited)	Preceding 3 Months ended 31.03.2024# (Audited)	Twelve Months ended 31.03.2024 (Audited)
1. Segment Revenue a) FMCG - Cigarettes - Others Totl FMCG b) Hotels c) Agri Business d) Paprboards, Paper & Packaging Totl Less: Inter-segment revenue Gross Revenue fom sale ofproduct and serices	7918.10 5491.03	7465.27 5166.01	7924.84 5300.17	30596.59 20966.83
	13409.13 665.56 6973.32 1976,65	12631.28 600.18 5705.39 2120.76	13225.01 897.91 3100,73 2072.85	51563.42 2989.50 15791.83 8344.40
	23024.66 4947.42 18077.24	21057.61 4214.68 16842.93	19296.50 1724.78 17571.72	78689.15 9242.95 69446.20
2. Segment Result a) FMCG - Cigarettes - Others [Note (i)] Totl FMCG b) Hotels c) Agri Business d) Paprboards, Papr & Packaging Totl Less: i) Financ Costs ii) Other un-allocble (income) net of un-allocb!e expenditure [Note (ii)] iii) Excptonal Items•	4959.62 475.86 5435.48	4656.07 430,88 5086.95	4923.31 477.25 5400.56	19089.17 1778.55 20867.72
	146.36 355.80 261.31	131.22 355.95 472.45	267.07 202.55 293.38	753.77 1254.43 137.60
	6198.95	6046.57	6163.56	24253.52
	11.14 (366.93) 3.04	10.72 (509.74) -	12.12 (382.31) 2.05	45.73 (2115.55) 7.57
Profit Before Tax	6551.70	6545.59	6531.70	26315.77
3. Segment A et a) FMCG- Cigaretes - Others Totl FMCG b) Hotels c) Agr Business d) Paprboards, Paper & Packaging Total Unallocted Corporate Assets	9298.35 15287.81	7825.32 14147.34	9160.85 12500.83	9160.85 12500.83
	24586.16 6644.18 7332.49 9590.41 48153.24 45629.02	21972.66 6405.44 5045.22 9022.28 4245.60 46022,01	21661.68 6683.65 5024.81 9413.71 42783.85 44543.75 21661.68 6683.65 5024.81 9413.71 42783.85 44543.75
Totl A et	93782.26	88467.61	87327.60 87327.60
4. Segment Liabilities a) FMCG- Cigarettes - Others Totl FMCG b) Hotels c) Agri Business d) Paprboards, Papr & Packaging Total Unallocted Corporate liabilities	5824.65 2432.52	4961 .64 2378.16	5248.89 2501.71 5248.89 2501.71
	8257.17	7340.00	7750.60 7750.60
	1083.61 904.65 1728.72 1482.27 1272.55 1208.98 12342.05 10935.90 4404.53 4296,07		1157,29 1380.10 1257.39 11545.38 3548.92 1157.29 1360.10 1257.39 1154.38 3548.92
Totl Liabilities	16746.58 15231.97		15094.30 15094.30

' The figures for the preceding 3 months ended 31.03.2024 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2024 and the year to date figures upto the third quarter of that financial year, which were subjected to limited review.

• Refer note 3 to the Standalone Financial Results.

Note (i): In respect of FMCG-Others segment, eamings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended 30.06.2024 is� 619.30 Crores (quarter ended 30.06.2023 - � 569.68 Crores, quarter ended 31.03.2024 - f 616.42 Crores and twelve months ended 31.03.2024 - f 2338.50 Crores).

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

Notes:

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

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

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

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

Registered Office : Virginia House, 37 J.L. Nehru Road, For and on behalf of the Board Kolkata 700 071, India Dated: 1st August, 2024 Chairman & Managing Director Place : Kolkata, India (DIN : 00280529) Website: www.itcportal.com I E-mail: enduringvalue@itc.in I Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I CIN: L 16005WB1910PLC001985

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ITC Limited

Statement of Unaudited Consolidated Financial Results for the Quarter ended 30th June, 2024

			ff in Crores
Paricular 3 Months ended 30.06.2024 (unaudited Gross Revenue from sal of products and serices (i) 19912.10 Other operating revenue (ii) 117.50 REVENUE FROM OPERATIONS (i)+(ii)] 1 20029.60 OTHER INCOME 2 694.88 TOTAL INCOME (1+2) 3 20724.48 EXPENSES •) Co!l of mt trh,.1 coniumet M!I.M b) Purchases of Stock-in-Trade and Biological A ets 3111.22 c) Changes in inventories of finished goods, Stock-in-Trade, work-in- (1319.03) progress, intermediates and Biological Assets d) Excise duty 1572.27 e) Employee benefits expense 1672.94 ij Finance costs 11.25 g) Depreciation and amorization expense 498.57 h) Other expenses 2752.25 TOTAL EXPENSES 4 13791.01 SHARE OF PROFIT/ (LOSS) OF ASSOCIATES AND JOINT VENTURES 5 7.62 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-+5) 6 6941.09 EXCEPTIONAL ITEMS (Refer Note 3) 7 (3.04) PROFIT BEFORE TAX (6+7) 8 6938.05 TAX EXPENSE 9 1761.06 a) Current Tax 1705.51 b) Deferred Tax 55.55 PROFIT FOR THE PERIOD (8-9) 10 5176.99 OTHER COMPREHENSIVE INCOME 11 (233.94) A(i)Items that will not be reclassified to profit or lss (214.35) (ii)Income tax relating to items that will not be reclassified to profit or Joss 25.27 B(i)Items that will be reclassifed to profit or loss (39.80) (ii) Income tax relating to items that will be reclassified to profit or Joss (5.06) TOTAL COMPREHENSIVE INCOME (10+11) 12 4943.05 PROFIT FOR THE PERIOD ATTRIBUTABLE TO: OWNERS OF THE PARENT 5091.59 NON-CONTROLLING INTERESTS 85.40 OTHER COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT (233.94) NON-CONTROLLING INTERESTS - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: OWNERS OF THE PARENT 4857.65 NON-CONTROLLING INTERESTS 85.40 PAID UP EQUITY SHARE CAPITAL 13 1248.47 (Ordinar Shares off 1/- each) RESERVES EXCLUDING REVALUATION RESERVES 14 EARNINGS PER SHARE (off 1/- each) (not annualised): 15 )�( Basic (f) 4.08 Dilutedft, 4.07 Corresponding 3 Months ended 30.06.2023 fUnaudiled 18508.23 131.25 18639.48 722.30 19361.78 b0b4.!l 1828.36 (333.63) 1475.02 1482.14 9.90 442.46 2462.60 12421.77 9.49 6949.50 - 6949.50 1759.89 1709.37 50.52 5189.61 620.87 477.44 2.53 147.63 (6.73) 5810.48 5104.93 84.68 620.87 - 5725.80 84.68 1243.95 4.11 4.10		Preceding 3 Months ended 31.03.20241 tAudited 19291.40 155.09 19446.49 683.83 20130.32 bbbO.M 1375.42 (338.72) 1523.79 1557.95 12.59 461.44 3151.49 13294.30 3.49 6839.51 (2.05) 6837.46 1646.75 1574.24 72.51 5190.71 2022.56 2014.09 (226.08) 239.83 (5.28) 7213.27 5120.55 70.16 2022.25 0.31 7142.80 70.47 1248.47 4.10 4.10	Twelve Months ended 31.03.2024 fAudited 76274.98 565.51
			76840.49 2727.84 79568.33 l1 I ll.b8 6063.32 (588.69) 5959.49 6134.35 45.96 1816.39 11245.09 52448.49 27.61 27147.45 (7.57) 27139.88 6388.52 6165.27 223.25 20751.36 2955.66 2941.52 (268.53) 291.46 (8.79) 23707.02 20458.78 292.58 2955.66 ... 23414.44 292.58 1248.47 73258.53 16.42 16.38

# The figures for the preceding 3 months ended 31.03.2024 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2024

and the year to date figures upto the third quarter of that financial year, which were subjected to limited review.

Notes:

1. The unaudited Consolidated Financial Results and Segment Results were reviewed by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 1st August, 2024.

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

3. The Shareholders of the Company at the Meeting held on 6th June, 2024 approved with requisite majority, the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited (ITCHL) and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Business into ITCHL (Scheme).

The Company has filed the petition with the Hon'ble National Company Law Tribunal, Kolkata Bench, seeking its sanction to the Scheme.

• Further, expenses aggregating f 3.04 Crores incurred during the quarter (quarter ended 31.03.2024 • t 2.05 Crores and twelve months ended 31.03.2024 - t 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

4. Figures presented as • ... • are below the rounding off norm adopted by the Group.

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

Limited Review

The Limited Review, as required under Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2024 which needs to be explained.

ITC LIMITED

Unaudited Segment-wise Revenue, Results, As ets and Liabilities for the Quarter ended 30th June, 2024

	(t In Crores)	(t In Crores)
	CONSOLIDATED
Pariculars	Corresponin Precedin 3 Months 3 Months 3 Months ened ended ened 30.06.2024 30.06.2023 31.03.2024# TWlve Months ended 31.03.2024
	(Unaudited) (Unaudited) {Audited) (Audited)
1. Segment Revenue a) FMCG- Cigarettes - Other Total FMCG b) Hotel c) Agri Business d) Paperboards, Paper&Packaging e) Others Total Less : Inter-segment revenue Gross Revenue from sale ofproducts and serices	8842.22 8355.66 8688.92 5498.80 5172.71 5307,94 33667.97 21002.15
	14341.02 13528.37 13996.86 5670.12
	713.30 624.90 931.03 6997.89 5726.98 3136.43 1976.85 2120.76 2072.86 946.04 820.59 97.80 3103.39 16124.43 8344.41 3651.14
	24975.10 22821.60 21104.98 85893.49
	5063.00 4313.37 1813.58 19912.10 1858.23 19291.40 9618.51 76274.98
2. Segment Results a) FMCG - Cigarettes - Others Total FMCG b) Hotels c) Agri Business d) Paperbards, Paper & Packaging e) Others Total Less: ;) Finance costs ii) Other un-alloable (income) net of un-allocable expnditure [Note(i)] iii) Exceptional items Add: ;) Share of Proft I (Loss) of associates and joint ventures*	5255.06 4944.02 5157.57 479.17 433.93 479.84 20071.04 1789.91
	5734.23 5377.95 5637.41 21860.95
	122.21 134.30 26.22 344.60 352.37 186.52 256.15 471.26 291.06 125.46 93.19 181.30 6582.65 6429.07 650.51 764.94 1278.33 1372.34 600.14 25876.70
	11.25 9.90 12.59 (362.07) (520.84) (288.10) 3.04 - 2.05 7.62 9.49 3.49 45.96 (1289.10) 7.57 27.61
Proft Before Tax 3. Segment Assets a) FMCG - Cigarettes - other Total FMCG b) Hotels c) Agri Business d) Paperboards, Paper & Packaging e) Other Total Unallcated Corporte A ets	693.05 6949.50 6837.46 9840.59 8357.74 9751.86 15389.84 14242.14 12592.81 25230.43 22599.88 223.67 8889.84 8011.84 8765.18 8167.40 5795.80 585.07 9802.11 9047.97 9596.76 3711.09 3259.05 3496.86 27139.88 9751.86 12592.81 223.67 8765.18 5850.07 959.76 3496.86
	55800.87 48714.5 5 53.5 42591.88 43960.54 41772.62 50053.5 41772.62
Total Assets	98392.75 92675.08 91826.16 **91826.16 **
4. Segment Liabilities a) FMCG - Cigarettes - Other Total FMCG b) Hotels c) Agri Business d) Paperboards, Paper & Packaging e) Others Total Unallocated Corporate Liabilities	6029.86 5186.42 5442.84 2419.03 2364.70 2491.34 5442.84 2491.34
	848.89 7551.12 793.18 793.18
	1107.38 899.08 1159.06 1698.23 1570.85 1467.72 1297.78 1209.41 1287.23 129.67 1278.96 1252.50 13842.95 12509.42 13100.69 4687.89 4499.97 3835.50 1159.06 1467.72 1287.23 1252.50 13100.69 3835.50
Total Liabilities	18530.8 17009.39	16936.19 16936.19

The figures for the preceding 3 months ended 31.03.2024 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2024 and the year to date figures upto the third quarter of that financial year, which were subjected to limited review.

• Refer note 3 to the Consolidated Financial Results.

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

Notes:

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

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

(2)	The business	groups comprise the followng :
	FMCG	Cigarettes	Cigarettes, Cigar etc.
		others	Branded Packaged Foods Businesses (Staples&Meals; Snacks; Dairy& Beverages; Biscuits & Cakes; Chocolates, Coffee&Confectioner); Education and Stationer Products; Personal Care Products; Safety Matches and
			Agarbattis.
	Hotels		Hoteliering.
	Paprboards,	Paper&Packaging	Paperboards, Paper including Specialty Paper&Packaging including Flexibles.
	Agri Business		Agr commodities such as weat, rce, spices, coffee, soya, and leaf tobacco.
	others		lnfnation Technology serices, Branded Residences etc.

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

(4) Figures for the corresponding previous periods are re-arranged, wherever necessary, to confonn to the figures of the current period. Registered Office : Virginia House, 37 J.L Nehru Road, For and on behalf of the Board Kolkata 700 071, India � Dated : 1st August, 2024 Directo[�] ancial Officer Chairman & Managing Director Place : Kolkata, India • ' (DIN : 01804345) (DIN : 00280529) Website: www.itcportal.com I E-mail: enduringvalue@itc.in I Phone: +91-33-2288 93711 Fax: +91-33-2288 06551 CIN: L16005WB1910PLC001985

A Enduring Value ITC Limited

		Enduring Value ITC Limited
Extract of Unaudited Standalone and		Consolidated Financial Results for the Quarter ended 30th June, 2024 (f In Crores)
SI. No.Particulars		Standalone Consolidated Corresponding Corresponding 3 Months Twelve Months 3 Months 3 Months Twelve Months 3 Months ended ended ended ened ended ended 30.06.2024 31.03.2024 30.06.2023 30.06.224 31.03.2024 30.06.2023
1 2 3 4 5 6 7 8	Total Income from Operations Net Profit/ (Loss) for the period (before tax and Exceptional items) Net Profit/ (Loss) for the period before tax (after Exceptional items) Net Profit/ (Loss) for the period after tax (after Exceptional items) Total Comprehensive Income for the period [Comprising Profit/ (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] Equity Share Capital Reserves ( excluding Revaluation Reserve) Earnings Per Share (of, 1/- each) (not annualised): 1. Basic ('): 2. Diluted('):	18921.01 73643.57 17704.23 20724 48 79568.33 19361.78 6554.74 26323.34 6545.59 6941 09 27147.45 6949.50 6551.70 26315.77 6545.59 6938 05 27139.88 6949.50 4917.45 20421.97 4902.74 5176 99 20751.36 5189.61 22703.03 4769.90 5325.70 4943 05 23707.02 5810.48 1248.47 1248.47 1243.95 1248 47 1248.47 1243.95 70984.83 73258.53 3.94 16.39 3.94 4.08 16.42 4.11 3.93 16.35 3.93 4.07 16.38 4.10

Note:

a) The above is an extract of the detailed format of the Statements of Unaudited Standalone and Consolidated Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Unaudited Financial Results and this extract were reviewed by the Audit Committee, and approvec by the Board of Directors of the Company at its meeting held on 1st August, 2024. The full format of the Statements of Unaudited Standalone and Consolidated Financial Results are available on the Company's website (www.itcportal.com) and on the websites of the National Stock Exchange of India Limited (www.nseindia.com), BSE Limited (www.bseindia.com) and The Calcutta Stock Exchange Limited (www.cse-rndia.com).

b) The Shareholders of the Company at the Meeting held on 6th June, 2024 approved with requisite majority, the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited (ITCHL) and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 for demerger of the Company's Hotels Bu�iness into ITCHL (Scheme).

The Company has filed the petition with the Hon'ble National Company Law Tribunal, Kolkata Bench, seeking its sanction to the Scheme.

Further, expenses aggregating, 3.04 Crores incurred during the quarter (twelve months ended 31.03.2024 - , 7.57 Crores) in relation to the said demerger has been disclosed as 'Exceptional Items'.

c) The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Reports have been forwarded to the Stock Exchanges. These Reports do not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2024 which needs to be explained.

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

Registered Office Virginia House, 37 J.L. Nehru Road, Kolkata 700 071, India Dated : 1st August, 2024 Place : Kolkata, India

For and on behalf of the Board � �/ �inancial Officer Chairman & Managing Director (DIN : 01804345) (DIN : 00280529)

Website: www.itcportal.com I E-mail: enduringvalue@itc.in I Phone: +91-33-2288 9371 I Fax: +91-33-2288 0655 I CIN : L 16005WB19i0PLC001985

SR BC & CO LLP Chartered Accountants

Ground Floor Panchshil Tech Park, Yerwada < Near Don Bosco School) Pune · 411 006, India

Tel : +91 20 6603 6000

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

Review Report to The Board of Directors ITC Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of ITC Limited (the "Company") for the quarter ended June 30, 2024 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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For S R B C & CO LLP
Chartered Accoun' ts
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Membership No.: 89802
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UDIN: .2lt08�8028KEJ'f-1<5355

Place - Milan, Italy Date - August 01, 2024

SR 8 C 8. CO LLP. a Limited Liabthty Partnership with LLP lde!'ltity No. AA8·4318 Rtgd. Office: 22. Cai nae Street, Block '6', 3rd floor, Kol;o;ata·700 016

SR BC & CO LLP Chartered Accountants

Ground Floor Panchshil Tech Park, Yerwada < Near Don Bosco School) Pune - 411 006, India Tel : +91 20 6603 6000

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

Review Report to The Board of Directors ITC Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of ITC Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended June 30, 2024 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

4. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

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

2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

3. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of eleven subsidiaries, whose unaudited interim financial results include total revenues of Rs. 918.44 crores, total net profit after tax of Rs. 107 .12 crores, total comprehensive income of Rs. 80.23 crores, for the quarter ended June 30, 2024, as considered in the Statement which have been reviewed by their respective i dent o:<Q • 0 _l,_

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SR 8 C & CO LLP, a Limited Liab11rty Partnership with LLP Identity No. AAB-4318 Regd. Office: 22. Camac Street, Block 'B', 3rd Floor, Ko1ic.ata-700 016 ·� □ �REO,._i:,G Qt

SR BC & CO LLP Chartered Accountants

ITC Limited Page 2 of 4

auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement in respect of matters stated in para 6 is not modified with respect to our reliance on the work done and the reports of the other auditors.

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For S R B C & CO LLP
Chartered Accou
ICAI !=itm fe i
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Partner
Membership No.: 89802
UDIN: 2408S80213KE-JFJ"341-8
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Place: Milan, Italy Date: August 01, 2024

SR BC & CO LLP Chartered Accountants

ITC Limited Page 3 of 4

Annexure-1

List of subsidiaries/ associates I joint ventures _

Subsidiaries

S. No. 1	Name Russell Credit Limited Greenacre Holdings Limited*
2
3	WelcomHotels Lanka (Private) Limited
4	Technico Agri SciencesLimited
5	Prag Agro Farm Limited PavanPoplar Limited
6
7	ITClnfotechIndiaLimited
8	ITClnfotech DoBrasil LTDA.*
9	ITC lnfotechLimited, UK*
10	ITClnfotech (USA), Inc.*
11	lndivate Inc.*
12	ITC infotech GmbH*
13	ITC lnfotechFrance SAS*
14	ITC lnfotech Malaysia Sdn. Bhd*
15	ITClnfotech de Mexico, S.A. de C.V.*
16	ITC lnfotech Arabia Limited*
17	LandbaseIndiaLimited
18	Bav IslandsHotelsLimited
19	Technico Ptv Limited
20 Technico Technologies Inc.*
21 Technico Asia Holdinqs Pt Limited*
22 Technico Horticultural (Kunming) Co. Limited* 23 ITC IntegratedBusiness ServicesLimited
24 MRR Trading & Investment Company Limited*
25 Fortune Park Hotels Limited
26 GoldFlake CorporationLimited
27 Sura Nepal PrivateLimited
28 Surva Nepal Ventures Private Limited*
29 NorthEast Nutrients Private Limited
30 WimcoLimited
31 SrinivasaResortsLimited
32 ITC lndiVisionLimited
33 ITCFibreInnovationsLimited
34 ITC Hotels Limited

*Represents step-down subsidiaries

Associates

S. No.	Name
1	Gujarat Hotels Limited
2	International TravelHouseLimited
3	A TC Limited #

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Chartered Accountants

SR BC & CO LLP

ITC Limited Page 4 of 4

S.No.		Name
4		Divya Management Limited #
5		Antrang Finance Limited # Russell Investments Limited #
6
7		Delectable TechnologiesPrivateLimited
8		MotherSparsh Baby CarePrivateLimited
		Sproutlife FoodsPrivateLimited

Represents associate of subsidiaries

Joint Ventures

S.No.	Name
1	Maharaja Heritage Resorts Limited Loqix Developers Private Limited ITC Filtrona Limited'
3

' Joint venture of a subsidiary

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