ITC Ltd - Interim / Quarterly Report 2024

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

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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 – Media Statement and Presentation

Further to our letter dated 1[st] August, 2024 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: 2024.08.01 SINGHI 16:35:58 +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 01, 2024

Standalone Financial Results for the Quarter ended 30[th] June, 2024

Highlights

Gross Revenue up 7.3% YoY in a challenging operating environment, driven by Hotels, Value Added Agri products and Leaf Tobacco. FMCG – Others and Cigarettes delivered resilient performance amidst subdued demand conditions. While green shoots of demand recovery emerged during the quarter in the Paperboards, Paper & Packaging segment, performance remained impacted largely due to cheap Chinese supplies in international markets including India and a surge in domestic wood prices.
Resilient performance in FMCG – Others, amidst muted demand conditions and extreme heatwave in parts of the country
Segment Revenue and PBIT up 6.3% and 10.4% YoY respectively on a high base (2-yr CAGR 11.1% and 52.8% respectively)
Staples, Snacks, Dairy, Personal Wash, Fragrances, Homecare and Agarbatti drive growth
Segment EBITDA Margin expanded 25 bps YoY to 11.3%; sequential uptick in prices witnessed in certain commodities.
Cigarettes Net Segment Revenue up 7% and Segment PBIT up 6.5% YoY
Continued focus on portfolio/market interventions & agile execution to reinforce market standing
- Differentiated and premium offerings continued to perform well
Sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes.
Hotels Segment Revenue up 10.9% YoY; Segment PBIT up 11.5% YoY
Robust performance despite fewer wedding dates and extreme heatwave/elections impacting domestic travel & out-of-home dining
ITC Ratnadipa[1] , Colombo launched in April’24; receives excellent guest response and widespread appreciation; 225 rooms and 8 F&B outlets are currently operational
7 managed hotels with appx. 460 keys operationalised during the quarter
Demerger update: Shareholders approved the Scheme of Arrangement for demerger (‘the Scheme’) at the NCLT convened meeting held on June 6, 2024. Petition for sanction of the Scheme has been filed with NCLT on July 22, 2024.
Agri Business Segment Revenues up 22.2% driven by value added agri products, leaf tobacco and wheat
Strong customer relationships and agile execution drive growth in Leaf Tobacco & Value Added Agri products
Cost escalation in leaf tobacco and other agri-commodities weighed on margins during the quarter
Geopolitical volatility 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 in the bulk commodities space. 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 29 lakh acres and about 7.5 lakh farmers in the country.

1 A project undertaken by WelcomHotels Lanka (Private) Limited, a wholly owned subsidiary, comprising 352 luxury hotel rooms and 132 super-premium residential apartments (‘The Sapphire Residences’)

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Paperboards, Paper and Packaging Segment performance reflects the impact of low-priced Chinese supplies in global markets including India, muted domestic demand conditions and surge in wood prices
Subdued realisations, surge in domestic wood prices and ocean freight continue to weigh on margins
Capacity augmentation/debottlenecking projects successfully completed during the quarter; Segment performance includes the impact of shutdown/stabilisation related costs pertaining to these initiatives
Green shoots of recovery in domestic demand ahead of the festive season; Net realisation rates for Value Added Paperboard (VAP) grades witness sequential improvement
- Strategic interventions, including sharp focus on portfolio augmentation, export customer/market development & structural cost management, continue to be made to mitigate near term challenges.

Amidst a challenging macro-economic and operating environment as stated above, and high base effect in some of its operating segments, the Company delivered resilient performance during the quarter. Gross Revenue stood at Rs. 18,077 crores representing a growth of 7.3% YoY. PBT (before exceptional items) and PAT stood at Rs. 6,555 crores and Rs. 4,917 crores respectively. Earnings Per Share for the quarter stood at Rs. 3.94.

While Private Consumption expenditure remains relatively subdued, the Indian economy continues to be extremely resilient amidst a global growth slowdown on the back of multi-dimensional and purposeful policy interventions by the Government, with sustained public expenditure in creating physical, digital, agri and rural infrastructure.

India continues to be acknowledged as one of the fastest growing major economies in the world with significant headroom for growth over the medium and long-term. A favourable demographic profile, increasing affluence, rapid urbanisation and accelerated digital adoption represent some of the key structural drivers of growth of the Indian economy.

The recently announced Union Budget 2024-25 provides a strong impetus to engender a virtuous cycle of investment and employment whilst ensuring macro-economic stability and enabling inclusive growth. Several far-sighted proposals address crucial areas such as employment and employability, MSMEs, climate emergency and next-generation agriculture. The nine priority areas, together with the roadmap for nextgeneration reforms, provide a directional thrust to the nation’s journey of economic transformation.

Moderating inflation, improving agri terms of trade, expectation of normal monsoons and the Government's thrust on public infrastructure & the rural sector augur well for a pick-up in consumption demand, building on the green shoots of recovery that are visible in rural markets.

FMCG – OTHERS

The FMCG Businesses delivered resilient performance amidst muted demand conditions with Segment Revenue growing 6.3% YoY to Rs. 5491 crores on a high base (2-yr CAGR +11.1%) ; Segment EBITDA margins expanded 25 bps YoY to 11.3%
Staples, Snacks, Dairy, Personal Wash, Fragrances, Homecare and Agarbatti drive growth .
Extreme heatwave adversely impacted categories with higher salience of discretionary/out-ofhome consumption.
Emerging channels (viz. Modern Trade, e-Commerce, Quick Commerce) witnessed robust growth on the back of sharp execution of channel-specific business plans, collaborations, format-based assortments and category-specific sell-out strategies.
Competitive intensity remained high in certain categories such as Biscuits, Snacks, Noodles, Popular Soaps, Education and Stationery Products, including from local/regional players.
Strategic portfolio augmentation leveraging agile and purposeful innovation continues to be stepped up towards addressing evolving consumer needs and accelerating premiumisation.

While commodity prices were largely stable during the quarter compared to the base period, certain items such as sugar, potato, choco cream and edible oil witnessed sequential uptick in prices.
The Trade Marketing & Distribution vertical (TM&D) remains at the forefront of leveraging cuttingedge digital technologies and building a digital ecosystem to drive productivity, improve market servicing, draw actionable insights for sharp-focused interventions, augment sales force capability and deepen connect with retailers. The Company’s digitally powered eB2B platform, UNNATI app (now also available in several vernacular languages) covers nearly 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 posted strong growth reinforcing its leadership position in the Branded Atta industry
Value-added atta range sustained its high growth trajectory driven by superior value proposition and strong performance in emerging channels
In line with its strategy to address value-added adjacencies leveraging mother brands, the Business has over the course of the last year launched several differentiated variants such as ‘Aashirvaad Atta with Millets’ and ‘Aashirvaad Multi-Millet Batter Mix’, which contain the benefits of super grains like Jowar, Bajra, Ragi, Quinoa and Navane, and are naturally gluten free and a source of essential nutrients. These products continue to garner consumer traction in their launch markets. Other value-added differentiated variants such as ‘Gluten Free Flour’, ‘Ragi Flour’, Rava (‘Aashirvaad Samba Broken Wheat’, ‘Aashirvaad Bansi Rava’ and ‘Aashirvaad Double Roasted Suji Rava’), ‘Aashirvaad Organic Dals’, ‘Aashirvaad Besan’ and ‘Aashirvaad Vermicelli’ continued to scale up.
‘Aashirvaad’ Salt posted robust growth in focus markets during the quarter, supported by its distinctive positioning – ‘Created by Sun and Sea - pure just like nature intended it to be’. The recently launched Aashirvaad Himalayan Pink Salt, serving the needs of health-conscious consumers with the proposition of ‘Purity which you can see and taste’, continued to gain traction.
‘Sunfeast’ Biscuits and Cakes recorded resilient performance during the quarter. The Business continues to strengthen its portfolio with investments behind powerful brand propositions, superior products, strong consumer connect with local insights and differentiated offerings. The portfolio was further augmented with launch of first-to-market ‘Sunfeast Super Egg & Milk’ in select markets. The ‘Sunfeast Dark Fantasy’ range of differentiated cookies sustained its leadership position in the premium segment. Innovations/new launches in recent years continue to scale up and have strengthened the product portfolio.
‘YiPPee!’ Noodles sustained its position as a strong No. 2 brand amidst heightened competitive intensity. Product portfolio was further strengthened with the launch of YiPPee! Korean Noodles in 2 variants: ‘YiPPee! Korean Fiery Hot Style noodles’ and ‘YiPPee! Korean Spicy Kimchi Style noodles’ which received encouraging consumer response. Towards deepening consumer engagement, YiPPee! leveraged the T20 Cricket World Cup event to launch its innovative 'YiPPee! Toss' campaign featuring cricketing icons Rahul Dravid, Jasprit Bumrah and Surya Kumar Yadav. The campaign went viral on social media creating considerable buzz around the brand.
‘Bingo!’ Snacks delivered a resilient performance during the quarter and continued to strengthen its product portfolio with the launch of exciting variants of snacks/namkeens. The Business reinforced its leadership position in the Bridges segment with the launch of ‘Bingo! Mad Angles Red Alert’, an ultra-crunchy-spicy snack in select markets. The recently launched ‘Bingo! 2X Hot and Spicy Korean-Style chips’ variant witnessed strong traction. The Potato Chips portfolio was further strengthened with the launch of ‘Bingo! Original Style Himalayan Pink Salt’ chips in South markets. Other recent launches under ‘Tedhe Medhe’ range of Bingo! Namkeen including - Punjabi Tadka, Moong Dal, Navrattan Mixture and Khatta Meetha - continue to gain consumer franchise.
‘Sunrise’ spices posted robust growth during the quarter and continued to strengthen its market standing in the core market of West Bengal. The recently launched unique and differentiated

products catering to regional tastes and preferences such as Sunrise ‘Haah Salkumura’ – a first-tomarket product for duck curry and the ‘Swaad Bihar ka’ range of spices including ‘Sunrise Chicken Masala’, ‘Sunrise Meat Masala’, ‘Sunrise Kitchen King Masala’ continue to scale up in launch markets of Assam and Bihar respectively.

The ‘ITC Master Chef’ range of frozen foods delivered strong growth in both Retail and Food Service channels, powered by over 60 high quality, innovative and differentiated offerings in both veg and non-veg segments.
In the Dairy & Beverages category, ‘Aashirvaad Svasti’ fresh dairy portfolio comprising pouch milk, curd, lassi and paneer recorded strong growth on the back of best-in-class quality, differentiated products and superior taste profile. The portfolio was further enriched with launch of Aashirvaad Svasti 90% Lower Cholestrol Cow Ghee prepared using a unique Lower-Cholesterol Adsorption Process and has elicited excellent consumer response.
➢ The Personal Care Products Business registered robust growth across segments. ‘Fiama’ and ‘Vivel’ range of Personal Wash products, ‘Engage’ range of fragrances and ‘Nimyle’ range of homecare products recorded strong growth on the back of sharp communication and consumer engagement, wider distribution and emerging channels. Fiama gel bars range sustained its strong growth momentum driven by innovative and differentiated offerings appealing to evolving consumer preferences. The product range of ‘Dermafique’, a Digital First premium skin care brand, was expanded with the launch of Acne Avert Spot Corrector which helps reduce chronic, stubborn and recurrent acne. The state-ofthe-art manufacturing facility at Uluberia, West Bengal has been commissioned and is expected to be scaled up progressively.
➢ The Education and Stationery Products Business witnessed heightened competitive intensity especially from regional/local players on the back of reduction in paper prices. Amidst such conditions, ‘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’ posted strong growth. During the quarter, ‘Classmate Light Brown AR notebooks’ were launched and were creatively promoted through a unique interactive AR powered engagement campaign in Mumbai, drawing significant participation from the target audience.
➢ ‘Mangaldeep’ Agarbattis and Dhoop recorded robust growth during the quarter anchored on a range of differentiated products backed by execution of channel-led trade inputs & engagement programmes and retail distribution drives. The portfolio was augmented with the launch of new variants in ‘Mangaldeep Temple’ and ziplock range.

FMCG – CIGARETTES

Net Segment Revenue up 7% and Segment PBIT up 6.5% YoY

The Business continues to counter illicit trade and reinforce market standing by fortifying the product portfolio through innovation, democratising premiumisation across segments backed by superior onground execution.
Differentiated variants and premium segment continue to perform well. Sequential improvement witnessed in value segment.
Sharp escalation in costs of leaf tobacco and certain other inputs were largely mitigated through improved mix, strategic cost management and calibrated pricing.
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.

HOTELS

Segment Revenue up 10.9% YoY; Segment PBIT up 11.5% YoY

Strong growth witnessed across properties, despite fewer wedding dates and extreme heatwave/elections impacting domestic travel & out-of-home dining.
Strategic investments towards renovations and refurbishments continue in line with the commitment to deliver exceptional quality and guest experience across properties.

The Company’s first international property ITC Ratnadipa, opened in April 2024 at Colombo, Sri Lanka. A jewel in the Colombo skyline that promises to enrich the tourism and hospitality landscape of Sri Lanka, the luxury property is poised to create the ultimate luxury hospitality experience for discerning business and leisure travellers. Currently, 225 rooms are operational with occupancy witnessing steady ramp up. The wide range of delectable cuisines on offer, across 8 F&B outlets operational, have also received excellent response.
Seven managed properties were operationalized during the quarter including Fortune Resort & Wellness Spa, Bhaktapur, Nepal which is the first Fortune property outside India. The pipeline of managed properties continues to be strengthened across Welcomhotel, Mementos, Storii, Fortune and WelcomHeritage brands
In line with its ‘asset right’ strategy, the Business has added 32 properties to its portfolio in the last 24 months.
Demerger update: Shareholders approved the Scheme of Arrangement for demerger (‘the Scheme’) at the NCLT convened meeting held on June 6, 2024. Petition for sanction of Scheme has been filed with NCLT on July 22, 2024.

AGRI BUSINESS

Agri Business Segment Revenues up 22.2% driven by value added agri products, leaf tobacco and wheat

In line with the overall strategy of scaling-up the value-added agri portfolio, the Business delivered strong growth in exports of Spices and Coffee. The Business continues to leverage the multidimensional capabilities of its state-of-the-art value-added Spices processing facility in Guntur to scale up exports.
Agility in operations, strong customer relationships and new business development enabled robust growth in leaf tobacco exports. Steep escalation in green leaf procurement prices weighed on margins which was partially mitigated by strategic cost management initiatives. The AI/ML powered real-time buying platform continues to be scaled up to facilitate efficient leaf tobacco buying across auction platforms.
Geopolitical dynamics and climate emergencies have led to concerns over food security and food inflation globally. To ensure India remains food secure and food inflation is controlled, the Government has imposed trading restrictions on agri commodities from time to time; consequently limiting business opportunities in the bulk commodity space.
ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) – a crop-agnostic ‘phygital’ full stack AgriTech platform has been scaled up across ten states. Over 1650 Farmer Producer Organisations (FPOs) encompassing more than 1.5 million farmers have been added to the Company’s network.
The state-of-the-art facility to manufacture and export Nicotine & Nicotine derivative products conforming to US and EU pharmacopoeia standards, set up by the Company’s wholly owned subsidiary, ITC IndiVision Limited, which was commissioned in the previous quarter, has recently received EU REACH approvals. Customer trials are underway; export shipments are expected to be scaled up progressively.

PAPERBOARDS, PAPER & PACKAGING

The performance in the Paperboards, Paper & Packaging Segment reflects the impact of low-priced Chinese supplies in global markets including India, muted domestic demand, unprecedented increase in domestic wood costs; Segment Revenue declined 6.8% YoY

Subdued realisations, surge in domestic wood prices and ocean freight continues to impact margins; structural advantages of the integrated business model, Industry 4.0 initiatives, strategic investments in High Pressure Recovery Boiler and proactive capacity augmentation in Value Added Paperboards aided in partly mitigating pressure on margins.
Certain capacity augmentation/debottlenecking projects were successfully completed during the quarter; Segment performance includes the impact of such planned shutdown/stabilisation related costs pertaining to these initiatives.

Green shoots of recovery in domestic demand were visible ahead of the festive season; Value Added Paperboard (VAP) grades witnessed sequential improvement in net realisation rates.
Strong growth witnessed in speciality paper segment aided by recent capacity addition in Décor Paper, despite muted demand from the construction industry.
Business continued its sharp focus on portfolio augmentation, export customer/market development and structural cost management to mitigate near term challenges.
The Packaging and Printing Business continues to focus on accelerating new business development in domestic and export markets offering innovative and customised solutions. The recent capacity addition at Nadiad, Gujarat, with state-of-the-art equipment, has further augmented the Business’ capabilities in Cartons packaging. During the quarter, Business launched Ecobyte, a quality sustainable packaging solution for eco-conscious households which offers germ-free and grease-resistant packaging.
The Company’s wholly owned subsidiary, ITC Fibre Innovations Limited, recently commissioned its state-of-the-art premium Moulded Fibre Products manufacturing facility in Badiyakhedi, Madhya Pradesh. The facility is being progressively scaled up.

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 22 years), ‘carbon positive’ (for 19 years), and ‘solid waste recycling positive’ (for 17 years) . The Company sustained its ‘AA’ rating by MSCI-ESG for the 6[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 fourth 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.

The Company has entered the prestigious ‘ A List ’ for CDP Water by achieving the highest ‘ A ’ rating ‘ Leadership Level ’, which is higher than the Asia and Global average of ‘C’. For CDP Climate, the Company retained ‘ Leadership Level’ score of ‘ A -’ , which is higher than the Asia and Global average of ‘C’.

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 and 4 ITC Hotels being certified as LEED Zero Water . The Kapurthala unit of Foods Business and Bhadrachalam paper mill, recently achieved Platinum level certification, the highest recognition for water stewardship, under the Alliance for Water Stewardship Standard (AWS). With this, 9 units of the Company have achieved Platinum level certification under AWS.

The Sustainability Report 2024 is available on the Company’s corporate website at - - - - - https://www.itcportal.com/sustainability/sustainability integrated report 2024/ITC Sustainability - - Integrated Report 2024.pdf

Please refer link below for performance highlights of the quarter: https://www.itcportal.com/investor/pdf/ITC-Quarterly-Result-Presentation-Q1-FY2025.pdf

The Board of Directors, at its meeting on 1[st] August 2024, approved the financial results for the quarter ended 30[th] June 2024, which are enclosed.

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(Nazeeb Arif) Executive Vice President Corporate Communications

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Q1 FY25 Results

01[st] August, 2024

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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 guarantee as to their accuracy and readers are advised not to place any undue reliance on these 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 outlook steady with downside risks
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Real GDP Growth YoY
7.7
3.7
2.4
2.1
1.4
3.2 2.6 0.9 5.0
1.7
World Adv. Eco US Euro Area China
2023 2024f 2010-19 average
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Major Central Banks remain cautious in their stance despite easing inflation pressures
Geo political dynamics & Climate emergencies pose downside risks
Debt distress in emerging and low income economies
Structural weakness in Chinese economy persists

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India remains resilient
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FY25 GDP expected to grow by 7.2%
Private consumption remains subdued

 Balanced Macros

Tax collections remain buoyant
Strong Bank and Corporate Balance Sheets
Forex Reserves at all time high

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Source : IMF WEO July’24

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Source : IMF WEO’24, MOSPI, RBI

Consumption remains subdued

Normal Monsoons augur well

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Passenger Vehicles – retail sales declining (YoY%) Food inflation remains elevated (Qtly YoY%) Rainfall status: +2% LPA as on 30 [th] Jul’24
1 1. 0%
CPI Food CPI
1 0. 0% 9.3%
8.9%
9 .0 % 8.0%
8 .0 %
7 .0 % 6.4%
7.3%
6 .0 % 5.6%
4.9%
5 .0 %
4 .0 % 4.0%
3.8%
3 .0 %
2 .0 % 2.2%
Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24
Source: FADA Source: MoSPI
Real rural wages remain weak Non-Durables growth lag (YoY%)
6.0%
Real Farm Yoy% Real Non Farm Yoy%
3.0%
0.0%
-3.0%
-6.0%
-9.0%
>=60% 20% - 59% (19%) - 19% (59%) - (20%) Source : IMD
Source: Labour Bureau Source: MoSPI IIP
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Macro Economic Environment

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Key Key
Positives Monitorables
Moderating Stable growth Geopolitical Agri Commodity
Inflation outlook disruptions Inflation
Strong Bank & Monetary easing
Buoyant Tax Rural Demand
Corporate cycle in Advanced
collection recovery
Balance Sheets economies
Purposeful Policy
External Balances Govt. spending Extreme weather
intervention by
& Forex Reserve and Employment events
Government
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Q1 FY25 Results Business Highlights

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Key Highlights: Q1 FY25

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 Gross Revenue up 7.3% YoY in a challenging operating environment, driven by Hotels, Value Added Agri products and Leaf Tobacco

FMCG-Others & Cigarettes delivered resilient performance amidst subdued demand conditions
markets including India & surge in domestic wood prices

 Resilient performance in FMCG – Others, amidst muted demand conditions and extreme heatwave in parts of the country

Revenue up 6.3% YoY; PBIT up 10.4% on a high base;
2 Yr. CAGR: Revenue +11.1%; PBIT +52.8%
Staples, Snacks, Dairy, Personal Wash, Fragrances, Homecare & Agarbatti drive growth
EBITDA margin @ 11.3%; up 25 bps YoY, sequential uptick in prices witnessed in certain commodities

 Cigarettes Net Segment Revenue up 7% and PBIT up 6.5% YoY

Continued focus on portfolio/market interventions & agile execution to reinforce market standing
Differentiated & premium offerings continued to perform well

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Key Highlights: Q1 FY25

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Hotels Segment Revenue up 10.9% YoY ; Segment PBIT up 11.5% YoY
Robust performance despite fewer wedding dates & extreme heatwave/elections impacting domestic travel & out-of-home dining
ITC Ratnadipa^, Colombo launched in April’24; receives excellent guest response and widespread appreciation; 225 rooms and 8 F&B outlets are currently operational
7 managed hotels with appx. 460 keys operationalised during the quarter; 32 hotels opened in last 24 months
Demerger: Shareholders’ approval received on June 6, 2024; Petition for sanction of the Scheme filed with NCLT on July 22, 2024
Agri Business Segment Revenues up 22.2% driven by value added agri products, leaf tobacco and wheat
Strong customer relationships and agile execution drive growth in Leaf Tobacco & Value Added Agri products
Cost escalation in leaf tobacco and other agri-commodities weighed on margins during the quarter
Geopolitical tensions & climate emergencies have led to concerns over food security and food inflation; trade restrictions imposed by Govt. on agri commodities limit business opportunities in the bulk commodities space

^A project undertaken by WelcomHotels Lanka (Private) Limited, a wholly owned subsidiary

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Key Highlights: Q1 FY25

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Paperboards, Paper and Packaging Segment performance reflects the impact of low-priced Chinese supplies in global markets including India, muted domestic demand conditions and surge in wood prices
Subdued realisations, surge in domestic wood prices and ocean freight weighed on margins
Capacity augmentation/debottlenecking projects successfully completed during the quarter; Segment performance includes the impact of shutdown/stabilisation related costs pertaining to these initiatives
Green shoots of recovery in domestic demand ahead of the festive season; Net realisation rates for Value Added Paperboard (VAP) grades witness sequential improvement
- Strategic interventions, including sharp focus on portfolio augmentation, export customer/market development & structural cost management, continue to be made to mitigate near term challenges

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FMCG Others

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Resilient performance amidst muted demand conditions and FMCG Others – Q1 FY25 extreme heatwaves in parts of the country

Segment Revenue up 6.3% YoY on a high base (2-yr CAGR +11.1%)
Staples, Snacks, Dairy, Personal Wash, Fragrances, Homecare and Agarbatti drive growth
Extreme heatwave adversely impacted categories with higher salience of discretionary/out-of-home consumption
Robust growth in Emerging Channels
Channel specific business plans, collaborations, format-based assortments and category-specific sell-out strategies drive growth
Competitive intensity (incl. local/regional players) remained high – Biscuits, Snacks, Noodles, Popular Soaps, Education & Stationery Products

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Commodity prices largely stable during the quarter compared to the base period; certain items such as sugar, potato, choco cream and edible oil witnessed sequential uptick in prices

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FMCG Others – Q1 FY25

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 Q1 Segment EBITDA margins at 11.3%, up 25 bps YoY

Margin expansion sustained through multi-pronged interventions viz. premiumisation, supply chain optimisation, digital initiatives across the value chain and strategic cost management

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Annual Trends Q1 Trends
Full Year Seg. EBITDA Seg. EBITDA Margin %
11.2%
2300 10.2% 12. 0%
2100 9.1%
1900 8.9% 10. 0%
1700
7.1% 8.0%
1500
1300
6.0%
1100
900 4.0%
700
914 1317 1449 1954 2339
500 2.0%
FY20 FY21 FY22 FY23 FY24
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Purposeful Innovation

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Aashirvaad Svasti Ghee YiPPee! Korean Noodles 90% Lower Cholesterol Fiery Hot Style | Spicy Kimchi Style

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Sunfeast Biscuits Sunfeast Smoothie Bingo! Original Style Super Egg & Milk Sitaphal | Banana Himalayan Pink Salt Oats

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Aashirvaad Spices Fabelle Exquisite Candyman Tadka Lollipop Chilli Powder | Ajwain One India Edition Mango Masala | Imli Masala

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Dermafique Classmate Octane Mangaldeep Temple Acne Avert Pastel Series Divinity | Sanctum Spot Corrector

| 14 |

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Deepening Consumer Engagement

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Cheering India to Victory Celebrating Moments
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| 15 |

Deepening Consumer Engagement

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Sharpening Value Proposition

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Har tiffin ki sweet ending

Dil se karo baat Bhagwan ke sath

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Greener Choices for Consumers

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Creating Structural Advantage

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ICML Khordha
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Personal Care Facility, Uluberia

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Scale| Productivity| Costs

Solar Plant, Karnataka

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Roof top Solar Plant

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Kapurthala & Khordha
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ICML: Integrated Consumer Goods Manufacturing and Logistics Facility

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FMCG Cigarettes

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| 19 |

FMCG Cigarettes – Q1 FY25

Portfolio Vitality | Product Availability | Execution Excellence

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Net Segment Revenue _*_ up 7% and Segment PBIT up 6.5% YoY**

7918 cr. 6.1%

Sharp cost escalation in leaf tobacco & other inputs, largely mitigated through improved mix, strategic cost management & calibrated pricing
Differentiated variants & premium segment continue to perform well
Sequential improvement in Value segment

4960 cr. 6.5%

Focus on portfolio/market interventions & agility in execution stepped-up to reinforce market standing

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

*Net of Excise Duty/NCCD on Sales

| 20 |

FMCG Cigarettes Reinforcing market standing

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Innovation Portfolio Fortification
• Classic Connect • Gold Flake Neo SMART Filter
• Gold Flake SLK • Bristol Deluxe
• American Club Clove Mint • Flake XL
• Gold Flake Indie Mint • Flake Skipper
• Classic Icon Recent Introductions
• • • Classic Icon Kings American Club Super Slims Flight `
• Gold Flake Indie Mint Kings • Gold Flake North Star • Uni Klov • • • Gold Flake Social Super Slims Bristol Maja Mix Gold Flake Tango Mix

| 21 |

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Hotels Business

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Hotels – Q1 FY25

Segment Revenue 666 cr. 10.9%

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Robust performance continues

Revenue up 11% - despite fewer wedding dates, extreme heatwave/election impacting domestic travel & out-of-home dining
ITC Ratnadipa, Colombo launched in April’24
225 rooms and 8 F&B outlets operational;

Segment Results 146 cr. 11.5%

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Asset Right Strategy^
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32 Hotels in last 24 months

(July 2022 – June 2024)
28 Managed Hotels in next 24
- months

(July 2024 – June 2026)

Receives excellent consumer response & widespread appreciation
7 managed hotels with appx. 460 keys operationalized during the quarter
Demerger update: Shareholders’ approval received on June 6, 2024; Petition for sanction of the Scheme has been filed with NCLT on July 22, 2024

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ITC Narmada ITC Gardenia won awarded ‘Best 5 the Bronze award Star Hotel in at CII EHS Gujarat’ by Excellence awards Gujarat Tourism 2023

| 23 |

^ Across Luxury, Upper Upscale and Boutique properties

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A Magnificent icon of Responsible Luxury launched in Colombo in April’24

ITC Ratnadipa, Colombo, Sri Lanka^

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Inaugurated by President of Sri Lanka, His Excellency Ranil Wickremesinghe in the presence of Hon’ble Prime Minister of Sri Lanka Dinesh Gunawardena

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Jala Anganaya
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Indian Ocean Pavilion
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| 24 |

^A project undertaken by WelcomHotels Lanka (Private) Limited, the Company’s wholly owned subsidiary

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Executing ‘Asset Right’ Strategy – Recent openings

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Mementos, Jaipur
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Devasom Resort & Spa, Kolkata
Urvashi’s Retreat, Manali
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Fortune Resort & Wellness Spa Bhaktapur, Nepal
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Healthy Pipeline of Management Contracts – Phased openings over the next few quarters

| 25 |

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Agri Business
| 26 |
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Agri Business

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Stock limits on Wheat and restrictions on exports continue to limit business opportunities in the bulk commodities space
Strong growth in Value Added Agri products driven mainly by Coffee & Spices
Robust growth in Leaf Tobacco exports driven by agile execution, strong customer relationships & new business development

Segment Revenue 6973 cr. 22.2%

Segment Results 356 cr. (LY 356 cr.)

Sharp escalation in prices of leaf tobacco & other agri commodities, ocean freight , supply chain disruptions weighed on margins
The state-of-the-art facility^ to manufacture and export Nicotine and Nicotine derivative products was commissioned in the previous quarter; EU REACH approvals received. Customer trials underway

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IIVL facility, Mysore
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Spices facility, Guntur
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^ Set up by ITC IndiVision Limited (IIVL), the Company’s wholly owned subsidiary | 27 |

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Paperboards, Paper & Packaging

| 28 |

Paperboards, Paper & Packaging Challenging operating environment

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Low priced Chinese supplies in global markets including India, muted domestic demand conditions and surge in wood prices

Segment Revenue 1977 cr. 6.8%

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|||
|---|---|
|Segment Results|
|261 cr.|44.7%|

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Capacity augmentation/debottlenecking projects successfully completed during the quarter
ꟷ Performance includes impact of shutdown/stabilisation related costs for these initiatives
Green shoots of recovery in domestic demand ahead of the festive season; Net realisation rates for Value Added Paperboard (VAP) grades witness sequential improvement
Recent capacity addition in Décor Paper aided growth in Speciality paper segment, despite muted demand conditions
Sustainable Products portfolio continues to witness strong growth leveraging cutting edge innovation platforms
ꟷ Launched Ecobyte: germ-free and grease-resistant sustainable packaging solution
ꟷ Recently commissioned state-of-the-art Moulded Fibre Products manufacturing facility^ in Badiyakhedi, Madhya Pradesh, being scaled up progressively

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| 29 |

^ Set up by ITC Fibre Innovations Limited, the Company’s wholly owned subsidiary

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Financials

| 30 |

Key Financials

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*Rs. Cr.*	Q1 FY25	Q1 FY24	*YoY* *Growth*
Gross Revenue Net Revenue EBITDA PBT PAT	18,077 16,873 6,295 6,552	16,843 15,659 6,250 6,546 4,903	7.3% 7.8% 0.7% 0.1% 0.3%
	4,917

| 31 |

Standalone basis

Segment Revenue

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	Q1			• Cigarettes:Net Revenue up 7% YoY • FMCG Others `-` *Revenue up 6% YoY amidst muted demand conditions and* *extreme heatwaves in parts of the country* • *2 Yr. CAGR at 11.1%* `-` Staples, Snacks, Dairy, Agarbatti, and Personal Wash drive growth • Hotels `-` Revenue up 11% `-` Robust performance despite fewer wedding dates and extreme heatwave/elections impacting domestic travel & out-of-home dining • Agri Business Revenue up 22% driven by wheat, value added agri products & leaf tobacco
*Rs. cr.*	FY25	FY24	*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	7918	7465 5166	*6.1%* *6.3%*
	5491
	13409	12631	*6.2%*
	666 6973	600 5705 2121	*10.9%* *22.2%* *-6.8%*
	1977
	23025	21058	*9.3%*
	4947	4215	*17.4%*
	18077	16843	*7.3%*

Paperboards, Paper & Packaging
Segment performance reflects the impact of low priced Chinese supplies, muted domestic demand & subdued realisations

| 32 |

Segment Results

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	Q1	Q1	Q1
*Rs. cr.*	FY25	FY24	*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 iii)Exceptional items	4960 476	4656 431	*6.5%* *10.4%*
	5435	5087	*6.9%*
	146 356 261	131 356 472	*11.5%* *0.0%* *-44.7%*
	6199	6047	*2.5%*
	11 (367) 3	11 (510) 0
Profit Before Tax	6552	6546

| 33 |

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ITC – A Global Exemplar in Sustainability

| 34 |

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Impactful Social Performance

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ITC e-Choupal
4 Million Farmers
empowered
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Off-farm livelihood
Natural Resources On-farm livelihood
diversification – livestock
Climate Smart Agriculture Management – Water diversification – Afforestation
Over 27.9 lac acres covered Stewardship Over 11.7 lac acres development
Over 22.3 lac milch
Over 16.5 lac acres covered Greened
animals covered
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Primary Education
Reaching over
15.9 lac Children
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Mother & Child Health and
Skilling & Vocational Training Nutrition
Skilled over 1.1 lac youth Over 14.6 lac beneficiaries
covered
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Solid Waste Management
Over 11.8 million households
covered across programmes
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Women Empowerment
Over 3.6 lac
poor women covered
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| 35 |

*Basis FY24

Sustainability 2.0 REDUCE I RECYCLE I RESTORE

Sustainability Targets 2030 Raising the Bar

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Strategic Interventions to Combat Climate Change Renewable Specific GHG Recyclable Plastic Plastic Energy Emissions Packaging Neutrality De-Carbonization Climate Adaptation and 100% Resilience 50% 50% 100% Collection since FY22 Building Green Water Security for All Biodiversity & Agriculture Circularity Infrastructure 5x of ITC’s Net 1 million acres ConservationBiodiversity Consumption million Climate Smart 3 acres Village AWS Certification Inclusive Value Nature based solutions for High Water Stressed Sites 1.5 million Social Farm and Chains 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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| 36 |

Sustainability – Highlights

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Comprehensive policies & guidelines institutionalized
9 ITC Units have received AWS (Alliance for Water Stewardship) Platinum certification till date
50% energy from renewable sources achieved for the first time, well ahead of 2030 target
Plastic Neutrality commitment exceeded - ~ 70,000 MT of plastic waste managed in FY24
100% critical tier-1 suppliers trained and ~40% assessed on ESG aspect
Water +ve (for 22 years) , Carbon +ve (for 19 years) , and Solid waste recycling +ve (for 17 years)
World class ESG credentials – MSCI, DJSI, CDP - Received ‘A’ rating in CDP water security for the first time

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ITC’s CDP Scores
Water Security: ITC ahead of
A Asia regional average of ‘C’. | 37 |
In Water Security
Included in the Dow Jones Climate Change: ITC ahead of
Sustained ‘AA’ rating 6 years in a row A-
Sustainability Emerging Markets Index Asia regional average of ‘C’
In Climate Change
Leadership Band
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| 37 |

ITC: Enduring Value

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A passion for Profitable growth...

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in a way that is and Sustainable… Inclusive.

| 38 |

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 : Abiding Commitment to Nation-Building	https://youtu.be/oP8d-Q8AD1w
Details on the Company’s Sustainability 2.0 vision	https://www.itcportal.com/sustainability/sustainability-integrated-report- 2024/ITC-Sustainability-Integrated-Report-2024.pdf
Quarterly Media Statement	https://www.itcportal.com/investor/pdf/ITC-Press-Release-Q1-FY2025.pdf

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| 39 |

AI assistant

ITC Ltd — Interim / Quarterly Report 2024

60425_rns_2024-08-01_74c4b9e9-2eda-4903-bc1f-515600745228.pdf

Unaudited Financial Results – Media Statement and Presentation

Media Statement

August 01, 2024

Standalone Financial Results for the Quarter ended 30[th] June, 2024

Highlights

FMCG – OTHERS

➢ Branded Packaged Foods Businesses

FMCG – CIGARETTES

Net Segment Revenue up 7% and Segment PBIT up 6.5% YoY

HOTELS

Segment Revenue up 10.9% YoY; Segment PBIT up 11.5% YoY

AGRI BUSINESS

PAPERBOARDS, PAPER & PACKAGING

CONTRIBUTION TO SUSTAINABLE DEVELOPMENT

Forward-Looking Statements

Macro Economic Context

Macro Economic Environment

 Balanced Macros

Consumption remains subdued

Normal Monsoons augur well

Macro Economic Environment

Q1 FY25 Results Business Highlights

Key Highlights: Q1 FY25

 Gross Revenue up 7.3% YoY in a challenging operating environment, driven by Hotels, Value Added Agri products and Leaf Tobacco

 Resilient performance in FMCG – Others, amidst muted demand conditions and extreme heatwave in parts of the country

 Cigarettes Net Segment Revenue up 7% and PBIT up 6.5% YoY

Key Highlights: Q1 FY25

Key Highlights: Q1 FY25

FMCG Others – Q1 FY25

 Q1 Segment EBITDA margins at 11.3%, up 25 bps YoY

Purposeful Innovation

Deepening Consumer Engagement

Deepening Consumer Engagement

Sharpening Value Proposition

Greener Choices for Consumers

Creating Structural Advantage

Scale| Productivity| Costs

FMCG Cigarettes – Q1 FY25

FMCG Cigarettes Reinforcing market standing

Hotels – Q1 FY25

Robust performance continues

Executing ‘Asset Right’ Strategy – Recent openings

Agri Business

Paperboards, Paper & Packaging Challenging operating environment

Financials

Key Financials

Segment Revenue

Segment Results

ITC – A Global Exemplar in Sustainability

Impactful Social Performance

Proactively work towards achieving ‘Net Zero’ emission status

Sustainability – Highlights

ITC: Enduring Value

Links

More from ITC Ltd

ITC Ltd Interim / Quarterly Report 2024