ITC Limited

Statement of Standalone Financial Results for the Quarter and Twelve Months ended 31st March, 2023
(₹ in Crores)
Corresponding 3 Preceding Twelve Twelve
Particulars 3 Months Months 3 Months Months Months
ended ended ended ended ended
31.03.2023# 31.03.2022# 31.12.2022 31.03.2023 31.03.2022

(Audited) (Audited) (Unaudited) (Audited) (Audited)

Gross Revenue from sale of products and services (i) 17224.00 16226.63 17122.15 69480.89 59101.09
Other operating revenue (ii) 282.08 199.37 143.33 770.39 644.47
REVENUE FROM OPERATIONS[(i)+(ii)] 1 17506.08 16426.00 17265.48 70251.28 59745.56
OTHER INCOME 2 746.30 674.08 871.72 2437.61 2589.97
TOTAL INCOME (1+2) 3 18252.38 17100.08 18137.20 72688.89 62335.53

EXPENSES
a) Cost of materials consumed 4978.38 4184.62 4986.28 19809.83 16064.50
b) Purchases of Stock-in-Trade 1786.40 2996.06 1386.36 9109.85 10734.48
c) Changes in inventories of finished goods, Stock-in-Trade, work-
29.36 99.21 298.59 (39.50) (566.46)
in-progress and intermediates
d) Excise duty 1108.10 895.15 1039.75 4208.01 3404.29
e) Employee benefits expense 893.98 809.54 876.97 3569.46 3061.99
f) Finance costs 11.83 10.49 10.18 41.81 41.95
g) Depreciation and amortization expense 421.94 445.92 407.24 1662.73 1652.15
h) Other expenses 2500.46 2217.06 2454.31 9649.16 8113.10
TOTAL EXPENSES 4 11730.45 11658.05 11459.68 48011.35 42506.00

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 6521.93 5442.03 6677.52 24677.54 19829.53
EXCEPTIONAL ITEMS (Refer Note 4) 6 72.87 - - 72.87 -
PROFIT BEFORE TAX (5+6) 7 6594.80 5442.03 6677.52 24750.41 19829.53
TAX EXPENSE 8 1507.94 1251.07 1646.51 5997.10 4771.70
a) Current Tax 1584.71 1279.24 1601.02 6025.32 4833.88
b) Deferred Tax (76.77) (28.17) 45.49 (28.22) (62.18)
PROFIT FOR THE PERIOD (7-8) 9 5086.86 4190.96 5031.01 18753.31 15057.83
OTHER COMPREHENSIVE INCOME 10 (127.90) 269.15 (37.26) 29.26 573.85
A (i) Items that will not be reclassified to profit or loss (172.47) 280.04 (37.37) 91.31 564.97
(ii) Income tax relating to items that will not be reclassified to profit
13.83 (6.51) (9.18) (0.34) (4.96)
or loss
B (i) Items that will be reclassified to profit or loss 41.08 (5.86) 12.42 (82.46) 18.49
(ii) Income tax relating to items that will be reclassified to profit or
(10.34) 1.48 (3.13) 20.75 (4.65)
loss
TOTAL COMPREHENSIVE INCOME (9+10) 11 4958.96 4460.11 4993.75 18782.57 15631.68
PAID UP EQUITY SHARE CAPITAL 12 1242.80 1232.33 1241.23 1242.80 1232.33
(Ordinary Shares of ₹ 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES 13 66351.00 60167.24
EARNINGS PER SHARE (of ₹ 1/- each) (not annualised): 14
(a) Basic (₹) 4.10 3.40 4.06 15.15 12.22
(b) Diluted (₹) 4.08 3.40 4.05 15.11 12.22

# The figures for the 3 months ended 31.03.2023 and corresponding 3 months ended 31.03.2022 are the balancing figures between the audited figures in
respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.
Notes :

1 The audited 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 18th May, 2023.

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 1,57,08,740 Ordinary Shares of ₹ 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes during the quarter
ended 31st March, 2023. Consequently, the issued and paid-up Share Capital of the Company stands increased to ₹1242,80,17,741/- as on 31st
March, 2023.

4 Exceptional items represent proceeds received in partial settlement of the insurance claim towards leaf tobacco stocks, which were destroyed due to
fire at a third party owned warehouse in an earlier year.

5 The Company on 19th April, 2023 executed the Transaction Documents to acquire 100% of the share capital (on a fully diluted basis) of Sproutlife
Foods Private Limited (Sproutlife). On 4th May, 2023, the Company, in the first tranche, acquired 2,443 Equity Shares of ₹10/- each and 7,215
Compulsorily Convertible Preference Shares of ₹10/- each, consequent to which the Company’s shareholding in Sproutlife aggregated 39.42% of its
share capital on a fully diluted basis.

6 The Company incorporated a new wholly owned subsidiary viz., ‘ITC Fibre Innovations Limited’ on 3rd March, 2023.

7 The Company on 7th April, 2023 divested its entire shareholding, i.e., 26.00% of the paid-up share capital, held in Espirit Hotels Private Limited
(Espirit), consequent to which Espirit ceased to be a joint venture of the Company with effect from the said date.

8 The Board of Directors of the Company have recommended to the Members for their approval, a Special Dividend of ₹ 2.75 per Ordinary share in
addition to the Final Dividend of ₹ 6.75 per Ordinary share for the financial year ended 31st March, 2023 (Final Dividend for the financial year ended
31st March, 2022 - ₹ 6.25 per Ordinary Share). Together with the Interim Dividend of ₹ 6.00 per Ordinary share (previous year ₹ 5.25 per Ordinary
share) paid on 3rd March, 2023, the total Dividend for the financial year ended 31st March, 2023 amounts to ₹ 15.50 per Ordinary share (previous
year ₹ 11.50 per Ordinary share). Total cash outflow on account of Dividend (including interim Dividend of ₹ 7448.41 crores paid in March 2023) will
be ₹ 19255.02 crores (previous year ₹ 14171.51 crores).

The Record Date fixed for the purpose of determining entitlement of the Members for such Dividend is Tuesday, 30th May, 2023 and such Dividend,
if declared, will be paid between Monday, 14th August, 2023 and Thursday, 17th August, 2023 to those Members entitled thereto.

9 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 ITC LIMITED
Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and Twelve Months ended 31st March, 2023
(₹ in Crores)
STANDALONE
Preceding 3 Twelve
Particulars 3 Months 3 Months Months Twelve Months Months
ended ended ended ended ended
31.03.2023# 31.03.2022# 31.12.2022 31.03.2023 31.03.2022

(Audited) (Audited) (Unaudited) (Audited) (Audited)

1 Segment Revenue

a) FMCG - Cigarettes 7355.83 6443.37 7288.22 28206.83 23451.39

- Others 4944.95 4141.97 4841.40 19122.50 15994.49

Total FMCG 12300.78 10585.34 12129.62 47329.33 39445.88

b) Hotels 781.71 389.64 712.39 2585.03 1285.00

c) Agri Business 3578.60 4366.34 3123.77 18172.34 16196.07
d) Paperboards, Paper & Packaging 2221.01 2182.77 2305.54 9081.35 7641.62
Total 18882.10 17524.09 18271.32 77168.05 64568.57

Less : Inter-segment revenue 1658.10 1297.46 1149.17 7687.16 5467.48

Gross Revenue from sale of products and services 17224.00 16226.63 17122.15 69480.89 59101.09
2 Segment Results

a) FMCG - Cigarettes 4689.10 4114.27 4619.71 17927.06 14869.07

- Others [Note (i)] 501.62 235.99 348.10 1374.18 923.22

Total FMCG 5190.72 4350.26 4967.81 19301.24 15792.29

b) Hotels 199.60 (34.22) 146.15 541.90 (183.09)

c) Agri Business 307.08 243.98 391.47 1327.74 1031.15
d) Paperboards, Paper & Packaging 445.02 449.68 606.21 2293.99 1700.00
Total 6142.42 5009.70 6111.64 23464.87 18340.35

Less : i) Finance Costs 11.83 10.49 10.18 41.81 41.95

ii) Other un-allocable (income) net of
un-allocable expenditure [Note (ii)] (391.34) (442.82) (576.06) (1254.48) (1531.13)

iii) Exceptional Items* (72.87) - - (72.87) -

Profit Before Tax 6594.80 5442.03 6677.52 24750.41 19829.53

3 Segment Assets

a) FMCG - Cigarettes 7290.67 6654.58 7139.90 7290.67 6654.58

- Others 11966.57 11444.16 12010.52 11966.57 11444.16

Total FMCG 19257.24 18098.74 19150.42 19257.24 18098.74

b) Hotels 6514.91 6538.40 6597.92 6514.91 6538.40

c) Agri Business 4114.31 4699.08 3714.47 4114.31 4699.08
d) Paperboards, Paper & Packaging 9201.17 8486.49 9215.72 9201.17 8486.49
Total 39087.63 37822.71 38678.53 39087.63 37822.71

Unallocated Corporate Assets 43174.11 37269.79 45165.70 43174.11 37269.79

Total Assets 82261.74 75092.50 83844.230 82261.74 75092.50

4 Segment Liabilities

a) FMCG - Cigarettes 5056.90 4684.28 5128.69 5056.90 4684.28

- Others 2351.99 2273.87 2252.03 2351.99 2273.87

Total FMCG 7408.89 6958.15 7380.72 7408.89 6958.15

b) Hotels 940.88 835.94 958.56 940.88 835.94

c) Agri Business 1649.76 1746.29 1085.35 1649.76 1746.29
d) Paperboards, Paper & Packaging 1315.17 1326.06 1394.00 1315.17 1326.06
Total 11314.70 10866.44 10818.63 11314.70 10866.44

Unallocated Corporate Liabilities 3353.24 2826.49 3365.76 3353.24 2826.49

Total Liabilities 14667.94 13692.93 14184.39 14667.94 13692.93

#
The figures for the 3 months ended 31.03.2023 and corresponding 3 months ended 31.03.2022 are the balancing figures between the audited
figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.
*Refer note 4 to the standalone financial results.
Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter and twelve
months ended 31.03.2023 is ₹ 658.96 Crores and ₹ 1953.97 Crores respectively (quarter ended 31.12.2022 - ₹ 485.11 Crores; quarter ended
31.03.2022 - ₹ 374.69 Crores and twelve months ended 31.03.2022 - ₹ 1448.97 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.
 ITC Limited
(₹ in Crores)
Balance Sheet STANDALONE
As at As at
Particulars 31st March, 2023 31st March, 2022
(Audited) (Audited)
A ASSETS

1 Non-current assets
(a) Property, Plant and Equipment 20491.32 19559.15
(b) Capital work-in-progress 1681.47 2442.34
(c) Investment Property 352.26 364.20
(d) Goodwill 577.20 577.20
(e) Other Intangible assets 2037.42 2007.22
(f) Other Intangible assets under development 15.13 23.84
(g) Right of use assets 715.91 712.84
(h) Financial Assets
(i) Investments 16363.55 15657.32
(ii) Loans 4.07 5.06
(iii) Others 3608.23 1572.40
(i) Other non-current assets 1211.74 1228.92
Non-current assets 47058.30 44150.48

2 Current assets
(a) Inventories 10593.90 9997.77
(b) Financial Assets
(i) Investments 16357.07 11624.95
(ii) Trade receivables 2321.33 1952.50
(iii) Cash and cash equivalents 206.88 184.97
(iv) Other Bank Balances 3624.38 3692.97
(v) Loans 5.95 5.73
(vi) Others 705.84 2287.97
(c) Other current assets 1388.09 1195.15
Current assets 35203.44 30942.01

Total Assets 82261.74 75092.50

B EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 1242.80 1232.33
(b) Other Equity 66351.00 60167.24
Equity 67593.80 61399.57

LIABILITIES

1 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 3.28 4.54
(ii) Lease Liabilities 273.59 259.79
(iii) Other financial liabilities 152.49 96.50
(b) Provisions 201.83 186.87
(c) Deferred tax liabilities (Net) 1621.13 1667.14
Non-current liabilities 2252.32 2214.84

2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 1.26 0.74
(ii) Trade payables
Total outstanding dues of micro enterprises
137.50 100.96
and small enterprises
Total outstanding dues of creditors other than
4213.76 4122.44
micro enterprises and small enterprises
(iii) Lease Liabilities 46.54 46.09
(iv) Other financial liabilities 1730.68 1503.59
(b) Other current liabilities 5446.16 5097.28
(c) Provisions 63.59 55.60
(d) Current Tax Liabilities (Net) 776.13 551.39
Current liabilities 12415.62 11478.09

Total Equity and Liabilities 82261.74 75092.50

ITC Limited
Standalone Cash Flow Statement for the year ended 31st March, 2023
For the year ended For the year ended
31st March, 2023 31st March, 2022
(₹ in Crores) (₹ in Crores)
A. Cash Flow from Operating Activities
PROFIT BEFORE TAX 24750.41 19829.53
ADJUSTMENTS FOR :
Depreciation and amortization expense 1662.73 1652.15
Share based payments to employees 58.50 32.51
Finance costs 41.81 41.95
Interest Income (1434.53) (1004.59)
Dividend Income (556.90) (857.46)
(Gain)/Loss on sale of property, plant and equipment, lease termination - Net 4.53 (59.05)
Doubtful and bad debts (0.93) 10.64
Doubtful and bad advances, loans and deposits 1.16 1.15
Impairment of investment in joint venture 8.50 -
Net gain arising on financial instruments measured at amortised cost / mandatorily measured (416.74) (524.19)
at fair value through profit or loss
Foreign currency translations and transactions - Net 37.89 (593.98) 11.07 (695.82)
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 24156.43 19133.71
ADJUSTMENTS FOR :
Trade receivables, advances and other assets (603.25) (235.39)
Inventories (596.13) (526.90)
Trade payables, other liabilities and provisions 755.24 (444.14) 946.39 184.10
CASH GENERATED FROM OPERATIONS 23712.29 19317.81
Income tax paid (5800.59) (4510.02)
NET CASH FROM OPERATING ACTIVITIES 17911.70 14807.79

B. Cash Flow from Investing Activities

Purchase of property, plant and equipment, intangibles, ROU asset etc. (1858.32) (1812.03)
Sale of property, plant and equipment 48.86 137.22
Purchase of current investments (72925.91) (60325.53)
Sale/redemption of current investments 67720.51 63554.78
Payment towards contingent purchase consideration (63.75) (71.25)
Investment in subsidiaries (1184.14) (427.24)
Investment in associate (1.88) (1.87)
Purchase of non-current investments (2349.41) (4777.02)
Sale/redemption of non-current investments 4057.60 2731.24
Redemption of investment in subsidiary 18.00 -
Advance received towards divestment of shares held in joint venture [Refer note 7 to the
standalone financial results] 56.00 -
Dividend Income 556.90 857.46
Interest received 1216.27 962.97
Investment in bank deposits (7427.20) (3525.01)
(original maturity more than 3 months)
Redemption / maturity of bank deposits 5476.33 3617.42
(original maturity more than 3 months)
Investment in deposit with housing finance company (3500.00) (3011.37)
Redemption / maturity of deposit with housing finance companies 5000.00 578.82
Loans given (8.21) (12.51)
Loans realised 8.98 6.86
NET CASH FROM USED IN INVESTING ACTIVITIES (5159.37) (1517.06)

C. Cash Flow from Financing Activities

Proceeds from issue of share capital 2477.39 291.82
Repayment of non-current borrowings (0.74) (0.35)
Principal payment of lease liabilities (51.97) (54.42)
Interest paid (40.04) (42.14)
Net increase in statutory restricted accounts balances 14.94 15.13
Dividend paid (15150.44) (13547.07)
Dividend distribution tax refund received 20.43 -
NET CASH USED IN FINANCING ACTIVITIES (12730.43) (13337.03)
NET DECREASE IN CASH AND CASH EQUIVALENTS 21.90 (46.30)
OPENING CASH AND CASH EQUIVALENTS 184.98 231.28
CLOSING CASH AND CASH EQUIVALENTS 206.88 184.98

Notes :
1. The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS - 7 "Statement of Cash Flows"

2. CASH AND CASH EQUIVALENTS :

Cash and cash equivalents as above 206.88 184.98

Unrealised gain / (loss) on foreign currency cash and cash equivalents … (0.01)
Cash and cash equivalents 206.88 184.97

3. Net Cash Flow from Operating Activities includes an amount of ₹ 328.80 Crores (2022 - ₹ 340.96 Crores) spent towards Corporate Social Responsibility.
Notes:
(1) The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently
focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure
and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

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

(2) The business groups comprise the following :

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.

Hotels - 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 : 18th May, 2023

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

Website: www.itcportal.com | E-mail: enduringvalue@itc.in | Phone: +91-33-2288 9371 | Fax: +91-33-2288 0655 | CIN : L16005WB1910PLC001985