ITC Ltd

₹ 440 0.56%

26 Apr - close price

About

Established in 1910, ITC is the largest cigarette manufacturer and seller in the country. ITC operates in five business segments at present — FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri Business. ^[1]

Key Points

Geographical Distribution
For FY22, India accounted for 78% of ITC's revenue while rest was from exports^[1]

Website BSE NSE

Market Cap ₹ 5,49,328 Cr.
Current Price ₹ 440
High / Low ₹ 500 / 399
Stock P/E 26.8
Book Value ₹ 55.4
Dividend Yield 2.90 %
ROCE 39.0 %
ROE 29.1 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.0%
Company has been maintaining a healthy dividend payout of 98.0%
Company's working capital requirements have reduced from 29.1 days to 20.1 days

Cons

Stock is trading at 7.94 times its book value
The company has delivered a poor sales growth of 10.3% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	13,080	14,342	13,247	13,757	17,108	16,556	18,489	17,108	17,705	17,635	17,164	17,774	18,019
	8,295	9,471	8,804	8,740	11,510	10,956	12,412	10,849	11,000	11,011	10,494	11,320	11,516
Operating Profit	4,785	4,871	4,444	5,018	5,598	5,599	6,077	6,259	6,705	6,624	6,670	6,454	6,504
OPM %	37%	34%	34%	36%	33%	34%	33%	37%	38%	38%	39%	36%	36%
	546	579	447	469	422	499	321	455	595	683	722	665	651
Interest	13	3	9	10	10	11	9	13	9	12	10	10	14
Depreciation	413	409	414	422	430	467	438	462	447	461	442	453	459
Profit before tax	4,905	5,039	4,467	5,055	5,580	5,620	5,950	6,239	6,844	6,833	6,940	6,656	6,682
Tax %	27%	24%	25%	26%	26%	24%	25%	25%	26%	24%	25%	26%	19%
	3,587	3,820	3,344	3,766	4,127	4,266	4,472	4,682	5,080	5,243	5,190	4,965	5,407
EPS in Rs	2.87	3.05	2.66	3.01	3.29	3.40	3.56	3.73	4.03	4.16	4.10	3.93	4.28
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	26,516	31,618	35,306	38,817	39,192	42,768	43,449	48,340	49,388	49,257	60,645	70,919	70,593
	17,272	20,398	22,227	24,566	24,661	27,298	26,928	29,802	30,044	32,193	40,021	45,215	44,341
Operating Profit	9,244	11,221	13,080	14,252	14,531	15,470	16,521	18,537	19,344	17,065	20,623	25,704	26,252
OPM %	35%	35%	37%	37%	37%	36%	38%	38%	39%	35%	34%	36%	37%
	772	852	966	1,229	1,483	1,759	2,240	2,080	2,417	2,577	1,910	2,098	2,721
Interest	102	108	29	91	78	49	115	71	81	58	60	78	46
Depreciation	745	859	965	1,028	1,077	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,816
Profit before tax	9,168	11,106	13,052	14,362	14,859	16,026	17,409	19,150	20,035	17,938	20,740	25,915	27,111
Tax %	31%	31%	31%	32%	36%	35%	34%	33%	22%	25%	25%	25%
	6,334	7,704	9,001	9,779	9,501	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,803
EPS in Rs	5.34	6.42	7.45	8.04	7.74	8.47	9.24	10.27	12.45	10.69	12.37	15.44	16.47
Dividend Payout %	56%	55%	54%	52%	73%	56%	56%	56%	82%	101%	93%	100%

Compounded Sales Growth
10 Years:	8%
5 Years:	10%
3 Years:	13%
TTM:	1%

Compounded Profit Growth
10 Years:	10%
5 Years:	12%
3 Years:	7%
TTM:	12%

Stock Price CAGR
10 Years:	7%
5 Years:	8%
3 Years:	29%
1 Year:	3%

Return on Equity
10 Years:	25%
5 Years:	25%
3 Years:	25%
Last Year:	29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	782	790	795	802	805	1,215	1,220	1,226	1,229	1,231	1,232	1,243	1,247
Reserves	18,677	22,368	26,442	30,934	41,875	45,198	51,290	57,915	64,044	59,116	61,223	67,912	67,852
	118	102	242	269	84	46	36	13	277	271	249	306	284
	10,509	12,069	13,369	13,948	8,888	9,440	11,695	12,585	11,760	13,143	14,491	16,370	17,754
Total Liabilities	30,085	35,329	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	87,137
	10,007	12,140	12,921	15,303	15,107	15,893	16,524	19,374	21,713	23,298	24,232	25,851	26,303
CWIP	2,396	2,062	3,117	2,700	2,560	3,730	5,508	4,136	3,256	4,011	3,226	3,003	3,190
Investments	5,207	5,981	7,284	6,943	11,748	17,581	22,053	25,043	28,663	24,871	24,841	29,415	26,637
	12,475	15,146	17,526	21,006	22,237	18,694	20,156	23,185	23,678	21,580	24,898	27,561	31,007
Total Assets	30,085	35,329	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	87,137

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	6,256	7,102	7,344	9,843	9,799	10,627	13,169	12,583	14,690	12,527	15,776	18,878
	-2,694	-3,881	-3,254	-5,275	-3,921	-3,251	-7,114	-5,546	-6,174	5,740	-2,238	-5,732
	-3,305	-3,310	-4,122	-4,661	-5,613	-7,301	-6,221	-6,869	-8,181	-18,634	-13,580	-13,006
Net Cash Flow	257	-90	-32	-93	266	75	-166	169	334	-367	-43	139

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	17	16	25	19	18	21	23	30	19	19	15	15
Inventory Days	243	227	228	212	244	185	173	165	187	189	150	148
Days Payable	58	53	58	50	63	60	80	74	76	78	61	59
Cash Conversion Cycle	202	189	195	181	199	145	115	122	129	129	104	105
Working Capital Days	-15	-5	9	-4	52	45	31	32	35	36	31	20
ROCE %	50%	51%	50%	47%	40%	36%	34%	34%	32%	28%	33%	39%

Shareholding Pattern

Numbers in percentages

32 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	11.74%	10.81%	9.99%	11.99%	12.68%	42.68%	42.99%	43.35%	43.62%	43.34%	43.26%	40.95%
	42.40%	43.72%	43.79%	42.77%	42.82%	42.38%	42.19%	42.08%	41.92%	41.94%	41.98%	43.76%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	45.86%	45.47%	46.22%	45.24%	44.50%	14.87%	14.78%	14.52%	14.41%	14.68%	14.71%	15.23%
No. of Shareholders	26,30,128	25,68,030	29,97,699	28,40,964	28,38,036	28,96,358	29,36,692	29,30,527	30,13,793	32,74,360	33,35,815	36,48,537

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%
	44.13%	44.90%	44.76%	42.89%	44.71%	45.24%	14.52%	15.23%
No. of Shareholders	5,47,642	7,95,843	8,57,729	13,02,214	21,96,475	28,40,964	29,30,527	36,48,537

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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