ITC Ltd

₹ 438 2.79%

23 May 11:18 a.m.

About

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

Key Points

Business Segments
1) FMCG Cigarettes (42% in H1 FY25 vs 40% in FY22): ^[1] ^[2] The company holds an 80% market share in the organized domestic cigarette market, offering brands like Insignia, India Kings, Classic, Gold Flake, American Club, Wills Navy Cut, Players, Scissors, Capstan, Berkeley, etc. This vertical is the most profitable business of the company with 78% contribution towards PBIT. In Q2 FY25, the segment revenue grew by 7% YoY, supported by volume growth and a relatively stable tax regime. ^[3] ^[4] ^[5]

Website BSE NSE

Market Cap ₹ 5,48,118 Cr.
Current Price ₹ 438
High / Low ₹ 495 / 378
Stock P/E 27.8
Book Value ₹ 54.3
Dividend Yield 3.31 %
ROCE 37.0 %
ROE 28.1 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is providing a good dividend yield of 3.37%.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
Company has been maintaining a healthy dividend payout of 79.3%

Cons

Stock is trading at 7.85 times its book value
The company has delivered a poor sales growth of 8.73% over past five years.
Earnings include an other income of Rs.19,086 Cr.
Working capital days have increased from 56.4 days to 124 days

* 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

Part of BSE Sensex Nifty 50 BSE 500 BSE Fast Moving Consumer Goods BSE 100 BSE 200 Nifty 500 Nifty 100 Nifty FMCG Nifty India Consumption Nifty 200 Nifty Dividend Opportunities 50 Nifty Low Volatility 50 Nifty50 Value 20 Nifty 100 Equal Weight BSE Allcap BSE LargeCap BSE India Manufacturing Index BSE SENSEX 50 Nifty100 Quality 30 BSE Bharat 22 Index BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Low Volatility Index Nifty 50 Equal Weight Nifty 100 Low Volatility 30 BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty200 Quality 30 Nifty Total Market Nifty Alpha Low-Volatility 30

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	15,531	17,290	16,130	16,226	16,398	15,828	16,550	15,696	15,734	17,000	18,649	17,053	17,248
	10,306	11,642	10,266	10,003	10,189	9,578	10,508	9,956	9,892	10,705	12,526	11,224	11,262
Operating Profit	5,224	5,648	5,864	6,223	6,209	6,250	6,042	5,739	5,842	6,295	6,123	5,828	5,986
OPM %	34%	33%	36%	38%	38%	39%	37%	37%	37%	37%	33%	34%	35%
	674	313	507	872	819	709	896	1,287	979	698	976	1,831	15,482
Interest	10	9	11	10	12	11	11	10	9	11	12	8	9
Depreciation	446	412	422	407	422	402	413	343	341	431	368	362	356
Profit before tax	5,442	5,540	5,939	6,678	6,595	6,546	6,514	6,673	6,470	6,552	6,719	7,290	21,104
Tax %	23%	25%	25%	25%	23%	25%	24%	16%	22%	25%	24%	23%	7%
	4,191	4,169	4,466	5,031	5,087	4,903	4,927	5,572	5,020	4,917	5,078	5,638	19,562
EPS in Rs	3.40	3.38	3.60	4.05	4.09	3.94	3.95	4.47	4.02	3.94	4.06	4.51	15.63
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	33,228	36,490	36,583	40,080	40,620	44,983	45,620	45,485	56,341	66,043	65,441	69,324
	20,740	22,970	22,843	25,474	25,041	27,551	27,635	29,895	37,448	42,062	40,985	45,299
Operating Profit	12,488	13,519	13,740	14,605	15,578	17,431	17,985	15,590	18,893	23,981	24,456	24,025
OPM %	38%	37%	38%	36%	38%	39%	39%	34%	34%	36%	37%	35%
	1,094	1,518	1,767	1,981	2,528	2,382	2,825	3,195	2,649	2,506	3,584	19,086
Interest	24	78	72	45	110	58	80	59	61	74	76	36
Depreciation	900	962	1,001	1,038	1,145	1,312	1,563	1,562	1,652	1,663	1,648	1,442
Profit before tax	12,659	13,998	14,434	15,503	16,852	18,444	19,167	17,164	19,830	24,750	26,316	41,633
Tax %	31%	31%	35%	34%	33%	32%	21%	24%	24%	24%	22%	15%
	8,785	9,608	9,328	10,201	11,223	12,464	15,136	13,032	15,058	18,753	20,422	35,196
EPS in Rs	7.36	7.99	7.73	8.40	9.20	10.17	12.31	10.59	12.22	15.09	16.36	28.12
Dividend Payout %	54%	52%	73%	57%	56%	57%	82%	102%	94%	103%	84%	51%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	7%
TTM:	6%

Compounded Profit Growth
10 Years:	8%
5 Years:	5%
3 Years:	9%
TTM:	-3%

Stock Price CAGR
10 Years:	8%
5 Years:	20%
3 Years:	19%
1 Year:	3%

Return on Equity
10 Years:	25%
5 Years:	27%
3 Years:	29%
Last Year:	28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	795	802	805	1,215	1,220	1,226	1,229	1,231	1,232	1,243	1,248	1,251
Reserves	25,467	29,934	40,852	44,126	50,180	56,724	62,800	57,774	60,167	66,351	70,985	66,649
	67	53	42	26	18	11	332	329	311	325	312	157
	12,901	13,407	8,333	8,849	10,963	11,837	10,874	12,246	13,382	14,343	14,782	15,952
Total Liabilities	39,229	44,196	50,031	54,216	62,381	69,798	75,235	71,580	75,092	82,262	87,328	84,009
	12,013	14,178	14,011	14,880	15,566	18,486	20,518	22,188	23,221	24,174	25,743	19,991
CWIP	2,296	2,114	2,419	3,537	5,026	3,401	2,780	3,333	2,466	1,697	1,087	1,068
Investments	8,823	8,405	13,325	18,585	23,397	26,578	30,631	26,984	27,282	32,721	34,739	35,987
	16,097	19,498	20,277	17,213	18,393	21,332	21,307	19,075	22,123	23,670	25,759	26,963
Total Assets	39,229	44,196	50,031	54,216	62,381	69,798	75,235	71,580	75,092	82,262	87,328	84,009

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6,962	9,309	9,212	10,002	12,651	11,749	13,806	11,494	14,808	17,912	16,118	16,751
	-2,823	-4,820	-3,711	-2,780	-6,691	-5,082	-5,517	6,555	-1,517	-5,159	2,128	141
	-4,174	-4,574	-5,465	-7,138	-6,020	-6,601	-7,891	-18,379	-13,337	-12,730	-18,255	-16,766
Net Cash Flow	-35	-85	36	84	-60	67	399	-330	-46	22	-9	127

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	17	17	20	21	30	17	17	13	13	18	21
Inventory Days	204	195	231	180	167	160	170	173	139	134	171	173
Days Payable	55	47	60	58	78	71	73	75	59	55	61	52
Cash Conversion Cycle	173	165	188	141	110	119	114	115	93	92	129	142
Working Capital Days	-2	-13	48	44	28	30	28	29	26	15	31	124
ROCE %	51%	48%	40%	35%	34%	34%	32%	28%	33%	38%	38%	37%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	12.68%	42.68%	42.99%	43.35%	43.62%	43.34%	43.26%	40.95%	40.47%	40.53%	40.17%	39.87%
	42.82%	42.38%	42.19%	42.08%	41.92%	41.94%	41.98%	43.76%	44.02%	44.59%	44.91%	45.19%
	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	44.50%	14.87%	14.78%	14.52%	14.41%	14.68%	14.71%	15.23%	15.47%	14.83%	14.88%	14.90%
No. of Shareholders	28,38,036	28,96,358	29,36,692	29,30,527	30,13,793	32,74,360	33,35,815	36,48,537	37,56,541	35,68,560	37,10,169	36,47,886

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%	39.87%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%	45.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%
	44.13%	44.90%	44.76%	42.89%	44.71%	45.24%	14.52%	15.23%	14.90%
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	36,47,886

* 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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