ITC Ltd
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]
- Market Cap ₹ 5,16,270 Cr.
- Current Price ₹ 413
- High / Low ₹ 495 / 390
- Stock P/E 14.9
- Book Value ₹ 54.3
- Dividend Yield 3.48 %
- ROCE 36.9 %
- ROE 49.5 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is providing a good dividend yield of 3.48%.
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.1%
- Company has been maintaining a healthy dividend payout of 79.3%
Cons
- Stock is trading at 7.60 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.19,194 Cr.
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | 62,628 | 69,324 | |
20,740 | 22,970 | 22,843 | 25,474 | 25,041 | 27,551 | 27,635 | 29,895 | 37,448 | 42,062 | 39,193 | 45,407 | |
Operating Profit | 12,488 | 13,519 | 13,740 | 14,605 | 15,578 | 17,431 | 17,985 | 15,590 | 18,893 | 23,981 | 23,435 | 23,917 |
OPM % | 38% | 37% | 38% | 36% | 38% | 39% | 39% | 34% | 34% | 36% | 37% | 34% |
1,094 | 1,518 | 1,767 | 1,981 | 2,528 | 2,382 | 2,825 | 3,195 | 2,649 | 2,506 | 4,100 | 19,194 | |
Interest | 24 | 78 | 72 | 45 | 110 | 58 | 80 | 59 | 61 | 74 | 34 | 36 |
Depreciation | 900 | 962 | 1,001 | 1,038 | 1,145 | 1,312 | 1,563 | 1,562 | 1,652 | 1,663 | 1,357 | 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 | 26,144 | 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: | 11% |
Compounded Profit Growth | |
---|---|
10 Years: | 14% |
5 Years: | 18% |
3 Years: | 32% |
TTM: | 70% |
Stock Price CAGR | |
---|---|
10 Years: | 8% |
5 Years: | 18% |
3 Years: | 15% |
1 Year: | 1% |
Return on Equity | |
---|---|
10 Years: | 28% |
5 Years: | 31% |
3 Years: | 36% |
Last Year: | 49% |
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 | 19,988 | |
CWIP | 2,296 | 2,114 | 2,419 | 3,537 | 5,026 | 3,401 | 2,780 | 3,333 | 2,466 | 1,697 | 1,087 | 1,071 |
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 | 39 | |
-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 | 24 |
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 | 19 | 21 |
Inventory Days | 204 | 195 | 231 | 180 | 167 | 160 | 170 | 173 | 139 | 134 | 173 | 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 | 130 | 142 |
Working Capital Days | -2 | -13 | 48 | 44 | 28 | 30 | 28 | 29 | 26 | 15 | 32 | 43 |
ROCE % | 51% | 48% | 40% | 35% | 34% | 34% | 32% | 28% | 33% | 38% | 36% | 37% |
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
1d - Compliance certificate for shares dematerialized in Q1 FY2025 confirming cancellation and listing.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1d - Publication of Notice re: completion of despatch of the Notice of the 114th Annual General Meeting
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
30 Jun - Allotment of Shares under Employee Stock Option Scheme of the Company
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Business Responsibility and Sustainability Reporting (BRSR)
27 Jun - ITC files FY2025 Report and Accounts including detailed Business Responsibility and Sustainability Report.
- Notice Of 114Th Annual General Meeting Of The Members Of ITC Limited To Be Held On Friday, 25Th July, 2025 At 10.30 A.M. (IST) 27 Jun
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
Concalls
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May 2025TranscriptNotesPPT
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Apr 2025TranscriptNotesPPT
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Mar 2025TranscriptNotesPPT
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Feb 2025TranscriptNotesPPT
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Dec 2024TranscriptNotesPPT
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Oct 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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May 2024TranscriptNotesPPT
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Jan 2024TranscriptNotesPPT
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Oct 2023TranscriptNotesPPT
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Aug 2023TranscriptNotesPPT
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Aug 2023TranscriptNotesPPT
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Jul 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Dec 2022TranscriptNotesPPT
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Oct 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Dec 2021TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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Jun 2021TranscriptNotesPPT
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Jun 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Dec 2020TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Sep 2020TranscriptNotesPPT
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Jun 2019TranscriptNotesPPT
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]