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 ₹ 5,41,861 Cr.
- Current Price ₹ 433
- High / Low ₹ 495 / 378
- Stock P/E 27.2
- Book Value ₹ 58.3
- Dividend Yield 3.18 %
- ROCE 37.5 %
- ROE 29.2 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Stock is providing a good dividend yield of 3.18%.
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
- Company has been maintaining a healthy dividend payout of 93.6%
Cons
- Stock is trading at 7.43 times its book value
- The company has delivered a poor sales growth of 7.79% 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
Part of BSE Sensex Nifty 50 BSE 500 BSE Fast Moving Consumer Goods BSE 100
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
29,893 | 33,228 | 36,490 | 36,583 | 40,080 | 40,620 | 44,983 | 45,620 | 45,485 | 56,341 | 66,043 | 65,441 | 69,281 | |
19,222 | 20,740 | 22,970 | 22,843 | 25,474 | 25,041 | 27,551 | 27,635 | 29,895 | 37,448 | 42,062 | 40,985 | 44,872 | |
Operating Profit | 10,671 | 12,488 | 13,519 | 13,740 | 14,605 | 15,578 | 17,431 | 17,985 | 15,590 | 18,893 | 23,981 | 24,456 | 24,410 |
OPM % | 36% | 38% | 37% | 38% | 36% | 38% | 39% | 39% | 34% | 34% | 36% | 37% | 35% |
915 | 1,094 | 1,518 | 1,767 | 1,981 | 2,528 | 2,382 | 2,825 | 3,195 | 2,649 | 2,506 | 3,584 | 4,302 | |
Interest | 106 | 24 | 78 | 72 | 45 | 110 | 58 | 80 | 59 | 61 | 74 | 76 | 43 |
Depreciation | 796 | 900 | 962 | 1,001 | 1,038 | 1,145 | 1,312 | 1,563 | 1,562 | 1,652 | 1,663 | 1,648 | 1,576 |
Profit before tax | 10,684 | 12,659 | 13,998 | 14,434 | 15,503 | 16,852 | 18,444 | 19,167 | 17,164 | 19,830 | 24,750 | 26,316 | 27,093 |
Tax % | 31% | 31% | 31% | 35% | 34% | 33% | 32% | 21% | 24% | 24% | 24% | 22% | |
7,418 | 8,785 | 9,608 | 9,328 | 10,201 | 11,223 | 12,464 | 15,136 | 13,032 | 15,058 | 18,753 | 20,422 | 20,654 | |
EPS in Rs | 6.26 | 7.36 | 7.99 | 7.73 | 8.40 | 9.20 | 10.17 | 12.31 | 10.59 | 12.22 | 15.09 | 16.36 | 16.53 |
Dividend Payout % | 56% | 54% | 52% | 73% | 57% | 56% | 57% | 82% | 102% | 94% | 103% | 84% |
Compounded Sales Growth | |
---|---|
10 Years: | 7% |
5 Years: | 8% |
3 Years: | 13% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | 9% |
5 Years: | 10% |
3 Years: | 16% |
TTM: | -2% |
Stock Price CAGR | |
---|---|
10 Years: | 8% |
5 Years: | 20% |
3 Years: | 19% |
1 Year: | 5% |
Return on Equity | |
---|---|
10 Years: | 26% |
5 Years: | 26% |
3 Years: | 28% |
Last Year: | 29% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 790 | 795 | 802 | 805 | 1,215 | 1,220 | 1,226 | 1,229 | 1,231 | 1,232 | 1,243 | 1,248 | 1,251 |
Reserves | 21,498 | 25,467 | 29,934 | 40,852 | 44,126 | 50,180 | 56,724 | 62,800 | 57,774 | 60,167 | 66,351 | 70,985 | 71,701 |
78 | 67 | 53 | 42 | 26 | 18 | 11 | 332 | 329 | 311 | 325 | 312 | 301 | |
11,652 | 12,901 | 13,407 | 8,333 | 8,849 | 10,963 | 11,837 | 10,874 | 12,246 | 13,382 | 14,343 | 14,782 | 16,157 | |
Total Liabilities | 34,017 | 39,229 | 44,196 | 50,031 | 54,216 | 62,381 | 69,798 | 75,235 | 71,580 | 75,092 | 82,262 | 87,328 | 89,410 |
11,209 | 12,013 | 14,178 | 14,011 | 14,880 | 15,566 | 18,486 | 20,518 | 22,188 | 23,221 | 24,174 | 25,743 | 25,737 | |
CWIP | 1,488 | 2,296 | 2,114 | 2,419 | 3,537 | 5,026 | 3,401 | 2,780 | 3,333 | 2,466 | 1,697 | 1,087 | 1,081 |
Investments | 7,060 | 8,823 | 8,405 | 13,325 | 18,585 | 23,397 | 26,578 | 30,631 | 26,984 | 27,282 | 32,721 | 34,739 | 33,087 |
14,260 | 16,097 | 19,498 | 20,277 | 17,213 | 18,393 | 21,332 | 21,307 | 19,075 | 22,123 | 23,670 | 25,759 | 29,505 | |
Total Assets | 34,017 | 39,229 | 44,196 | 50,031 | 54,216 | 62,381 | 69,798 | 75,235 | 71,580 | 75,092 | 82,262 | 87,328 | 89,410 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
6,710 | 6,962 | 9,309 | 9,212 | 10,002 | 12,651 | 11,749 | 13,806 | 11,494 | 14,808 | 17,912 | 16,118 | |
-3,581 | -2,823 | -4,820 | -3,711 | -2,780 | -6,691 | -5,082 | -5,517 | 6,555 | -1,517 | -5,159 | 2,128 | |
-3,233 | -4,174 | -4,574 | -5,465 | -7,138 | -6,020 | -6,601 | -7,891 | -18,379 | -13,337 | -12,730 | -18,255 | |
Net Cash Flow | -103 | -35 | -85 | 36 | 84 | -60 | 67 | 399 | -330 | -46 | 22 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 14 | 24 | 17 | 17 | 20 | 21 | 30 | 17 | 17 | 13 | 13 | 18 |
Inventory Days | 200 | 204 | 195 | 231 | 180 | 167 | 160 | 170 | 173 | 139 | 134 | 171 |
Days Payable | 50 | 55 | 47 | 60 | 58 | 78 | 71 | 73 | 75 | 59 | 55 | 61 |
Cash Conversion Cycle | 163 | 173 | 165 | 188 | 141 | 110 | 119 | 114 | 115 | 93 | 92 | 129 |
Working Capital Days | -17 | -2 | -13 | 48 | 44 | 28 | 30 | 28 | 29 | 26 | 15 | 31 |
ROCE % | 51% | 51% | 48% | 40% | 35% | 34% | 34% | 32% | 28% | 33% | 38% | 38% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Acquisition
7h - ITC acquires 39.47% stake in Mother Sparsh for ₹50.6 Cr to expand baby care portfolio.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - ITC to attend non-deal roadshow in Singapore from May 27-29, 2025 for investor meetings.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
16 May - Publication of Notice regarding Transfer of unclaimed Dividend and Ordinary Shares to the Investor Education and Protection Fund.
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Announcement under Regulation 30 (LODR)-Credit Rating
15 May - ITC receives strong ESG rating of 72 and excellent disclosure score from Crisil on May 15, 2025.
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Divestment : Delectable Technologies Private Limited, Associate Company
13 May - ITC divested entire 39.32% stake in Delectable Technologies for ₹1.01 lakh on 13 May 2025.
Annual reports
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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
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
from nse
Concalls
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Apr 2025TranscriptNotesPPT
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Mar 2025TranscriptNotesPPT
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Dec 2024TranscriptNotesPPT
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Oct 2024TranscriptNotesPPT
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Oct 2023TranscriptNotesPPT
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Dec 2022TranscriptNotesPPT
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Dec 2021TranscriptNotesPPT
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Oct 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]