ITC Ltd

ITC is a holding company, which is engaged in the marketing of fast moving consumer goods (FMGC). The Company operates through four segments: FMCG; Hotels; Paperboards, Paper and Packaging, and Agri Business.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 23.73%
Company has been maintaining a healthy dividend payout of 61.96%
Cons:
Stock is trading at 7.28 times its book value
The company has delivered a poor growth of 6.32% over past five years.

Peer Comparison Sector: Tobacco Products // Industry: Cigarettes

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
9,757 10,054 9,661 9,248 11,126 9,955 10,314 9,772 10,587 10,707 11,069 11,228
6,152 6,528 6,031 5,702 7,250 6,208 6,553 5,883 6,443 6,505 6,863 6,902
Operating Profit 3,605 3,526 3,630 3,546 3,875 3,746 3,762 3,889 4,144 4,202 4,206 4,326
OPM % 37% 35% 38% 38% 35% 38% 36% 40% 39% 39% 38% 39%
Other Income 371 421 475 688 402 477 494 1,055 516 404 504 836
Interest 12 10 11 14 -11 10 29 24 23 7 14 6
Depreciation 246 261 268 267 242 268 282 291 304 299 327 335
Profit before tax 3,718 3,675 3,826 3,954 4,047 3,945 3,944 4,630 4,333 4,300 4,369 4,821
Tax % 36% 35% 35% 33% 34% 35% 33% 33% 32% 34% 32% 33%
Net Profit 2,381 2,385 2,500 2,647 2,669 2,560 2,640 3,090 2,933 2,819 2,955 3,209
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
12,087 13,916 15,604 18,144 21,450 25,138 29,893 33,228 36,490 36,583 40,080 40,620 43,590
8,131 9,503 10,739 12,066 14,018 16,269 19,246 20,753 22,995 22,808 25,479 25,056 26,712
Operating Profit 3,956 4,413 4,865 6,078 7,432 8,869 10,647 12,476 13,495 13,774 14,600 15,564 16,878
OPM % 33% 32% 31% 34% 35% 35% 36% 38% 37% 38% 36% 38% 39%
Other Income 350 635 557 637 580 825 939 1,107 1,543 1,732 1,986 2,543 2,261
Interest 16 38 48 90 88 98 106 24 78 72 45 110 50
Depreciation 363 438 549 609 656 699 796 900 962 1,001 1,038 1,145 1,266
Profit before tax 3,927 4,572 4,826 6,015 7,268 8,898 10,684 12,659 13,998 14,434 15,503 16,852 17,824
Tax % 31% 32% 32% 32% 31% 31% 31% 31% 31% 35% 34% 33%
Net Profit 2,700 3,120 3,264 4,061 4,988 6,162 7,418 8,785 9,608 9,328 10,201 11,223 11,915
EPS in Rs 2.22 2.56 2.67 2.99 3.82 4.77 5.67 6.69 7.14 6.93 8.40 9.20
Dividend Payout % 43% 42% 43% 94% 69% 57% 56% 54% 52% 73% 57% 56%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.31%
5 Years:6.32%
3 Years:3.64%
TTM:5.89%
Compounded Profit Growth
10 Years:13.42%
5 Years:8.61%
3 Years:5.26%
TTM:8.71%
Return on Equity
10 Years:28.38%
5 Years:26.75%
3 Years:23.73%
Last Year:22.65%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
376 377 377 382 774 782 790 795 802 805 1,215 1,220 1,224
Reserves 10,004 11,625 13,303 13,628 15,126 17,957 21,445 25,414 29,882 40,852 44,126 50,180 49,125
Borrowings 201 214 178 108 99 89 78 67 53 42 26 18 104
4,654 5,333 5,928 9,240 9,843 10,584 12,207 13,398 13,927 8,854 9,394 11,375 12,199
Total Liabilities 15,235 17,549 19,785 23,358 25,842 29,412 34,520 39,674 44,663 50,553 54,761 62,793 62,653
4,745 6,169 7,272 8,142 8,345 9,099 11,209 12,013 14,178 14,011 14,880 15,566 17,858
CWIP 866 1,127 1,214 1,009 1,333 2,277 1,488 2,296 2,114 2,419 3,537 5,026 3,522
Investments 3,068 2,935 2,838 5,727 5,555 6,317 7,060 8,823 8,405 13,325 18,585 23,397 23,742
6,557 7,319 8,461 8,479 10,609 11,720 14,763 16,542 19,965 20,798 17,759 18,804 17,530
Total Assets 15,235 17,549 19,785 23,358 25,842 29,412 34,520 39,674 44,663 50,553 54,761 62,793 62,653

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
2,141 2,723 3,242 4,642 5,333 6,016 6,710 6,962 9,309 9,212 10,002 12,651
-1,083 -1,737 -1,237 -3,542 -685 -2,544 -3,581 -2,823 -4,820 -3,711 -2,780 -6,691
-1,014 -1,316 -1,548 -1,010 -3,552 -3,247 -3,233 -4,174 -4,574 -5,465 -7,138 -6,020
Net Cash Flow 44 -330 456 89 1,096 225 -103 -35 -85 36 84 -60

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 40% 40% 37% 44% 48% 50% 51% 51% 48% 40% 35% 34%
Debtor Days 20 20 16 18 15 14 14 24 17 17 20 21
Inventory Turnover 4.04 3.76 3.61 3.97 4.37 4.61 4.89 4.76 4.80 4.47 4.89 5.38

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