ITC Ltd

₹ 437 2.61%

23 May 11:03 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 ₹ 5,47,117 Cr.
Current Price ₹ 437
High / Low ₹ 495 / 378
Stock P/E 27.5
Book Value ₹ 56.0
Dividend Yield 3.31 %
ROCE 37.0 %
ROE 27.5 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 3.31%.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.3%
Company has been maintaining a healthy dividend payout of 78.6%

Cons

Stock is trading at 7.86 times its book value
The company has delivered a poor sales growth of 8.81% over past five years.
Earnings include an other income of Rs.17,656 Cr.
Working capital days have increased from 60.7 days to 125 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	16,556	18,489	17,108	17,705	17,635	17,164	17,774	17,195	17,038	18,457	19,990	18,790	18,765
	10,956	12,412	10,849	11,000	11,011	10,494	11,320	10,985	10,736	11,709	13,438	12,428	12,246
Operating Profit	5,599	6,077	6,259	6,705	6,624	6,670	6,454	6,210	6,302	6,748	6,552	6,362	6,519
OPM %	34%	33%	37%	38%	38%	39%	36%	36%	37%	37%	33%	34%	35%
	499	321	455	595	683	722	674	820	868	699	690	803	15,391
Interest	11	9	13	9	12	10	10	12	11	11	15	10	11
Depreciation	467	438	462	447	461	442	453	384	385	499	416	416	411
Profit before tax	5,620	5,950	6,239	6,844	6,833	6,940	6,665	6,635	6,774	6,938	6,811	6,740	21,489
Tax %	24%	25%	25%	26%	24%	25%	26%	19%	23%	25%	26%	26%	8%
	4,266	4,472	4,682	5,080	5,243	5,190	4,965	5,407	5,191	5,177	5,054	5,013	19,808
EPS in Rs	3.40	3.56	3.73	4.03	4.16	4.10	3.93	4.28	4.10	4.08	3.99	3.94	15.76
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	35,306	38,817	39,192	42,768	43,449	48,340	49,388	49,257	60,645	70,919	70,866	75,323
	22,227	24,566	24,661	27,298	26,928	29,802	30,044	32,193	40,021	45,215	44,634	49,345
Operating Profit	13,080	14,252	14,531	15,470	16,521	18,537	19,344	17,065	20,623	25,704	26,233	25,978
OPM %	37%	37%	37%	36%	38%	38%	39%	35%	34%	36%	37%	34%
	966	1,229	1,483	1,759	2,240	2,080	2,417	2,577	1,910	2,098	2,804	17,656
Interest	29	91	78	49	115	71	81	58	60	78	80	45
Depreciation	965	1,028	1,077	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,816	1,646
Profit before tax	13,052	14,362	14,859	16,026	17,409	19,150	20,035	17,938	20,740	25,915	27,140	41,943
Tax %	31%	32%	36%	35%	34%	33%	22%	25%	25%	25%	24%	16%
	9,001	9,779	9,501	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,751	35,052
EPS in Rs	7.45	8.04	7.74	8.47	9.24	10.27	12.45	10.69	12.37	15.44	16.39	27.77
Dividend Payout %	54%	52%	73%	56%	56%	56%	82%	101%	93%	100%	84%	52%

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:	26%
3 Years:	28%
Last Year:	27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	26,442	30,934	41,875	45,198	51,290	57,915	64,044	59,116	61,223	67,912	73,259	68,779
	242	269	84	46	36	13	277	271	249	306	303	285
	13,369	13,948	8,888	9,440	11,695	12,585	11,760	13,143	14,491	16,370	16,944	17,776
Total Liabilities	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	88,091
	12,921	15,303	15,107	15,893	16,524	19,374	21,713	23,298	24,232	25,851	27,820	21,958
CWIP	3,117	2,700	2,560	3,730	5,508	4,136	3,256	4,011	3,226	3,003	2,861	1,088
Investments	7,284	6,943	11,748	17,581	22,053	25,043	28,663	24,871	24,841	29,415	31,114	34,720
	17,526	21,006	22,237	18,694	20,156	23,185	23,678	21,580	24,898	27,561	29,959	30,325
Total Assets	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	88,091

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	7,344	9,843	9,799	10,627	13,169	12,583	14,690	12,527	15,776	18,878	17,179	17,627
	-3,254	-5,275	-3,921	-3,251	-7,114	-5,546	-6,174	5,740	-2,238	-5,732	1,563	-396
	-4,122	-4,661	-5,613	-7,301	-6,221	-6,869	-8,181	-18,634	-13,580	-13,006	-18,551	-17,037
Net Cash Flow	-32	-93	266	75	-166	169	334	-367	-43	139	191	194

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	25	19	18	21	23	30	19	19	15	15	21	23
Inventory Days	228	212	244	185	173	165	187	189	150	148	190	178
Days Payable	58	50	63	60	80	74	76	78	61	59	64	55
Cash Conversion Cycle	195	181	199	145	115	122	129	129	104	105	146	146
Working Capital Days	9	-4	52	45	31	32	35	36	31	20	38	125
ROCE %	50%	47%	40%	36%	34%	34%	32%	28%	33%	39%	37%	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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