ITC Ltd
Established in 1910, ITC is the largest cigarette manufacturer and seller in the country. ITC operates in five business segments at present — FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri Business. #
FMCG - Cigarettes (45% of revenue)
ITC is the leader in the organised domestic cigarette market with a market share of over 80% #. It's wide range of brands include Insignia, India Kings, Classic, Gold Flake, American Club, etc. #
Despite this vertical contributing only 45% to the revenues, it is the most profitable business of the company with 84% contribution towards PBIT. #
Industry: India is the 4th largest market for illegal cigarettes. While the consumption rate of legal cigarettes is only 1/10th in the tobacco industry, It accounts for 4/5th Tax revenue share. Legal cigarette industry remains under pressure due to growth in illicit duty-evaded cigarette consumption. #
- Market Cap ₹ 250,896 Cr.
- Current Price ₹ 204
- High / Low ₹ 239 / 135
- Stock P/E 18.9
- Book Value ₹ 48.0
- Dividend Yield 4.98 %
- ROCE 32.6 %
- ROE 24.8 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Stock is providing a good dividend yield of 4.98%.
- Company has been maintaining a healthy dividend payout of 64.42%
Cons
- The company has delivered a poor sales growth of 4.93% over past five years.
Peer comparison
Sector: Tobacco Products Industry: Cigarettes
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|
11,882 | 12,184 | 12,584 | 13,212 | 12,658 | 12,867 | 12,903 | 12,561 | 10,478 | 12,077 | 13,080 | |
7,340 | 7,758 | 7,978 | 8,380 | 7,720 | 8,025 | 7,926 | 8,057 | 7,533 | 7,676 | 8,295 | |
Operating Profit | 4,542 | 4,427 | 4,605 | 4,832 | 4,938 | 4,842 | 4,977 | 4,504 | 2,946 | 4,401 | 4,785 |
OPM % | 38% | 36% | 37% | 37% | 39% | 38% | 39% | 36% | 28% | 36% | 37% |
Other Income | 424 | 474 | 585 | 690 | 647 | 630 | 521 | 668 | 925 | 582 | 546 |
Interest | 8 | 22 | 6 | 10 | 15 | 14 | 11 | 15 | 16 | 13 | 13 |
Depreciation | 320 | 349 | 356 | 371 | 379 | 416 | 437 | 413 | 419 | 405 | 413 |
Profit before tax | 4,639 | 4,529 | 4,828 | 5,142 | 5,192 | 5,042 | 5,049 | 4,743 | 3,436 | 4,565 | 4,905 |
Tax % | 34% | 33% | 35% | 30% | 34% | 17% | 20% | 17% | 25% | 25% | 27% |
Net Profit | 2,975 | 3,004 | 3,079 | 3,535 | 3,355 | 4,119 | 3,976 | 3,857 | 2,511 | 3,368 | 3,527 |
EPS in Rs | 2.44 | 2.45 | 2.51 | 2.88 | 2.74 | 3.35 | 3.23 | 3.14 | 2.04 | 2.74 | 2.87 |
Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
16,549 | 19,127 | 22,566 | 26,516 | 31,618 | 35,306 | 38,817 | 39,192 | 42,768 | 43,449 | 48,340 | 49,388 | 48,196 | |
11,460 | 12,776 | 14,876 | 17,285 | 20,423 | 22,232 | 24,593 | 24,661 | 27,307 | 26,941 | 29,812 | 30,044 | 31,560 | |
Operating Profit | 5,089 | 6,351 | 7,690 | 9,231 | 11,195 | 13,075 | 14,224 | 14,531 | 15,461 | 16,508 | 18,528 | 19,344 | 16,635 |
OPM % | 31% | 33% | 34% | 35% | 35% | 37% | 37% | 37% | 36% | 38% | 38% | 39% | 35% |
Other Income | 526 | 631 | 536 | 784 | 878 | 971 | 1,257 | 1,483 | 1,768 | 2,252 | 2,090 | 2,417 | 2,721 |
Interest | 50 | 92 | 92 | 102 | 108 | 29 | 91 | 78 | 49 | 115 | 71 | 81 | 56 |
Depreciation | 581 | 644 | 699 | 745 | 859 | 965 | 1,028 | 1,077 | 1,153 | 1,236 | 1,397 | 1,645 | 1,650 |
Profit before tax | 4,985 | 6,246 | 7,435 | 9,168 | 11,106 | 13,052 | 14,362 | 14,859 | 16,026 | 17,409 | 19,150 | 20,035 | 17,649 |
Tax % | 33% | 33% | 32% | 31% | 31% | 31% | 32% | 36% | 35% | 34% | 33% | 22% | |
Net Profit | 3,325 | 4,168 | 5,018 | 6,258 | 7,608 | 8,891 | 9,663 | 9,344 | 10,289 | 11,271 | 12,592 | 15,306 | 13,262 |
EPS in Rs | 2.94 | 3.64 | 4.32 | 5.34 | 6.42 | 7.45 | 8.04 | 7.74 | 8.47 | 9.24 | 10.27 | 12.45 | 10.79 |
Dividend Payout % | 42% | 92% | 69% | 56% | 55% | 54% | 52% | 73% | 56% | 56% | 56% | 82% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 5% |
3 Years: | 5% |
TTM: | -7% |
Compounded Profit Growth | |
---|---|
10 Years: | 14% |
5 Years: | 10% |
3 Years: | 15% |
TTM: | -12% |
Stock Price CAGR | |
---|---|
10 Years: | 6% |
5 Years: | -1% |
3 Years: | -8% |
1 Year: | 3% |
Return on Equity | |
---|---|
10 Years: | 27% |
5 Years: | 24% |
3 Years: | 23% |
Last Year: | 25% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Sep 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
377 | 382 | 774 | 782 | 790 | 795 | 802 | 805 | 1,215 | 1,220 | 1,226 | 1,229 | 1,230 | |
Reserves | 13,651 | 14,076 | 15,716 | 18,677 | 22,368 | 26,442 | 30,934 | 41,875 | 45,198 | 51,290 | 57,915 | 64,044 | 57,853 |
Borrowings | 187 | 111 | 125 | 118 | 102 | 242 | 269 | 84 | 46 | 36 | 13 | 277 | 291 |
5,943 | 9,248 | 9,777 | 10,509 | 12,069 | 13,369 | 13,948 | 8,888 | 9,440 | 11,695 | 12,585 | 11,760 | 14,024 | |
Total Liabilities | 20,158 | 23,817 | 26,391 | 30,085 | 35,329 | 40,848 | 45,952 | 51,651 | 55,898 | 64,241 | 71,739 | 77,311 | 73,397 |
7,883 | 8,774 | 9,172 | 10,007 | 12,140 | 12,921 | 15,303 | 15,107 | 15,893 | 16,524 | 19,374 | 21,713 | 23,446 | |
CWIP | 1,243 | 1,024 | 1,368 | 2,396 | 2,062 | 3,117 | 2,700 | 2,560 | 3,730 | 5,508 | 4,136 | 3,256 | 3,515 |
Investments | 2,507 | 5,000 | 4,868 | 5,207 | 5,981 | 7,284 | 6,943 | 11,748 | 17,581 | 22,053 | 25,043 | 28,663 | 24,271 |
8,525 | 9,019 | 10,984 | 12,475 | 15,146 | 17,526 | 21,006 | 22,237 | 18,694 | 20,156 | 23,185 | 23,678 | 22,166 | |
Total Assets | 20,158 | 23,817 | 26,391 | 30,085 | 35,329 | 40,848 | 45,952 | 51,651 | 55,898 | 64,241 | 71,739 | 77,311 | 73,397 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,498 | 4,457 | 5,509 | 6,256 | 7,102 | 7,344 | 9,843 | 9,799 | 10,627 | 13,169 | 12,583 | 14,690 | |
-1,376 | -3,360 | -871 | -2,694 | -3,881 | -3,254 | -5,275 | -3,921 | -3,251 | -7,114 | -5,546 | -6,174 | |
-1,585 | -1,070 | -3,580 | -3,305 | -3,310 | -4,122 | -4,661 | -5,613 | -7,301 | -6,221 | -6,869 | -8,181 | |
Net Cash Flow | 537 | 27 | 1,058 | 257 | -90 | -32 | -93 | 266 | 75 | -166 | 169 | 334 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
ROCE % | 38% | 44% | 48% | 50% | 51% | 50% | 48% | 40% | 36% | 35% | 35% | 33% |
Debtor Days | 18 | 20 | 18 | 17 | 16 | 25 | 19 | 18 | 21 | 23 | 30 | 19 |
Inventory Turnover | 1.40 | 1.50 | 1.59 | 1.66 | 1.82 | 1.76 | 1.83 | 1.60 | 1.94 | 2.12 | 2.37 | 2.17 |
Documents
Add documentRecent announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 2d
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 2d
- Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Feb
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 24 Feb
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 22 Feb
View all
Annual reports
- Financial Year 2020 from bse
- Financial Year 2019 from bse
- Financial Year 2018 from bse
- Financial Year 2017 from bse
- Financial Year 2016 from bse
- Financial Year 2015 from bse
- Financial Year 2014 from bse
- Financial Year 2013 from bse
- Financial Year 2013 from nse
- Financial Year 2012 from bse
- Financial Year 2012 from nse
- Financial Year 2011 from bse
- Financial Year 2011 from nse
- Financial Year 2010 from bse