ITC Ltd

₹ 467 -1.69%

22 Jul - close price

About

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. ^[1]

Key Points

Geographical Distribution
For FY22, India accounted for 78% of ITC's revenue while rest was from exports^[1]

Website BSE NSE

Market Cap ₹ 5,83,302 Cr.
Current Price ₹ 467
High / Low ₹ 500 / 399
Stock P/E 28.6
Book Value ₹ 57.9
Dividend Yield 2.95 %
ROCE 37.5 %
ROE 29.2 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
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 8.06 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	13,295	12,217	12,731	15,862	15,531	17,290	16,130	16,226	16,398	15,828	16,550	16,483	16,579
	8,822	8,225	8,116	10,760	10,306	11,642	10,266	10,003	10,189	9,578	10,508	10,459	10,417
Operating Profit	4,473	3,992	4,615	5,102	5,224	5,648	5,864	6,223	6,209	6,250	6,042	6,024	6,163
OPM %	34%	33%	36%	32%	34%	33%	36%	38%	38%	39%	37%	37%	37%
	772	429	677	810	674	313	507	872	819	709	896	1,130	797
Interest	3	10	10	11	10	9	11	10	12	11	11	12	12
Depreciation	388	395	401	409	446	412	422	407	422	402	413	417	415
Profit before tax	4,854	4,015	4,880	5,492	5,442	5,540	5,939	6,678	6,595	6,546	6,514	6,725	6,532
Tax %	23%	25%	24%	24%	23%	25%	25%	25%	23%	25%	24%	17%	23%
	3,748	3,013	3,697	4,156	4,191	4,169	4,466	5,031	5,087	4,903	4,927	5,572	5,020
EPS in Rs	3.05	2.45	3.00	3.37	3.40	3.38	3.60	4.05	4.09	3.94	3.95	4.47	4.02
Raw PDF

Upcoming result date: 1 August 2024

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
	29,893	33,228	36,490	36,583	40,080	40,620	44,983	45,620	45,485	56,341	66,043	65,441
	19,222	20,740	22,970	22,843	25,474	25,041	27,551	27,635	29,895	37,448	42,062	40,985
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
OPM %	36%	38%	37%	38%	36%	38%	39%	39%	34%	34%	36%	37%
	915	1,094	1,518	1,767	1,981	2,528	2,382	2,825	3,195	2,649	2,506	3,584
Interest	106	24	78	72	45	110	58	80	59	61	74	76
Depreciation	796	900	962	1,001	1,038	1,145	1,312	1,563	1,562	1,652	1,663	1,648
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
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
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
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:	-1%

Compounded Profit Growth
10 Years:	9%
5 Years:	10%
3 Years:	16%
TTM:	9%

Stock Price CAGR
10 Years:	7%
5 Years:	11%
3 Years:	30%
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
Equity Capital	790	795	802	805	1,215	1,220	1,226	1,229	1,231	1,232	1,243	1,248
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
	78	67	53	42	26	18	11	332	329	311	325	312
	11,652	12,901	13,407	8,333	8,849	10,963	11,837	10,874	12,246	13,382	14,343	14,782
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
	11,209	12,013	14,178	14,011	14,880	15,566	18,486	20,518	22,188	23,221	24,174	25,743
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
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
	14,260	16,097	19,498	20,277	17,213	18,393	21,332	21,307	19,075	22,123	23,670	25,759
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

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%

Shareholding Pattern

Numbers in percentages

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	10.81%	9.99%	11.99%	12.68%	42.68%	42.99%	43.35%	43.62%	43.34%	43.26%	40.95%	40.47%
	43.72%	43.79%	42.77%	42.82%	42.38%	42.19%	42.08%	41.92%	41.94%	41.98%	43.76%	44.02%
	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	45.47%	46.22%	45.24%	44.50%	14.87%	14.78%	14.52%	14.41%	14.68%	14.71%	15.23%	15.47%
No. of Shareholders	25,68,030	29,97,699	28,40,964	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Jun 2024
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%	40.47%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%	44.02%
	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%	15.47%
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	37,56,541

* 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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May 2024

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Jan 2024

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Oct 2023

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Aug 2023

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Aug 2023

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May 2023

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Dec 2022

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May 2022

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Feb 2022

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Dec 2021

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Oct 2021

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Aug 2021

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Jul 2021

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Jun 2021

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Jun 2021

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Feb 2021

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Feb 2021

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Dec 2020

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Nov 2020

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Sep 2020

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Jun 2019

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