ITC Ltd

₹ 437 0.06%

15 Jan 9:41 a.m.

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

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 ₹ 5,46,699 Cr.
Current Price ₹ 437
High / Low ₹ 495 / 374
Stock P/E 26.6
Book Value ₹ 60.2
Dividend Yield 3.15 %
ROCE 37.5 %
ROE 28.4 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 3.15%.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
Company has been maintaining a healthy dividend payout of 92.4%

Cons

Stock is trading at 7.26 times its book value
The company has delivered a poor sales growth of 7.95% 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 BSE 200 BSE Dollex 200 Nifty 500 Nifty 100 Nifty FMCG Nifty India Consumption Nifty 200 Nifty Dividend Opportunities 50 Nifty50 Value 20 Nifty Growth Sectors 15 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 BSE Quality 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

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	13,757	17,108	16,556	18,489	17,108	17,705	17,635	17,164	17,774	18,019	17,923	18,457	20,736
	8,740	11,510	10,956	12,412	10,849	11,000	11,011	10,494	11,320	11,516	11,296	11,709	13,974
Operating Profit	5,018	5,598	5,599	6,077	6,259	6,705	6,624	6,670	6,454	6,504	6,626	6,748	6,762
OPM %	36%	33%	34%	33%	37%	38%	38%	39%	36%	36%	37%	37%	33%
	469	422	499	321	455	595	683	722	674	651	682	699	623
Interest	10	10	11	9	13	9	12	10	10	14	13	11	16
Depreciation	422	430	467	438	462	447	461	442	453	459	461	499	520
Profit before tax	5,055	5,580	5,620	5,950	6,239	6,844	6,833	6,940	6,665	6,682	6,834	6,938	6,848
Tax %	26%	26%	24%	25%	25%	26%	24%	25%	26%	19%	24%	25%	26%
	3,766	4,127	4,266	4,472	4,682	5,080	5,243	5,190	4,965	5,407	5,191	5,177	5,054
EPS in Rs	3.01	3.29	3.40	3.56	3.73	4.03	4.16	4.10	3.93	4.28	4.10	4.08	3.99
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	31,618	35,306	38,817	39,192	42,768	43,449	48,340	49,388	49,257	60,645	70,919	70,866	75,135
	20,398	22,227	24,566	24,661	27,298	26,928	29,802	30,044	32,193	40,021	45,215	44,634	48,495
Operating Profit	11,221	13,080	14,252	14,531	15,470	16,521	18,537	19,344	17,065	20,623	25,704	26,233	26,640
OPM %	35%	37%	37%	37%	36%	38%	38%	39%	35%	34%	36%	37%	35%
	852	966	1,229	1,483	1,759	2,240	2,080	2,417	2,577	1,910	2,098	2,804	2,655
Interest	108	29	91	78	49	115	71	81	58	60	78	80	54
Depreciation	859	965	1,028	1,077	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,816	1,940
Profit before tax	11,106	13,052	14,362	14,859	16,026	17,409	19,150	20,035	17,938	20,740	25,915	27,140	27,302
Tax %	31%	31%	32%	36%	35%	34%	33%	22%	25%	25%	25%	24%
	7,704	9,001	9,779	9,501	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,751	20,829
EPS in Rs	6.42	7.45	8.04	7.74	8.47	9.24	10.27	12.45	10.69	12.37	15.44	16.39	16.45
Dividend Payout %	55%	54%	52%	73%	56%	56%	56%	82%	101%	93%	100%	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:	7%
5 Years:	14%
3 Years:	28%
1 Year:	-1%

Return on Equity
10 Years:	25%
5 Years:	26%
3 Years:	28%
Last Year:	28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	22,368	26,442	30,934	41,875	45,198	51,290	57,915	64,044	59,116	61,223	67,912	73,259	74,015
	102	242	269	84	46	36	13	277	271	249	306	303	304
	12,069	13,369	13,948	8,888	9,440	11,695	12,585	11,760	13,143	14,491	16,370	16,944	18,501
Total Liabilities	35,329	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	94,071
	12,140	12,921	15,303	15,107	15,893	16,524	19,374	21,713	23,298	24,232	25,851	27,820	29,492
CWIP	2,062	3,117	2,700	2,560	3,730	5,508	4,136	3,256	4,011	3,226	3,003	2,861	1,387
Investments	5,981	7,284	6,943	11,748	17,581	22,053	25,043	28,663	24,871	24,841	29,415	31,114	28,409
	15,146	17,526	21,006	22,237	18,694	20,156	23,185	23,678	21,580	24,898	27,561	29,959	34,784
Total Assets	35,329	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	94,071

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	7,102	7,344	9,843	9,799	10,627	13,169	12,583	14,690	12,527	15,776	18,878	17,179
	-3,881	-3,254	-5,275	-3,921	-3,251	-7,114	-5,546	-6,174	5,740	-2,238	-5,732	1,563
	-3,310	-4,122	-4,661	-5,613	-7,301	-6,221	-6,869	-8,181	-18,634	-13,580	-13,006	-18,551
Net Cash Flow	-90	-32	-93	266	75	-166	169	334	-367	-43	139	191

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	16	25	19	18	21	23	30	19	19	15	15	21
Inventory Days	227	228	212	244	185	173	165	187	189	150	148	190
Days Payable	53	58	50	63	60	80	74	76	78	61	59	64
Cash Conversion Cycle	189	195	181	199	145	115	122	129	129	104	105	146
Working Capital Days	-5	9	-4	52	45	31	32	35	36	31	20	38
ROCE %	51%	50%	47%	40%	36%	34%	34%	32%	28%	33%	39%	37%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	9.99%	11.99%	12.68%	42.68%	42.99%	43.35%	43.62%	43.34%	43.26%	40.95%	40.47%	40.53%
	43.79%	42.77%	42.82%	42.38%	42.19%	42.08%	41.92%	41.94%	41.98%	43.76%	44.02%	44.59%
	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	46.22%	45.24%	44.50%	14.87%	14.78%	14.52%	14.41%	14.68%	14.71%	15.23%	15.47%	14.83%
No. of Shareholders	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	35,68,560

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%	40.53%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%	44.59%
	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%	14.83%
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	35,68,560

* 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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