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Quarterly Results

 

Click here to download the Financial Results

Statement of Standalone and Consolidated Financial Results
for the Quarter and Year ended 31st March, 2017

(Rs. in Crores)
    STANDALONE CONSOLIDATED
    For the Quarter and Twelve
months ended 31st March, 2017
For the Twelve months
ended 31st March, 2017
Particulars   3
Months
 ended 31.03.2017#
Corres-
ponding
3
Months
ended
31.03.2016#
Preceding
3
Months 
ended 31.12.2016
Twelve Months ended 31.03.2017 Twelve Months ended 31.03.2016 Twelve Months
 ended 31.03.2017
Twelve
Months ended
 31.03.2016
    (Audited)* (Audited)* (Unaudited)* (Audited)* (Audited)* (Audited)* (Audited)*
REVENUE
FROM OPERATIONS
1 15008.82 14138.78 13569.97 55448.46 51944.57 58731.52 55061.08
OTHER
INCOME
2 402.10 371.23 687.94 1985.91 1769.26 1761.53 1530.80
TOTAL
INCOME
(1+2)
3 15410.92 14510.01 14257.91 57434.37 53713.83 60493.05 56591.88
EXPENSES                
a) Cost of materials consumed   2972.84 3033.84 2912.58 11765.56 11054.75 11979.03 11168.68
b) Purchases
of stock-in
-trade
  1195.73 819.37 864.89 3566.57 2591.80 3477.56 2595.20
c) Changes
in inventories
of finished
goods,
stock-in-trade,
work-in-
progress
and
intermediates
  514.23 (286.05) (400.90) 644.17 (196.55) 592.57 (195.38)
d) Excise
duty
  3883.28 4382.08 4321.58 15359.78 15361.90 15927.91 15868.98
e) Employee
benefits
expense
  571.36 554.71 572.31 2444.31 2331.59 3631.73 3440.97
f) Finance
costs
  (11.46) 12.27 13.59 22.95 49.13 24.30 53.60
g) Depreciation
and
amortization expense
  241.81 246.48 266.54 1038.04 1000.68 1152.79 1077.40
h) Other
expenses
  1995.99 2029.78 1753.12 7090.03 7086.46 7686.81 7731.78
TOTAL
EXPENSES
4 11363.78 10792.48 10303.71 41931.41 39279.76 44472.70 41741.23
PROFIT
BEFORE
TAX 
(3-4)
5 4047.14 3717.53 3954.20 15502.96 14434.07 16020.35 14850.65
TAX
EXPENSE
6 1377.67 1336.85 1307.47 5302.06 5105.70 5549.09 5358.21
a) Current Tax   1383.46 1214.95 1398.14 5285.65 4896.06 5546.16 5150.37
b) Deferred
Tax
  (5.79) 121.90 (90.67) 16.41 209.64 2.93 207.84
PROFIT
FOR THE
YEAR /
PERIOD
(5-6)
7 2669.47 2380.68 2646.73 10200.90 9328.37 10471.26 9492.44
SHARE OF
PROFIT /
(LOSS) OF
ASSOCIATES
AND JOINT
VENTURES
8 N.A. N.A. N.A. N.A. N.A. 5.97 8.42
PROFIT
AFTER
TAXES,
SHARE OF
PROFIT OF
ASSOCIATES
AND JOINT
VENTURES
(7+8)
9 2669.47 2380.68 2646.73 10200.90 9328.37 10477.23 9500.86
OTHER
COMPREHENSIVE
INCOME
10 200.23 (249.11) (161.61) 77.00 (66.58) 42.35 (79.91)
A (i) Items that
will not be
reclassified to
profit or loss
  186.10 (263.85) (168.22) 40.80 (83.69) 62.01 (90.99)
(ii) Income
tax relating to items that
will not be
reclassified to
profit or loss
  4.11 9.29 10.37 24.22 18.63 23.91 16.94
B (i) Items
that will be
reclassified
to profit or
loss
  15.30 8.33 (5.75) 18.29 (2.32) (37.26) (6.66)
(ii) Income
tax relating
to items that
will be
reclassified
to profit
or loss
  (5.28) (2.88) 1.99 (6.31) 0.80 (6.31) 0.80
TOTAL COMPREHENSIVE INCOME
(9+10)
11 2869.70 2131.57 2485.12 10277.90 9261.79 10519.58 9420.95
PROFIT FOR
THE YEAR /
PERIOD
ATTRIBUTABLE
TO :
               
OWNERS
OF THE
PARENT
  N.A. N.A. N.A. N.A. N.A. 10289.44 9344.45
NON-
CONTROLLING
INTEREST
  N.A. N.A. N.A. N.A. N.A. 187.79 156.41
TOTAL
COMPREHENSIVE INCOME
FOR THE
YEAR / PERIOD
ATTRIBUTABLE
TO :
               
OWNERS OF
THE PARENT
  N.A. N.A. N.A. N.A. N.A. 10331.79 9264.54
NON-
CONTROLLING
INTEREST
  N.A. N.A. N.A. N.A. N.A. 187.79 156.41
PAID UP
EQUITY
SHARE
CAPITAL
12 1214.74 804.72 1212.14 1214.74 804.72 1214.74 804.72
(Ordinary
shares of
Re. 1/- each)
               
RESERVES
EXCLUDING
REVALUATION
RESERVES
13       44126.22 40851.71 45198.19 41874.80
EARNINGS
PER SHARE
(of Re.
1/- each)
(not
annualised):
14              
(a) Basic
(Rs.)
  2.20 1.97 2.18 8.43 7.74 8.50 7.75
(b) Diluted 
(Rs.)
  2.19 1.96 2.17 8.38 7.70 8.45 7.71

'* The financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted Ind AS from 1st April, 2016, and accordingly, these financial results (including for all the periods presented in accordance with Ind AS 101 - First-time Adoption of Indian Accounting Standards) have been prepared in accordance with the recognition and measurement principles provided under Ind AS 34 - Interim Financial Reporting as prescribed under Section 133 of the Companies Act, 2013 read with the Rules thereunder and the other accounting principles generally accepted in India.

'# The figures for the 3 months ended 31.03.2017 and corresponding 3 months ended 31.03.2016 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.

Notes :

1.

The audited Financial Results and Segment Results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 26th May, 2017.The Company confirms that its statutory auditors, M/s Deloitte Haskins & Sells have issued audit report with unmodified opinion on the Standalone and Consolidated Financial Results.

2.

The launch and rollout costs of the Company's brands 'Fiama', 'Vivel', 'Superia', 'Engage', 'Savlon' and 'Shower to Shower' covering the range of personal care products of soaps, face washes, shower gels, skin care, deodorants, handwash and ayurvedic talc, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.

3.

a) During the quarter ended 30th September, 2016, the Company issued and alloted 402,66,57,100 Ordinary Shares of Re. 1/- each, as fully paid-up Bonus Shares in the proportion of 1 (One) Bonus Share of Re. 1/- each for every existing 2 (Two) Ordinary Shares of Re. 1/- each. Pursuant to the issue and allotment of Bonus Shares, the Earnings Per Share (Basic and Diluted) have been adjusted for all the periods stated above.

b) During the quarter ended 31st March, 2017, 2,60,21,090 Ordinary Shares of Re. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 31st March, 2017 stands increased to Rs. 1214,73,83,071.

4.

The Company does not have any exceptional item to report for the above periods.

5.

A. Reconciliation of the financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) are summarised as follows:

 
    Standalone Consolidated
Particulars Notes 3 months ended 31.03.2016 Twelve months ended 31.03.2016 Twelve months ended 31.03.2016
Profit After Tax as reported under previous GAAP   2495.20 9844.71 10069.45
Impact of measuring investments at Fair Value through Profit or Loss (FVTPL) (ii), (iii) (41.12) (115.79) (112.81)
Impact of measuring derivative financial instruments, other than those designated as cash flow hedges, at fair value (iv) 8.72 8.29 3.44
Impact of recognising the cost of the employee stock option scheme at fair value (i) (c) (116.19) (501.91) (548.42)
Impact of elimination of amortization of Trademarks (vi) 7.77 31.25 31.25
Reclassification of actuarial gains / losses, arising in respect of employee benefit schemes, to Other Comprehensive Income (OCI)   26.84 53.84 49.09
Others     -     -  (2.50)
Tax Adjustments   (0.54) 7.98 11.36
Profit After Tax as reported under Ind AS   2380.68 9328.37 9500.86
Other Comprehensive Income (net of tax)   (249.11) (66.58) (79.91)
Total Comprehensive Income as reported under Ind AS   2131.57 9261.79 9420.95

 

 

 

B. Reconciliation of equity as reported under previous GAAP is summarised as follows:

 

    Standalone Standalone Consolidated Consolidated
Particulars Notes As at 01.04.2015
As at 31.03.2016
(end of last period presented
under previous GAAP)
As at 01.04.2015
As at 31.03.2016
(end of last period presented
under previous GAAP)
Equity as reported under previous GAAP attributable to           
ITC Limited   30735.69 32929.00 31735.49 33964.41
Non-controlling interest       225.11 262.33
  TOTAL     31960.60 34226.74
Dividends (including tax thereon) (v) 6029.56 8232.60 6029.56 8232.60
Impact of elimination of amortization of Trademarks (vi)                           -   20.43                      -   20.43
Impact of measuring derivative financial instruments, not being cash flow hedges, at fair value (net of tax) (iv) 2.64 8.04 5.82                    8.04
Impact of measuring investments at Fair Value through Profit or Loss (FVTPL) or OCI (net of tax) (ii), (iii) 519.94 414.62 537.88 433.18
Impact of recognising the cost of the employee stock option scheme in respect of employees of group companies (i) (c)                           -                       51.74                      -   5.22
Others                      26.00                  14.21
Equity as reported under Ind AS attributable to           
ITC Limited   37287.83 41656.43 38334.74 42679.52
Non-controlling interest       225.12 260.90
  TOTAL     38559.86 42940.42
Comprising:          
Paid up equity share capital   801.55 804.72 801.55 804.72
Reserves   36486.28 40851.71 37533.19 41874.80

 

(i) Exemptions applied at transition

 

Ind AS 101 (First-time Adoption of Indian Accounting Standards) provides a suitable starting point for accounting in accordance with Ind AS and is required to be mandatorily followed by first-time adopters. Ind AS 101 allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions in its financial results:

a. Property, plant and equipment and intangible assets were carried in the statement of financial position prepared under previous GAAP as at 31st March, 2015. The Company has elected to regard such carrying amount as deemed cost at the date of transition i.e. 1st April, 2015.

b. Under previous GAAP, investment in subsidiaries, joint ventures and associates were stated at cost and provisions made to recognise the decline, other than temporary. Under Ind AS, the Company has elected to regard such carrying amount as at 31st March, 2015 as deemed cost at the date of transition.

c. As per the previous GAAP, the cost of stock options granted under ITC Employee Stock Option Scheme (ITC ESOS) [equity-settled] was recognised using the intrinsic value method. Under this method, no expenses were recognised in the statement of profit and loss as the fair value of shares on the date of grant equalled the exercise price. Under Ind AS, the cost of options granted under ITC ESOS is recognised based on the fair value of the options as on the grant date. In terms of the exemptions, the fair value of unvested options as at the date of transition have been accounted for as part of reserves. The fair value of options vesting after the transition date have been recognised in profit or loss.

The cost of options under ITC ESOS applicable to employees of group companies, net of reimbursements, have been considered as capital contribution.

 

(ii) Under previous GAAP, current investments were stated at lower of cost and fair value. Under Ind AS, these financial assets have been classified as FVTPL on the date of transition and fair value changes after the date of transition has been recognised in profit or loss.

 

(iii) Under previous GAAP, non current Investments were stated at cost. Where applicable, provision was made to recognise a decline, other than temporary, in valuation of such Investments. Under Ind AS, financial assets in equity instruments [other than those in (i) (b)] have been classified as Fair Value through Other Comprehensive Income (FVTOCI) through an irrevocable election at the date of transition.

 

(iv) Under previous GAAP, the net mark to market losses on derivative financial instruments, other than those designated as cash flow hedges, as at the Balance Sheet date, were recognized in profit or loss, and the net gains, if any, were ignored. Under Ind AS, such derivative financial instruments are to be recognised at fair value and the movement is recognised in profit or loss.

 

(v) Under previous GAAP, dividend payable (including the tax thereon) is recognised as a liability in the period to which it relates. Under Ind AS, dividends (including the tax thereon) to shareholders are recognised when declared by the members in a general meeting.

 

(vi) Under previous GAAP, Trademarks were necessarily amortized. Under Ind AS, certain trademarks have been determined to be of indefinite useful life. This has been recognized in the current quarter. Accordingly, the amortization thereof considered in the previous year has been eliminated. As a consequence, the amortization charge of Rs. 23.48 Crores for the 9 months period ended 31st December 2016 (Rs. 7.85 Crores for the quarter ended 31st December, 2016) has been eliminated in the quarter ended 31st March, 2017.

 

(vii) Under previous GAAP, Non Controlling interest was shown separately. Under Ind AS, the same has been included in "Total Equity"

 

(viii) Under previous GAAP, joint ventures were consolidated using "proportionate consolidation" method. Under Ind AS, joint ventures have been accounted using "equity method".

 

(ix) Under previous GAAP, biological assets were carried at cost. Under Ind AS, the same have been valued at fair value less costs to sell.

6.

The Board of Directors of the Company has recommended a dividend of Rs. 4.75 per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2017 and the dividend, if declared, will be paid on 31st July, 2017 to those members entitled thereto.

7.

The Register of Members of the Company shall remain closed for the purpose of dividend from 7th June, 2017 to 9th June, 2017, both days inclusive.

8.

The 106th Annual General Meeting of the Company has been convened for 28th July, 2017.

9.

The Board of Directors of the Company, in the context of splitting the role of the Executive Chairman between Chairman and Chief Executive Officer (CEO), appointed Mr. S. Puri, Wholetime Director, also as CEO of the Company with effect from 5th February, 2017 to take independent charge of the executive leadership of the Company. Mr. Y. C. Deveshwar, as Chairman and Non-Executive Director assumed the role of Mentor to the CEO and Corporate Management Committee with effect from the said date.

10.

This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

 

(Rs. in Crores)
Balance Sheet STANDALONE CONSOLIDATED
Particulars As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015 As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
  (Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
A ASSETS            
1 NON-CURRENT
ASSETS
           
(a) Property,
Plant and
Equipment
14469.32 13591.96 13572.99 15262.27 14459.36 14369.04
(b) Capital
work-in-progress
3491.33 2388.42 2010.47 3684.20 2528.97 2104.83
(c) Goodwill
on Consolidation
                         -     -  202.53 202.53 207.99
(d) Other
Intangible assets
410.92 419.01 401.35 428.68 444.74 423.93
(e) Intangible
assets under
development
45.69 30.75 28.65 45.69 30.75 28.65
(f) Financial
Assets
           
(i) Investments* 8485.51 6853.20 2878.03 6693.99 5125.81 1412.72
(ii) Loans 5.84 8.12 9.34 8.54 12.96 16.47
(iii) Others 99.83 1031.18 1381.22 100.71 1038.01 1384.01
(g) Deferred
tax assets (net)
                         -     -  44.95 40.54 36.91
(h) Other non-current assets 2670.12 2474.72 1707.64 3202.61 2945.71 2200.15
Non-Current
Assets
29678.56 26797.36 21989.69 29674.17 26829.38 22184.70
2 CURRENT ASSETS          
(a) Inventories 7863.99 8519.82 7836.76 8671.10 9062.10 8506.70
(b) Biological
Assets other
than bearer
plants
                         -     -  70.05 67.25 51.18
(c) Financial
Assets
           
(i) Investments 10099.78 6471.33 6091.59 10332.39 6621.78 6266.30
(ii) Trade receivables 2207.50 1686.35 1722.40 2474.29 1917.18 1978.32
(iii) Cash and
cash equivalents
156.15 75.79 36.29 333.07 283.59 155.69
(iv) Other
Bank Balances
2591.12 5563.41 6236.52 2634.33 5779.71 6415.55
(v) Loans 3.37 3.85 40.09 6.78 8.07 8.66
(vi) Others 1004.91 407.22 255.58 1090.02 569.43 380.86
(d) Other
current assets
610.57 506.15 555.89 657.07 553.39 599.01
Current Assets 24537.39 23233.92 22775.12 26269.10 24862.50 24362.27
TOTAL ASSETS 54215.95 50031.28 44764.81 55943.27 51691.88 46546.97
B EQUITY
AND LIABILITIES
           
EQUITY            
(a) Equity
Share capital
1214.74 804.72 801.55 1214.74 804.72 801.55
(b) Other Equity 44126.22 40851.71 36486.28 45198.19 41874.80 37533.19
Equity attributable to the owners 45340.96 41656.43 37287.83 46412.93 42679.52 38334.74
Non Controlling
Interest
N.A. N.A. N.A. 294.74 260.90 225.12
Total Equity N.A. N.A. N.A. 294.74 260.90 225.12
LIABILITIES            
1. NON-CURRENT
LIABILITIES
           
(a) Financial
Liabilities
           
(i)  Borrowings 17.99                     25.83                     38.69 18.40 26.66 39.77
(ii) Other
financial liabilities
9.21                     15.13                       7.05 41.21 46.77 39.31
(b) Provisions 131.37                   112.19                   100.72 158.42 135.42 123.67
(c) Deferred
tax liabilities
(Net)
1871.70 1867.43 1677.22 1878.77 1880.00 1688.47
(d) Other
non-current
liabilities
14.65                          -     -  17.79 4.15 3.36
Non-Current Liabilities 2044.92 2020.58 1823.68 2114.59 2093.00 1894.58
2 CURRENT
LIABILITIES
           
(a) Financial Liabilities            
(i)  Borrowings 0.01 3.60 0.02 19.11 43.95 184.95
(ii) Trade
payables
2551.22 2228.01 1872.97 2659.33 2339.29 1976.94
(iii) Other
financial liabilities
784.78 594.71 646.79 903.25 722.50 783.43
(b) Other
current liabilities
3351.15 3441.96 3056.99 3327.46 3396.52 3014.80
(c) Provisions 41.83 57.60 74.98 61.16 71.40 89.73
(d) Current
Tax Liabilities (Net)
101.08 28.39 1.55 150.70 84.80 42.68
Current
Liabilities
6830.07 6354.27 5653.30 7121.01 6658.46 6092.53
TOTAL
EQUITY AND
LIABILITIES
54215.95 50031.28 44764.81 55943.27 51691.88 46546.97

* Investments in Consolidated Financial Statement include investment accounted for using the equity method - Rs. 285.91 Crores (2016 - Rs. 277.98 Crores; 2015 - Rs. 290.45 Crores)

Standalone (For the Quarter and Twelve Months ended 31st March, 2017) and
Consolidated (For the Twelve Months ended 31st March, 2017)
Segment-wise Revenue, Results, Assets and Liabilities

(Rs. in Crores)
  STANDALONE CONSOLIDATED
Particulars 3 Months ended 31.03.2017# Corresponding 3 Months ended 31.03.2016# Preceding 3 Months ended 31.12.2016 Twelve Months ended 31.03.2017 Twelve Months ended 31.03.2016 Twelve Months ended 31.03.2017 Twelve Months ended 31.03.2016
  (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited)
1. Segment
Revenue
             
a) FMCG -
Cigarettes
8954.94 8545.46 8287.97 34001.98 32348.29 35877.66 34062.67
- Others     2885.76 2710.78 2569.26 10511.83 9731.17 10537.46 9750.64
Total FMCG       11840.70 11256.24 10857.23 44513.81 42079.46 46415.12 43813.31
b) Hotels 386.52 362.99 370.51 1341.73 1286.17 1414.39 1357.43
c) Agri
Business       
1918.49 1806.79 1671.92 8264.55 7456.88 8384.86 7562.74
d) Paperboards,
Paper & Packaging
1372.73 1315.03 1335.82 5362.86 5327.70 5362.86 5327.70
e) Others                         -                             -                        -                          -   1513.68 1541.15
Total  15518.44 14741.05 14235.48 59482.95 56150.21 63090.91 59602.33
Less : 
Inter-segment revenue
635.69 708.62 764.59 4481.26 4567.76 4802.96 4929.16
Gross Revenue
from sale of products and services
14882.75 14032.43 13470.89 55001.69 51582.45 58287.95 54673.17
2. Segment
Results
             
a) FMCG -
Cigarettes
3258.76 3018.56 3033.69 12513.91 11752.43 13203.70 12348.08
- Others 55.56 78.60 (19.66) 28.12 101.76 26.15 88.71
Total FMCG 3314.32 3097.16 3014.03 12542.03 11854.19 13229.85 12436.79
b) Hotels 66.93 42.65 42.15 110.95 55.69 117.12 61.61
c) Agri Business 134.92 170.32 236.61 905.80 933.03 926.32 950.88
d) Paperboards,
Paper & Packaging
240.17 202.95 246.03 965.84 907.62 965.84 907.62
e) Others                         -                             -                        -                          -   102.71 127.11
Total 3756.34 3513.08 3538.82 14524.62 13750.53 15341.84 14484.01
Less : i) Finance Costs (11.46) 12.27 13.59 22.95 49.13 24.30 53.60
ii) Other
un-allocable (income)
net of
un-allocable expenditure [Note (i)]
(279.34) (216.72) (428.97) (1001.29) (732.67) (702.81) (420.24)
Profit Before Tax 4047.14 3717.53 3954.20 15502.96 14434.07 16020.35 14850.65
3. Segment Assets              
a) FMCG -
Cigarettes
7994.51 7946.13 7792.74 7994.51 7946.13 8573.92 8531.08
- Others 7113.91 6090.74 6596.10 7113.91 6090.74 7257.61 6238.11
Total FMCG 15108.42 14036.87 14388.84 15108.42 14036.87 15831.53 14769.19
b) Hotels
[Note (ii)]
5082.80 4820.29 5039.01 5082.80 4820.29 5849.59 5470.24
c) Agri Business 2991.57 2968.39 2750.70 2991.57 2968.39 3255.76 3231.28
d) Paperboards,
Paper & Packaging
6322.79 6031.00 6323.56 6322.79 6031.00 6313.82 6020.39
e) Others                         -     -                       -                          -   771.74 809.90
Total 29505.58 27856.55 28502.11 29505.58 27856.55 32022.44 30301.00
Unallocated
Corporate Assets
24710.37 22174.73 23248.16 24710.37 22174.73 23920.83 21390.88
Total Assets 54215.95 50031.28 51750.27 54215.95 50031.28 55943.27 51691.88
4. Segment
Liabilities
             
a) FMCG -
Cigarettes**
2447.84 2644.39 2999.09 2447.84 2644.39 2561.31 2754.52
- Others 1407.21 1179.77 1414.40 1407.21 1179.77 1411.58 1186.92
Total FMCG 3855.05 3824.16 4413.49 3855.05 3824.16 3972.89 3941.44
b) Hotels 420.62 345.39 452.29 420.62 345.39 446.94 363.99
c) Agri Business 795.88 610.35 1001.44 795.88 610.35 723.60 519.41
d) Paperboards,
Paper & Packaging
623.85 510.68 615.62 623.85 510.68 623.85 510.39
e) Others                         -     -                       -                          -   209.52 218.79
Total 5695.40 5290.58 6482.84 5695.40 5290.58 5976.80 5554.02
Unallocated
Corporate
Liabilities
3179.59 3084.27 3302.69 3179.59 3084.27 3258.80 3197.44
Total
Liabilities
8874.99 8374.85 9785.53 8874.99 8374.85 9235.60 8751.46

# The figures for the 3 months ended 31.03.2017 and corresponding 3 months ended 31.03.2016 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.

** Segment Liabilities of FMCG-Cigarettes is before considering ` 629.83 Crores (31.03.2016 - Rs. 651.54 Crores; 31.12.2016 - Rs. 651.37 Crores; 31.03.2015 - Rs. 629.98 Crores) in respect of disputed Taxes, the recovery of which has been stayed or where States' appeals are pending before Courts. These have been included under 'Unallocated Corporate Liabilities'.

Note (i): As stock options are granted under ITC ESOS to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the option value of ITC ESOS do not form part of the segment performance reviewed by the Corporate Management Committee. Also refer note 5 (i) (c) to the financial results.

Note (ii): Includes Rs. 541.21 Crores (31.03.2016 - Rs. 541.21 Crores; 31.12.2016 - Rs. 541.21 Crores; 31.03.2015 - Rs. 515.44 Crores) towards payment to IFCI Limited and applicable stamp duty for purchase of a five star hotel resort in Goa operating under the name Park Hyatt Goa Resort & Spa and IFCI Limited issued required sale certificate in favour of the Company. The erstwhile owners of the property thereafter challenged the sale. By its judgement dated 23.03.2016, the Bombay High Court set aside the sale and directed IFCI Limited to refund the sale consideration to the Company. The Company and IFCI Limited have approached the Hon'ble Supreme Court against the High Court judgement. The Hon'ble Supreme Court by its order dated 22.04.2016 has directed maintenance of status quo and that the amount paid by ITC shall remain with IFCI Limited until further orders. The matter is pending before the Hon'ble Supreme Court.

Notes :

(1)

The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following :

 

FMCG : Cigarettes - Cigarettes, Cigars etc.
  

 

: Others - Branded Packaged Foods Businesses (Staples; Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.

 

Hotels - Hoteliering.

 

Paperboards, Paper & Packaging - Paperboards, Paper including Specialty Paper & Packaging including Flexibles.

 

Agri Business - Agri commodities such as soya, spices, coffee and leaf tobacco.
(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
   
Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India

Dated : 26th May, 2017
Place : Kolkata, India

For and on behalf of the Board



Director & Chief Financial Officer Chief Executive Officer & Director Chairman

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Financial Results December 2016
Financial Results September 2016 Financial Results June 2016