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Quarterly Results

 

Click here to download the Financial Results

Unaudited Financial Results
for the Quarter ended 30th June, 2014

PART I: Statement of Unaudited Financial Results for the Quarter ended 30th June, 2014

(Rs. in Crores)
    STANDALONE
Particulars   3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
Twelve
Months
ended
    30.06.2014 30.06.2013 31.03.2014 31.03.2014
    (Unaudited) (Unaudited) (Audited) * (Audited)
INCOME FROM OPERATIONS          
a) NET SALES / INCOME FROM OPERATIONS (Net of Excise Duty) (1) 9164.42 7338.52 9145.14 32882.56
b) OTHER OPERATING INCOME (2) 83.87 72.18 93.38 356.04
TOTAL INCOME FROM OPERATIONS (Net) (1+2) (3) 9248.29 7410.70 9238.52 33238.60
EXPENSES          
a) Cost of materials consumed   2660.62 2188.27 2707.89 10263.28
b) Purchases of stock-in -trade   1920.80 865.37 1011.38 3021.47
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade   (603.86) (184.68) 150.35 (128.41)
d) Employee benefits expense   508.66 426.87 410.81 1608.37
e) Depreciation and amortisation expense   231.32 215.30 237.83 899.92
f) Other expenses   1484.48 1323.56 1754.70 6019.05
TOTAL EXPENSES (4) 6202.02 4834.69 6272.96 21683.68
PROFIT FROM OPERATIONS BEFORE OTHER INCOME AND FINANCE COSTS (3-4) (5) 3046.27 2576.01 2965.56 11554.92
OTHER INCOME (6) 234.55 203.18 266.71 1107.14
PROFIT FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS (5+6) (7) 3280.82 2779.19 3232.27 12662.06
FINANCE COSTS (8) 15.15 16.95 9.53 2.95
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (7-8) (9) 3265.67 2762.24 3222.74 12659.11
TAX EXPENSE (10) 1079.28 870.91 944.73 3873.90
NET PROFIT FOR THE PERIOD (9-10) (11) 2186.39 1891.33 2278.01 8785.21
PAID UP EQUITY SHARE CAPITAL (12) 795.50 790.18 795.32 795.32
(Ordinary shares of Re. 1/- each)          
RESERVES EXCLUDING REVALUATION RESERVES (13) - - - 25414.29
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): (14)        
(a) Basic (Rs.)   2.75 2.39 2.87 11.09
(b) Diluted (Rs.)   2.72 2.36 2.83 10.96

* The figures for the preceding 3 months ended 31.03.2014 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2014 and the year to date figures upto the third quarter of that financial year.

 

PART II: Select information for the Quarter ended 30th June, 2014

A. Particulars of Shareholding 3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
Twelve
Months
ended
  30.06.2014 30.06.2013 31.03.2014 31.03.2014
1. PUBLIC SHAREHOLDING        
- NUMBER OF SHARES 7934240720 7878479687 7932401330 7932401330
- PERCENTAGE OF SHAREHOLDING 99.74 99.70 99.74 99.74
2. PROMOTERS AND PROMOTER GROUP SHAREHOLDING Nil Nil Nil Nil
a) Pledged / Encumbered N.A. N.A. N.A. N.A.
b) Non - encumbered N.A. N.A. N.A. N.A.

B. Investor Complaints 3 months ended
30.06.2014
Pending at the beginning of the quarter Nil
Received during the quarter Nil
Disposed off during the quarter Nil
Remaining unresolved at the end of the quarter Nil

 

Notes :

(i) The Unaudited 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 29th July, 2014.
   
(ii) Figures for the previous periods are re-classified / re-arranged / re-grouped, wherever necessary, to correspond with the current period's classification / disclosure.
   
(iii) The Company does not have any Exceptional or Extraordinary item to report for the above periods.
   
(iv) The launch and rollout costs of the Company's brands 'Fiama Di Wills', 'Vivel', 'Superia' and 'Engage' covering the range of personal care products of soaps, face washes, shower gels, shampoos, conditioners, skin care and deodorants, 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'.
   
(v) During the quarter, 18,33,390 Ordinary Shares of Rs. 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 30th June, 2014 stands increased to Rs. 795,50,16,340/-.
   
(vi) For the twelve months ended 31.03.2014, Other Expenses and Finance Costs are net of liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively that are no longer required and therefore written back consequent to a favourable High Court Order.
   
(vii)

The Scheme of Arrangement between Wimco Limited ('Wimco') and the Company became effective on 27th June, 2014 on filing of the Order of the Hon'ble High Court with the respective Registrar of Companies. The Scheme, with effect from 1st April 2013, provided for the demerger of the Non Engineering Business of Wimco into the Company. The results for the quarter ended 30th June, 2014 reflect the effect of the Scheme, and consequently, the figures for the previous periods are not strictly comparable.

Pavan Poplar Limited and Prag Agro Farm Limited have become direct subsidiaries of the Company with effect from 27th June, 2014, consequent upon the Scheme becoming effective.

   
(viii) Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on the depreciation charged and on the results for the quarter is not material.
   
(ix) This statement is as per Clause 41 of the Listing Agreement.
 

Limited Review :

The Limited Review, as required under Clause 41 of the Listing Agreement has been completed and the related Report forwarded to the Stock Exchanges. This Report does not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2014 which needs to be explained.

 

Unaudited Segment-wise Revenue, Results and Capital Employed for the
Quarter ended 30th June, 2014

(Rs. in Crores)
    STANDALONE
    3 Months
ended
Corresponding
3 Months
ended
Preceding
3 Months
ended
Twelve
Months
ended
  30.06.2014 30.06.2013 31.03.2014 31.03.2014
    (Unaudited) (Unaudited) (Audited) * (Audited)
1. Segment Revenue        
  a) FMCG
- Cigarettes
4201.06 3537.39 4078.78 15456.05
  - Others 1934.61 1744.66 2314.51 8099.21
  Total FMCG 6135.67 5282.05 6393.29 23555.26
  b) Hotels 248.69 249.86 320.51 1132.78
  c) Agri Business 3296.06 2188.98 2004.24 7752.05
  d) Paperboards, Paper & Packaging 1288.48 1163.14 1261.20 4860.51
  Total 10968.90 8884.03 9979.24 37300.60
  Less : Inter-segment revenue 1804.48 1545.51 834.10 4418.04
  Net sales / Income from operations 9164.42 7338.52 9145.14 32882.56
2. Segment Results        
  a) FMCG
- Cigarettes
2721.75 2241.72 2551.94 9858.00
  - Liability no longer required written back (Note 1) - - - 157.91
  FMCG
- Cigarettes
2721.75 2241.72 2551.94 10015.91
  - Others (15.59) (18.93) 43.09 21.82
  Total FMCG 2706.16 2222.79 2595.03 10037.73
  b) Hotels (12.09) 8.94 59.85 139.71
  c) Agri Business 202.45 199.31 145.48 834.78
  d) Paperboards, Paper & Packaging 274.90 251.60 188.41 892.46
  Total 3171.42 2682.64 2988.77 11904.68
  Less :
i) Finance Costs
15.15 16.95 9.53 37.72
  Liability no longer required written back (Note 1) - - - (34.77)
  Finance Costs 15.15 16.95 9.53 2.95
  ii) Other un-allocable (income) net of un-allocable expenditure (109.40) (96.55) (243.50) (757.38)
  Profit Before Tax 3265.67 2762.24 3222.74 12659.11
  Tax Expense 1079.28 870.91 944.73 3873.90
  Profit After Tax 2186.39 1891.33 2278.01 8785.21
3. Capital Employed        
  a) FMCG
- Cigarettes **
5087.46 4656.33 5705.48 5705.48
  - Others 3941.74 3009.35 3383.53 3383.53
  Total FMCG 9029.20 7665.68 9089.01 9089.01
  b) Hotels 3648.46 3505.46 3625.39 3625.39
  c) Agri Business 2299.03 1738.95 2052.44 2052.44
  d) Paperboards, Paper & Packaging 5454.09 4986.61 5319.08 5319.08
  Total Segment Capital Employed 20430.78 17896.70 20085.92 20085.92
* The figures for the preceding 3 months ended 31.03.2014 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2014 and the year to date figures upto the third quarter of that financial year.
** Segment Liabilities of FMCG-Cigarettes is before considering Rs. 673.08 Crores (30.06.2013 - Rs. 873.16 Crores ; 31.03.2014 - Rs. 667.98 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 1: Liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively have been written back as no longer required, based on a favourable High Court Order; Segment Results of FMCG - Cigarettes and Finance Costs for the twelve months ended 31.03.2014 include the effect of such write back.

 

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.
 
(2) The business groups comprise the following :
FMCG : Cigarettes - Cigarettes, Cigars etc.
  : Others - Branded Packaged Foods Businesses (Bakery and Confectionery Foods; Snack Foods; Staples, Spices and Ready to Eat Foods); 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 the Branded Packaged Foods businesses and Personal Care Products business.
   
(4) The Segment Results for Hotels are after considering an incremental charge for the quarter of Rs. 14.28 Crores towards depreciation arising from the review and revision of estimated useful lives of fixed assets in accordance with the provisions of Schedule II to the Companies Act, 2013. The impact of such revision on the results of all other reported Segments is not material.
   
(5) The Company's Agri Business markets agri commodities in the export and domestic markets; supplies agri raw materials to the Branded Packaged Foods businesses and sources leaf tobacco for the Cigarettes business.
   
(6) Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

   
Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India
Dated : 29th July, 2014
Place : Kolkata, India
For and on behalf of the Board


   
Executive Director Chairman

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Financial Results March 2014
Financial Results December 2013 Financial Results September 2013