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Quarterly Results

 

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Statement of Standalone Unaudited Financial Results
for the Quarter ended 30th June, 2017

(Rs. in Crores)
Particulars   3 Months
ended 30.06.2017
Corresponding 3
Months ended 30.06.2016
Preceding
3 Months
ended 31.03.2017
Twelve Months
ended 31.03.2017
    (Unaudited) (Unaudited) (Audited)* (Audited)
Gross Revenue from sale of products and services (i) 13722.21 13156.68 14882.75 55001.69
Other operating revenue (ii) 78.21 96.38 126.07 446.77
REVENUE FROM OPERATIONS[(i)+(ii)] 1 13800.42 13253.06 15008.82 55448.46
OTHER INCOME 2 476.77 420.52 402.10 1985.91
TOTAL INCOME (1+2) 3 14277.19 13673.58 15410.92 57434.37
EXPENSES          
a) Cost of materials consumed   2894.90 2880.04 2972.84 11765.56
b) Purchases of stock-in-trade   990.89 1004.84 1195.73 3566.57
c)  Changes in inventories of finished goods, stock-in-trade, work- in-progress and intermediates   (49.79) 360.70 514.23 644.17
d) Excise duty   3845.76 3199.02 3883.28 15359.78
e) Employee benefits expense   674.63 700.31 571.36 2444.31
f)  Finance costs   10.38 10.10 (11.46) 22.95
g) Depreciation and amortization expense   268.21 261.25 241.81 1038.04
h) Other expenses   1697.63 1581.92 1995.99 7090.03
TOTAL EXPENSES 4 10332.61 9998.18 11363.78 41931.41
PROFIT BEFORE TAX  (3-4) 5 3944.58 3675.40 4047.14 15502.96
TAX EXPENSE 6 1384.08 1290.73 1377.67 5302.06
a) Current Tax   1374.02 1240.75 1383.46 5285.65
b) Deferred Tax   10.06 49.98 (5.79) 16.41
PROFIT FOR THE PERIOD (5-6) 7 2560.50 2384.67 2669.47 10200.90
OTHER COMPREHENSIVE INCOME 8 156.82 63.57 200.23 77.00
A (i) Items that will not be reclassified to profit or loss   164.12 63.68 186.10 40.80
(ii) Income tax relating to items that will not be reclassified to profit or loss   (1.83) 3.52 4.11 24.22
B (i) Items that will be reclassified to profit or loss   (8.35) (5.57) 15.30 18.29
(ii) Income tax relating to items that will be reclassified to profit or loss   2.88 1.94 (5.28) (6.31)
TOTAL COMPREHENSIVE INCOME (7+8) 9 2717.32 2448.24 2869.70 10277.90
PAID UP EQUITY SHARE CAPITAL 10 1215.22 805.33 1214.74 1214.74
(Ordinary shares of Re. 1/- each)          
RESERVES EXCLUDING REVALUATION RESERVES 11       44126.22
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): 12        
(a) Basic (Rs.)   2.11 1.97 2.20 8.43
(b) Diluted  (Rs.)   2.09 1.96 2.19 8.38

* The figures for the preceding 3 months ended 31.03.2017 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2017 and the year to date figures upto the third quarter of that financial year.

Notes :

1.

The Unaudited Standalone 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 27th July, 2017.

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.

During the quarter, 47,82,200 Ordinary Shares of Re. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes (ESOS). Consequently, the issued and paid-up Share Capital of the Company as on 30th June, 2017 stands increased to Rs. 1215,21,65,271.

4.

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

5.

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

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 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, 2017 which needs to be explained.

Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter ended 30th June, 2017

(Rs. in Crores)
  STANDALONE
Particulars 3 Months ended 30.06.2017 Corresponding 3
Months ended 30.06.2016
Preceding 3
Months ended 31.03.2017
Twelve Months
ended 31.03.2017
  (Unaudited) (Unaudited) (Audited)# (Audited)
1. Segment Revenue
       
a) FMCG - Cigarettes
8774.16
8230.60
8954.94
34001.98
- Others 2600.89 2385.15 2885.76 10511.83
Total FMCG
11375.05 10615.75 11840.70 44513.81
b) Hotels
304.89 287.36 386.52 1341.73
c) Agri Business 2760.52 2794.08 1918.49 8264.55
d) Paperboards, Paper & Packaging 1359.82 1322.90 1372.73 5362.86
Total
15800.28 15020.09 15518.44 59482.95
Less : Inter-segment revenue 2078.07 1863.41 635.69 4481.26
Gross Revenue from sale of products and services 13722.21 13156.68 14882.75 55001.69
2. Segment Results
       
a) FMCG - Cigarettes
3274.14
3004.58
3258.76
12513.91
- Others
5.43 (4.52) 55.56 28.12
Total FMCG
3279.57 3000.06 3314.32 12542.03
b) Hotels
5.31 1.22 66.93 110.95
c) Agri Business
235.11 237.31 134.92 905.80
d) Paperboards, Paper & Packaging
257.29 247.69 240.17 965.84
Total
3777.28 3486.28 3756.34 14524.62
Less : i) Finance Costs 10.38 10.10 (11.46) 22.95
ii) Other un-allocable (income) net of un-allocable expenditure [Note (i)] (177.68) (199.22) (279.34) (1001.29)
Profit Before Tax 3944.58 3675.40 4047.14 15502.96
3. Segment Assets
       
a) FMCG - Cigarettes
7782.40
7616.48
7994.51
7994.51
- Others
8005.99 6775.25 7113.91 7113.91
Total FMCG
15788.39 14391.73 15108.42 15108.42
b) Hotels [Note (ii)]
5282.18 4868.10 5082.80 5082.80
c) Agri Business
3374.96 3182.51 2991.57 2991.57
d) Paperboards, Paper & Packaging
6369.80 6143.62 6322.79 6322.79
Total
30815.33 28585.96 29505.58 29505.58
Unallocated Corporate Assets 28694.84 25244.70 24710.37 24710.37
Total Assets 59510.17 53830.66 54215.95 54215.95
4. Segment Liabilities
       
a) FMCG - Cigarettes**
3352.99
2469.98
2447.84
2447.84
- Others
1497.79 1308.06 1407.21 1407.21
Total FMCG
4850.78 3778.04 3855.05 3855.05
b) Hotels
481.36 361.52 420.62 420.62
c) Agri Business
650.19 825.02 795.88 795.88
d) Paperboards, Paper & Packaging
585.69 545.12 623.85 623.85
Total 6568.02 5509.70 5695.40 5695.40
Unallocated Corporate Liabilities 4720.85 3993.05 3179.59 3179.59
Total Liabilities 11288.87 9502.75 8874.99 8874.99

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

** Segment Liabilities of FMCG-Cigarettes is before considering Rs. 634.60 Crores (30.06.2016 - Rs. 656.91 Crores; 31.03.2017 - Rs. 629.83 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.

Note (ii): Includes Rs. 541.21 Crores (30.06.2016 - Rs. 541.21 Crores; 31.03.2017 - Rs. 541.21 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 : 27th July, 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 March 2017
Financial Results December 2016 Financial Results September 2016