Quarterly Results

		Quarterly Results

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(Rs. in Crores)


		Quarter ended 31.03.2008	Quarter ended 31.03.2007	Twelve Months ended 31.03.2008	Twelve Months ended 31.03.2007

GROSS INCOME		6009.73	5279.16	21966.84	19636.53
NET SALES TURNOVER	(1)	3934.39	3371.86	13947.53	12164.29
OTHER INCOME	(2)	163.68	102.28	610.90	336.49
NET INCOME (1+2)	(3)	4098.07	3474.14	14558.43	12500.78

EXPENDITURE
a) (Increase) / decrease in stock-in-trade and work in progress		53.05	21.79	(5.69)	(195.89)
b) Consumption of raw materials		1322.40	1018.24	4639.35	3705.96
c) Purchase of traded goods		469.01	448.37	1383.04	1684.71
d) Employees cost		191.07	163.22	733.32	630.15
e) Depreciation		121.49	92.21	438.46	362.92
f) Other expenditure		854.19	789.93	2793.57	2382.95
g) Total	(4)	3011.21	2533.76	9982.05	8570.80
INTEREST (Net)	(5)	2.70	(0.05)	4.61	3.28
PROFIT BEFORE TAX (3-4-5)	(6)	1084.16	940.43	4571.77	3926.70
Less:
TAX EXPENSE	(7)	348.52	289.74	1451.67	1226.73
PROFIT AFTER TAX (6-7)	(8)	735.64	650.69	3120.10	2699.97
PAID UP EQUITY SHARE CAPITAL	(9)	376.86	376.22	376.86	376.22
(Ordinary shares of Re. 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES	(10)	-	-	11624.69	10003.78
EARNING PER SHARE (Rs.)	(11)
- Basic (Rs.)		1.95	1.73	8.29	7.19
- Diluted (Rs.)		1.93	1.73	8.25	7.16
PUBLIC SHAREHOLDING	(12)
- NUMBER OF SHARES		3741500893	3706609279	3741500893	3706609279
- PERCENTAGE OF SHAREHOLDING		99.28	98.52	99.28	98.52

Notes :

(i)	The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 23rd May, 2008.
(ii)	Figures for the previous year have been re-arranged, wherever necessary, to conform to current year figures.
(iii)	Gross Income comprises Segment Revenue and Other Income.
(iv)	a) During the year, Value Added Tax (VAT), Central Sales Tax as applicable and Trade Tax in UP (since replaced with VAT effective 1st January, 2008) were imposed on Cigarettes and Smoking Mixtures. Consequently, the Company's Cigarette and Smoking Mixture sales have been subject to additional taxation amounting to Rs. 441 Crores and Rs. 1669 Crores for the quarter and year ended 31st March, 2008 respectively. (Corresponding previous quarter and year ended 31st March, 2007 - Rs. Nil). Gross Income stated above is net of the incidence of these imposts.
	b) Gross Income includes Rs. 1912 Crores and Rs. 7408 Crores for the quarter and year ended 31st March, 2008 respectively being Excise Duties and other Local Taxes. (Corresponding previous quarter and year ended 31st March, 2007 - Rs. 1805 Crores and Rs. 7136 Crores respectively).

(v)	The launch costs of the Company's brands 'Fiama Di Wills' and 'Superia' covering the range of personal care products of soaps, shampoos, conditioners and shower gels, and the continuing significant market development costs of the 'Bingo!' brand of snacks launched in the previous year are reflected under 'Other Expenditure' stated above and in segment results under 'FMCG-Others'.
(vi)	During the quarter, 27,71,220 Ordinary Shares of Re.1/- each were issued and allotted under the ITC Employee Stock Option Scheme. Consequently, the issued and paid-up Share Capital of the Company as on 31st March, 2008 stands increased to Rs. 376,86,10,050.
(vii)	During the quarter, no investor complaint was received. There was no complaint pending at the beginning of the quarter.
(viii)	Provision for Taxation includes Rs. 2.20 Crores and Rs. 23.97 Crores for Fringe Benefit Tax for the quarter and year ended 31st March, 2008 respectively. (Corresponding previous quarter and year ended 31st March, 2007 - Rs. 6.31 Crores and Rs. 16.08 Crores respectively).
(ix)	The above is as per Clause 41 of the Listing Agreement.

Segment-wise Revenue, Results and Capital Employed for the Quarter and Twelve months ended 31st March, 2008
(Rs. in Crores)

	Quarter ended 31.03.2008	Quarter ended 31.03.2007	Twelve Months ended 31.03.2008	Twelve Months ended 31.03.2007

1. Segment Revenue
a) FMCG - Cigarettes - Gross	3583.00	3294.04	13825.60	12833.70
- Net	1730.23	1545.13	6634.98	5894.90
- Others - Gross	738.43	491.22	2511.05	1689.46
- Net	737.26	491.22	2509.57	1689.46
Total FMCG - Gross	4321.43	3785.26	16336.65	14523.16
- Net	2467.49	2036.35	9144.55	7584.36
b) Hotels - Gross	339.28	304.35	1100.20	985.67
- Net	312.54	279.10	1012.10	905.84
c) Agri Business - Gross	1078.11	841.49	3868.44	3501.28
- Net	1078.11	841.49	3868.44	3501.28
d) Paperboards, Paper & Packaging - Gross	619.67	533.35	2364.33	2100.06
- Net	567.71	484.45	2157.94	1910.58
Total - Gross	6358.49	5464.45	23669.62	21110.17
- Net	4425.85	3641.39	16183.03	13902.06
Less : Inter-segment revenue - Gross	512.44	287.57	2313.68	1810.13
- Net	491.46	269.53	2235.50	1737.77
Gross sales / Income from operations	5846.05	5176.88	21355.94	19300.04
Net sales / Income from operations	3934.39	3371.86	13947.53	12164.29
2. Segment Results
a) FMCG - Cigarettes	870.06	741.68	3634.04	3172.15
- Others	(117.89)	(48.34)	(263.52)	(201.99)
Total FMCG	752.17	693.34	3370.52	2970.16
b) Hotels	142.76	117.05	410.77	350.78
c) Agri Business	37.01	8.67	129.19	123.55
d) Paperboards, Paper & Packaging	122.72	97.17	453.14	416.78
Total	1054.66	916.23	4363.62	3861.27
Less : i) Interest (Net)	2.70	(0.05)	4.61	3.28
ii) Other un-allocable income net of un-allocable expenditure	(32.20)	(24.15)	(212.76)	(68.71)
Profit Before Tax	1084.16	940.43	4571.77	3926.70
Provision for Taxation	348.52	289.74	1451.67	1226.73
Profit After Tax	735.64	650.69	3120.10	2699.97
3. Capital Employed
a) FMCG - Cigarettes *			2314.64	1996.70
- Others			1826.66	962.26
Total FMCG			4141.30	2958.96
b) Hotels			1865.32	1466.25
c) Agri Business			1468.97	1480.00
d) Paperboards, Paper & Packaging			3264.18	2559.46
Total Segment Capital Employed			10739.77	8464.67

* Before considering provision of Rs. 598.42 Crores (31.03.2007 - Rs. 535.95 Crores) in respect of disputed State taxes, the levy/collection of which has been stayed.

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 & Smoking Mixtures.
		: Others	-	Branded Packaged Foods (Staples, Biscuits, Confectionery, Snack Foods and Ready to Eat Foods), Garments, Educational and other Stationery, Matches, Agarbattis and Personal Care products.
	Hotels		-	Hoteliering.
	Paperboards, Paper & Packaging		-	Paperboards, Paper including Specialty Paper & Packaging including Flexibles.
	Agri Business		-	Agri commodities such as rice, soya, coffee and leaf tobacco.
(3)	Segment results of the new business activities namely 'FMCG : Others' largely reflect business development and gestation costs.
(4)	The Company's Agri Business markets agri commodities in the export and domestic markets; supplies agri raw materials to the Branded Packaged Foods Business and sources leaf tobacco for the Cigarettes Business. The segment results for the year are after absorbing costs relating to the strategic e-Choupal initiative.
(5)	Figures for the corresponding previous quarter and year ended 31st March, 2007 have been re-arranged, wherever necessary, to conform to the figures of the current quarter and year.

Disclosure as required under other clauses of the Listing Agreement
(Rs. in Crores)

	Twelve months Ended 31.03.2008	Twelve months Ended 31.03.2007

NET PROFIT	3120.10	2699.97
PROFIT BROUGHT FORWARD	647.53	562.06
AVAILABLE FOR APPROPRIATION	3767.63	3262.03
APPROPRIATION OF PROFIT AND RESERVE
a) Transfer to General Reserve	1500.00	1250.00
b) Profit carried forward	724.45	647.53
DIVIDEND INCLUDING DIVIDEND TAX	1543.18	1364.50


Notes:
(i)	The above was approved at the meeting of the Board of Directors of the Company held on 23rd May, 2008.
(ii)	Figures for the previous year have been re-arranged wherever necessary.
(iii)	The Board of Directors of the Company has recommended a dividend of Rs. 3.50 per Ordinary Share of Re.1/- each for the financial year ended 31st March, 2008 and the dividend, if declared, will be paid on or after 31st July, 2008 to those members entitled thereto.
(iv)	The Register of Members of the Company shall remain closed from Friday, 18th July, 2008 to Wednesday, 30th July, 2008, both days inclusive.
(v)	The 97th Annual General Meeting of the Company has been convened for Wednesday, 30th July, 2008.

Audited Financial Results (Consolidated) for the Twelve Months ended 31st March, 2008
(Rs. in Crores)

		Consolidated Financial Results for Twelve Months ended
		31.03.2008	31.03.2007

GROSS INCOME		22894.73	20364.52
NET SALES TURNOVER	[1]	14659.10	12668.72
OTHER INCOME	[2]	586.19	360.76
NET INCOME (1 + 2)	[3]	15245.29	13029.48
EXPENDITURE
a) (Increase) / decrease in stock-in-trade and work in progress		(12.45)	(192.22)
b) Consumption of raw materials.		4789.65	3801.92
c) Purchase of traded goods		1165.76	1476.75
d) Employees cost		1066.94	858.88
e) Depreciation		472.87	393.78
f) Other Expenditure		3081.06	2637.21
g) Total	[4]	10563.83	8976.32
Interest (Net)	[5]	6.28	4.10
Profit Before Tax (3-4-5)	[6]	4675.18	4049.06
Less:
TAX EXPENSE	[7]	1497.01	1274.72
PROFIT AFTER TAX BEFORE SHARE OF PROFIT / (LOSS) OF ASSOCIATES AND MINORITY INTERESTS(6-7)	[8]	3178.17	2774.34
SHARE OF PROFIT / (LOSS) OF ASSOCIATES	[9]	7.86	6.63
PROFIT AFTER TAX BEFORE MINORITY INTERESTS (8+9)	[10]	3186.03	2780.97
MINORITY INTERESTS	[11]	28.27	25.71
NET PROFIT (10-11)		3157.76	2755.26
PAID UP EQUITY SHARE CAPITAL	[12]	376.86	376.22
(Ordinary shares of Re.1.00 each)
RESERVES EXCLUDING REVALUATION RESERVES	[13]	11849.81	10135.62
EARNING PER SHARE (Rs.)	[14]
On Net Profit
- Basic		8.39	7.33
- Diluted		8.35	7.31

PUBLIC SHAREHOLDING	[15]
- NUMBER OF SHARES		3741500893	3706609279
- PERCENTAGE OF SHAREHOLDING		99.28	98.52

Registered Office:
Virginia House, 37 J.L.Nehru Road,
Kolkata - 700 071, India
Dated : 23rd May, 2008
Place : Kolkata, India

For and on behalf of the Board

Sd/- K Vaidyanath	Sd/- Y C Deveshwar
Executive Director	Chairman

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Financial Results September 2007 | Financial Results June 2008
Financial Results December 2007

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