ITC

For quarter ending June 2024, standalone Net sales (including other operating income) of ITC has increased 7.40% to Rs 17,000.09 crore compared to quarter ended June 2023.  Sales of FMCG - Cigarettes segment has gone up 6.07% to Rs 7,918.10 crore (accounting for 34.39% of total sales).  Sales of FMCG - Others segment has gone up 6.29% to Rs 5,491.03 crore (accounting for 23.85% of total sales).  Sales of Hotels segment rose 10.89% to Rs 665.56 crore (accounting for 2.89% of total sales).  Sales of Agri Business segment has gone up 22.22% to Rs 6,973.32 crore (accounting for 30.29% of total sales).  Sales of Paperboards, Paper & Packaging segment has gone down 6.80% to Rs 1,976.65 crore (accounting for 8.58% of total sales).  Inter-segment sales rose Rs 4,214.68 crore to Rs 4,947.42 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 2.52% to Rs 6,198.95 crore.  PBIT of FMCG - Cigarettes segment rose 6.52% to Rs 4,959.62 crore (accounting for 80.01% of total PBIT).  PBIT of FMCG - Others segment rose 10.44% to Rs 475.86 crore (accounting for 7.68% of total PBIT).  PBIT of Hotels segment rose 11.54% to Rs 146.36 crore (accounting for 2.36% of total PBIT).  PBIT of Agri Business segment fell 0.04% to Rs 355.80 crore (accounting for 5.74% of total PBIT).  PBIT of Paperboards, Paper & Packaging segment fell 44.69% to Rs 261.31 crore (accounting for 4.22% of total PBIT).  

PBIT margin of FMCG - Cigarettes segment rose from 62.37% to 62.64%.  PBIT margin of FMCG - Others segment rose from 8.34% to 8.67%.  PBIT margin of Hotels segment rose from 21.86% to 21.99%.  PBIT margin of Agri Business segment fell from 6.24% to 5.10%.  PBIT margin of Paperboards, Paper & Packaging segment fell from 22.28% to 13.22%.  Overall PBIT margin fell from 28.71% to 26.92%.  

Operating profit margin has declined from 39.49% to 37.03%, leading to 0.73% rise in operating profit to Rs 6,295.47 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.47% to 29.50%.   Purchase of finished goods cost rose from 11.35% to 17.03%.   Employee cost decreased from 5.59% to 5.44%.   Other expenses fell from 13.96% to 13.73%.   

Other income fell 1.05% to Rs 701.27 crore.  PBIDT rose 0.55% to Rs 6996.74 crore.  Provision for interest up 3.92% to Rs 11.14 crore.  

PBDT rose 0.54% to Rs 6985.6 crore.  Provision for depreciation rose 7.05% to Rs 430.86 crore.  

Profit before tax grew 0.14% to Rs 6,554.74 crore.  Provision for tax was expense of Rs 1634.25 crore, compared to Rs 1642.85 crore.  Effective tax rate was 24.94% compared to 25.10%.

Profit after tax rose 0.30% to Rs 4,917.45 crore.  

Full year results analysis

Net sales (including other operating income) of ITC has declined 0.91% to Rs 65,440.81 crore.  Sales of FMCG - Cigarettes segment has gone up 8.47% to Rs 30,596.59 crore (accounting for 38.88% of total sales).  Sales of FMCG - Others segment has gone up 9.64% to Rs 20,966.83 crore (accounting for 26.65% of total sales).  Sales of Hotels segment rose 15.65% to Rs 2,989.50 crore (accounting for 3.80% of total sales).  Sales of Agri Business segment has gone down 13.10% to Rs 15,791.83 crore (accounting for 20.07% of total sales).  Sales of Paperboards, Paper & Packaging segment has gone down 8.11% to Rs 8,344.40 crore (accounting for 10.60% of total sales).  Inter-segment sales rose Rs 7,687.16 crore to Rs 9,242.95 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 3.36% to Rs 24,253.52 crore.  PBIT of FMCG - Cigarettes segment rose 6.48% to Rs 19,089.17 crore (accounting for 78.71% of total PBIT).  PBIT of FMCG - Others segment rose 29.43% to Rs 1,778.55 crore (accounting for 7.33% of total PBIT).  PBIT of Hotels segment rose 39.10% to Rs 753.77 crore (accounting for 3.11% of total PBIT).  PBIT of Agri Business segment fell 5.52% to Rs 1,254.43 crore (accounting for 5.17% of total PBIT).  PBIT of Paperboards, Paper & Packaging segment fell 39.95% to Rs 1,377.60 crore (accounting for 5.68% of total PBIT).  

PBIT margin of FMCG - Cigarettes segment fell from 63.56% to 62.39%.  PBIT margin of FMCG - Others segment rose from 7.19% to 8.48%.  PBIT margin of Hotels segment rose from 20.96% to 25.21%.  PBIT margin of Agri Business segment rose from 7.31% to 7.94%.  PBIT margin of Paperboards, Paper & Packaging segment fell from 25.26% to 16.51%.  Overall PBIT margin rose from 30.41% to 30.82%.  

Operating profit margin has jumped from 36.26% to 37.41%, leading to 2.23% rise in operating profit to Rs 24,478.61 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 29.98% to 32.38%.   Purchase of finished goods cost fell from 13.79% to 9.18%.   Employee cost increased from 5.40% to 5.67%.   Other expenses rose from 14.60% to 15.57%.   

Other income up 45.15% to Rs 3538.28 crore.  PBIDT rose 6.20% to Rs 28016.89 crore.  Provision for interest up 9.38% to Rs 45.73 crore.  Loan funds declined from Rs 324.67 crore as of 31 March 2023 to Rs 311.97 crore as of 31 March 2024.  Inventories rose to Rs 12,631.51 crore as of 31 March 2024 from Rs 10,593.90 crore as of 31 March 2023.  Sundry debtors were higher at Rs 3,311.45 crore as of 31 March 2024 compared to Rs 2,321.33 crore as of 31 March 2023.  Cash and bank balance rose to Rs 6,217.69 crore as of 31 March 2024 from Rs 3,831.26 crore as of 31 March 2023.  Investments rose to Rs 34,738.82 crore as of 31 March 2024 from Rs 32,720.62 crore as of 31 March 2023 .  

PBDT rose 6.19% to Rs 27971.16 crore.  Provision for depreciation down 0.90% to Rs 1647.82 crore.  Fixed assets increased to Rs 24,188.25 crore as of 31 March 2024 from Rs 23,240.96 crore as of 31 March 2023.  Intangible assets increased from Rs 2,629.75 crore to Rs 2,642.01 crore.  

Profit before tax grew 6.67% to Rs 26,323.34 crore.  Provision for tax was expense of Rs 5893.8 crore, compared to Rs 5997.1 crore.  Effective tax rate was 22.40% compared to 24.23%.

Profit after tax rose 8.90% to Rs 20,421.97 crore.  

Cash flow from operating activities decreased to Rs 16,118.23 crore for year ended March 2024 from Rs 17,911.70 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 2,647.23 crore, compared to Rs 1,858.32 crore during the year ended March 2023.  

Other Highlights

In Q1 FY25, FMCG-others business segment revenue grew 6.3% YoY amidst muted demand conditions and extreme heatwave.

In Q1 FY25, FMCG Cigarrettes revenue up 6.07% YoY and hotel segment revenue up 10.9% YoY. Paperboards, Paper & Packaging Segment revenue fell 6.8% YoY and Agri business sales increased 22.2% on YoY basis.

ITC : Standalone Results

Quarter ended Year ended Particulars 202406 202306 Var.(%) 202403 202303 Var.(%) Net Sales (including other operating income) 17,000.09 15,828.20 7.40 65,440.81 66,043.27 -0.91 OPM (%) 37.03 39.49 -245 bps 37.41 36.26 115 bps OP 6,295.47 6,250.06 0.73 24,478.61 23,944.47 2.23 Other Inc. 701.27 708.74 -1.05 3,538.28 2,437.61 45.15 PBIDT 6,996.74 6,958.80 0.55 28,016.89 26,382.08 6.20 Interest 11.14 10.72 3.92 45.73 41.81 9.38 PBDT 6,985.60 6,948.08 0.54 27,971.16 26,340.27 6.19 Depreciation 430.86 402.49 7.05 1647.82 1662.73 -0.90 PBT 6,554.74 6,545.59 0.14 26323.34 24677.54 6.67 PBT before EO 6554.74 6545.59 0.14 26323.34 24677.54 6.67 EO Income -3.04 0 - -7.57 72.87 PL PBT after EO 6551.7 6545.59 0.09 26315.77 24750.41 6.32 Taxation 1634.25 1642.85 -0.52 5893.8 5997.1 -1.72 PAT 4917.45 4902.74 0.30 20421.97 18753.31 8.90 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 4917.45 4902.74 0.30 20421.97 18753.31 8.90 EPS (Rs)* 3.94 3.92 0.35 16.35 14.96 9.25 * EPS is on current equity of Rs 1,249.59 crore, Face value of Rs 1, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

ITC : Standalone Segment Results

Quarter ended Year ended % of (Total) 202406 202306 Var.(%) % of (Total) 202403 202303 Var.(%) Sales FMCG - Cigarettes 34.39 7,918.10 7,465.27 6.07 38.88 30,596.59 28,206.83 8.47 FMCG - Others 23.85 5,491.03 5,166.01 6.29 26.65 20,966.83 19,122.50 9.64 Hotels 2.89 665.56 600.18 10.89 3.80 2,989.50 2,585.03 15.65 Agri Business 30.29 6,973.32 5,705.39 22.22 20.07 15,791.83 18,172.34 -13.10 Paperboards, Paper & Packaging 8.58 1,976.65 2,120.76 -6.80 10.60 8,344.40 9,081.35 -8.11 Total Reported Sales 100.00 23,024.66 21,057.61 9.34 100.00 78,689.15 77,168.05 1.97 Less: Inter segment revenues   4,947.42 4,214.68 17.39   9,242.95 7,687.16 20.24 Net Sales 100.00 18,077.24 16,842.93 7.33 100.00 69,446.20 69,480.89 -0.05 PBIT FMCG - Cigarettes 80.01 4,959.62 4,656.07 6.52 78.71 19,089.17 17,927.06 6.48 FMCG - Others 7.68 475.86 430.88 10.44 7.33 1,778.55 1,374.18 29.43 Hotels 2.36 146.36 131.22 11.54 3.11 753.77 541.90 39.10 Agri Business 5.74 355.80 355.95 -0.04 5.17 1,254.43 1,327.74 -5.52 Paperboards, Paper & Packaging 4.22 261.31 472.45 -44.69 5.68 1,377.60 2,293.99 -39.95 Total PBIT 100.00 6,198.95 6,046.57 2.52 100.00 24,253.52 23,464.87 3.36 Less : Interest 11.14 10.72 3.92 45.73 41.81 9.38 Add: Other un-allcoable 363.89 509.74 -28.61 2,107.98 1,327.35 58.81 PBIT Margin(%) FMCG - Cigarettes   62.64 62.37 26.67   62.39 63.56 -116.59 FMCG - Others   8.67 8.34 32.55   8.48 7.19 129.65 Hotels   21.99 21.86 12.71   25.21 20.96 425.09 Agri Business   5.10 6.24 -113.65   7.94 7.31 63.72 Paperboards, Paper & Packaging   13.22 22.28 -905.75   16.51 25.26 -875.12 PBT 100.00 6,551.70 6,545.59 0.09 100.00 26,315.77 24,750.41 6.32