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ITC Financial Report

  1. 1. FBM PROJECT REPORT FINANCIAL REPORT ON
  2. 2. 1 ACKNOWLEDGEMENT We would like to express our gratitude to all the faculties of fundamentals of business management who not only helped us to move forward whenever we stumbled but also gave us this great opportunity to learn and know more about ITC and also taught us how to present a project report which embodies professionalism and maturity. Lastly we thank the almighty, our parents and our friends for their support without which the project would not have been possible.
  3. 3. 2 TABLE OF CONTENT SR. NO PARTICULAR PAGE NOS. 1 Abstract 1 2 Introduction 2 3 Overview – FMCG Industry 3 4 About the Company – ITC 6 5 SWOT Analysis 9 6 Financial Analysis 12 I. Ratio Analysis 13 II. Dupoint Analysis 19 III. Cross Sectional 20 IV. Cash Flow Analysis 21 7 Annexures I. Balancesheet 2012-2013 24 II. Income Statement 2012-2013 25 8 Reference 26
  4. 4. 3 ABSTRACT The purpose of this project is to illustrate how a company analysis and conduct research and feasibility studies of all components involved through experts and professionals to determine whether a business investments is worth making or not. ITC's diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills in hoteliering. Over time, the strategic forays into new businesses are expected to garner a significant share of these emerging high-growth markets in India. The success of the project depends on the relevance and presentation of the data collected. This research shall enable the company to make well informed decision about its present and future business plans.
  5. 5. 4 INTRODUCTION PARENT COMPANY ITC Limited CATEGORY Consumer Products, Hotels & Services SECTOR FMCG TAGLINE/ SLOGAN 100 Inspiring years; 100 years 1 mission India first USP ITC is rated among the World's Best Big Companies STP SEGMENT Products and services for daily needs TARGET GROUP Every Indian household especially the middle class POSITIONING Enduring Value. For the Nation. For the Shareholder. PRODUCT PORTFOLIO BRANDS Consumer Products 1. Essenza Di Wills 2. Fiama Di Wills 3. Vivel 4. Superia 5. Classic 6. Gold Flake 7. Navy Cut Food & Beverages 1. Sunfeast Milky Magic 2.Sunfeast Marie Light 3. Mint-O 4. Sunfeast Dark Fantasy 5. Sunfeast Bourbon 6. Bingo Chips 7. Sunfeast Yippie 8. Bingo Mad Angles 9. Bingo Tedhe Medhe
  6. 6. 5 OVERVIEW – FMCG INDUSTRY The fast moving consumer goods (FMCG) sector would witness over 40 percent growth in the semi-urban and urban areas, according to an analysis carried out by the Associated Chambers of Commerce and Industry of India on `Future prospects of FMCG'. The size of the sector would go up from the present Rs 38,500 crore to Rs50, 000 crore by 2014, says the analysis. In urban India alone, the sector would witness over 100 per cent growth with its size increasing to Rs 35,000 crore by 2014 from the present Rs 16,500crore, says the analysis adding that the overall size of the sector, which would include the rural and semi-urban market, would grow to Rs 85,000crore. Over the years the FMCG sector has registering an increase of double digit per cent. Currently, the urban market for FMCG is growing at an annual growth rate of around 20 per cent while the growth for semi-urban and rural areas is less than 10 per cent, says the analysis. Though the semi-urban and urban market for FMCG would grow larger, according to the analysis, it is bound to put a severe pressure on the margins of manufacturers of FMCG products due to intense competition. With 12.2%of the world population living in the villages of India, the Indian rural FMCG market is something no one can overlook. More focus on farm sector will boost the rural income thus providing better growth prospects to the FMCG companies. Better infrastructure facilities will improve their supply chain. Also, with rising income and growing consumerism, FMCG sectors are likely to benefit. Growth potential for all the FMCG companies is huge as the per capita consumption of almost all products in the country is amongst the lowest in the world. ITC is the only Indian FMCG Company to feature in Forbes 2000 List, A comprehensive ranking of world’s biggest companies measured by a composite of sales, profits, assets & market value.
  7. 7. 6 OTHER MAJOR MARKET PLAYERS 1. Hindustan Unilever Ltd. 2. ITC (Indian Tobacco Company) 3. Nestle India 4. GCMMF (AMUL) 5. Dabur India 6. Asian Paints (India) 7. Cadbury India 8. Marico The companies mentioned are the leaders in their respective sectors. The personal care category has the largest number of brands, i.e., 21, inclusive of Lux, Lifebuoy, Fair and Lovely, Vicks, and Ponds. There are 11 HLL brands in the 21, aggregating Rs. 3,799 crore or 54% of the personal care category. Cigarettes account for 17% of the top 100 FMCG sales, and just below the personal care category. ITC alone accounts for 60% volume market share and 70% by value of all filter cigarettes in India. The foods category in FMCG is gaining popularity with a swing of launches by HLL, ITC, Godrej, and others. This category has 18 major brands, aggregating Rs. 4,637 crore. Nestle and Amul slug it out in the powders segment. The food category has also seen innovations like softies in ice creams, chapattis by HLL, ready to eat rice by HLL and pizzas by both GCMMF and Godrej Pillsbury. This category seems to have faster development than the stagnating personal care category. Amul, India's largest foods company, has a good presence in the food category with its ice-creams, curd, milk, butter, cheese, and so on. Britannia also ranks in the top 100 FMCG brands, dominates the biscuits category and has launched a series of products at various prices. In the household care category (like mosquito repellents), Godrej and Reckitt are two players. Goodknight from Godrej, is worth above Rs 217 crore, followed by Reckitt's Mortein at Rs 149 crore. In the shampoo category, HLL's Clinic and Sunsilk make it to the top 100, although P&G's Head and Shoulders and Pantene are also trying hard to be positioned on top. Clinic is nearly double the size of Sunsilk. Dabur is among the top five FMCG companies in India and is a herbal specialist. With a turnover of Rs. 19 billion (approx. US$ 420 million) in
  8. 8. 7 2005-2006, Dabur has brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola and Real. Asian Paints is enjoying a formidable presence in the Indian sub-continent, Southeast Asia, Far East, Middle East, South Pacific, Caribbean, Africa and Europe. Asian Paints is India's largest paint company, with a turnover of Rs.22.6 billion (around USD 513 million). Forbes Global magazine, USA, ranked Asian Paints among the 200 Best Small Companies in the World. There is a huge growth potential for all the FMCG companies as the per capita consumption of almost all products in the country is amongst the lowest in the world. Again the demand or prospect could be increased further if these companies can change the consumer's mindset and offer new generation products. Earlier, Indian consumers were using non-branded apparel, but today, clothes of different brands are available and the same consumers are willing to pay more for branded quality clothes. It's the quality, promotion and innovation of products, which can drive many sectors. GROWTH OF FMCG BUSINESSES
  9. 9. 8 ABOUT THE COMPANY - ITC ITC is one of India's foremost private sector companies with a market capitalization of nearly US $ 18 billion and a turnover of over US $ 5.1 Billion. ITC is rated among the World's Best Big Companies, Asia's 'Fab 50' and the World’s Most Reputable Companies by Forbes magazine, among India's Most Respected Companies by Business World and among India's Most Valuable Companies by Business Today. ITC also ranks among India's top 10 `Most Valuable (Company) Brands', in a study conducted by Brand Finance and published by the Economic Times. ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agribusiness, Packaged Foods & Confectionery, Information Technology, Branded Apparel, Personal Care, Stationery, Safety Matches and other FMCG products. While ITC is an outstanding market leader in its traditional businesses of Cigarettes, Hotels, Paperboards, Packaging and Agra-Exports, it is rapidly gaining market share even in its nascent businesses of Packaged Foods & Confectionery, Branded Apparel, Personal Care and Stationery. ITC's diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills in hoteliering. Over time, the strategic forays into new businesses are expected to garner a significant share of these emerging high-growth markets in India. ITC's Agri-Business is one of India's largest exporters of agricultural products. ITC is one of the country's biggest foreign exchange earners (US $ 3.2 billion in the last decade). The Company's 'e-Choupal' initiative is enabling Indian agriculture significantly enhance its competitiveness by empowering Indian farmers through the power of the Internet. This transformational strategy, which has already become the subject matter of a case study at Harvard Business School, is expected to progressively create for ITC a huge rural distribution infrastructure, significantly enhancing the Company's marketing reach. ITC's wholly owned Information Technology subsidiary, ITC InfoTech India Limited, is aggressively pursuing emerging opportunities in providing end-to-end IT solutions, including
  10. 10. 9 e-enabled services and business process outsourcing. ITC's production facilities and hotels have won numerous national and international awards for quality, productivity, safety and environment management systems. ITC was the first company in India to voluntarily seek a corporate governance rating. ITC employs over 24,000 people at more than 60 locations across India. The Company continuously endeavors to enhance its wealth generating capabilities in a globalizing environment to consistently reward more than 3,81,000 shareholders, fulfill the aspirations of its stakeholders and meet societal expectations. This over-arching vision of the company is expressively captured in its corporate positioning statement: "Enduring Value. For the nation. For the Shareholder."
  11. 11. 10 ITC’S VISION Make a significant and growing contribution towards:  Mitigating societal challenges  Enhancing shareholder rewards By:  Creating multiple drivers of growth while sustaining leadership in tobacco and  Focusing on triple bottom line performance Enlarge contribution to the nations:  Financial capital  Environmental capital  Social capital ITC ‘S MISSION To enhance the wealth generating capability of the enterprise in a globalising environment, delivering superior and sustainable stakeholder value. ITC'S CORE VALUES ITC's Core Values are aimed at developing a customer-focused, high-performance organisation which creates values for all its stakeholders.  Trusteeship  Customer Focus  Respect for People  Excellence  Innovation  Nation Orientation
  12. 12. 11 SWOT ANALYSIS ITC is one of India’s biggest and best-known private sector companies. In fact it is one of the World’s most high profile consumer operations. This SWOT analysis is about ITC. Its businesses and brands are focused almost entirely on the Indian markets, and despite being most well-known for its tobacco brands such as Gold Flake, the business is now diversifying into new FMCG (Fast Moving Consumer Goods) brands in a number of market sectors STREGHTHS  ITC has a strong and experienced management  Strong brand presence, excellent products advertising  Diversified product and services portfolio which includes FMCG, Hotel chains, paper & packaging and agri-business  Over 6500 E-Choupal CSR activities and sustainability initiatives enhance ITC’s brand image reaching over 4 million farmers  ITC limited employees over 25,000 people  Excellent research and development facilities  ITC leveraged it traditional businesses to develop new brands for new segments. For example, ITC used its experience of transporting and distributing tobacco products to remote and distant parts of India to the advantage of its FMCG products.  ITC master chefs from its hotel chain are often asked to develop new food concepts for its FMCG business.  ITC is a diversified company trading in a number of business sectors including cigarettes, hotels, paper, agriculture, packaged foods and confectionary, branded apparel, personal care, greetings cards, Information Technology, safety matches, incense sticks and stationery. WEAKNESS  ITC is still dependent on its tobacco revenues and people have cheaper substitutes and other brands  Hotel industry has not been able to create a huge market share
  13. 13. 12  ITC stands for Imperial Tobacco Company of India Limited. It is interesting that a business that is now so involved in branding continues to use its original name, despite the negative connection of tobacco with poor health and premature death.  There is an argument that ITC’s move into FMCG (Fast Moving Consumer Goods) is being subsidized by its tobacco operations. Its Gold Flake tobacco brand is the largest FMCG brand in India – and this single brand alone holds 70% of the tobacco market. OPPORTUNITY  Tap rural markets and increase penetration in urban areas  Mergers and acquisitions to strengthen the brand  Increasing purchasing power of people thereby increasing demand  More publicity of hotel chains to increase market share  Core brands such as Aashirvaad, Mint-o, Bingo! And Sun Feast (and others) can be developed using strategies of market development, product development and marketing penetration.  ITC is moving into new and emerging sectors including Information Technology, supporting business solutions.  E-Choupal is a community of practice that links rural Indian farmers using the Internet.  Chairman Yogi Deveshwar strategic vision is to turn his Indian conglomerate into the country’s premier FMCG business.  Per capita consumption of personal care products in India is the lowest in the world offering an opportunity for ITC’s soaps, shampoos and fragrances under their Wills brand. THREATS  Strict government regulations and policies regarding cigarettes  Intense and increasing competition amongst other FMCG companies and hotel chains  FDI in retail thereby allowing international brands  The laws of economics dictate that if competitors see that there is a solid profit to be made in an emerging consumer society that ultimately new products and services will be made available.
  14. 14. 13  Western companies will see India as an exciting opportunity for themselves to find new market segments for their own offerings.  ITC will need to decide whether being a diversified conglomerate is the most competitive strategic formation for a secure future.
  15. 15. 14 FINANCIAL ANALYSIS Financial analysis is the process of identifying the financial strengths and weaknesses of the firm by property establishing relationships between the item of the balance sheet and the profit and loss account. USERS OF FINANCIAL ANALYSIS: METHODS USED FOR FINANCIAL ANALYSIS Trade creditors Lenders Investors Management Ratio Analysis Du Point Analysis Cash Flow Analysis Cross-Sectional Analysis
  16. 16. 15 RATIO ANALYSIS LIQUIDITY RATIOS Provides information on a company's ability to meet its short−term, immediate obligations  Current Ratio = Current Assets/Current Liabilities  Quick Ratio = Current Assets –Inventory/Current Liabilities  Debt Equity Ratio = Debt (Loan Funds)/Equity (Shareholder’s Funds) ITC have high liquidity ratios, the higher the margin of safety that the company possess to meet its current liabilities. Liquidity ratios greater than 1 indicate that the company is in good financial health and it is less likely fall into financial difficulties. Current ratio indicates ITC's ability to meet short-term debt obligations. The current ratio measures whether or not a firm has enough resources to pay its debts over the next 12 month.
  17. 17. 16 LEVERAGE RATIOS Provides information on the degree of a company's fixed financing obligations and its ability to satisfy these financing obligations.  Debt asset ratio = Debt (Shareholder’s fund + Loan funds)/Assets  Interest Coverage Ratio = Earnings before Interest and Taxes/ Interest Expense  Debt Equity Ratio = Debt (Loan Funds)/Equity (Shareholder’s Funds) The debt-to-equity ratio offers one of the best pictures of a company's leverage. The higher the figure, the higher is the leverage the company enjoys. Over the years, ITC Limited has shown a mix-match of the debt-equity ratio. Stable. A very high interest cover suggest that the company is not capitalizing on the relatively cheaper source of finance (i.e. debt) and in such instances an increase in gearing ratio may actually add value to the enterprise. Interest coverage is an indication of the margin of safety it does not run the risk of non- payment of interest cost which could potentially threaten its solvency.
  18. 18. 17 PROFITABLITY RATIOS Provides information on the amount of income from each rupee of sales.  Gross Profit Margin = Gross Profit*100/Net Sales  Net profit margin = Net profit/Net sales  Return on Equity Ratio = PAT - preference dividends/Average Owners' Equity ITC Limited has done well in the last few years and has continuously reported higher and higher profit every subsequent time. The sales of the company have also experienced a similar trend that has led to the expansion of profit. Because the growth in the two components has nearly been equal, the ratio between them has not changed significantly The return on Total Assets is yet another method of calculating the return of the company. This is calculated by taking the ratio between the PBIT (Profit before Interest and Taxes) to the Total Assets of the company. Earning power of the company, i.e. 33 is quiet good and the company is doing well. An increase in profit margin compared to the previous period's margin signals an improvement in both operational efficiency and profitability means the company improved its profits and efficiency.
  19. 19. 18 TURNOVER RATIOS Information on a company's ability to manage its resources (that is, its assets) efficiently.  Inventory Turnover Ratio = Sales/Inventory  Fixed Assets Turnover Ratio = Net Sales/Fixed Assets  Debtors turnover ratio = Net sales/Average debtors A high inventory turnover ratio shows that a company may be losing out on potential sales because it does not keep enough stock. The ratio of 4.53 times signifies that the company is efficient in selling its stocks. Also the ratio has grown more since the last year; making ITC more efficient. This ratio shows how many times sundry debtors turn over during the year. The higher the ratio better is the efficiency of credit management. The ratio of 29.82 times signifies that the company is getting good returns and has no visible risk but benefits out of its debtors. The ratio of 1.8 times signifies that the company is very efficiently utilizing its fixed assets for generating sales revenue. Also an increase in the ratio is observed since the last year’s value of 1.98 which shows higher utilization.
  20. 20. 19 VALUATION RATIO Market Ratios 2013 2012 Earnings per Share = Net Income 6.4 = 4987.61 5.3 = 4061 (EPS) Ratio Average Number of Common Shares 7680673807 7611844333 Price-Earnings Ratio = Market Price per Share 34 = 226 30 = 160 Earnings per Share 6.49 5.33 Market Value to Book Value Ratio = Market Price per Share 10 = 226 8.4 = 160 Book value per share 21.1 18.9 Book value of share = Total assets – Misc. expenditure 21 = 16854.32- 647.98 18 = 14957.10- 549.33 Total no. of shares 7680673807 7611844333 EPS serves as an indicator of a company's profitability. In comparison to the face value of Re.1/share the EPS of Rs.6.49 is very good. Also the company has done better as compared to last year’s value of Rs.5.51. A higher P/E ratio means that investors are paying more for each unit of income. ITC has a PE ratio of 34.8, which means that the shares of ITC might not be very attractive. The book value, i.e. Rs.21.1 is far higher than the face value of each share, i.e. Re.1.00. Here “diluted” value in considering numbers of shares is not considered.
  21. 21. 20 YIELD RATIO Yield Ratio 2013 2012 Dividend Yield Ratio = Dividend per share*100 1.96 = 4.45*100 6.25 = 10.00* 100 Market Price per share 226 160 Dividend payout Ratio = Dividend Per Share*100 68.56 = 4.45*100 187.6 = 10.00* 100 Earnings per Share 6.49 5.33 Dividend yield is a way to measure how much cash flow you are getting for each rupee invested in an equity position. So higher the ratio, better the cash flow. The Payout ratio also indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend because smaller dividends are easier to pay out than larger dividends. So the value of 0.68 times is quiet decent. But last year’s ratio was on the higher side, which means that ITC was not focusing on retaining its earnings.
  22. 22. 21 DU POINT ANALYSIS DuPont analysis tells us that ROE is affected by three things:  Operating efficiency, which is measured by profit margin  Asset use efficiency, which is measured by total asset turnover  Financial leverage, which is measured by the equity multiplier Mar'13 Mar'12 ROA (%) 23.55 22.65 ROE (%) 36.21 35.58 ROCE (%) 52.45 51.66 The return on capital employed is another measure of the returns that the business generates. This is expressed as the ratio between the profit before interest and taxes (PBIT) to the Capital Employed (Loans and Owner’s Fund) in the business. The ROCE is increased to 52.45% from 51.66% signifies that the company is getting good return out of its investment decisions. The return on Total Assets is yet another method of calculating the return of the company. This is calculated by taking the ratio between the PBIT (Profit before Interest and Taxes) to the Total Assets of the company. Earning power of the company, i.e. 23.55%is quiet good and the company is doing well.
  23. 23. 22 CROSS – SECTIONAL ANALYSIS CAPITAL EMPLOYED NET SALES PBIT PBT PAT DIVIDEND ITC 21661 29,901.27 11,566.2 10,684.1 7,418.3 4,148.46 Hindustan Unilever 2,674 25,810.21 5,219.05 4,957.88 3,796.6 3,999.99 Nestle India 1798 8,326.55 1,856.37 1,552.62 1,067.9 467.62 United Spirits 6391 8,585.10 1,211.99 483.99 320.8 32.7 Godrej 2761 3,581.02 680.72 632.96 510.94 170.16
  24. 24. 23 CASH FLOW ANALYSIS Cash flow from operating activities: ITC Ltd. has given us the cash from operations. The initial information talks about the profit and loss adjustment. The profits for 2010 were 6015.31 and for the yr 2011, it has increased to 7268.16. The increase in profits is mostly because of an increase in interest income from both on long term and current investments. The profits are also made from the sale of current investments and long term investments. Doubtful and bad advances have also been reduced. Cash flow from investing activities: The company has invested in ‘purchase of fixed assets’. This amount has been financed partly by sale of fixed assets and from the same proceeds of investments. The company again has purchased investments maybe at the end of the yr because the interest received has reduced by half compared to 2010. It has also purchased long term investments.Overall, the amount used in investing activities has reduced substantially from 3542 to 616. Cash flow from financing activities: It gives us the information about the amount of money either raised or used which could be equity or debt. For ITC, it can be observed that the company has chosen to finance itself through share capital. Therefore we notice an increase since last year, from 720 to 903. The company has tried to reduce its long term borrowing from 1.85 to 1.40. There also has been a decrease in repayment of long term borrowings. We notice that ITC has extended credit facilities to quite an extent. Overall, we can conclude that the company has invested largely in the purchase of fixed assets. This amount has been raised by funds from operating activities, from financing activities as well as availability of cash in hand, with scheduled banks and FDs. This indicates that the company is planning for expansion and so, the positives or negative impact of this expansion should be evaluated in the future cash flow statements.
  25. 25. 24 From all the analysis we can see that co. is growing at steady rate and remarkable points are:  We can see below that company’s capital is increased more than by 100%, this is because of issue of bonus shares in the year 2012-2013. This shows that the company’s owned fund is increasing. Reserve and Surplus is constantly increasing which shows that the company’s accumulated  Profits are increasing at a growing rate. It shows that company is making more profit.  By analysing sources of fund we can state that, company is more dependent on owners fund rather than borrowed fund.  Investment is also growing at increasing rate. In last 4 years it has increased by 90 %.  Current asset is increasing by 45 %. This is due to increase in cash and bank balance and other current assets.  Net income and expenses are increasing by 50 % and 48 % respectively. This shows that the income of the co. is 4 % higher than its expenses.
  26. 26. 25 ANNEXURES BALANCE SHEET STATEMENT PARTICULARS MAR'12 MAR'13 EQUITY AND LIABILITIES Share Capital 2.699127 3.042445 Share Warrants & Outstanding’s 0 0 Total Reserves 62.17566 59.68219 Shareholder's Funds 64.87479 62.72463 Long-Term Borrowings 0 0 Secured Loans 0 0 Unsecured Loans 0.26693 0.340413 Deferred Tax Assets / Liabilities 3.01287 3.152692 Other Long Term Liabilities 0.053579 0.08186 Long Term Trade Payables 0 0 Long Term Provisions 0.369808 0.368879 Total Non-Current Liabilities 3.703187 3.943843 Current Liabilities 0 0 Trade Payables 4.918941 5.486042 Other Current Liabilities 11.63855 12.06177 Short Term Borrowings 0.006111 0.007628 Short Term Provisions 14.85842 15.77608 Total Current Liabilities 31.42203 33.33152 Total Liabilities 100 100 ASSETS Gross Block 48.8302 50.19246 Less: Accumulated Depreciation 17.41728 17.38138 Less: Impairment of Assets 0 0 Net Block 31.41291 32.81108 Capital Work in Progress 7.834111 5.200163 Intangible assets under development 0.025858 0.042463 Non-Current Investments 6.743261 6.14654 Long Term Loans & Advances 4.120671 4.507659 Total Non-Current Assets 50.13681 48.7079 Current Assets Loans & Advances 0 0 Currents Investments 15.06335 15.69296 Inventories 19.46334 20.71718 Sundry Debtors 3.404013 3.480012 Cash and Bank 9.731724 8.81991 Other Current Assets 0.366677 Short Term Loans and Advances 1.728175 2.215357 Total Current Assets 49.86319 51.2921 Net Current Assets (Including Current Investments) 18.44116 17.96057 Total Current Assets Excluding Current Investments 34.79984 35.59914 Miscellaneous Expenses not written off 0 0 Total Assets 100 100
  27. 27. 26 INCOME STATEMENT PARTICULARS MAR'13 MAR'12 Gross Sales 100.00 100.00 Less :Inter divisional transfers 0 0 Less: Sales Returns 0 0 Less: Excise 28.9849 28.60073 Net Sales 71.0151 71.39927 EXPENDITURE: 0 0 Increase/Decrease in Stock -0.58508 -0.18622 Raw Materials Consumed 29.24114 27.53201 Power & Fuel Cost 1.306504 1.286225 Employee Cost 3.294129 3.570665 Other Manufacturing Expenses 2.747906 2.991151 General and Administration Expenses 2.931659 2.980277 Selling and Distribution Expenses 4.959731 5.549604 Miscellaneous Expenses 1.900203 2.495451 Expenses Capitalised 0 0 Total Expenditure 45.79619 46.21916 PBIDT (Excel OI) 25.21891 25.18011 Other Income 2.296849 2.343325 Operating Profit 27.51576 27.52344 Interest 0.251535 0.27813 PBDT 27.26422 27.24531 Depreciation 1.889444 1.983226 Profit Before Taxation & Exceptional Items 25.37478 25.26208 Exceptional Income / Expenses 0 0 Profit Before Tax 25.37478 25.26208 Provision for Tax 7.756206 7.765732 PAT 17.61857 17.49635 Extraordinary Items 0 0 Adj to Profit After Tax 0 0 Profit Balance B/F 4.684874 1.557797 Appropriations 22.30345 19.05415 Equity Dividend (%) 1.246868 1.277651 Earnings Per Share (in ₹) 0.022301 0.022373 Book Value (in ₹) 0.066832 0.068056
  28. 28. 27 REFERENCES http://www.rediff.com/business/report/budget-2012-sector-fmcg-prices-may-rise/20120317.htm http://www.ITCportal.com/about-ITC/ http://www.investopedia.com/terms/ http://www.moneycontrol.com/financials/itc/ratios/ITC

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