Enduring Value

ITC Limited
Statement of Consolidated Financial Results for the Quarter and Twelve Months ended 31st March, 2022
Cf in Croresl
Corresponding 3 Preceding
Particulars 3 Months Months 3 Months Twelve Months Twelve Months
ended ended ended ended ended
31.03.2022# 31.03.2021# 31.12.2021 31.03.2022 31.03.2021
(Audited (Audited' (Unaudited) (Audited) (Audited)

Gross Revenue from sale of products and services (i) 17569.76 15282.94 18209.16 64618.23 52835.15
Other operating revenue (ii) 184.26 121.43 156.64 586.73 319.97
REVENUE FROM OPERATIONS[(i)+(ii)] 1 17754.02 15404.37 18365.80 65204.96 53155.12
OTHER INCOME 2 498.62 579.49 421.92 1836.35 2632.56
TOTAL INCOME (1+2) 3 18252.64 15983.86 18787.72 67041.31 55787.68

EXPENSES
a) Cost of materials consumed 4266.04 3684.02 4210.69 16399.94 13939.84
b) Purchases of stock-in-trade 2995.16 2442.29 3445.25 10671.13 6836.87
c) Changes in inventories of finished goods, stock-in-trade, work-
(5.10) 11.42 193.55 (686.00) (645.27)
in-progress and intermediates
d) Excise duty 1198.49 1062.10 1257.64 4536.87 3882.34
e) Employee benefits expense 1268.01 1144.60 1232.13 4890.55 4463.33
f) Finance costs 10.71 2.88 9.56 39.36 44.58
g) Depreciation and amortization expense 466.96 408.51 429.59 1732.41 1645.59
h) Other expenses 2432.02 2188.82 2428.87 8734.06 7675.31
TOTAL EXPENSES 4 12632.29 10944.64 13207.28 46318.32 37842.59

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 5620.35 5039.22 5580.44 20722.99 17945.09
EXCEPTIONAL ITEMS 6 - - - - -
PROFIT BEFORE TAX (5+6) 7 5620.35 5039.22 5580.44 20722.99 17945.09
TAX EXPENSE 8 1360.67 1222.38 1461.64 5237.34 4555.29
a) Current Tax 1390.50 1263.12 1476.36 5306.58 4463.74
b) Deferred Tax (29.83) (40.74) (14.72) (69.24) 91.55
PROFIT FOR THE PERIOD (7-8) 9 4259.68 3816.84 4118.80 15485.65 13389.80
SHARE OF PROFIT/ (LOSS) OF ASSOCIATES AND JOINT
10 6.19 2.78 7.93 17.48 (6.92)
VENTURES
PROFIT AFTER TAX, SHARE OF PROFIT OF ASSOCIATES AND
11 4265.87 3819.62 4126.73 15503.13 13382.88
JOINT VENTURES (9+10)
OTHER COMPREHENSIVE INCOME 12 (275.09) (36.19) (41.31) 80.67 206.91
A(i) Items that will not be reclassified to profit or loss 318.01 42.23 (51.12) 656.13 261.51
(ii) Income tax relating to items that will not be reclassified to profit
(6.93) (1.15) 0.24 (5.12) (1.38)
or loss
B (i) Items that will be reclassified to profit or loss (587.65) (78.47) 16.05 (565.69) (42.96)
(ii) Income tax relating to items that will be reclassified to profit or
1.48 1.20 (6.48) (4.65) (10.26)
loss
TOTAL COMPREHENSIVE INCOME (11+12) 13 3990.78 3783.43 4085.42 15583.80 13589.79
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
OWNERS OF THE PARENT 4195.69 3755.47 4056.73 15242.66 13161.19
NON-CONTROLLING INTERESTS 70.18 64.15 70.00 260.47 221.69
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
OWNERS OF THE PARENT 3920.13 3718.81 4015.42 15323.11 13368.35
NON-CONTROLLING INTERESTS 70.65 64.62 70.00 260.69 221.44
PAID UP EQUITY SHARE CAPITAL 14 1232.33 1230.88 1232.26 1232.33 1230.88
(Ordinary Shares of~ 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES 15 61223.24 59116.46
EARNINGS PER SHARE (of~ 1/- each) (not annualised): 16
(a) Basic(~) 3.40 3.05 3.29 12.37 10.70
(b) Diluted (~) 3.40 3.05 3.29 12.37 10.70
# The figures for the 3 months ended 31.03.2022 and corresponding 3 months ended 31.03.2021 are the balancing figures between the audited figures in respect of
the full financial year and the year to date figures upto the third quarter of the respective financial years.
 ITC Limited
('{ in Croresl
Balance Sheet CONSOLIDATED
Particulars As at Asat
31st March, 2022 31st March, 2021
/Audited) /Audited)
A ASSETS

1 Non-current assets
(a) Property, Plant and Equipment 20207.43 19153.94
{b) Capital work-in-progress 3198.45 4004.45
(c) Investment Property 364.20 376.56
(d) Goodwill 779.73 779.73
(e) Other Intangible assets 2013.10 2011.06
(f) Intangible assets under development 27.09 6.84
(g) Right of use assets 867.13 977.19
{h) Investment accounted for using the equity method 269.24 262.55
(i) Financial Assets
(i) Investments 12307.49 9761.99
(ii) Loans 6.61 4.07
(iii) Others 1589.58 101.87
U) Deferred tax assets (Net) 63.53 58.54
(k) Income Tax Assets (Net) 42.30 33.04
(1) Other non-current assets 1291.22 1295.48
Non-current assets 43027.10 38827.31

2 Current assets
(a) Inventories 10864.15 10397.16
{b) Biological assets other than bearer plants 109.44 110.06
(c) Financial Assets
(i) Investments 12264.28 14846.33
(ii) Trade receivables 2461.90 2501.70
(iii) Cash and cash equivalents 271.37 290.42
(iv) Other Bank Balances 4383.05 4368.60
(v) Loans 6.77 3.47
(vi) Others 2565.41 1379.02
{d) Other current assets 1306.08 1095.23
Current assets 34232.45 34991.99

Total Assets 77259.55 73819.30

B EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 1232.33 1230.88
{b) Other Equity 61223.24 59116.46
Attributable to the owners of the parent 62455.57 60347.34

Non-controlling interests 366.30 346.81

Total Equity 62821.87 60694.15

LIABILITIES

1 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 4.85 5.58
(ii) Lease liabilities 193.67 206.96
(iii) Other financial liabilities 144.50 283.50
(b) Provisions 221.05 187.50
(c) Deferred tax liabilities (Net) 1673.47 1736.39
{d) Other non-current liabilities 36.43 15.54
Non-current liabilities 2273.97 2435.47

2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 0.74 4.23
(ii) Trade payables
Total outstanding dues of micro enterprises and
small enterprises 101.42 61.15
Total outstanding dues of creditors other than micro
4315.84 4257.58
enterprises and small enterprises
(iii) Lease liabilities 50.18 5406
(iv) Other financial liabilities 1812.85 1491.50
(b) Other current liabilities 5116.03 4294.40
(c) Provisions 79.56 194.01
{d) Current Tax Liabilities (Net) 687.09 332.75
Current liabilities 12163.71 10689.68

Total Eauitv and Liabilities 77259.55 73819.30

ITC Limited
Consolidated Cash Flow Statement for the year ended 31st March, 2022
For the year ended For the year ended
31st March, 2022 31st March, 2021
ff in Crores) (fin Crores)
A. Cash Flow from Operating Activities
PROFIT BEFORE TAX 20740.47 17938.17
ADJUSTMENTS FOR :
Depreciation and amortization expense 1732.41 1645.59
Share based payments to employees 33.17 26.27
Finance costs 39.36 44.58
Interest Income (1082.63) (1297.91)
Dividend Income (0.01) (0.07)
(Gain)/Loss on sale of property, plant and equipment, lease termination - Net (56.22) 54.61
Doubtful and bad debts 14.98 29.93
Doubtful and bad advances, loans and deposits 0.93 33.42
Share of (profit)/ loss of associates and joint ventures (17.48) 6.92
Net (gain)/loss arising on financial instruments mandatorily measured at fair value
through profit or loss (538.99) (1144.02)
Foreign currency translations and transactions - Net (8.98) (6.42)
Impairment of investment in joint venture - 116.54 (4.67) (611.77)
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 20857.01 17326.40
ADJUSTMENTS FOR:
Trade receivables, advances and other assets (732.29) (65.58)
Inventories and biological assets other than bearer plants (466.37) (1459.78)
Trade payables, other liabilities and provisions 1099.11 (99.55) 1112.46 (412.90)
CASH GENERATED FROM OPERATIONS 20757.46 16913.50
Income tax paid (4981.95) (4386.53)
NET CASH FROM OPERATING ACTIVITIES 15775.51 12526.97

B. Cash Flow from Investing Activities

Purchase of property, plant and equipment, Intangibles, ROU asset, etc. (2141.64) (1836.64)
Sale of property, plant and equipment 133.10 2.53
Purchase of current investments (64874.32) (55913.52)
Sale/redemption of current investments 68260.67 61084.47
Investment in associate (1.87) (1.87)
Purchase of non-current investments (4902.02) (1639.74)
Redemption proceeds of non- current investments 2731.24 1712.05
Payment towards business combination/ contingent purchase consideration (71.25) (2189.22)
Dividend from associate and joint venture 16.06 7.18
Dividend from others 0.01 0.07
Interest received 1034.55 1274.92
Investment in bank deposits (original maturity more than 3 months) (4531.12) (4691.92)
Redemption/ maturity of bank deposits (original maturity more than 3 months) 4546.49 6977.33
Investment in deposit with housing finance company (3011.37) (78.38)
Redemption/ maturity of deposit with housing finance companies 578.82 971.43
Loans given (13.16) (2.44)
Loans realised 7.32 6.66
NET CASH FROM/ (USED IN) INVESTING ACTIVITIES (2238.49) 5682.91

C. Cash Flow from Financing Activities

Proceeds from issue of share capital 291.82 290.65
Repayment of non-current borrowings (0.35) (2.28)
Payment towards reduction of capital by a subsidiary (0.34) -
Payment of lease liabilities (59.02) (54.73)
Interest paid (39.55) (41.23)
Net increase in statutory restricted accounts balances 15.26 41.17
Dividend paid (13788.32) (18881.39)
Dividend distribution tax refund received - 13.98
NET CASH USED IN FINANCING ACTIVITIES (13580.50) {18633.83)
NET INCREASE DECREASE IN CASH AND CASH EQUIVALENTS (43.48) (423.95)
OPENING CASH AND CASH EQUIVALENTS 310.16 677.04
CASH AND CASH EQUIVALENTS ACQUIRED ON BUSINESS COMBINATION [See Note 3 below] - 57.07
CLOSING CASH AND CASH EQUIVALENTS 266.68 310.16
Notes:
1. The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS - 7 "Statement of Cash Flows".

2. CASH AND CASH EQUIVALENTS:

Cash and cash equivalents as above 266.68 310.16
Unrealised gain/ (loss) on foreign currency cash and cash equivalents 4.69 (23.62)
Cash credit facilities 3.88
Cash and cash equivalents 271.37 290.42

3. Cash & Cash Equivalents include'<: Nil (2021- '<: 57.07 Crores) on acquisition of erstwhile Sunrise Foods Private Limited and its two wholly owned subsidiaries.

4. Net Cash Flow from Operating Activities includes an amount of;/' 349.30 Crores (2021- ;/' 372.52 Crores) spent towards Corporate Social Responsibility.
 ITC LIMITED
Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and Twelve Months ended 31st March, 2022
~ in Crores)
CONSOLIDATED
Corresponding 3 Preceding 3
Particulars 3 Months Months Months Twelve Months Twelve Months
ended ended ended ended ended
31.03.2022• 31.03.2021• 31.12.2021 31.03.2022 31.03.2021
(Audited) (Audited) (Unaudited) (Audited) (Audited)

1. Segment Revenue

a) FMCG - Cigarettes 7177.01 6508.43 6958.79 26158.31 22557.32

-Others 4148.62 3694.80 4099.47 16023.32 14756.88

Total FMCG 11325.63 10203.23 11058.26 42181.63 37314.20

b) Hotels 407.42 302.35 495.53 1347.66 663.87
c) Agri Business 4375.42 3383.00 5157.36 16465.67 12882.68
d) Paperboards, Paper & Packaging 2182.77 1655.91 2046.48 7641.62 5618.55
e) Others 658.35 641.51 724.33 2799.21 2393.90
Total 18949.59 16186.00 19481.96 70435.79 58873.20

Less : Inter-segment revenue 1379.83 903.06 1272.80 5817.56 6038.05

Gross Revenue from sale of products and services 17569.76 15282.94 18209.16 64618.23 52835.15
2. Segment Results

a) FMCG - Cigarettes 4357.44 3895.27 4187.10 15768.45 13498.36

-Others 238.47 182.91 246.25 934.93 837.99

Total FMCG 4595.91 4078.18 4433.35 16703.38 14336.35

b) Hotels (29.08) (40.26) 52.94 (185.23) (563.87)

c) Agri Business 244.31 185.11 348.69 1086.22 918.24
d) Paperboards, Paper & Packaging 449.69 323.25 448.44 1700.00 1098.68
e) Others 122.46 152.39 186.07 723.73 558.69

Total 5383.29 4698.67 5469.49 20028.10 16348.09

Less: i) Finance Costs 10.71 2.88 9.56 39.36 44.58

ii) Other un-allocable (income) net of
(247.77) (343.43) (120.51) (734.25) (1641.58)
un-allocable expenditure [Note(i)]
iii) Exceptional items - - - - -

Profit Before Tax 5620.35 5039.22 5580.44 20722.99 17945.09

3. Segment Assets

a) FMCG - Cigarettes 7193.11 7257.60 7515.80 7193.11 7257.60

- Others 11546.19 11517.32 11718.00 11546.19 11517.32

Total FMCG 18739.30 18774.92 19233.80 18739.30 18774.92

b) Hotels 7470.93 7544.39 7751.41 7470.93 7544.39

c) Agri Business 5202.93 5375.51 5392.32 5202.93 5375.51
d) Paperboards, Paper & Packaging 8482.37 7237.93 8429.21 8482.37 7237.93
e) Others 1713.01 1629.47 1968.56 1713.01 1629.47
Total 41608.54 40562.22 42775.30 41608.54 40562.22

Unallocated Corporate Assets 35651.01 33257.08 36219.82 35651.01 33257.08

Total Assets 77259.55 73819.30 78995.12 77259.55 73819.30

4. Segment Liabilities

a) FMCG - Cigarettes 4855.07 4624.33 5209.05 4855.07 4624.33

-Others 2258.59 2523.00 2139.57 2258.59 2523.00

Total FMCG 7113.66 7147.33 7348.62 7113.66 7147.33

b) Hotels 807.44 731.34 776.47 807.44 731.34

c) Agri Business 1724.46 1053.09 906.84 1724.46 1053.09
d) Paperboards, Paper & Packaging 1326.05 1080.24 1314.28 1326.05 1080.24
e) Others 463.17 395.40 434.87 463.17 395.40
Total 11434.78 10407.40 10781.08 11434.78 10407.40

Unallocated Corporate Liabilities 3002.90 2717.75 2737.10 3002.90 2717.75

Total Liabilities 14437.68 13125.15 13518.18 14437.68 13125.15

# The figures for the 3 months ended 31.03.2022 and corresponding 3 months ended 31.03.2021 are the balancing figures between the audited figures in
respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.

Note (i): As stock options and stock appreciation linked reward units are granted under the ITC Employee Stock Option Schemes (ITC ESOS) and ITC
, \ Employee Cash Settled_ Stock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and
\I also to attract and retain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate
~vr_ . /.anagement Committee.

fr ,i
·~";
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 & Meals; Snacks; Dairy &
Beverages; Biscuits & Cakes; Chocolates, Coffee & Confectionery); Education
and Stationery Products; Personal Care Products; Safety Matches and
Agarbattis; Apparel.

Hotels Hoteliering.

Paperboards, Paper & Packaging Paperboards, Paper including Specialty Paper & Packaging including Flexibles.

Agri Business Agri commodities such as wheat, rice, spices, coffee, soya, and leaf tobacco.

Others Information Technology services, Branded Residences etc.

(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.

(4) 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, For and on behalf of the Board
Kolkata 700 071, India

Dated: May 18, 2022 Chairman & Managing Director

Place : Kolkata, India
Website: www.itcportal.com I E-mail: enduringvalue@itc.in I Phone: +91-33-2288 9371 l Fax: +91-33-2288 0655 j GIN : L16005WB1910PLC001985