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Results
24-May-24
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Analysis
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ITC
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NP down 1.06%
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For quarter
ending March 2024, consolidated net sales (including other operating income) of ITC has increased 1.63% to Rs 17922.7 crore compared to quarter ended March 2023. Sales of FMCG-Cigarettes segment has gone up 7.51% to Rs 8,688.92 crore (accounting for 41.17% of total sales). Sales of FMCG-Others segment has gone up 7.21% to Rs 5,307.94 crore (accounting for 25.15% of total sales). Sales of Hotels segment rose 15.12% to Rs 931.03 crore (accounting for 4.41% of total sales). Sales of Agri Business segment has gone down 13.05% to Rs 3,136.43 crore (accounting for 14.86% of total sales). Sales of Paper boards,Paper & Packaging segment has gone down 6.67% to Rs 2,072.86 crore (accounting for 9.82% of total sales). Sales of Others segment has gone up 11.46% to Rs 967.80 crore (accounting for 4.59% of total sales). Inter-segment sales rose Rs 1,739.57 crore to Rs 1,813.58 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 0.67% to Rs 6,560.51 crore. PBIT of FMCG-Cigarettes segment rose 4.92% to Rs 5,157.57 crore (accounting for 78.62% of total PBIT). PBIT of FMCG-Others segment fell 4.74% to Rs 479.84 crore (accounting for 7.31% of total PBIT). PBIT of Hotels segment rose 28.95% to Rs 264.22 crore (accounting for 4.03% of total PBIT). PBIT of Agri Business segment fell 38.76% to Rs 186.52 crore (accounting for 2.84% of total PBIT). PBIT of Paper boards,Paper & Packaging segment fell 34.59% to Rs 291.06 crore (accounting for 4.44% of total PBIT). PBIT of Others segment rose 26.68% to Rs 181.30 crore (accounting for 2.76% of total PBIT). PBIT margin of FMCG-Cigarettes segment fell from 60.82% to 59.36%. PBIT margin of FMCG-Others segment fell from 10.17% to 9.04%. PBIT margin of Hotels segment rose from 25.34% to 28.38%. PBIT margin of Agri Business segment fell from 8.44% to 5.95%. PBIT margin of Paper boards,Paper & Packaging segment fell from 20.04% to 14.04%. PBIT margin of Others segment rose from 16.48% to 18.73%. Overall PBIT margin fell from 31.73% to 31.09%. Operating profit margin has declined from 37.56% to 36.97%, leading to 0.03% rise in operating profit to Rs 6,626.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 29.00% to 30.39%. Purchase of finished goods cost fell from 10.29% to 7.53%. Employee cost increased from 8.06% to 8.53%. Other expenses rose from 15.63% to 17.26%. Other income rose 12.17% to Rs 683.83 crore. PBIDT rose 1.06% to Rs 7310.05 crore. Provision for interest rose 3.62% to Rs 12.59 crore. Loan funds declined from Rs 306.04 crore as of 31 March 2023 to Rs 303.43 crore as of 31 March 2024. Inventories rose to Rs 14,152.88 crore as of 31 March 2024 from Rs 11,771.16 crore as of 31 March 2023. Sundry debtors were higher at Rs 4,025.82 crore as of 31 March 2024 compared to Rs 2,956.17 crore as of 31 March 2023. Cash and bank balance rose to Rs 7,217.68 crore as of 31 March 2024 from Rs 4,880.19 crore as of 31 March 2023. Investments rose to Rs 31,114.02 crore as of 31 March 2024 from Rs 29,415.02 crore as of 31 March 2023 . PBDT rose 1.05% to Rs 7297.46 crore. Provision for depreciation rose 0.01% to Rs 461.44 crore. Fixed assets declined from Rs 28,074.84 crore as of 31 March 2023 to Rs 27,213.52 crore as of 31 March 2024. Intangible assets increased from Rs 779.73 crore to Rs 3,467.48 crore. Profit before tax grew 1.12% to Rs 6,836.02 crore. Share of profit/loss was 80.14% lower at Rs 3.49 crore. Provision for tax was expense of Rs 1646.75 crore, compared to Rs 1607.95 crore. Effective tax rate was 24.08% compared to 23.47%. Minority interest increased 4.54% to Rs 70.16 crore. Net profit attributable to owners of the company decreased 1.06% to Rs 5,120.55 crore. Equity capital increased from Rs 1,242.80 crore as of 31 March 2023 to Rs 1,248.47 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00.
Full year results analysis.
Net sales (including other operating income) of ITC has declined 0.08% to Rs 70881 crore. Sales of FMCG-Cigarettes segment has gone up 7.68% to Rs 33,667.97 crore (accounting for 39.20% of total sales). Sales of FMCG-Others segment has gone up 9.65% to Rs 21,002.15 crore (accounting for 24.45% of total sales). Sales of Hotels segment rose 15.41% to Rs 3,103.39 crore (accounting for 3.61% of total sales). Sales of Agri Business segment has gone down 12.57% to Rs 16,124.43 crore (accounting for 18.77% of total sales). Sales of Paper boards,Paper & Packaging segment has gone down 8.11% to Rs 8,344.41 crore (accounting for 9.71% of total sales). Sales of Others segment has gone up 11.90% to Rs 3,651.14 crore (accounting for 4.25% of total sales). Inter-segment sales rose Rs 8,070.56 crore to Rs 9,618.51 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 3.36% to Rs 25,876.70 crore. PBIT of FMCG-Cigarettes segment rose 6.29% to Rs 20,071.04 crore (accounting for 77.56% of total PBIT). PBIT of FMCG-Others segment rose 29.10% to Rs 1,789.91 crore (accounting for 6.92% of total PBIT). PBIT of Hotels segment rose 37.26% to Rs 764.94 crore (accounting for 2.96% of total PBIT). PBIT of Agri Business segment fell 7.38% to Rs 1,278.33 crore (accounting for 4.94% of total PBIT). PBIT of Paper boards,Paper & Packaging segment fell 40.18% to Rs 1,372.34 crore (accounting for 5.30% of total PBIT). PBIT of Others segment rose 12.26% to Rs 600.14 crore (accounting for 2.32% of total PBIT). PBIT margin of FMCG-Cigarettes segment fell from 60.39% to 59.61%. PBIT margin of FMCG-Others segment rose from 7.24% to 8.52%. PBIT margin of Hotels segment rose from 20.72% to 24.65%. PBIT margin of Agri Business segment rose from 7.48% to 7.93%. PBIT margin of Paper boards,Paper & Packaging segment fell from 25.26% to 16.45%. PBIT margin of Others segment rose from 16.39% to 16.44%. Overall PBIT margin rose from 29.84% to 30.13%. Operating profit margin has jumped from 36.18% to 37.04%, leading to 2.30% rise in operating profit to Rs 26,254.35 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 28.44% to 30.46%. Purchase of finished goods cost fell from 12.75% to 8.48%. Employee cost increased from 8.05% to 8.58%. Other expenses rose from 14.77% to 15.73%. Other income rose 37.74% to Rs 2727.84 crore. PBIDT rose 4.84% to Rs 28982.19 crore. Provision for interest rose 6.39% to Rs 45.96 crore. Loan funds declined from Rs 306.04 crore as of 31 March 2023 to Rs 303.43 crore as of 31 March 2024. Inventories rose to Rs 14,152.88 crore as of 31 March 2024 from Rs 11,771.16 crore as of 31 March 2023. Sundry debtors were higher at Rs 4,025.82 crore as of 31 March 2024 compared to Rs 2,956.17 crore as of 31 March 2023. Cash and bank balance rose to Rs 7,217.68 crore as of 31 March 2024 from Rs 4,880.19 crore as of 31 March 2023. Investments rose to Rs 31,114.02 crore as of 31 March 2024 from Rs 29,415.02 crore as of 31 March 2023 . PBDT rose 4.83% to Rs 28936.23 crore. Provision for depreciation rose 0.41% to Rs 1816.39 crore. Fixed assets declined from Rs 28,074.84 crore as of 31 March 2023 to Rs 27,213.52 crore as of 31 March 2024. Intangible assets increased from Rs 779.73 crore to Rs 3,467.48 crore. Profit before tax grew 5.14% to Rs 27,119.84 crore. Share of profit/loss was 43.70% lower at Rs 27.61 crore. Provision for tax was expense of Rs 6388.52 crore, compared to Rs 6438.4 crore. Effective tax rate was 23.54% compared to 24.84%. Minority interest increased 2.64% to Rs 292.58 crore. Net profit attributable to owners of the company increased 6.60% to Rs 20,458.78 crore. Equity capital increased from Rs 1,242.80 crore as of 31 March 2023 to Rs 1,248.47 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Cash flow from operating activities decreased to Rs 17,178.86 crore for year ended March 2024 from Rs 18,877.55 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 3,562.53 crore, compared to Rs 2,742.99 crore during the year ended March 2023. Other Highlights
The board recommended Final Dividend
off Rs 7.50 per ordinary share off Re 1 each for the financial year ended 31 March
2024. The company fixed Tuesday, 4 June, 2024 as the record date.
In FY24, The FMCG businesses segment
revenue grew 9.2% YoY driven by Staples, Biscuits, Snacks, Dairy, Homecare and
Agarbatti.
In FY24, FMCG Cigarrettes revenue up
7.1%, hotel segment revenue up 15.6% driven by Retail, Contracted and MICE
segments. Paperboards, Paper & Packaging Segment fell 6.7% and Agri
business fell 13.1% on YoY basis.
| ITC : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 17,922.70 | 17,634.89 | 1.63 | 70,881.00 | 70,936.85 | -0.08 | | OPM (%) | 36.97 | 37.56 | -59 bps | 37.04 | 36.18 | 86 bps | | OP | 6,626.22 | 6,624.00 | 0.03 | 26,254.35 | 25,664.93 | 2.30 | | Other Inc. | 683.83 | 609.65 | 12.17 | 2,727.84 | 1,980.49 | 37.74 | | PBIDT | 7,310.05 | 7,233.65 | 1.06 | 28,982.19 | 27,645.42 | 4.84 | | Interest | 12.59 | 12.15 | 3.62 | 45.96 | 43.20 | 6.39 | | PBDT | 7,297.46 | 7,221.50 | 1.05 | 28,936.23 | 27,602.22 | 4.83 | | Depreciation | 461.44 | 461.4 | 0.01 | 1816.39 | 1809.01 | 0.41 | | PBT | 6,836.02 | 6,760.10 | 1.12 | 27119.84 | 25793.21 | 5.14 | | Share of Profit/(Loss) from Associates | 3.49 | 17.57 | -80.14 | 27.61 | 49.04 | -43.70 | | PBT before EO | 6839.51 | 6777.67 | 0.91 | 27147.45 | 25842.25 | 5.05 | | EO Income | -2.05 | 72.87 | PL | -7.57 | 72.87 | PL | | PBT after EO | 6837.46 | 6850.54 | -0.19 | 27139.88 | 25915.12 | 4.73 | | Taxation | 1646.75 | 1607.95 | 2.41 | 6388.52 | 6438.4 | -0.77 | | PAT | 5190.71 | 5242.59 | -0.99 | 20751.36 | 19476.72 | 6.54 | | Minority Interest (MI) | 70.16 | 67.11 | 4.54 | 292.58 | 285.06 | 2.64 | | Net profit | 5120.55 | 5175.48 | -1.06 | 20458.78 | 19191.66 | 6.60 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 5120.55 | 5175.48 | -1.06 | 20458.78 | 19191.66 | 6.60 | | EPS (Rs)* | 4.10 | 4.10 | 0.03 | 16.39 | 15.33 | 6.93 | | | * EPS is on current equity of Rs 1,248.47 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 |
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| ITC : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | FMCG-Cigarettes | 41.17 | 8,688.92 | 8,082.26 | 7.51 | 39.20 | 33,667.97 | 31,267.46 | 7.68 | | FMCG-Others | 25.15 | 5,307.94 | 4,951.17 | 7.21 | 24.45 | 21,002.15 | 19,153.09 | 9.65 | | Hotels | 4.41 | 931.03 | 808.72 | 15.12 | 3.61 | 3,103.39 | 2,689.12 | 15.41 | | Agri Business | 14.86 | 3,136.43 | 3,607.30 | -13.05 | 18.77 | 16,124.43 | 18,443.39 | -12.57 | | Paper boards,Paper & Packaging | 9.82 | 2,072.86 | 2,221.01 | -6.67 | 9.71 | 8,344.41 | 9,081.35 | -8.11 | | Others | 4.59 | 967.80 | 868.29 | 11.46 | 4.25 | 3,651.14 | 3,262.73 | 11.90 | | Total Reported Sales | 100.00 | 21,104.98 | 20,538.75 | 2.76 | 100.00 | 85,893.49 | 83,897.14 | 2.38 | | Less: Inter segment revenues | | 1,813.58 | 1,739.57 | 4.25 | | 9,618.51 | 8,070.56 | 19.18 | | Net Sales | 100.00 | 19,291.40 | 18,799.18 | 2.62 | 100.00 | 76,274.98 | 75,826.58 | 0.59 | | PBIT | | FMCG-Cigarettes | 78.62 | 5,157.57 | 4,915.68 | 4.92 | 77.56 | 20,071.04 | 18,882.59 | 6.29 | | FMCG-Others | 7.31 | 479.84 | 503.73 | -4.74 | 6.92 | 1,789.91 | 1,386.49 | 29.10 | | Hotels | 4.03 | 264.22 | 204.90 | 28.95 | 2.96 | 764.94 | 557.31 | 37.26 | | Agri Business | 2.84 | 186.52 | 304.55 | -38.76 | 4.94 | 1,278.33 | 1,380.21 | -7.38 | | Paper boards,Paper & Packaging | 4.44 | 291.06 | 444.98 | -34.59 | 5.30 | 1,372.34 | 2,293.95 | -40.18 | | Others | 2.76 | 181.30 | 143.12 | 26.68 | 2.32 | 600.14 | 534.62 | 12.26 | | Total PBIT | 100.00 | 6,560.51 | 6,516.96 | 0.67 | 100.00 | 25,876.70 | 25,035.17 | 3.36 | | Less : Interest | | 12.59 | 12.15 | 3.62 | | 45.96 | 43.20 | 6.39 | | Add: Other un-allcoable | | 289.54 | 345.73 | -16.25 | | 1,309.14 | 923.15 | 41.81 | | PBIT Margin(%) | | FMCG-Cigarettes | | 59.36 | 60.82 | -146.26 | | 59.61 | 60.39 | -77.59 | | FMCG-Others | | 9.04 | 10.17 | -113.39 | | 8.52 | 7.24 | 128.35 | | Hotels | | 28.38 | 25.34 | 304.30 | | 24.65 | 20.72 | 392.39 | | Agri Business | | 5.95 | 8.44 | -249.57 | | 7.93 | 7.48 | 44.44 | | Paper boards,Paper & Packaging | | 14.04 | 20.04 | -599.36 | | 16.45 | 25.26 | -881.38 | | Others | | 18.73 | 16.48 | 225.02 | | 16.44 | 16.39 | 5.14 | | PBT | 100.00 | 6,837.46 | 6,850.54 | -0.19 | 100.00 | 27,139.88 | 25,915.12 | 4.73 |
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