HISTORICAL FINA

YEARS Mar-15 Mar-16 Mar-17

# INCOME STATEMENT
Sales ₹ 38,817.15 ₹ 39,192.10 ₹ 42,767.60
Sales Growth - 1% 9%

COGS ₹ 19,688.38 ₹ 19,162.94 ₹ 21,949.12

COGS % Sales 50.72% 48.89% 51.32%

GROSS PROFIT ₹ 19,128.77 ₹ 20,029.16 ₹ 20,818.48

Gross Mrgins 49.28% 51.11% 48.68%

SELLING & GENERAL EXPENSES ₹ 4,877.15 ₹ 5,497.67 ₹ 5,348.97

S&G Exp % Sales 12.56% 14.03% 12.51%

EBITDA ₹ 14,251.62 ₹ 14,531.49 ₹ 15,469.51

EBIDTA Mrgins 36.71% 37.08% 36.17%

Intrest ₹ 90.96 ₹ 78.13 ₹ 49.03

Interest % Sales 0.23% 0.20% 0.11%

Depreciation ₹ 1,027.96 ₹ 1,077.40 ₹ 1,152.79

Depreciation % Sales 2.65% 2.75% 2.70%

Earnings Before Taxes ₹ 13,132.70 ₹ 13,375.96 ₹ 14,267.69

EBT %Sales 33.83% 34.13% 33.36%

Tax ₹ 4,596.42 ₹ 5,358.21 ₹ 5,549.09

Effective Tax Rate 35.00% 40.06% 38.89%

Net Profit ₹ 8,536.28 ₹ 8,017.75 ₹ 8,718.60

Net Mrgins 21.99% 20.46% 20.39%

No. of Equity Shaers 1,202.33 1,207.08 1,214.74

EPS ₹ 7.10 ₹ 6.64 ₹ 7.18

EPS Growth % -6.44% 8.06%

Dividend Per Share ₹ 4.17 ₹ 5.67 ₹ 4.75

Dividend Pay Out Ratio 58.69% 85.31% 66.18%

Retained Earnings 41% 15% 34%

# Balance Sheet
Equity Share Capital ₹ 801.55 ₹ 804.72 ₹ 1,214.74
Reserves ₹ 30,933.94 ₹ 41,874.80 ₹ 45,198.19
 Borrowings ₹ 268.80 ₹ 83.78 ₹ 45.72
Other Liabilities ₹ 13,947.93 ₹ 8,888.04 ₹ 9,439.67
Total Liabilites ₹ 45,952.22 ₹ 51,651.34 ₹ 55,898.32

Fixed Assets Net Block ₹ 15,303.28 ₹ 15,106.63 ₹ 15,893.48

Capital Work In Progress ₹ 2,700.20 ₹ 2,559.72 ₹ 3,729.89
Investments ₹ 6,942.77 ₹ 11,747.59 ₹ 17,581.38
Other Assets ₹ 2,540.81 ₹ 5,194.82 ₹ 5,135.78
Total Non Current Assets ₹ 27,487.06 ₹ 34,608.76 ₹ 42,340.53

Receivables ₹ 1,982.07 ₹ 1,917.18 ₹ 2,474.29

Inventory ₹ 8,586.87 ₹ 9,062.10 ₹ 8,116.10
Cash and Bank ₹ 7,896.22 ₹ 6,063.30 ₹ 2,967.40
Total Current Assets ₹ 18,465.16 ₹ 17,042.58 ₹ 13,557.79

Total ASSETS ₹ 45,952.22 ₹ 51,651.34 ₹ 55,898.32

CHECK 1 TRUE TRUE

# CASH FLOW STATEMENT

Operating Activites
Profit from operations ₹ 38,444.00 ₹ 38,994.00 ₹ 38,887.00
Receivables (₹ 1,913.00) ₹ 1,097.00 (₹ 6,880.00)
Inventory (₹ 1,396.00) ₹ 3,472.00 ₹ 6,758.00
Payables ₹ 14,339.00 (₹ 2,754.00) ₹ 7,951.00
Working capital changes ₹ 11,030.00 ₹ 1,815.00 ₹ 7,829.00
Direct taxes (₹ 6,213.00) (₹ 6,435.00) (₹ 8,582.00)
Other operating items - - -
Cash from Operating Activities ₹ 54,291.00 ₹ 36,189.00 ₹ 45,963.00

Investing Activites
Fixed assets purchased (₹ 60,087.00) (₹ 63,364.00) (₹ 46,898.00)
Fixed assets sold ₹ 148.00 ₹ 402.00 ₹ 344.00
Investments purchased (₹ 765,659.00) (₹ 678,241.00) (₹ 715,334.00)
Investments sold ₹ 749,849.00 ₹ 666,383.00 ₹ 721,182.00
Interest received ₹ 6,413.00 ₹ 6,055.00 ₹ 2,942.00
Dividends received ₹ 316.00 ₹ 548.00 ₹ 732.00
Other investing items (₹ 4,050.00) ₹ 3,511.00 ₹ 846.00
Cash from investing activities (₹ 73,070.00) (₹ 64,706.00) (₹ 36,186.00)

Financing Activities
Proceeds from shares ₹ 188.00 ₹ 343.00 ₹ 288.00
Proceeds from borrowings ₹ 42,152.00 ₹ 29,413.00 ₹ 34,673.00
Repayment of borrowings (₹ 19,835.00) (₹ 11,909.00) (₹ 21,693.00)
Interest paid fin (₹ 5,619.00) (₹ 6,149.00) (₹ 9,224.00)
Dividends paid (₹ 3,123.00) (₹ 3,268.00) (₹ 7,259.00)
Financial liabilities - - -
Share application money ₹ 17.00 ₹ 17.00 ₹ 8.00
Other financing items (₹ 67.00) (₹ 3.00) (₹ 3.00)
Cash from financing activities ₹ 13,713.00 ₹ 8,444.00 (₹ 3,210.00)

Net Cash Flow (₹ 5,066.00) (₹ 20,073.00) ₹ 6,567.00

HISTORICAL FINANCIAL STATEMENT - ITC LTD
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

₹ 43,448.94 ₹ 48,339.58 ₹ 49,387.70 ₹ 49,257.45 ₹ 60,644.54

2% 11% 2% 0% 23%

₹ 21,967.50 ₹ 24,215.95 ₹ 24,330.40 ₹ 26,881.51 ₹ 34,053.06

50.56% 50.10% 49.26% 54.57% 56.15%

₹ 21,481.44 ₹ 24,123.63 ₹ 25,057.30 ₹ 22,375.94 ₹ 26,591.48

49.44% 49.90% 50.74% 45.43% 43.85%

₹ 4,960.85 ₹ 5,586.24 ₹ 5,713.76 ₹ 5,311.16 ₹ 5,968.33

11.42% 11.56% 11.57% 10.78% 9.84%

₹ 16,520.59 ₹ 18,537.39 ₹ 19,343.54 ₹ 17,064.78 ₹ 20,623.15

38.02% 38.35% 39.17% 34.64% 34.01%

₹ 115.01 ₹ 71.40 ₹ 81.38 ₹ 57.97 ₹ 59.99

0.26% 0.15% 0.16% 0.12% 0.10%

₹ 1,236.28 ₹ 1,396.61 ₹ 1,644.91 ₹ 1,645.59 ₹ 1,732.41

2.85% 2.89% 3.33% 3.34% 2.86%

₹ 15,169.30 ₹ 17,069.38 ₹ 17,617.25 ₹ 15,361.22 ₹ 18,830.75

34.91% 35.31% 35.67% 31.19% 31.05%

₹ 5,916.43 ₹ 6,313.92 ₹ 4,441.79 ₹ 4,555.29 ₹ 5,237.34

39.00% 36.99% 25.21% 29.65% 27.81%

₹ 9,252.87 ₹ 10,755.46 ₹ 13,175.46 ₹ 10,805.93 ₹ 13,593.41

21.30% 22.25% 26.68% 21.94% 22.41%

1,220.43 1,225.86 1,229.22 1,230.88 1,232.33

₹ 7.58 ₹ 8.77 ₹ 10.72 ₹ 8.78 ₹ 11.03

5.63% 15.72% 22.17% -18.10% 25.65%

₹ 5.15 ₹ 5.75 ₹ 10.15 ₹ 10.75 ₹ 11.50

67.93% 65.54% 94.70% 122.45% 104.25%

32% 34% 5% -22% -4%

₹ 1,220.43 ₹ 1,225.86 ₹ 1,229.22 ₹ 1,230.88 ₹ 1,232.33

₹ 51,289.68 ₹ 57,915.01 ₹ 64,044.04 ₹ 59,116.46 ₹ 61,223.24
 ₹ 35.92 ₹ 13.44 ₹ 277.45 ₹ 270.83 ₹ 249.44
₹ 11,694.85 ₹ 12,584.73 ₹ 11,760.04 ₹ 13,142.59 ₹ 14,491.01
₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75 ₹ 73,760.76 ₹ 77,196.02

₹ 16,523.96 ₹ 19,374.19 ₹ 21,713.34 ₹ 23,298.48 ₹ 24,231.59

₹ 5,508.33 ₹ 4,136.42 ₹ 3,256.46 ₹ 4,011.29 ₹ 3,225.54
₹ 22,052.86 ₹ 25,043.49 ₹ 28,663.35 ₹ 24,870.87 ₹ 24,841.01
₹ 7,078.75 ₹ 7,138.07 ₹ 4,958.45 ₹ 4,022.24 ₹ 6,917.41
₹ 51,163.90 ₹ 55,692.17 ₹ 58,591.60 ₹ 56,202.88 ₹ 59,215.55

₹ 2,682.29 ₹ 4,035.28 ₹ 2,562.48 ₹ 2,501.70 ₹ 2,461.90

₹ 7,495.09 ₹ 7,859.56 ₹ 8,879.33 ₹ 10,397.16 ₹ 10,864.15
₹ 2,899.60 ₹ 4,152.03 ₹ 7,277.34 ₹ 4,659.02 ₹ 4,654.42
₹ 13,076.98 ₹ 16,046.87 ₹ 18,719.15 ₹ 17,557.88 ₹ 17,980.47

₹ 64,240.88 ₹ 71,739.04 ₹ 77,310.75 ₹ 73,760.76 ₹ 77,196.02

TRUE TRUE TRUE TRUE TRUE

₹ 44,170.00 ₹ 62,765.00 ₹ 83,319.00 ₹ 85,347.00 ₹ 80,129.00

(₹ 8,511.00) (₹ 21,991.00) (₹ 40,136.00) (₹ 13,792.00) ₹ 959.00
(₹ 6,899.00) (₹ 10,474.00) (₹ 6,724.00) (₹ 6,342.00) (₹ 7,769.00)
₹ 30,873.00 ₹ 51,003.00 ₹ 18,078.00 ₹ 38,050.00 (₹ 43,148.00)
₹ 15,463.00 ₹ 18,538.00 (₹ 28,782.00) ₹ 17,916.00 (₹ 49,958.00)
(₹ 10,083.00) (₹ 9,844.00) (₹ 12,191.00) (₹ 8,386.00) (₹ 3,213.00)
- - - - -
₹ 65,013.00 ₹ 89,997.00 ₹ 13,564.00 ₹ 112,793.00 (₹ 23,000.00)

(₹ 78,109.00) (₹ 73,953.00) (₹ 93,626.00) (₹ 76,517.00) (₹ 105,837.00)

₹ 1,482.00 ₹ 999.00 ₹ 849.00 ₹ 964.00 ₹ 2,319.00
(₹ 654,760.00) (₹ 533,984.00) (₹ 1,107,439.00) (₹ 1,156,843.00) (₹ 689,866.00)
₹ 663,990.00 ₹ 537,504.00 ₹ 1,103,615.00 ₹ 1,174,796.00 ₹ 642,551.00
₹ 1,110.00 ₹ 1,310.00 ₹ 972.00 ₹ 1,441.00 ₹ 8,400.00
₹ 345.00 ₹ 1,021.00 ₹ 501.00 ₹ 78.00 ₹ 26.00
(₹ 259.00) (₹ 1,089.00) ₹ 621.00 (₹ 16,416.00) ₹ 22.00
(₹ 66,201.00) (₹ 68,192.00) (₹ 94,507.00) (₹ 72,497.00) (₹ 142,385.00)

₹ 811.00 ₹ 406.00 ₹ 230.00 ₹ 129.00 ₹ 5.00

₹ 31,728.00 ₹ 36,970.00 ₹ 106,701.00 ₹ 53,760.00 ₹ 46,421.00
(₹ 18,542.00) (₹ 19,813.00) (₹ 20,245.00) (₹ 18,179.00) (₹ 116,921.00)
(₹ 12,920.00) (₹ 17,669.00) (₹ 23,338.00) (₹ 28,508.00) (₹ 18,340.00)
(₹ 53.00) (₹ 3,916.00) (₹ 4,282.00) (₹ 4,592.00) (₹ 3,921.00)
- - - (₹ 1,062.00) (₹ 1,022.00)
₹ 4.00 ₹ 15.00 ₹ 2.00 ₹ 1.00 -
₹ 7,589.00 ₹ 2,006.00 (₹ 3,162.00) (₹ 4,090.00) ₹ 195,682.00
₹ 8,617.00 (₹ 2,001.00) ₹ 55,906.00 (₹ 2,541.00) ₹ 101,904.00

₹ 7,429.00 ₹ 19,804.00 (₹ 25,037.00) ₹ 37,755.00 (₹ 63,481.00)

 Mar-23 Mar-24 LTM

₹ 70,919.03 ₹ 70,866.22 ₹ 75,135.27

17% 0% 6%

₹ 38,302.13 ₹ 37,015.48 ₹ 48,495.04

54.01% 52.23% -

₹ 32,616.90 ₹ 33,850.74 ₹ 26,640.23

45.99% 47.77% 35.46%

₹ 6,912.64 ₹ 7,618.18
9.75% 10.75% 0.00%

₹ 25,704.26 ₹ 26,232.56 ₹ 26,640.23

36.24% 37.02% 35.46%

₹ 77.77 ₹ 80.06 ₹ 53.82

0.11% 0.11% 0.07%

₹ 1,809.01 ₹ 1,816.39 ₹ 1,939.83

2.55% 2.56% 2.58%

₹ 23,817.48 ₹ 24,336.11 ₹ 24,646.58

33.58% 34.34% 32.80%

₹ 6,438.40 ₹ 6,388.52 ₹ 6,482.90

27.03% 26.25% 26.30%

₹ 17,379.08 ₹ 17,947.59 ₹ 18,163.68

24.51% 25.33% 24.17%

1,242.80 1,248.47 0.00

₹ 13.98 ₹ 14.38 -
26.77% 2.80% -100.00%

₹ 15.50 ₹ 13.75 ₹ 9.00

110.84% 95.65% 0.00%

-11% 4% 100%

₹ 1,242.80 ₹ 1,248.47 ₹ 0.00

₹ 67,912.46 ₹ 73,258.53 ₹ 0.00
 ₹ 306.04 ₹ 303.43 ₹ 0.00
₹ 16,369.66 ₹ 16,943.54 ₹ 0.00
₹ 85,830.96 ₹ 91,753.97

₹ 25,851.27 ₹ 27,820.22 ₹ 0.00

₹ 3,003.30 ₹ 2,860.78 ₹ 0.00
₹ 29,415.02 ₹ 31,114.02 ₹ 0.00
₹ 7,953.85 ₹ 4,562.57 ₹ 0.00
₹ 66,223.44 ₹ 66,357.59 ₹ 0.00

₹ 2,956.17 ₹ 4,025.82
₹ 11,771.16 ₹ 14,152.88
₹ 4,880.19 ₹ 7,217.68
₹ 19,607.52 ₹ 25,396.38

₹ 85,830.96 ₹ 91,753.97

TRUE TRUE

₹ 113,726.00 ₹ 140,963.00
(₹ 14,180.00) ₹ 13,194.00
(₹ 24,983.00) (₹ 32,228.00)
₹ 39,888.00 (₹ 600.00)
₹ 725.00 (₹ 19,634.00)
(₹ 3,797.00) (₹ 6,297.00)
- -
₹ 111,379.00 ₹ 95,398.00

(₹ 100,145.00) (₹ 140,988.00)
₹ 3,137.00 ₹ 9,186.00
(₹ 667,878.00) (₹ 471,822.00)
₹ 668,137.00 ₹ 501,266.00
₹ 5,933.00 ₹ 11,103.00
₹ 19.00 ₹ 20.00
(₹ 18,365.00) (₹ 1,766.00)
(₹ 109,162.00) (₹ 93,001.00)

₹ 5.00 ₹ 479.00
₹ 99,105.00 ₹ 67,134.00
(₹ 49,493.00) (₹ 29,059.00)
(₹ 26,349.00) (₹ 21,650.00)
(₹ 4,297.00) (₹ 5,083.00)
(₹ 2,132.00) (₹ 1,406.00)
- -
 ₹ 450.00 ₹ 40.00
₹ 17,289.00 ₹ 10,455.00

₹ 19,506.00 ₹ 12,852.00
 Ratio Analysis of - ITC LTD
YEARS Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Sales Growth - 0.97% 9.12% 1.59% 11.26% 2.17%

EBIDTA Growth 1.96% 6.46% 6.79% 12.21% 4.35%
EBT Growth 1.85% 6.67% 6.32% 12.53% 3.21%
Net profit Growth -6.07% 8.74% 6.13% 16.24% 22.50%
Dividend Growth 36.00% -16.18% 8.42% 11.65% 76.52%

Gross Margin 49.28% 51.11% 48.68% 49.44% 49.90% 50.74%

EBIDTA Margin 36.71% 37.08% 36.17% 38.02% 38.35% 39.17%
EBIT Margin 34.07% 34.33% 33.48% 35.18% 35.46% 35.84%
EBT Margin 33.83% 34.13% 33.36% 34.91% 35.31% 35.67%
Net Profit Margin 21.99% 20.46% 20.39% 21.30% 22.25% 26.68%

SalesExpenses%Sales 12.56% 14.03% 12.51% 11.42% 11.56% 11.57%

Depreciation%Sales 2.65% 2.75% 2.70% 2.85% 2.89% 3.33%
Operatingincome%Sales 34.07% 34.33% 33.48% 35.18% 35.46% 35.84%

Return on Capital Employed 41.32% 31.46% 30.82% 29.09% 28.98% 27.00%

Retained Earnings % 41% 15% 34% 32% 34% 5%
Return on Equity % 26.90% 18.79% 18.78% 17.62% 18.19% 20.19%
Self Sustained Growth Rate 11.11% 2.76% 6.35% 5.65% 6.27% 1.07%
Interest Coverage Ratio 145.38x 172.20x 292.00x 132.90x 240.07x 217.48x

Debtor Turnover Ratio 19.58x 20.44x 17.28x 16.20x 11.98x 19.27x

Creditor Turnover Rtaio 2.78x 4.41x 4.53x 3.72x 3.84x 4.20x
Inventory Turnover 4.52x 4.32x 5.27x 5.80x 6.15x 5.56x
Fixed Asset Turnover 2.54x 2.59x 2.69x 2.63x 2.50x 2.27x
Capital Turnover 1.22x 0.92x 0.92x 0.83x 0.82x 0.76x

Debtor Days 19 Days 18 Days 21 Days 23 Days 30 Days 19 Days

Payable Days 131 Days 83 Days 81 Days 98 Days 95 Days 87 Days
Inventory Days 81 Days 84 Days 69 Days 63 Days 59 Days 66 Days
Cash Conversion Cycle -32 Days 19 Days 10 Days -13 Days -5 Days -2 Days

CFO/Sales 139.86% 92.34% 107.47% 149.63% 186.18% 27.46%

CFO/Total Assets 118.15% 70.06% 82.23% 101.20% 125.45% 17.54%
CFO/Total Debt ### ### ### ### ### 4888.81%

RETURN ON ASSETS
PAT vs Total Assets 18.58% 15.52% 15.60% 14.40% 14.99% 17.04%
EBIT vs Total Assets 28.78% 26.05% 25.61% 23.79% 23.89% 22.89%
PAT after Tax benefit vs Total Assets 28.65% 25.96% 25.56% 23.68% 23.83% 22.81%

RETURN ON EQUITY
EPS 7.099781 6.642269 7.177338 7.581647 8.773808 10.71855
Cash Flor Earning Per Share 7.954755 7.534836 8.12634 8.594635 9.913098 12.05673
Dividened Per Share 4.166651 5.666667 4.750004 5.149996 5.750004 10.15
Dividend Pay Out Ratio 58.69% 85.31% 66.18% 67.93% 65.54% 94.70%
Dividend Yield Ratio 1% 0% 0% 0% 0% 0%
Analysis of - ITC LTD
Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median

-0.26% 23.12% 16.94% -0.07% 7.20% 2.17%

-11.78% 20.85% 24.64% 2.06% 7.50% 6.46%
-12.81% 22.59% 26.48% 2.18% 7.67% 6.32%
-17.98% 25.80% 27.85% 3.27% 9.61% 8.74%
5.91% 6.98% 34.78% -11.29% 16.98% 8.42%

45.43% 43.85% 45.99% 47.77% 48.22% 48.98%

34.64% 34.01% 36.24% 37.02% 36.74% 36.87%
31.30% 31.15% 33.69% 34.45% 33.89% 34.20%
31.19% 31.05% 33.58% 34.34% 33.74% 33.98%
21.94% 22.41% 24.51% 25.33% 22.72% 22.12%

10.78% 9.84% 9.75% 10.75% 11.48% 11.49%

3.34% 2.86% 2.55% 2.56% 2.85% 2.80%
31.30% 31.15% 33.69% 34.45% 33.89% 34.20%

25.44% 30.13% 34.40% 32.64% 31.13% 30.47%

-22% -4% -11% 4% 12.85% 10.00%
17.91% 21.76% 25.13% 24.09% 20.94% 19.49%
-4.02% -0.93% -2.72% 1.05% 2.66% 1.91%
265.99x 314.90x 307.26x 304.97x 239.31x 253.03x

19.69x 24.63x 23.99x 17.60x 19.07x 19.43x

3.75x 4.18x 4.33x 4.18x 3.99x 4.18x
4.74x 5.58x 6.02x 5.01x 5.30x 5.42x
2.11x 2.50x 2.74x 2.55x 2.51x 2.54x
0.82x 0.97x 1.03x 0.95x 0.92x 0.92x

19 Days 15 Days 15 Days 21 Days 20 Days 19 Days

97 Days 87 Days 84 Days 87 Days 93 Days 87 Days
77 Days 65 Days 61 Days 73 Days 70 Days 67 Days
-2 Days -7 Days -8 Days 6 Days -3 Days -4 Days

228.99% -37.93% 157.05% 134.62% 118.57% 137.24%

152.92% -29.79% 129.77% 103.97% 87.15% 102.59%
### ### ### ### 111968.75% 39020.38%

14.65% 17.61% 20.25% 19.56% 16.82% 16.32%

20.90% 24.47% 27.84% 26.61% 25.08% 25.04%
20.85% 24.42% 27.77% 26.55% 25.01% 24.99%

8.779028 11.03066 13.98381 14.37567 961.63% 877.64%

10.11595 12.43646 15.4394 15.83056 1080.03% 1001.45%
10.75 11.5 15.5 13.75 871.33% 795.00%
122.45% 104.25% 110.84% 95.65% 87.15% 90.00%
0% 0% 0% 0%
 ITC LTD - Sales Forecasting ITC LTD - EBITDA Forecasting
Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth
1 2014A 38,817.2 1 2014A 14,251.6
2 2015A 39,192.1 0.97% 2 2015A 14,531.5 1.96%
3 2016A 42,767.6 9.12% 3 2016A 15,469.5 6.46%
4 2017A 43,448.9 1.59% 4 2017A 16,520.6 6.79%
5 2018A 48,339.6 11.26% 5 2018A 18,537.4 12.21%
6 2019A 49,387.7 2.17% 6 2019A 19,343.5 4.35%
7 2020A 49,257.5 -0.26% 7 2020A 17,064.8 -11.78%
8 2021A 60,644.5 23.12% 8 2021A 20,623.1 20.85%
9 2022A 70,919.0 16.94% 9 2022A 25,704.3 24.64%
10 2023A 70,866.2 -0.07% 10 2023A 26,232.6 2.06%
11 2024E 71,977.0 1.57% 11 2024E 25,969.4 -1.00%
12 2025E 75,724.8 5.21% 12 2025E 27,267.8 5.00%
13 2026E 79,472.6 4.95% 13 2026E 28,566.3 4.76%
14 2027E 83,220.4 4.72% 14 2027E 29,864.7 4.55%
15 2028E 86,968.2 4.50% 15 2028E 31,163.2 4.35%
16 2029E 90,716.0 4.31% 16 2029E 32,461.6 4.17%
 ITC LTD - EPS Forecasting
Year Weight Year Sales Sales Growth
1 2014A 7.1
2 2015A 6.6 -6.44%
3 2016A 7.2 8.06%
4 2017A 7.6 5.63%
5 2018A 8.8 15.72%
6 2019A 10.7 22.17%
7 2020A 8.8 -18.10%
8 2021A 11.0 25.65%
9 2022A 14.0 26.77%
10 2023A 14.4 2.80%
11 2024E 14.3 -0.26%
12 2025E 15.2 5.99%
13 2026E 16.1 5.65%
14 2027E 16.9 5.35%
15 2028E 17.8 5.08%
16 2029E 18.6 4.83%
 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - 24,483 36,918 43,261 34,374 38,134 49,550 71,459
Profit from operations 36,104 34,373 38,444 38,994 38,887 44,170 62,765
Receivables -1,068 7,289 -1,913 1,097 -6,880 -8,511 -21,991
Inventory -7,724 -7,525 -1,396 3,472 6,758 -6,899 -10,474
Payables 2,044 7,608 14,339 -2,754 7,951 30,873 51,003
Working capital changes -6,748 7,372 11,030 1,815 7,829 15,463 18,538
Direct taxes -4,881 -4,824 -6,213 -6,435 -8,582 -10,083 -9,844
Other operating items 8 -3 0 0 0 0 0
Cash from Investing Activity - -6,301 -27,601 -73,070 -64,706 -36,186 -66,201 -68,192
Fixed assets purchased -16,381 -30,726 -60,087 -63,364 -46,898 -78,109 -73,953
Fixed assets sold 23,317 2,138 148 402 344 1,482 999
Investments purchased -332,414 -484,826 -765,659 -678,241 -715,334 -654,760 -533,984
Investments sold 317,422 482,102 749,849 666,383 721,182 663,990 537,504
Interest received 1,052 6,144 6,413 6,055 2,942 1,110 1,310
Dividends received 27 128 316 548 732 345 1,021
Other investing items 676 -2,561 -4,050 3,511 846 -259 -1,089
Cash from Financing Activity - -7,590 408 13,713 8,444 -3,210 8,617 -2,001
Proceeds from shares 94 12 188 343 288 811 406
Proceeds from borrowings 8,497 21,186 42,152 29,413 34,673 31,728 36,970
Repayment of borrowings -9,545 -10,532 -19,835 -11,909 -21,693 -18,542 -19,813
Interest paid fin -3,585 -4,626 -5,619 -6,149 -9,224 -12,920 -17,669
Dividends paid -2,772 -2,949 -3,123 -3,268 -7,259 -53 -3,916
Financial liabilities 0 0 0 0 0 0 0
Share application money 0 25 17 17 8 4 15
Other financing items -279 -2,708 -67 -3 -3 7,589 2,006
Net Cash Flow 10,592 9,725 -16,096 -21,888 -1,262 -8,034 1,266
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
42,346 94,877 26,958 110,654 115,032
83,319 85,347 80,129 113,726 140,963
-40,136 -13,792 959 -14,180 13,194
-6,724 -6,342 -7,769 -24,983 -32,228
18,078 38,050 -43,148 39,888 -600
-28,782 17,916 -49,958 725 -19,634
-12,191 -8,386 -3,213 -3,797 -6,297
0 0 0 0 0
-94,507 -72,497 -142,385 -109,162 -93,001
-93,626 -76,517 -105,837 -100,145 -140,988
849 964 2,319 3,137 9,186
-1,107,439 -1,156,843 -689,866 -667,878 -471,822
1,103,615 1,174,796 642,551 668,137 501,266
972 1,441 8,400 5,933 11,103
501 78 26 19 20
621 -16,416 22 -18,365 -1,766
55,906 -2,541 101,904 17,289 10,455
230 129 5 5 479
106,701 53,760 46,421 99,105 67,134
-20,245 -18,179 -116,921 -49,493 -29,059
-23,338 -28,508 -18,340 -26,349 -21,650
-4,282 -4,592 -3,921 -4,297 -5,083
0 -1,062 -1,022 -2,132 -1,406
2 1 0 0 0
-3,162 -4,090 195,682 450 40
3,745 19,839 -13,523 18,781 32,486
1. Purpose if for peer to peer analysis
2. Benchmarking

Common Size Income Statement - ITC LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Raw Material Cost 38.66% 35.12% 36.14% 34.13% 36.46% 36.54% 42.18%
Change in Inventory 0.61% 0.50% -1.39% -2.37% 0.42% 1.42% 1.31%
Power and Fuel 1.57% 1.46% 1.37% 1.50% 1.54% 1.58% 1.42%
Other Mfr. Exp 3.95% 4.04% 3.94% 3.91% 3.87% 3.86% 3.22%
Employee Cost 7.14% 8.78% 8.49% 8.66% 8.64% 8.70% 9.06%
Selling and admin 9.99% 10.87% 9.77% 9.10% 9.41% 9.09% 8.60%
Other Expenses 2.58% 3.15% 2.73% 2.32% 2.15% 2.48% 2.18%
Other Income 3.17% 3.78% 4.11% 5.16% 4.30% 4.89% 5.23%
Depreciation 2.65% 2.75% 2.70% 2.85% 2.89% 3.33% 3.34%
Interest 0.23% 0.20% 0.11% 0.26% 0.15% 0.16% 0.12%
Profit before tax 37.00% 37.91% 37.47% 40.07% 39.62% 40.57% 36.42%
Tax 11.84% 13.67% 12.97% 13.62% 13.06% 8.99% 9.25%
Net profit 24.89% 23.84% 24.06% 25.94% 26.05% 30.99% 26.72%
Dividend Amount 12.91% 17.45% 13.49% 14.47% 14.58% 25.26% 26.86%

Common Size Balance Sheet - ITC LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Total Libalities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Equity Share Capital 1.74% 1.56% 2.17% 1.90% 1.71% 1.59% 1.67%
Reserves 67.32% 81.07% 80.86% 79.84% 80.73% 82.84% 80.15%
Borrowings 0.58% 0.16% 0.08% 0.06% 0.02% 0.36% 0.37%
Other Liabilities 30.35% 17.21% 16.89% 18.20% 17.54% 15.21% 17.82%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 33.30% 29.25% 28.43% 25.72% 27.01% 28.09% 31.59%
Capital Work in Progress 5.88% 4.96% 6.67% 8.57% 5.77% 4.21% 5.44%
Investments 15.11% 22.74% 31.45% 34.33% 34.91% 37.08% 33.72%
Other Assets 5.53% 10.06% 9.19% 11.02% 9.95% 6.41% 5.45%
Receivables 4.31% 3.71% 4.43% 4.18% 5.62% 3.31% 3.39%
Inventory 18.69% 17.54% 14.52% 11.67% 10.96% 11.49% 14.10%
Cash & Bank 17.18% 11.74% 5.31% 4.51% 5.79% 9.41% 6.32%
D

Mar-22 Mar-23 Mar-24

shift + space bar
100.00% 100.00% 100.00% ctrl + -
44.64% 41.41% 39.28%
1.13% 0.51% 0.83%
1.47% 1.74% 1.58%
3.11% 3.28% 3.55%
8.06% 8.09% 8.66%
8.01% 7.90% 8.72%
1.83% 1.85% 2.03%
3.15% 2.96% 3.96%
2.86% 2.55% 2.56%
0.10% 0.11% 0.11%
34.20% 36.54% 38.30%
8.64% 9.08% 9.01%
25.13% 27.06% 28.87%
23.37% 27.16% 24.22%

Mar-22 Mar-23 Mar-24

100.00% 100.00% 100.00%

1.60% 1.45% 1.36%
79.31% 79.12% 79.84%
0.32% 0.36% 0.33%
18.77% 19.07% 18.47%

100.00% 100.00% 100.00%

31.39% 30.12% 30.32%
4.18% 3.50% 3.12%
32.18% 34.27% 33.91%
8.96% 9.27% 4.97%
3.19% 3.44% 4.39%
14.07% 13.71% 15.42%
6.03% 5.69% 7.87%
ITC LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 38,817.15 39,192.10 42,767.60 43,448.94 48,339.58 49,387.70 49,257.45 60,644.54 70,919.03 70,866.22 75,135.27 80,000.93 75,392.44
Expenses 24,565.53 24,660.61 27,298.09 26,928.35 29,802.19 30,044.16 32,192.67 40,021.39 45,214.77 44,633.66 48,495.04 51,324.99 48,661.03
Operating Profit 14,251.62 14,531.49 15,469.51 16,520.59 18,537.39 19,343.54 17,064.78 20,623.15 25,704.26 26,232.56 26,640.23 28,675.94 26,731.41
Other Income 1,229.35 1,483.11 1,758.63 2,239.81 2,080.44 2,417.32 2,576.95 1,909.72 2,097.64 2,803.77 2,655.47 - -
Depreciation 1,027.96 1,077.40 1,152.79 1,236.28 1,396.61 1,644.91 1,645.59 1,732.41 1,809.01 1,816.39 1,939.83 1,939.83 1,939.83
Interest 90.96 78.13 49.03 115.01 71.40 81.38 57.97 59.99 77.77 80.06 53.82 53.82 53.82
Profit before tax 14,362.05 14,859.07 16,026.32 17,409.11 19,149.82 20,034.57 17,938.17 20,740.47 25,915.12 27,139.88 27,302.05 26,682.29 24,737.76
Tax 4,596.42 5,358.21 5,549.09 5,916.43 6,313.92 4,441.79 4,555.29 5,237.34 6,438.40 6,388.52 6,482.90 24% 24%
Net profit 9,663.17 9,344.45 10,289.44 11,271.20 12,592.33 15,306.23 13,161.19 15,242.66 19,191.66 20,458.78 20,540.24 20,346.56 18,863.76
EPS 8.04 7.74 8.47 9.24 10.27 12.45 10.69 12.37 15.44 16.39 16.42 16.26 15.08
Price to earning 27.03 28.27 33.09 27.67 28.94 13.79 20.43 20.26 24.83 26.14 28.98 28.98 22.41
Price 217.23 218.83 280.30 255.50 297.25 171.70 218.50 250.65 383.50 428.35 475.85 471.36 337.86

RATIOS:
Dividend Payout 51.84% 73.20% 56.08% 55.76% 55.98% 81.51% 100.54% 92.97% 100.37% 83.91%
OPM 36.71% 37.08% 36.17% 38.02% 38.35% 39.17% 34.64% 34.01% 36.24% 37.02% 35.46%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 6.92% 7.48% 7.95% 12.89% 6.02% 12.89% 6.02%
OPM 36.66% 36.66% 36.19% 35.84% 35.46% 35.84% 35.46%
Price to Earning 25.40 23.88 22.41 25.06 28.98 28.98 22.41
ITC LTD SCREENER.IN

Narration Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 18,489.45 17,107.99 17,704.52 17,634.89 17,164.46 17,774.47 18,019.37 17,922.70 18,457.33 20,735.87
Expenses 12,412.32 10,848.89 10,999.82 11,010.89 10,494.39 11,320.23 11,515.55 11,296.48 11,708.92 13,974.09
Operating Profit 6,077.13 6,259.10 6,704.70 6,624.00 6,670.07 6,454.24 6,503.82 6,626.22 6,748.41 6,761.78
Other Income 320.73 454.68 595.43 682.52 722.30 673.50 651.31 681.78 699.46 622.92
Depreciation 438.12 462.38 447.11 461.40 442.46 453.04 459.45 461.44 498.57 520.37
Interest 9.25 12.59 9.21 12.15 9.90 9.87 13.60 12.59 11.25 16.38
Profit before tax 5,950.49 6,238.81 6,843.81 6,832.97 6,940.01 6,664.83 6,682.08 6,833.97 6,938.05 6,847.95
Tax 1,488.24 1,568.49 1,773.72 1,607.95 1,759.89 1,700.31 1,281.57 1,646.75 1,761.06 1,793.52
Net profit 4,389.76 4,619.77 5,006.65 5,175.48 5,104.93 4,898.07 5,335.23 5,120.55 5,091.59 4,992.87

OPM 33% 37% 38% 38% 39% 36% 36% 37% 37% 33%
ITC LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 801.55 804.72 1,214.74 1,220.43 1,225.86 1,229.22 1,230.88 1,232.33 1,242.80 1,248.47
Reserves 30,933.94 41,874.80 45,198.19 51,289.68 57,915.01 64,044.04 59,116.46 61,223.24 67,912.46 73,258.53
Borrowings 268.80 83.78 45.72 35.92 13.44 277.45 270.83 249.44 306.04 303.43
Other Liabilities 13,947.93 8,888.04 9,439.67 11,694.85 12,584.73 11,760.04 13,142.59 14,491.01 16,369.66 16,943.54
Total 45,952.22 51,651.34 55,898.32 64,240.88 71,739.04 77,310.75 73,760.76 77,196.02 85,830.96 91,753.97

Net Block 15,303.28 15,106.63 15,893.48 16,523.96 19,374.19 21,713.34 23,298.48 24,231.59 25,851.27 27,820.22
Capital Work in Progress 2,700.20 2,559.72 3,729.89 5,508.33 4,136.42 3,256.46 4,011.29 3,225.54 3,003.30 2,860.78
Investments 6,942.77 11,747.59 17,581.38 22,052.86 25,043.49 28,663.35 24,870.87 24,841.01 29,415.02 31,114.02
Other Assets 21,005.97 22,237.40 18,693.57 20,155.73 23,184.94 23,677.60 21,580.12 24,897.88 27,561.37 29,958.95
Total 45,952.22 51,651.34 55,898.32 64,240.88 71,739.04 77,310.75 73,760.76 77,196.02 85,830.96 91,753.97

Working Capital 7,058.04 13,349.36 9,253.90 8,460.88 10,600.21 11,917.56 8,437.53 10,406.87 11,191.71 13,015.41
Debtors 1,982.07 1,917.18 2,474.29 2,682.29 4,035.28 2,562.48 2,501.70 2,461.90 2,956.17 4,025.82
Inventory 8,586.87 9,062.10 8,116.10 7,495.09 7,859.56 8,879.33 10,397.16 10,864.15 11,771.16 14,152.88

Debtor Days 18.64 17.85 21.12 22.53 30.47 18.94 18.54 14.82 15.21 20.74
Inventory Turnover 4.52 4.32 5.27 5.80 6.15 5.56 4.74 5.58 6.02 5.01

Return on Equity 30% 22% 22% 21% 21% 23% 22% 24% 28% 27%
Return on Capital Emp 40% 36% 35% 34% 32% 29% 34% 39% 38%
ITC LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity 9,843.20 9,799.04 10,627.31 13,169.40 12,583.41 14,689.66 12,526.97 15,775.51 18,877.55 17,178.86
Cash from Investing Activity -5,275.43 -3,920.73 -3,250.93 -7,113.89 -5,545.68 -6,174.02 5,739.98 -2,238.49 -5,732.29 1,562.77
Cash from Financing Activity -4,661.03 -5,612.52 -7,301.03 -6,221.13 -6,868.64 -8,181.48 -18,633.83 -13,580.50 -13,006.03 -18,550.96
Net Cash Flow -93.26 265.79 75.35 -165.62 169.09 334.16 -366.88 -43.48 139.23 190.67
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Weighted Average Cost of Capital

All figures are in INR unless otherwise stated

Peer comps
Debt/
Name of the Comp Country Total Debt Total Equity Tax Rate Equity
1

Avenue Super. India 630.4 279,783.4 30.00% 0.23%

Trent India 4,839.3 140,524.0 30.00% 3.44%
Vedant Fashions India 365.0 22,671.0 30.00% 1.61%
Aditya Bir. Fas. India 10,174.8 19,500.6 30.00% 52.18%
Redtape India 470.8 8,657.3 30.00% 5.44%

Avergae 30.00% 12.58%

Medaian 30.00% 3.44%

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 9.72% Risk Free Rate

Tax Rate 30% Equity Risk Premium
Post Tax Cost of Debt 6.80% Levered Beta 4
Cost Of Equity

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta

Total Debt 630.4 0.22% 8.92% Target Debt/Equity
Market Cpitalization 279,783.4 99.78% 91.08% Tax Rate
Total Capital 280,413.8 100.00% 100.00% Levered Beta

Debt/Equity 0.23% 9.79% Weighted Average Cost of Capital

Notes:-
1. Tax Rate considered as Marginal Tax Rate for the Country
2. Levered Beta is based on 5 years monthly data Debt
3.Unlevered Beta = Levered Beta/(1+(1-Tax Rate)*Debt/Equity) Equity
4.Levered Beta = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity) Weighted Average Cost Of Capital

Cost of Equity
Equity Weight

Cost of Debt
Debt Weight
WACC
 Debt Leverd Unlevered
Capital Beta 2 Beta 3

0.22% 1.27 1.27

3.33% 1.14 1.11
1.58% 0.94 0.93
34.29% 1.23 0.90
5.16% 0.58 0.55

8.92% 1.03 0.95

3.33% 1.14 0.93

7.09%
8.52%
0.99
15.56%

an Unlevered Beta 0.93

9.79%
30%
0.99

verage Cost of Capital

Total Cost al Weight

6.80% 8.92%
15.56% 91.08%
verage Cost Of Capital 14.78%

15.56%
91.08%

6.80%
 8.92%
14.78%
REGRESSION BETA

Avenue Supermart Weekely Return Nifty Return

Date Closing Price Weekely Return Closing Price Weekely Return

3/21/2022 4001.3 17153.0
3/28/2022 4082.2 2.02% 17670.4 3.02%
4/4/2022 4146.3 1.57% 17784.3 0.64%
4/11/2022 4090.9 -1.33% 17475.7 -1.74%
4/18/2022 4028.9 -1.52% 17171.9 -1.74%
4/25/2022 3944.3 -2.10% 17102.6 -0.40%
5/2/2022 3666.2 -7.05% 16411.3 -4.04%
5/9/2022 3230.6 -11.88% 15782.2 -3.83%
5/16/2022 3630.4 12.38% 16266.2 3.07%
5/23/2022 3613.9 -0.46% 16352.5 0.53%
5/30/2022 3820.1 5.71% 16584.3 1.42%
6/6/2022 3755.6 -1.69% 16201.8 -2.31%
6/13/2022 3460.6 -7.86% 15293.5 -5.61%
6/20/2022 3412.0 -1.40% 15699.3 2.65%
6/27/2022 3388.8 -0.68% 15752.0 0.34%
7/4/2022 3941.7 16.32% 16220.6 2.97%
7/11/2022 3926.8 -0.38% 16049.2 -1.06%
7/18/2022 3963.4 0.93% 16719.4 4.18%
7/25/2022 4243.9 7.08% 17158.3 2.62%
8/1/2022 4232.3 -0.27% 17397.5 1.39%
8/8/2022 4336.7 2.47% 17698.2 1.73%
8/15/2022 4382.0 1.04% 17758.4 0.34%
8/22/2022 4409.6 0.63% 17558.9 -1.12%
8/29/2022 4576.8 3.79% 17539.4 -0.11%
9/5/2022 4386.1 -4.17% 17833.3 1.68%
9/12/2022 4327.5 -1.33% 17530.8 -1.70%
9/19/2022 4367.0 0.91% 17327.3 -1.16%
9/26/2022 4386.5 0.45% 17094.3 -1.34%
10/3/2022 4471.5 1.94% 17314.7 1.29%
10/10/2022 4306.1 -3.70% 17185.7 -0.74%
10/17/2022 4215.5 -2.10% 17576.3 2.27%
10/24/2022 4307.4 2.18% 17786.8 1.20%
10/31/2022 4167.4 -3.25% 18117.2 1.86%
11/7/2022 4128.4 -0.94% 18349.7 1.28%
11/14/2022 3910.6 -5.27% 18307.7 -0.23%
11/21/2022 3904.4 -0.16% 18512.8 1.12%
11/28/2022 4005.8 2.59% 18696.1 0.99%
12/5/2022 4002.4 -0.08% 18496.6 -1.07%
12/12/2022 3990.0 -0.31% 18269.0 -1.23%
12/19/2022 3875.6 -2.87% 17806.8 -2.53%
12/26/2022 4068.8 4.98% 18105.3 1.68%
1/2/2023 3842.5 -5.56% 17859.4 -1.36%
1/9/2023 3863.7 0.55% 17956.6 0.54%
1/16/2023 3513.8 -9.06% 18027.7 0.40%
1/23/2023 3562.4 1.38% 17604.3 -2.35%
1/30/2023 3470.4 -2.58% 17854.1 1.42%
2/6/2023 3498.9 0.82% 17856.5 0.01%
2/13/2023 3545.0 1.32% 17944.2 0.49%
2/20/2023 3499.2 -1.29% 17465.8 -2.67%
2/27/2023 3463.3 -1.03% 17594.3 0.74%
3/6/2023 3391.9 -2.06% 17412.9 -1.03%
3/13/2023 3311.3 -2.37% 17100.1 -1.80%
3/20/2023 3358.4 1.42% 16945.1 -0.91%
3/27/2023 3401.1 1.27% 17359.8 2.45%
4/3/2023 3496.1 2.79% 17599.2 1.38%
4/10/2023 3501.1 0.14% 17828.0 1.30%
4/17/2023 3455.9 -1.29% 17624.1 -1.14%
4/24/2023 3511.9 1.62% 18065.0 2.50%
5/1/2023 3598.2 2.46% 18069.0 0.02%
5/8/2023 3677.6 2.21% 18314.8 1.36%
5/15/2023 3395.3 -7.68% 18203.4 -0.61%
5/22/2023 3501.8 3.14% 18499.3 1.63%
5/29/2023 3531.6 0.85% 18534.1 0.19%
6/5/2023 3632.1 2.85% 18563.4 0.16%
6/12/2023 4085.6 12.49% 18826.0 1.41%
6/19/2023 3744.1 -8.36% 18665.5 -0.85%
6/26/2023 3889.2 3.88% 19189.1 2.80%
7/3/2023 3808.9 -2.06% 19331.8 0.74%
7/10/2023 3838.8 0.78% 19564.5 1.20%
7/17/2023 3675.7 -4.25% 19745.0 0.92%
7/24/2023 3713.9 1.04% 19646.1 -0.50%
7/31/2023 3652.1 -1.66% 19517.0 -0.66%
8/7/2023 3550.1 -2.79% 19428.3 -0.45%
8/14/2023 3540.9 -0.26% 19310.2 -0.61%
8/21/2023 3534.6 -0.18% 19265.8 -0.23%
8/28/2023 3761.1 6.41% 19435.3 0.88%
9/4/2023 3782.4 0.57% 19819.9 1.98%
9/11/2023 3796.0 0.36% 20192.3 1.88%
9/18/2023 3689.1 -2.82% 19674.3 -2.57%
9/25/2023 3675.6 -0.37% 19638.3 -0.18%
10/2/2023 3833.9 4.31% 19653.5 0.08%
10/9/2023 3935.9 2.66% 19751.1 0.50%
10/16/2023 3749.5 -4.73% 19542.7 -1.06%
10/23/2023 3665.4 -2.24% 19047.3 -2.53%
10/30/2023 3649.7 -0.43% 19230.6 0.96%
11/6/2023 3798.4 4.07% 19425.3 1.01%
11/13/2023 3810.9 0.33% 19731.8 1.58%
11/20/2023 3842.9 0.84% 19794.7 0.32%
11/27/2023 3988.4 3.79% 20267.9 2.39%
12/4/2023 4070.6 2.06% 20969.4 3.46%
12/11/2023 4045.6 -0.61% 21456.7 2.32%
12/18/2023 4007.9 -0.93% 21349.4 -0.50%
12/25/2023 4082.6 1.86% 21731.4 1.79%
1/1/2024 3863.5 -5.37% 21710.8 -0.09%
1/8/2024 3841.0 -0.58% 21894.6 0.85%
1/15/2024 3731.7 -2.85% 21622.4 -1.24%
1/22/2024 3734.3 0.07% 21352.6 -1.25%
1/29/2024 3784.3 1.34% 21853.8 2.35%
2/5/2024 3719.2 -1.72% 21782.5 -0.33%
2/12/2024 3693.3 -0.70% 22040.7 1.19%
2/19/2024 3840.6 3.99% 22212.7 0.78%
2/26/2024 3884.1 1.14% 22338.8 0.57%
3/4/2024 3925.9 1.08% 22493.6 0.69%
3/11/2024 3932.1 0.16% 22023.3 -2.09%
3/18/2024 4010.6 2.00% 22055.7 0.15%
Return Beta Drifting

Levered Raw Beta 1.27

Beta Weught 75.0%
Beta 1 1.27
Market Beta 1.00 Beta 2 1.27
Market Beta Weight 25.0%
Beta 3 1.27
Adjusted Beta 1.201089
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.5437185473
R Square 0.2956298586
Adjusted R Square 0.288724269
Standard Error 0.0337394452
Observations 104

ANOVA
df
Regression 1
Residual 102
Total 103

Coefficients
Intercept -0.0024496943
X Variable 1 1.268118837
 SS MS F Significance F
0.04873302867 0.0487330287 42.810226913 2.4524721E-09
0.11611171635 0.0011383502
0.16484474501

Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
0.00334560758 -0.7322120942 0.465718261 -0.0090856911 0.0041863024 -0.0090856911 0.0041863024
0.19381446595 6.5429524614 2.452472E-09 0.8836887628 1.6525489113 0.8836887628 1.6525489113
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 Avenue Super. 4297.6 279783.37 630.38 0.04
2 Trent 3948.6 140524.04 4839.33 1.66
3 Vedant Fashions 933 22671.01 365.02 0.27
4 Aditya Bir. Fas. 205.35 19500.64 10174.77 3.46
5 Redtape 625 8657.28 470.82 0.85
RETURNS ON MARKET

Year Annual
2000 -14.65% Average Return 15.61%
2001 -16.18% Dividen Yield 1.23% 1
2002 3.25% Total Market Returns 15.61%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
100
Calculation of ROIC Mar-19 Mar-20 Mar-21 Mar-22

Current Assets
Inventories 67,561.0 73,903.0 81,672.0 107,778.0
Trade receivables 30,089.0 19,656.0 19,014.0 23,640.0
Short term loans 545.0 669.0 65.0 130.0
Other asset items 74,882.0 119,336.0 169,878.0 136,328.0
Total Current Assets 173,077.0 213,564.0 270,629.0 267,876.0

Current Liabilities
Trade Payables 108,309.0 96,799.0 108,897.0 159,330.0
Other liability items 186,215.0 249,736.0 132,774.0 131,150.0
Total Current Liabilities 294,524.0 346,535.0 241,671.0 290,480.0

Net Working Capital (121,447.0) (132,971.0) 28,958.0 (22,604.0)

Non Current Assets

Land 49,371.0 68,743.0 68,768.0 69,855.0
Building 27,672.0 34,380.0 36,781.0 47,561.0
Plant Machinery 318,853.0 449,770.0 471,201.0 518,865.0
Ships Vessels 417.0 502.0 515.0 518.0
Equipments - - - -
Furniture n fittings 21,817.0 31,211.0 38,039.0 57,608.0
Vehicles 1,240.0 1,411.0 2,336.0 2,530.0
Intangible Assets 86,765.0 81,462.0 77,353.0 65,970.0
Other fixed assets 90,387.0 76,299.0 80,819.0 120,717.0
Gross Block 596,522.0 743,778.0 775,812.0 883,624.0
Accumulated Depreciation (198,148.0) (211,120.0) (234,554.0) (255,826.0)
Net Non Current Assets 398,374.0 532,658.0 541,258.0 627,798.0

Invested Capital 276,927.0 399,687.0 570,216.0 605,194.0

EBIT 17,698.6 15,419.2 18,890.7 23,895.2

ROIC 6.39% 3.86% 3.31% 3.95%

Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22

Net Capex 92,777.0 75,553.0 103,518.0 97,008.0

Change in Working Capital (11,524.0) 161,929.0 (51,562.0)

EBIT 17,698.6 15,419.2 18,890.7 23,895.2

TAX 25.21% 29.65% 27.81% 27.03%
EBIT(1-TAX) 13,236.3 10,846.7 13,636.7 17,435.8

Reinvestment 64,029.0 265,447.0 45,446.0

Reinvestment Rate 590.31% 1946.56% 260.65%

Calculation of Reinvestment Rate Mar-19 Mar-20 Mar-21 Mar-22

Reinvestment Rate 590.31% 1946.56% 260.65%

ROIC 3.86% 3.31% 3.95%
Intrisic Growth 22.77% 64.49% 10.29%
 Mar-23

140,008.0
28,448.0
176.0
114,469.0
283,101.0

147,172.0
178,165.0
325,337.0

(42,236.0)

79,697.0
69,747.0
557,687.0
508.0
45,067.0
38,161.0
3,667.0
85,032.0
138,426.0
1,017,992.0
(293,187.0)
724,805.0

682,569.0
24,416.2

3.58%

Mar-23

131,802.0
(19,632.0)

24,416.2
26.25%
18,006.6

112,170.0
622.94% 4 Years Median 606.62%

Mar-23

622.94%
3.58%
22.28% 4 Years Median 22.53%
Particulars Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Equity Capital 2,979.0 2,936.0 2,940.0 2,943.0 2,948.0 2,959.0

Reserves 166,467.0 179,119.0 195,747.0 215,556.0 228,608.0 260,750.0
Borrowings -
Long term Borrowings 65,352.0 70,960.0 101,019.0 128,165.0 154,957.0 172,285.0
Short term Borrowings 17,283.0 18,362.0 32,792.0 27,965.0 23,545.0 31,528.0
Lease Liabilities - - - - - -
Other Borrowings 9,812.0 17,897.0 4,950.0 12,121.0 16,212.0 13,662.0
Other Liabilities -
Non controlling int 799.0 949.0 959.0 3,038.0 3,356.0 2,917.0
Trade Payables 40,368.0 49,700.0 60,860.0 59,407.0 60,296.0 76,595.0
Other liability items 24,131.0 22,434.0 29,576.0 55,291.0 109,075.0 146,106.0
Total Liabilities 327,191 362,357 428,843 504,486 598,997 706,802

Fixed Assets -
Land 8,806.0 9,291.0 9,378.0 9,859.0 63,734.0 65,973.0
Building 11,458.0 11,939.0 13,239.0 13,967.0 15,283.0 18,813.0
Plant Machinery 140,238.0 142,991.0 147,313.0 158,698.0 168,888.0 179,326.0
Ships Vessels 396.0 387.0 387.0 397.0 422.0 3,484.0
Equipments - - - - - -
Furniture n fittings 5,294.0 5,460.0 10,035.0 4,835.0 6,282.0 7,848.0
Vehicles 429.0 497.0 582.0 710.0 777.0 1,155.0
Intangible Assets 54,316.0 57,495.0 70,668.0 88,103.0 68,660.0 75,351.0
Other fixed assets 12,538.0 12,911.0 9,417.0 12,297.0 11,453.0 9,343.0
Gross Block 233,475.0 240,971.0 261,019.0 288,866.0 335,499.0 361,293.0
Accumulated Depreciation 94,661.0 107,484.0 119,602.0 132,408.0 150,589.0 162,767.0
Net Block 138,814.0 133,487.0 141,417.0 156,458.0 184,910.0 198,526.0

CWIP 25,363.0 49,952.0 91,494.0 166,462.0 228,697.0 324,837.0

Investments 38,596.0 42,848.0 60,602.0 76,451.0 84,015.0 82,899.0

Other Assets -
Inventories 46,692.0 54,601.0 56,720.0 53,248.0 46,486.0 48,951.0
Trade receivables 16,939.0 9,750.0 9,411.0 5,315.0 4,465.0 8,177.0
Cash Equivalents 40,731.0 50,456.0 37,984.0 12,545.0 11,028.0 3,023.0
Short term loans 12.0 84.0 - - 841.0 996.0
Other asset items 20,044.0 21,179.0 31,215.0 34,007.0 38,555.0 39,393.0
Total Liabilities 327,191 362,357 428,843 504,486 598,997 706,802
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

5,922.0 5,926.0 6,339.0 6,445.0 6,765.0 6,766.0

287,584.0 381,186.0 442,827.0 693,727.0 772,720.0 709,106.0

164,385.0 226,345.0 216,470.0 182,520.0 224,883.0 296,023.0

37,429.0 64,436.0 93,786.0 88,128.0 78,606.0 130,790.0
- - - 8,314.0 15,669.0 20,426.0
38,029.0 16,933.0 44,877.0 - - 4,425.0

3,539.0 8,280.0 12,181.0 99,260.0 109,499.0 113,009.0

106,861.0 108,309.0 96,799.0 108,897.0 159,330.0 147,172.0
167,524.0 186,215.0 249,736.0 132,774.0 131,150.0 178,165.0
811,273 997,630 1,163,015 1,320,065 1,498,622 1,605,882

66,765.0 49,371.0 68,743.0 68,768.0 69,855.0 79,697.0

22,194.0 27,672.0 34,380.0 36,781.0 47,561.0 69,747.0
325,183.0 318,853.0 449,770.0 471,201.0 518,865.0 557,687.0
5,038.0 417.0 502.0 515.0 518.0 508.0
- - - - - 45,067.0
10,146.0 21,817.0 31,211.0 38,039.0 57,608.0 38,161.0
1,199.0 1,240.0 1,411.0 2,336.0 2,530.0 3,667.0
76,599.0 86,765.0 81,462.0 77,353.0 65,970.0 85,032.0
74,160.0 90,387.0 76,299.0 80,819.0 120,717.0 138,426.0
581,284.0 596,522.0 743,778.0 775,812.0 883,624.0 1,017,992.0
177,399.0 198,148.0 211,120.0 234,554.0 255,826.0 293,187.0
403,885.0 398,374.0 532,658.0 541,258.0 627,798.0 724,805.0

187,022.0 179,463.0 109,106.0 125,953.0 172,506.0 293,752.0

82,862.0 235,635.0 276,767.0 364,828.0 394,264.0 235,560.0

60,837.0 67,561.0 73,903.0 81,672.0 107,778.0 140,008.0

17,555.0 30,089.0 19,656.0 19,014.0 23,640.0 28,448.0
4,255.0 11,081.0 30,920.0 17,397.0 36,178.0 68,664.0
2,327.0 545.0 669.0 65.0 130.0 176.0
52,530.0 74,882.0 119,336.0 169,878.0 136,328.0 114,469.0
811,273 997,630 1,163,015 1,320,065 1,498,622 1,605,882
Calculation of PV of FCFF Mar/23A Mar/24F Mar/25F Mar/26F Mar/27F

EBIT 24416.17 29916.65 36656.29 44914.23 55032.53

Tax Rate 24.71% 24.71% 24.71% 24.71% 24.71%

EBIT(1-T) 18381.72 22522.77 27596.7 33813.7 41431.26

Less:- Reinvestment Rate 141.69% 141.69% 141.69% 141.69% 141.69%

Free Cash Flow to Firm (FCFF) -7663.563 -9390.013 -11505.4 -14097.34 -17273.19

Mid Year Convention 0.5 1.5 2.5 3.5

Discounting Factor 0.933 0.813 0.708 0.617

PV of FCFF -8764.639 -9356.321 -9987.946 -10662.21

Expected Growth 22.53%

Terminal Growth 5.90%
WACC 14.78%

Calculation of Terminal Value

FCFF(n+1) -25932.4547199
WACC 14.78%
Terminal Growth Rate 5.90%

Terminal Value -292048.020897

Calculation of Equity Value Per Share

PV of FCFF -50153.1111667
PV of Terminal Value -157059.60
Value of Operating Assets -20721271.35%

Add: CASH 7217.68

Less:- DEBT 426813.00

Value of Equity -626808.03

NO. of Shares 1,251.08
Euity Value Per Share -501.01

Share Price 2883

Discount/Premium -6.75x
 Mar/28F H

67430.28

24.71%

50764.91

141.69%

-21164.51

4.5

0.538

-11382
COMPANY NAME ITC LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 1,251.08
Face Value 1.00
Current Price 475.85
Market Capitalization 595,326.99

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 38,817.15 39,192.10 42,767.60 43,448.94
Raw Material Cost 15,007.90 13,763.88 15,456.59 14,827.72
Change in Inventory 235.72 195.38 -592.57 -1,027.76
Power and Fuel 610.67 571.88 584.33 653.50
Other Mfr. Exp 1,533.25 1,581.59 1,683.90 1,697.62
Employee Cost 2,772.28 3,440.97 3,631.73 3,760.90
Selling and admin 3,876.19 4,261.78 4,179.74 3,954.87
Other Expenses 1,000.96 1,235.89 1,169.23 1,005.98
Other Income 1,229.35 1,483.11 1,758.63 2,239.81
Depreciation 1,027.96 1,077.40 1,152.79 1,236.28
Interest 90.96 78.13 49.03 115.01
Profit before tax 14,362.05 14,859.07 16,026.32 17,409.11
Tax 4,596.42 5,358.21 5,549.09 5,916.43
Net profit 9,663.17 9,344.45 10,289.44 11,271.20
Dividend Amount 5,009.69 6,840.12 5,770.02 6,285.21

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23
Sales 18,489.45 17,107.99 17,704.52 17,634.89
Expenses 12,412.32 10,848.89 10,999.82 11,010.89
Other Income 320.73 454.68 595.43 682.52
Depreciation 438.12 462.38 447.11 461.40
Interest 9.25 12.59 9.21 12.15
Profit before tax 5,950.49 6,238.81 6,843.81 6,832.97
Tax 1,488.24 1,568.49 1,773.72 1,607.95
Net profit 4,389.76 4,619.77 5,006.65 5,175.48
Operating Profit 6,077.13 6,259.10 6,704.70 6,624.00
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 801.55 804.72 1,214.74 1,220.43
Reserves 30,933.94 41,874.80 45,198.19 51,289.68
Borrowings 268.80 83.78 45.72 35.92
Other Liabilities 13,947.93 8,888.04 9,439.67 11,694.85
Total 45,952.22 51,651.34 55,898.32 64,240.88
Net Block 15,303.28 15,106.63 15,893.48 16,523.96
Capital Work in Progress 2,700.20 2,559.72 3,729.89 5,508.33
Investments 6,942.77 11,747.59 17,581.38 22,052.86
Other Assets 21,005.97 22,237.40 18,693.57 20,155.73
Total 45,952.22 51,651.34 55,898.32 64,240.88
Receivables 1,982.07 1,917.18 2,474.29 2,682.29
Inventory 8,586.87 9,062.10 8,116.10 7,495.09
Cash & Bank 7,896.22 6,063.30 2,967.40 2,899.60
No. of Equity Shares ### ### ### ###
New Bonus Shares ###
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 9,843.20 9,799.04 10,627.31 13,169.40
Cash from Investing Activity -5,275.43 -3,920.73 -3,250.93 -7,113.89
Cash from Financing Activity -4,661.03 -5,612.52 -7,301.03 -6,221.13
Net Cash Flow -93.26 265.79 75.35 -165.62

PRICE: 217.23 218.83 280.30 255.50

DERIVED:
Adjusted Equity Shares in Cr 1,202.33 1,207.08 1,214.74 1,220.43
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

48,339.58 49,387.70 49,257.45 60,644.54 70,919.03 70,866.22
17,623.52 18,048.60 20,776.71 27,071.07 29,364.36 27,835.90
203.19 703.13 645.27 686.00 358.59 588.69
746.73 780.85 699.56 889.77 1,232.34 1,120.25
1,871.01 1,908.29 1,587.18 1,887.67 2,327.80 2,513.67
4,177.88 4,295.79 4,463.33 4,890.55 5,736.22 6,134.35
4,546.39 4,488.63 4,236.77 4,858.38 5,604.08 6,178.63
1,039.85 1,225.13 1,074.39 1,109.95 1,308.56 1,439.55
2,080.44 2,417.32 2,576.95 1,909.72 2,097.64 2,803.77
1,396.61 1,644.91 1,645.59 1,732.41 1,809.01 1,816.39
71.40 81.38 57.97 59.99 77.77 80.06
19,149.82 20,034.57 17,938.17 20,740.47 25,915.12 27,139.88
6,313.92 4,441.79 4,555.29 5,237.34 6,438.40 6,388.52
12,592.33 15,306.23 13,161.19 15,242.66 19,191.66 20,458.78
7,048.70 12,476.58 13,231.96 14,171.80 19,263.40 17,166.46

Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24

17,164.46 17,774.47 18,019.37 17,922.70 18,457.33 20,735.87
10,494.39 11,320.23 11,515.55 11,296.48 11,708.92 13,974.09
722.30 673.50 651.31 681.78 699.46 622.92
442.46 453.04 459.45 461.44 498.57 520.37
9.90 9.87 13.60 12.59 11.25 16.38
6,940.01 6,664.83 6,682.08 6,833.97 6,938.05 6,847.95
1,759.89 1,700.31 1,281.57 1,646.75 1,761.06 1,793.52
5,104.93 4,898.07 5,335.23 5,120.55 5,091.59 4,992.87
6,670.07 6,454.24 6,503.82 6,626.22 6,748.41 6,761.78
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
1,225.86 1,229.22 1,230.88 1,232.33 1,242.80 1,248.47
57,915.01 64,044.04 59,116.46 61,223.24 67,912.46 73,258.53
13.44 277.45 270.83 249.44 306.04 303.43
12,584.73 11,760.04 13,142.59 14,491.01 16,369.66 16,943.54
71,739.04 77,310.75 73,760.76 77,196.02 85,830.96 91,753.97
19,374.19 21,713.34 23,298.48 24,231.59 25,851.27 27,820.22
4,136.42 3,256.46 4,011.29 3,225.54 3,003.30 2,860.78
25,043.49 28,663.35 24,870.87 24,841.01 29,415.02 31,114.02
23,184.94 23,677.60 21,580.12 24,897.88 27,561.37 29,958.95
71,739.04 77,310.75 73,760.76 77,196.02 85,830.96 91,753.97
4,035.28 2,562.48 2,501.70 2,461.90 2,956.17 4,025.82
7,859.56 8,879.33 10,397.16 10,864.15 11,771.16 14,152.88
4,152.03 7,277.34 4,659.02 4,654.42 4,880.19 7,217.68
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

12,583.41 14,689.66 12,526.97 15,775.51 18,877.55 17,178.86
-5,545.68 -6,174.02 5,739.98 -2,238.49 -5,732.29 1,562.77
-6,868.64 -8,181.48 -18,633.83 -13,580.50 -13,006.03 -18,550.96
169.09 334.16 -366.88 -43.48 139.23 190.67

297.25 171.70 218.50 250.65 383.50 428.35

1,225.86 1,229.22 1,230.88 1,232.33 1,242.80 1,248.47