il

l!.Bduring V11lut•

ITC Limited
Statement of Unaudited Standalone Financial Results for the Quarter and Six Months ended 30th September, 2023
(f in Crores)
c;orresponamg 1-"receamg Twelve
Particulars 3 Months 3 Months 3 Months 6 Months 6 Months Months
ended ended ended ended ended ended
30.09.2023 30.09.2022 30.06.2023 30.09.2023 30.09.2022 31.03.2023

(Unaudited) (Unaudited) {Unaudited) (Unaudited) {Unaudited) (Audited)

Gross Revenue from sale of products and services (i) 17548.75 16971.18 16842.93 34391.68 35134.74 69480.89
Other operating revenue (ii) 156.33 188.38 152.56 308.89 344.98 770.39
REVENUE FROM OPERATIONS[(i)+(ii)] 1 17705.08 17159.56 16995.49 34700.57 35479.72 70251.28
OTHER INCOME 2 895.61 506.90 708.74 1604.35 819.59 2437.61
TOTAL INCOME (1+2) 3 18600.69 17666.46 17704.23 36304.92 36299.31 72688.89

EXPENSES
a) Cost of materials consumed 5371.34 5076.57 4928.80 10300.14 9845.17 19809.83
b) Purchases of stock-in-trade 1285.08 1020.46 1835.54 3120.62 5937.09 9109.85
c) Changes in inventories of finished goods, stock-in-trade,
407.82 840.97 (348.80) 59.02 (367.45) (39.50)
work-in-progress and intermediates
d) Excise duty 1155.01 1029.65 1167.29 2322.30 2060.16 4208.01
e) Employee benefits expense 909.22 936.41 903.79 1813.01 1798.51 3569.46
f) Finance costs 10.51 10.67 10.72 21.23 19.80 41.81
g) Depreciation and amortization expense 413.22 422.02 402.49 815.71 833.55 1662.73
h) Other expenses 2534.99 2391.17 2258.81 4793.80 4694.39 9649.16
TOTAL EXPENSES 4 12087.19 11727.92 11158.64 23245.83 24821.22 48011.35

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 6513.50 5938.54 6545.59 13059.09 11478.09 24677.54
EXCEPTIONAL ITEMS 6 - - - - - 72.87
PROFIT BEFORE TAX (5+6) 7 6513.50 5938.54 6545.59 13059.09 11478.09 24750.41
TAX EXPENSE 8 1586.54 1472.48 1642.85 3229.39 2842.65 5997.10
a) Current Tax 1530.23 1471.18 1591.28 3121.51 2839.59 6025.32
b) Deferred Tax 56.31 1.30 51.57 107.88 3.06 (28.22)
PROFIT FOR THE PERIOD (7-8) 9 4926.96 4466.06 4902.74 9829.70 8635.44 18753.31
OTHER COMPREHENSIVE INCOME 10 90.68 530.14 422.96 513.64 194.42 29.26
A (i) Items that will not be reclassified to profit or loss 118.70 544.25 401.24 519.94 301.15 91.31
(ii) Income tax relating to items that will not be reclassified to
(9.59) (2.18) 2.53 (7.06) (4.99) (0.34)
profit or loss
B (i) Items that will be reclassified to profit or loss (24.64) (15.94) 25.65 1.01 (135.96) (82.46)
(ii) Income tax relating to items that will be reclassified to
6.21 4.01 (6.46) (0.25) 34.22 20.75
profit or loss
TOTAL COMPREHENSIVE INCOME (9+10) 11 5017.64 4996.20 5325.70 10343.34 8829.86 18782.57
PAID UP EQUITY SHARE CAPITAL 12 1247.09 1239.92 1243.95 1247.09 1239.92 1242.80
(Ordinary Shares oft 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES 13 66351.00
EARNINGS PER SHARE (oft 1/- each) (not annualised): 14
(a) Basic (t) 3.96 3.61 3.94 7.90 6.99 15.15
(b) Diluted (t) 3.95 3.60 3.93 7.88 6.98 15.11

Notes:
1 The Unaudited Standalone Financial Results, Segment Results, Balance Sheet and Cash Flow Statement were reviewed by the Audit Committee, and
approved by the Board of Directors of the Company at its meetings held on 19th October, 2023.
2 The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other
expenses' stated above and in Segment Results under 'FMCG-Others'.
3 3, 14,47,010 Ordinary Shares off 1/- each were issued and allotted under the Company's Employee Stock Option Schemes during the quarter ended
30th September, 2023. Consequently, the issued and paid-up Share Capital of the Company stands increased to f 1247,09,14,521/- as on 30th
September, 2023.
4 The Board at its meeting held on 14th August, 2023 has, subject to necessary approvals, considered and approved demerger of Hotels Business under a
scheme of arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors under Sections 230-232 and other
applicable provisions of the Companies Act, 2013 (the 'Scheme'). The Scheme has since been filed with the Stock Exchanges for approval.
5 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Limited Review
The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed
and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six Months ended 30th September, 2023 which needs
to be explained.
 ITC Limited
(f in Crores)
Balance Sheet STANDALONE
As at As at
Particulars current half year end previous year end
30.09.2023 31.03.2023
(Unaudited) (Audited)
A ASSETS

1 Non-current assets
(a) Property, Plant and Equipment 20748.02 20491 .32
(b) Capital work-in-progress 1692.27 1681.47
(c) Investment Property 378.86 352.26
(d) Goodwill 577.20 577.20
(e) Other Intangible assets 2026.03 2037.42
(f) Other Intangible assets under development 23.83 15.13
(g) Right of Use Assets 737.84 715.91
(h) Financial Assets
(i) Investments 18056.88 16363.55
(ii) Loans 3.89 4.07
(iii) Others 2179.93 3608.23
(i) Other non-current assets 1209.46 1211.74
Non-current assets 47634.21 47058.30

2 Current assets
(a) Inventories 13440.44 10593.90
(b) Financial Assets
(i) Investments 12295.51 16357.07
(ii) Trade receivables 3507.53 2321 .33
(iii) Cash and cash equivalents 77.10 206.88
(iv) Other Bank Balances 3758.00 3624.38
(v) Loans 4.14 5.95
(vi) Others 830.81 705.84
(c) Other current assets 1346.05 1388.09
Current assets 35259.58 35203.44

Total Assets 82893.79 82261.74

B EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 1247.09 1242.80
(b) Other Equity 65995.70 66351 .00
Equity 67242.79 67593.80

LIABILITIES

1 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 3.28 3.28
(ii) Lease Liabilities 276.53 273.59
(iii) Other financial liabilities 144.70 152.49
(b) Provisions 205.16 201 .83
(c) Deferred tax liabilities (Net) 1735.25 1621 .13
Non-current liabilities 2364.92 2252.32

2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 1.26 1.26
(ii) Trade payables
Total outstanding dues of micro enterprises
160.57 137.50
and small enterprises
Total outstanding dues of creditors other than
4219.62 4213.76
micro enterprises and small enterprises
(iii) Lease Liabilities 53.62 46.54
(iv) Other financial liabilities 1402.49 1730.68
(b) Other current liabilities 5592.86 5446.16
(c) Provisions 43.47 63.59
(d) Current Tax Liabilities (Net) 1812.19 776.13
Current liabilities 13286.08 12415.62

Total Eauitv and Liabilities 82893.79 82261.74

 ITC Limited

Standalone Cash Flow Statement for the half year ended 30th September, 2023
Cf in Croresl
For the half year ended For the half year ended
30th September, 2023 30th September, 2022

A. Cash Flow from Operating Activities

PROFIT BEFORE TAX 13059.09 11478.09
ADJUSTMENTS FOR :
Depreciation and amortization expense 815.71 833.55
Share based payments to employees 39.53 18.74
Finance costs 21 .23 19.80
Interest Income (817.99) (611.14)
Dividend Income (307.04) (69.85)
Net gain on sale of property, plant and equipment, lease termination (71 .82) (1.42)
Doubtful and bad debts 3.55 (2 .11)
Doubtful and bad advances, loans and deposits 24.81 0.23
Impairment of investment in joint venture - 8.50
Gain on sale of investment in joint venture (9.49)
Net gain arising on financial instruments measured at amortised cost I mandatorily
(398.73) (160.27)
measured at fair value through profit or loss
Foreign currency translations and transactions - Net (0.20) (700.44) 9.35 45.38
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 12358.65 11523.47
ADJUSTMENTS FOR :
Trade receivables, advances and other assets (1259.87) (1070.72)
Inventories (2846.54) (1817.04)
Trade payables, other liabilities and provisions 187.73) (4194.14) 126.18 (2761 .58)
CASH GENERATED FROM OPERATIONS 8164.51 8761.89
Income tax paid (net of refunds) (2085.47) (2106.10)
NET CASH FROM OPERATING ACTIVITIES 6079.04 6655.79

B. Cash Flow from Investing Activities

Purchase of property, plant and equipment, intangibles, ROU asset etc. (1170.61) (878.11)
Sale of property, plant and equipment 87.00 24.32
Purchase of current investments (32325.14) (31740.95)
Sale/redemption of current investments 35843 .21 31283.63
Investment in subsidiaries (745.36) (710.82)
Investment in associate (11.54)
Purchase of non-current investments (491.43) (774.54)
Sale I redemption of non-current investments 1275.58 2005.04
Redemption of investment in subsidiary 18.00
Dividend Income 237.23 5.98
Interest received 539.22 518.67
Investment in bank deposits (original maturity more than 3 months) (3133.42) (3507 .73)
Redemption / maturity of bank deposits (original maturity more than 3 months) 4446.33 3476.33
Investment in deposit with housing finance company (2000.00)
Maturity of deposit with housing finance company 1500.00
Loans given (4.58) (1 .07)
Loans realised 6.57 4.22
NET CASH FROM / (USED IN) INVESTING ACTIVITIES 4553.06 (777.03)

C. Cash Flow from Financing Activities

Proceeds from issue of share capital 1074.49 1763.18
Payment of lease liabilities (27.07) (25.38)
Interest paid (21 .39) (20.60)
Net increase in statutory restricted accounts balances 18.70 0.80
Dividend paid 111806.61 ) (7702 .03)
NET CASH USED IN FINANCING ACTIVITIES (10761.88) (5984.03)
NET DECREASE IN CASH AND CASH EQUIVALENTS (129.78) (105.27)
OPENING CASH AND CASH EQUIVALENTS 206.88 184.98
CLOSING CASH AND CASH EQUIVALENTS 77.10 79.71

Notes:

1 CASH AND CASH EQUIVALENTS :

Cash and cash equivalents as above 77.10 79.71
Unrealised gain/ (loss) on foreign currency cash and cash equivalents - 0.01
Cash and cash equivalents 77 .10 79.72

-------
 ITC LIMITED
Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and six months ended 30th September, 2023
ff in Croresl
STANDALONE
Corresponding Preceding Twelve
Particulars 3 Months 3 Months 3 Months 6 Months 6 Months Months
ended ended ended ended ended ended
30.09.2023 30.09.2022 30.06.2023 30.09.2023 30.09.2022 31.03.2023

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) . (Audited)

1. Segment Revenue

a) FMCG - Cigarettes 7657.73 6953.80 7465.27 15123.00 13562.78 28206.83

- Others 5291 .60 4884.76 5166.01 10457.61 9336.15 19122.50

Total FMCG 12949.33 11838.56 12631.28 25580.61 22898.93 47329.33

b) Hotels 649.38 535.96 600.18 1249.56 1090.93 2585.03

c) Agri Business 3930.97 3997.00 5705.39 9636.36 11469.97 18172.34
d) Paperboards, Paper & Packaging 2069.86 2287.58 2120.76 4190.62 4554.80 9081.35
Total 19599.54 18659.10 21057.61 40657.15 40014.63 77168.05

Less : Inter-segment revenue 2050.79 1687.92 4214.68 6265.47 4879.89 7687.16

Gross Revenue from sale of products and services 17548.75 16971.18 16842.93 34391.68 35134.74 69480.89
2. Segment Results

a) FMCG - Cigarettes 4781.72 4429.31 4656.07 9437.79 8618.25 17927.06

- Others [Note (i)] 438.60 320.57 430.88 869.48 524.46 1374.18

Total FMCG 5220.32 4749.88 5086.95 10307.27 9142.71 19301.24

b) Hotels 125.82 83.99 131 .22 257.04 196.15 541.90

c) Agri Business 356.68 345.17 355.95 712.63 629.19 1327.74
d) Paperboards, Paper & Packaging 315.82 629.78 472.45 788.27 1242.76 2293.99
Total 6018.64 5808.82 6046.57 12065.21 11210.81 23464.87

Less : i) Finance Costs 10.51 10.67 10.72 21 .23 19.80 41 .81

ii) Other un-allocable (income) net of
un-allocable expenditure [Note (ii)] (505.37) (140.39) (509.74) (1015.11) (287.08) (1254.48)

iii) Exceptional Items - - - - - (72.87)

Profit Before Tax 6513.50 5938.54 6545.59 13059.09 11478.09 24750.41

3. Segment Assets

a) FMCG - Cigarettes 8949.16 7128.24 7825.32 8949.16 7128.24 7290.67

- Others 13952.40 12903.96 14147.34 13952.40 12903.96 11966.57

Total FMCG 22901.56 20032.20 21972.66 22901.56 20032.20 19257.24

b) Hotels 6514.51 6627.10 6405.44 6514.51 6627.10 6514.91

c) Agri Business 4650.98 5169.05 5045.22 4650.98 5169.05 4114.31
d) Paperboards, Paper & Packaging 9124.85 8810.89 9022.28 9124.85 8810.89 9201 .17
Total 43191.90 40639.24 42445.60 43191.90 40639.24 39087.63

Unallocated Corporate Assets 39701 .89 38220.12 46022.01 39701 .89 38220.12 43174.11

Total Assets 82893.79 78859.36 88467.61 82893.79 78859.36 82261.74

4. Segment Liabilities

a) FMCG - Cigarettes 5469.15 5121 .60 4961.84 5469.15 5121.60 5056.90

- Others 2492.53 2261 .57 2378.16 2492.53 2261.57 2351 .99

Total FMCG 7961.68 7383.17 7340.00 7961.68 7383.17 7408.89

b) Hotels 1026.83 901 .40 904.65 1026.83 901 .40 940.88

c) Agri Business 1076.84 1167.21 1482.27 1076.84 1167.21 1649.76
d) Paperboards, Paper & Packaging 1297.55 1390.88 1208.98 1297.55 1390.88 1315.17
Total 11362.90 10842.66 10935.90 11362.90 10842.66 11314.70

Unallocated Corporate Liabilities 4288.10 3704.20 4296.07 4288.10 3704.20 3353.24

Total Liabilities 15651.00 14546.86 15231.97 15651.00 14546.86 14667.94

Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter and six months ended 30 09.2023
is t 580 .79 Crores and t 1150.47 Crores respectively (quarter ended 30 .09.2022 - t 463.20 Crores; quarter ended 30.06.2023 - t 569.68 Crores; six months ended
30.09.2022 - ~ 809.90 Crores and twelve months ended 31 .03.2023 - f 1953.97 Crores).

Note (ii): 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 tock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and also to attract and retain
talent f r the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Committee.
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.

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.

(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.

Registered Office :
Virginia House, 37 J.L. Nehru Road ,
Kolkata 700 071, India ~ onbehalfoftheBoard ~ /

Dated : 19th October, 2023

Place : New Delhi, India
Director~ ncial Officer Chairman & Managing Director
('

Website: [Link] I E-mail: enduringvalue@[Link] I Phone: +91-33-2288 9371 I Fax: +91-33-2288 06551 CIN : L16005WB1910PLC001985