ITC LTD.

TECHNICAL ANALYSIS
BY -: GROUP NO : 4 FACULTY :
PROF. K.C BOTHRA
RAJDEEP LAHA SUBJECT :
STOCK SIMULATION
SABYASACHI BHATTARCHYA
SOURAV MANNA
ANAY HALDER

ITC Limited (BSE: 500875),(NSE: INE154A01025) public conglomerate company headquartered

in Kolkata, India. Its turnover is $6 billion and a market capitalization of over $30 Billion. The
company has its registered office in Kolkata. It started off as the Imperial Tobacco Company,
and shares ancestry with Imperial Tobacco of the United Kingdom, but it is now fully
independent, and was rechristened to Indian Tobacco Company in 1970 and then to I.T.C.
Limited in 1974

The company is currently headed by Yogesh Chander Deveshwar. It employs over 26,000
people at more than 60 locations across India and is listed on Forbes 2000. ITC Limited
completed 100 years on 24 August 2010.

ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging,
Agri-Business, 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 Agri-Exports, it is rapidly gaining market share even in its nascent businesses of
Packaged Foods & Confectionery, Branded Apparel, Personal Care and Stationery.

ITC's aspiration to be an exemplar in sustainability practices is manifest in its status as the only
company in the world of its size and diversity to be 'carbon positive', 'water positive' and 'solid
waste recycling positive.' In addition, ITC's businesses have created sustainable livelihoods for
more than 5 million people, a majority of whom represent the poorest in rural India. List of
products & brands

In FMCG, ITC has a strong presence in:

Cigarettes: W. D. & H. O. Wills, Gold Flake, Navy Cut, Insignia, India Kings, Classic (Verve,
Rush, Regular, Mild & Ultra Mild), Silk Cut, Scissors, Capstan, Berkeley, Bristol, Lucky Strike
and Flake.
Foods: (Kitchens of India; Ashirvaad; Minto; Sunfeast; Candyman; Bingo; Yippee brands in
Ready to Eat, Staples, Biscuits, Confectionery, Noodles and Snack Foods);

Apparel: (Wills Lifestyle and John Players brands);

Personal care: (Fiama di Wills; Vivel; Essenza di Wills; Superia; Vivel brands of products in
perfumes, haircare and skincare)

Stationery: (Classmate and Paperkraft brands)

Safety Matches and Agarbattis: [Ship (through ownership of WIMCO); iKno; Mangaldeep; Aim
brands]

Other businesses include:

Hotels: ITC's hotels (under brands including ITC Hotel /Welcomhotel) have evolved into being
India's second largest hotel chain with over 80 hotels throughout the country. ITC is also the
exclusive franchisee in India of two brands owned by Sheraton International Inc.- The Luxury
Collection and Sheraton which ITC uses in association with its own brands in the luxury 5 star
segment. Brands in the hospitality sector owned and operated by its subsidiaries include
Fortune and Welcomheritage brands.

Paperboard, Specialty Paper, Graphic and other Paper;

Packaging and Printing for diverse international and Indian clientele.

Infotech (through its near-wholly owned subsidiary ITC Infotech India Limited which is a SEI
CMM Level 5 company)

Rural initiatives

ITC's Agri-Business is India's second largest exporter of agricultural products. ITC is one of the
India's biggest foreign exchange earners (US $ 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.

The company places computers with Internet access in rural farming villages; the e-Choupals
serve as both a social gathering place for exchange of information (choupal means gathering
place in Hindi) and an e-commerce hub. What began as an effort to re-engineer the
procurement process for soy, tobacco, wheat, shrimp, and other cropping systems in rural India
has also created a highly profitable distribution and product design channel for the company—
an e-commerce platform that is also a low-cost fulfillment system focused on the needs of rural
India. The e-Choupal system has also catalyzed rural transformation that is helping to alleviate
rural isolation, create more transparency for farmers, and improve their productivity and
incomes.

Corporate philanthropy
ITC Echoupal creatively leverages information technology to set up a meta-market in favour of
India's small and poor farmers, who would otherwise continue to operate and transact in 'un-
evolved' markets.

As of July 2010, services through 6500 Echoupal across 10 states, reach more than 4 million
farmers in about 40,000 villages. Free access to Internet is also opening windows of rural India
to the world at large.

ITC eChoupal e-choupal is now being regarded as a reliable delivery mechanism for resource
development initiatives. Its potential is being tested through pilot projects in healthcare,
educational services, water management and cattle health management with the help of
several service providers including non-governmental organizations.

When Classmate notebooks were launched, it came up with the initiative of contributing 1
rupee towards the education of poor children,from every single notebook it sold.

Classmate, has launched a programme called Classmate Ideas for India challenges The
programme would be a part of the company's centenary initiative. The nation-wide programme
would invite ideas of the youth, who have the potential to transform India. Classmate Ideas for
India challenge plans to reach out to 25 lakh students across 30 cities, 500 schools and 200
colleges across the country.

Forbes ranking

ITC features on the Forbes Global 2000 rankings for 2007 at position 1256

ITC is the only Indian FMCG company that features on the Forbes Global 2000 rankings for
2009 at position 987.

ITC also featured on the Forbes World's Most reputable Companies List at position 95.

Global and other Honours

ITC is the first from India and among the first 10 companies in the world to publish its
Sustainability Report in compliance (at the highest A+ level) with theest G3 guidelines of the
Netherlands-based Global Reporting Initiative (GRI), a UN-backed, multistakeholder
international initiative to develop and disseminate globally applicable Sustainability Reporting
Guidelines.

ITC is the first Indian company and the second in the world to win the prestigious Development
Gateway Award. It won the $100,000 Award for the year 2005 for its trailblazing ITC e-Choupal
initiative which has achieved the scale of a movement in rural India. The Development Gateway
Award recognizes ITC's e-Choupal as the most exemplary contribution in the field of
Information and Communication Technologies (ICT) for development during the last 10 years.
ITC e-Choupal won the Award for the importance of its contribution to development priorities
like poverty reduction, its scale and replicability, sustainability and transparency.

ITC has won the inaugural 'World Business Award', the worldwide business award recognising
companies who have made significant efforts to create sustainable livelihood opportunities and
enduring wealth in developing countries. The award has been instituted jointly by the United
Nations Development Programme (UNDP), International Chamber of Commerce (ICC) and the
HRH Prince of Wales International Business Leaders Forum (IBLF).

ITC is the first Corporate to receive the Annual FICCI Outstanding Vision Corporate Triple
Impact Award in 2007 for its invaluable contribution to the triple bottom line benchmarks of
building economic, social and natural capital for the nation.

ITC has won the Golden Peacock Awards for 'Corporate Social Responsibility (Asia)' in 2007, the
Award for ‘CSR in Emerging Economies 2005’ and ‘Excellence in Corporate Governance' in the
same year. These Awards have been instituted by the Institute of Directors, New Delhi, in
association with the World Council for Corporate Governance and Centre for Corporate
Governance.

ITC Hotel Royal Gardenia, Bengaluru is the first Indian Hotel and world's largest, to get the
LEED Platinum rating - the highest green building certification globally.

The Stockholm Challenge 2006 for the e-Choupal initiative. This award is for using Information
Technology for the economic development of rural communities.

United Nations Industrial Development Organisation (UNIDO) Award at the international

conference on Sharing Innovative Agribusiness Solutions 2008 at Cairo for ITC's exemplary
initiatives in agri business through the e-Choupal.

The Corporate Social Responsibility Crown Award for Water Practices from UNESCO and Water
Digest for its distinguished work carried out in the water sector in India. ITC also received the
National Award for Excellence in Water Management 2007 in the 'beyond the fence' category
from the CII Sohrabji Godrej Green Business Centre for its leadership role in implementing
water and watershed management practices.

The watershed programme also won the Asian CSR Award 2007 for Environmental Excellence
given by the Asian Institute of Management. The Award recognizes and honours Asian
companies for outstanding, innovative and world-class projects. The Company also received the
Ryutaro Hashimoto Incentive Prize 2007 for Environment & Development from the Asia Pacific
Forum. This Award aims at promoting information dissemination of good practices towards
sustainable development in the Asia-Pacific region.

The Readers' Digest Pegasus Award for corporate social responsibility, recognising outstanding
work done by socially conscious companies.

The Corporate Award for Social Responsibility 2008 from The Energy and Resources Institute
(TERI) in recognition of its exemplary initiatives in implementing integrated watershed
development programmes across 7 states in India. The company also won the award in 2004
for its e-Choupal initiative. The Award provides impetus to sustainable development and
encourages ongoing social responsibility processes within the corporate sector.

The 'Enterprise Business Transformation Award' for Asia Pacific (Apac), instituted by Infosys
Technologies and Wharton School of the University of Pennsylvania for its celebrated e-Choupal
initiative.

The Best Corporate Social Responsibility Practice Award 2008 jointly instituted by the Bombay
Stock Exchange, Times Foundation and the NASSCOM Foundation.

The NASSCOM – CNBC IT User Award 2008 in the Retail & Logistics category. The Company has
been recognised for its pro-active and holistic approach to IT adoption and the seamless
alignment of IT with business strategy. This is the fourth time that ITC has won Nasscom's Best
IT User Award since it was instituted in 2003.

The Institute of Chartered Accountants of India Award for Excellence in Financial Reporting with
its Annual Report and Accounts, adjudged as a commendable entry under the Category
'Manufacturing and Trading Enterprises’.

The Business Today Award for the Best Managed Company in recognition of its outstanding
initiatives in the consumer products segment

General Information.

General Information | Depository Activity | Share Registration

Company's Share Listing on Stock Annual General

GDRs
Capital Exchanges Meeting

Shareholding
Dividend Bonus Issues Share Prices
Pattern

:: Company's Share Capital

507,08,30,134 Ordinary Shares of the Company, representing 65.80% of the Company's paid
up capital, as on 31st December, 2010 are in dematerialised form. The paid-up share capital
of the Company, as on 31st December, 2010, is Rs. 770,59,47,280 (Rs.770.59 crores) divided
into 770,59,47,280 Ordinary Shares of the face value of Re 1/- each.
Total No. of Shareholders as on 31st December, 4,02,42
2010: 7
3,58,11
No. of shareholders in dematerialised form :
7
No. of shareholders in physical form : 44,310
:: GDRs
The Company, in 1993, made an offer of 45,00,000 Global Depository Receipts (GDRs) with
15,00,000 warrants (in the ratio of 1 warrant for every three GDRs held) to subscribe for the
GDRs. As on March 31, 2010, 1,47,00,984 GDRs, representing 1,47,00,984 underlying Ordinary
shares of the Company, were outstanding. The Company's GDRs are listed on the Luxembourg
Stock Exchange (Code: 004660919), at Societe de la Bourse de Luxembourg, 11 Avenue de la
Porte - Neuve, L-2227 Luxembourg.
:: Listing on Stock Exchanges (with Stock Codes)
The Company's shares are listed with 3 Stock Exchanges:
Kolkata (10000018*)
Mumbai (500875*)
National Stock Exchange (ITC*)
* Stock Codes
:: Annual General Meeting (AGM)
The Ninety-Ninth AGM of the Company was held on Friday, 23rd July, 2010 at Science City,
Main Auditorium, JBS Haldane Avenue, Kolkata 700 046, at 10.30 a.m.
Despatch of Notice of the AGM along with copy of the Report and Accounts 2010 to the
Members of the Company was completed on 29th June, 2010.
:: Special Centenary Dividend and Dividend for the financial year ended 31st March,
2010
The Members of the Company at the AGM held on 23rd July, 2010 declared special Centenary
dividend of Rs. 5.50 per Ordinary Share of Re.1/- each and a dividend of Rs. 4.50 per Ordinary
Share for the financial year ended 31st March, 2010, aggregating Rs. 10/- per Ordinary Share,
payable on or after Monday, 26th July, 2010 to those Members of the Company entitled
thereto.
The aforesaid dividend has been credited through National Electronic Clearing Service to the
bank accounts of those shareholders who opted for the same on Monday, 26th July, 2010.
Despatch of dividend warrants to the remaining shareholders has been completed on Saturday,
24th July, 2010.
Unclaimed Dividend
Unclaimed dividend for the years prior to and including the financial year 2002-03 has been
transferred to the General Revenue Account of the Central Government / the Investor
Education and Protection Fund established by the Central Government (IEPF), as applicable.
Shareholders who have not encashed their dividend warrants relating to financial year(s) up to
and including 1993-94 may claim such dividend (transferred to the General Revenue Account)
from the Registrar of Companies, West Bengal, Government of India, Nizam Palace, II MSO
Building, 2nd Floor, 234/4 A.J.C. Bose Road, Kolkata 700 020, in the prescribed form no. 2
attached below.
For Unclaimed Dividend form – Click here
The dividend for the undernoted years, if unclaimed for 7 years, will be transferred by the
Company to IEPF in accordance with the schedule given below.
Once unclaimed dividend is transferred to IEPF, no claim shall lie in respect thereof.
ITC Limited

Dividend Date of Unclaimed Due for

Financi Dividend as on
Identificati Declarati Total Dividend transfer
al 31/03/2010
on on of (Rs.) to IEPF
Year
No. Dividend (Rs.) % on

2003- 74th 30th July, 4,95,35,77,020. 2,72,62,500 0.5 4th

04 2004 00 .00 5 Septemb
er,
2011*
2004- 75th 29th July, 7,73,24,56,356. 4,19,54,783 0.5 3rd
05 2005 00 .00 4 Septemb
er, 2012
2005- 76th 21st July, 9,95,12,91,267. 5,79,56,063 0.5 26th
06 2006 00 .00 8 August,
2013
2006- 77th 27th July, 11,66,29,29,02 7,64,10,164 0.6 1st
07 2007 9.00 .00 6 Septemb
er, 2014
2007- 78th 30th July, 13,19,01,73,54 8,36,71,407 0.6 4th
08 2008 0.00 .00 3 Septemb
er, 2015
2008- 79th 24th July, 13,96,53,10,31 9,32,42,325 0.6 29th
09 2009 2.00 .00 7 August,
2016
* It will not be possible to entertain claims received by ISC after 2nd
September, 2011.

Erstwhile ITC Hotels Limited

Financia Date of Unclaimed Dividend as Due for

Total Dividend on 31/03/2010
l Declaration of transfer to
(Rs.)
Year Dividend (Rs.) % IEPF on

2003-04 14th July, 2004 6,04,32,984.00 6,89,499.00 1.14 18th August,

2011*
* It will not be possible to entertain claims received by ISC after 17th August, 2011.

:: Information on Bonus Issues

 YEAR BONUS
1978 One share for every five shares held
1980 One share for every five shares held
1989 One share for every one share held
1991 Three shares for every five shares held
1994 One share for every one share held
2005 One share for every two shares held
2010* One share for every one share held*

* In accordance with the approval of the Members at the Ninety-Ninth AGM of the Company
held on 23rd July, 2010, the Company on 6th August, 2010 has issued and allotted Bonus
Shares in the ratio of 1 (One) Bonus Share of Re.1/- each for every existing 1 (One) fully paid-
up Ordinary Share of Re.1/- each to those Members who were holding shares of the Company
on 4th August, 2010 i.e. the Record Date fixed for this purpose by the Board of Directors of the
Company.
The Bonus shares, issued and allotted in electronic form have been credited to the Beneficiary
Accounts on 10th August, 2010. With respect to shares issued and allotted in physical form, the
despatch of the Bonus Share Certificates by Speed Post / Registered Air Mail (in case of
shareholders residing abroad) have been completed on 10th August, 2010.
:: Share Prices
ITC's Share Prices for the current financial year
YEAR NSE BSE CSE
2010 HIGH LOW HIGH LOW HIGH LOW
MONTH
APRIL 273.80 260.10 272.60 260.60 264.60 264.40
MAY 287.70 245.00 285.90 253.85 274.10 263.50
JUNE 307.90 275.20 307.80 276.10 291.50 280.05
JULY 311.90 266.40 311.70 289.90 305.00 299.95
AUGUST 313.45 151.55 313.30 151.50 156.00 155.85
SEPTEMBER 180.85 161.40 181.50 161.25 NIL NIL
OCTOBER 181.80 165.00 184.70 165.50 NIL NIL
NOVEMBER 179.40 164.00 178.90 163.70 NIL NI:L

ITC's Share Prices for the last financial year

YEAR NSE BSE CSE
 2009 HIGH LOW HIGH LOW HIGH LOW
MONTH
APRIL 194.25 177.50 194.80 177.60 NIL NIL
MAY 223.25 179.55 209.00 179.35 196.00 182.60
JUNE 210.00 180.50 209.70 180.25 199.00 191.20
JULY 253.00 187.20 252.25 187.20 239.00 227.90
AUGUST 253.00 218.05 252.00 218.00 NIL NIL
SEPTEMBER 238.00 222.40 237.90 223.00 232.55 232.50
OCTOBER 266.50 230.00 267.90 230.00 NIL NIL
NOVEMBER 271.00 243.10 271.30 244.00 264.50 264.45
DECEMBER 260.50 243.20 260.40 232.00 256.90 245.30
YEAR NSE BSE CSE
2010 HIGH LOW HIGH LOW HIGH LOW
MONTH
JANUARY 259.50 241.25 259.60 241.50 255.40 247.50
FEBRUARY 254.85 228.80 254.65 229.00 250.10 246.40
MARCH 272.90 235.00 272.70 232.00 264.75 236.35

Shareholding Pattern

Name of the Company : ITC Limited

Scrip Code, Name of the scrip, class of
security :
Scrip Code - ITC (NSE), 500875 (BSE) ,
10000018 (CSE);
Name of the scrip - ITC LTD; Class of security
- Ordinary Shares
Quarter ended : 30th September, 2010

(I)(a) Statement showing Shareholding

Pattern
 Total
shareholding Sharespledge
Number of as a %age d
shares of total or otherwise
Number number encumbered
Categ Total held
Category of of of shares
ory number of in
shareholder sharehold
Code shares demateriali As a As a Numb
ers
sed %age %age er
form As a
of of of
%age
(A+B (A+B+ share
) C) s
(IX) =
(VIII)
(I) (II) (III) (IV) (V) (VI) (VII) (VIII) /
(IV)*1
00
Promoter
(A) and Promoter
Group
(1) Indian
Individuals
(a) / Hindu 0 0 0 0.00 0.00 0 0.00
Undivided Family
Central
Government
(b) 0 0 0 0.00 0.00 0 0.00
/ State
Government(s)
Bodies
(c) 0 0 0 0.00 0.00 0 0.00
Corporate
Financial
(d) Institutions / 0 0 0 0.00 0.00 0 0.00
Banks
Any Other
(e) 0 0 0 0.00 0.00 0 0.00
(specify)
Sub-Total
0 0 0 0.00 0.00 0 0.00
(A)(1)
(2) Foreign
Individuals
(Non-Resident
(a) Individuals / 0 0 0 0.00 0.00 0 0.00
Foreign
Individuals)
Bodies
(b) 0 0 0 0.00 0.00 0 0.00
Corporate
(c) Institutions 0 0 0 0.00 0.00 0 0.00
Any Other
(d) 0 0 0 0.00 0.00 0 0.00
(specify)
Sub-Total (A)
0 0 0 0.00 0.00 0 0.00
(2)
(I)(b) Statement showing Shareholding of persons belonging to the category
“Promoter and Promoter Group”
Total shares held Shares pledged or otherwise encumbered
Sr. Name of the As a % of grand As a % of grand
No. shareholder Numbe total (A)+(B)+ Numbe As a %age total (A)+(B)+(C) of
r r
(C) sub-clause (I)(a)
(VI) =
(I) (II) (III) (IV) (V) (V)/ (VII)
(III)*100
- 0 0.00 0 0.00 0.00
Total 0 0.00 0 0.00 0.00

(I)(c) Statement showing Shareholding of persons belonging to the category “Public”

and holding more than 1% of the total number of shares
Shares as a %age of total
number of shares
Sr. Number of {i.e., Grand Total (A) + (B)
Name of the shareholder
No. shares + (C)
indicated in Statement
at para (I)(a) above}
1 Tobacco Manufacturers (India) Limited 1985564880 25.86
2 Life Insurance Corporation of India 1021267772 13.30
Specified Undertaking of the Unit
3 896721090 11.68
Trust of India
4 Myddleton Investment Co. Limited 324207960 4.22
The New India Assurance Company
5 169078670 2.20
Limited
General Insurance Corporation of
6 146255158 1.91
India
The Oriental Insurance Company
7 139681560 1.82
Limited
8 National Insurance Company Limited 131422220 1.71
ICICI Prudential Life Insurance
9 121238617 1.58
Company Ltd.
Rothmans International Enterprises
10 103303260 1.35
Limited
Total 5038741187 65.63

(I)(d) Statement showing details of locked - in shares

Locked-in shares as a %age of

total number of shares {i.e.,
Sr. No. Name of the shareholder Number of locked-in shares Grand Total (A) + (B) + (C)
indicated in Statement at para
(I)(a) above}
- 0 0.00
 Total 0 0.00

(II)(a) Statement showing details of Depository Receipts (DRs)

Shares underlying
outstanding DRs as a
Type of outstanding DR Number of shares %age of total number of
Sr. Number of
(ADRs, GDRs, SDRs, underlying shares {i.e., Grand Total
No. outstanding DRs
etc.) outstanding DRs (A) + (B) + (C) indicated
in statement at para (I)
(a) above}
1 GDRs 27573942 27573942 0.36
Total 27573942 27573942 0.36

(II) (b) Statement showing Holding of Depository Receipts (DRs), where underlying
shares are in excess of 1% of the total number of shares
NOT APPLICABLE
Sr. Name of the Type of Number of shares Shares underlying
No. DR Holder outstanding DR underlying outstanding DRs outstanding DRs as a
(ADRs, GDRs, %age of total number of
SDRs, etc.) shares {i.e., Grand Total
(A) + (B) + (C) indicated
in Statement at para (I)
(a) above}
- - - - -
Total

Note :
The 'number of shareholders' is based on DP ID & CL ID Nos. (in respect of shares held in
dematerialised form) and Account Nos. (in respect of shares held in physical form).
Balance Sheet of ITC ------------------- in Rs. Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 375.52 376.22 376.86 377.44 381.82
Equity Share Capital 375.52 376.22 376.86 377.44 381.82
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 8,626.79 10,003.78 11,624.69 13,302.55 13,628.17
Revaluation Reserves 59.17 57.08 56.12 55.09 54.39
Networth 9,061.48 10,437.08 12,057.67 13,735.08 14,064.38
Secured Loans 25.91 60.78 5.57 11.63 0.00
Unsecured Loans 93.82 140.10 208.86 165.92 107.71
Total Debt 119.73 200.88 214.43 177.55 107.71
Total Liabilities 9,181.21 10,637.96 12,272.10 13,912.63 14,172.09
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 6,227.17 7,134.31 8,959.70 10,558.65 11,967.86
Less: Accum. Depreciation 2,065.44 2,389.54 2,790.87 3,286.74 3,825.46
Net Block 4,161.73 4,744.77 6,168.83 7,271.91 8,142.40
Capital Work in Progress 399.97 1,130.20 1,126.82 1,214.06 1,008.99
Investments 3,517.01 3,067.77 2,934.55 2,837.75 5,726.87
Inventories 2,636.29 3,354.03 4,050.52 4,599.72 4,549.07
Sundry Debtors 547.96 636.69 736.93 668.67 858.80
Cash and Bank Balance 67.47 103.54 153.34 68.73 120.16
Total Current Assets 3,251.72 4,094.26 4,940.79 5,337.12 5,528.03
Loans and Advances 1,188.42 1,390.19 1,949.29 2,150.21 1,929.16
Fixed Deposits 788.35 796.62 416.91 963.66 1,006.12
Total CA, Loans & Advances 5,228.49 6,281.07 7,306.99 8,450.99 8,463.31
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 2,736.95 3,113.01 3,619.76 4,121.59 4,619.54
Provisions 1,389.04 1,472.84 1,645.33 1,740.49 4,549.94
Total CL & Provisions 4,125.99 4,585.85 5,265.09 5,862.08 9,169.48
Net Current Assets 1,102.50 1,695.22 2,041.90 2,588.91 -706.17
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 9,181.21 10,637.96 12,272.10 13,912.63 14,172.09

Contingent Liabilities 98.72 129.56 308.08 261.36 258.73

Book Value (Rs) 23.97 27.59 31.85 36.24 36.69
Profit & Loss account of ITC ------------------- in Rs. Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 16,236.42 19,519.99 21,467.38 23,247.84 26,399.63
Excise Duty 6,438.09 7,206.16 7,435.18 8,262.03 7,832.18
Net Sales 9,798.33 12,313.83 14,032.20 14,985.81 18,567.45
Other Income 203.20 276.22 516.50 426.21 545.05
Stock Adjustments 135.68 322.96 32.46 630.30 -447.54
10,137.2 12,913.0 14,581.1 16,042.3 18,664.9
Total Income
1 1 6 2 6
Expenditure
Raw Materials 4,265.72 5,807.48 6,307.79 6,864.96 7,140.69
Power & Fuel Cost 245.17 253.00 309.90 394.12 387.34
Employee Cost 541.40 630.15 745.00 903.37 1,014.87
Other Manufacturing
50.08 65.32 73.52 402.88 413.79
Expenses
Selling and Admin Expenses 1,042.51 1,299.17 1,609.33 1,684.41 2,093.87
Miscellaneous Expenses 416.54 601.28 682.72 516.90 1,008.91
Preoperative Exp
-15.78 -42.52 -112.75 -72.55 -71.88
Capitalised
Total Expenses 6,545.64 8,613.88 9,615.51 10,694.09 11,987.59
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 3,388.37 4,022.91 4,449.15 4,922.02 6,132.32

PBDIT 3,591.57 4,299.13 4,965.65 5,348.23 6,677.37
Interest 21.10 16.04 24.61 47.65 90.28
PBDT 3,570.47 4,283.09 4,941.04 5,300.58 6,587.09
Depreciation 332.34 362.92 438.46 549.41 608.71
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 3,238.13 3,920.17 4,502.58 4,751.17 5,978.38
Extra-ordinary items 46.13 61.94 117.41 81.52 48.65
PBT (Post Extra-ord Items) 3,284.26 3,982.11 4,619.99 4,832.69 6,027.03
Tax 1,027.57 1,263.07 1,480.97 1,565.13 1,965.43
Reported Net Profit 2,235.35 2,699.97 3,120.10 3,263.59 4,061.00
Total Value Addition 2,279.92 2,806.40 3,307.72 3,829.13 4,846.90
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 995.12 1,166.29 1,319.01 1,396.53 3,818.18
Corporate Dividend Tax 139.58 198.21 224.17 237.34 634.15
Per share data (annualised)
Shares in issue (lakhs) 37,551.79 37,622.23 37,686.10 37,744.00 38,181.77
Earning Per Share (Rs) 5.95 7.18 8.28 8.65 10.64
Equity Dividend (%) 265.00 310.00 350.00 370.00 1,000.00
Book Value (Rs) 23.97 27.59 31.85 36.24 36.69

Cash Flow of ITC ------------------- in Rs. Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 3269.19 3926.70 4571.77 4825.74 6015.31

Net Cash From Operating
1929.68 2141.19 2722.96 3279.03 4630.65
Activities
Net Cash (used in)/from
-175.31 -1082.78 -1736.78 -1260.74 -3531.56
Investing Activities
Net Cash (used in)/from
-954.21 -1014.07 -1316.09 -1556.15 -1009.86
Financing Activities
Net (decrease)/increase
In Cash and Cash 800.16 44.34 -329.91 462.14 89.23
Equivalents
Opening Cash & Cash
55.66 855.82 900.16 570.25 993.70
Equivalents
Closing Cash & Cash
855.82 900.16 570.25 1032.39 1082.93
Equivalents

Key Financial Ratios of ITC ------------------- in Rs. Cr. -------------------

Mar
Mar '07 Mar '08 Mar '09 Mar '10
'06

Investment Valuation Ratios

Face Value 1.00 1.00 1.00 1.00 1.00
Dividend Per Share 2.65 3.10 3.50 3.70 10.00
Operating Profit Per Share
8.97 10.64 11.76 13.04 16.06
(Rs)
Net Operating Profit Per
26.09 32.73 37.23 39.70 48.63
Share (Rs)
Free Reserves Per Share
22.00 25.62 29.88 34.27 34.73
(Rs)
Bonus in Equity Capital 87.29 87.12 86.98 86.84 85.85
Profitability Ratios
Operating Profit Margin(%) 34.36 32.51 31.57 32.84 33.02
Profit Before Interest And
30.13 28.86 27.50 28.37 28.97
Tax Margin(%)
Gross Profit Margin(%) 35.98 34.05 28.44 29.17 29.74
Cash Profit Margin(%) 25.49 24.28 23.45 24.22 23.98
Adjusted Cash Margin(%) 25.73 23.98 23.45 24.22 23.98
Net Profit Margin(%) 22.19 21.40 21.50 21.18 21.30
Adjusted Net Profit
22.43 21.10 21.50 21.18 21.30
Margin(%)
Return On Capital
36.26 37.24 36.60 34.60 42.64
Employed(%)
Return On Net Worth(%) 24.83 26.01 25.99 23.85 28.98
Adjusted Return on Net
25.09 25.64 24.71 23.26 28.29
Worth(%)
Return on Assets Excluding
16.80 27.59 31.85 36.24 36.69
Revaluations
Return on Assets Including
16.87 27.74 32.00 36.39 36.84
Revaluations
Return on Long Term
36.36 37.51 36.88 34.75 42.64
Funds(%)
Liquidity And Solvency Ratios
Current Ratio 1.25 1.33 1.36 1.42 0.92
Quick Ratio 0.57 0.58 0.56 0.61 0.39
Debt Equity Ratio 0.01 0.02 0.02 0.01 0.01
Long Term Debt Equity Ratio 0.01 0.01 0.01 0.01 0.01
Debt Coverage Ratios
209.6
Interest Cover 456.67 258.92 168.97 82.46
3
Total Debt to Owners Fund 0.01 0.02 0.02 0.01 0.01
Financial Charges Coverage 172.5
268.33 199.51 112.17 73.42
Ratio 2
Financial Charges Coverage 122.6
191.95 145.60 81.02 52.72
Ratio Post Tax 9
Management Efficiency Ratios
Inventory Turnover Ratio 3.82 3.76 5.51 5.26 6.04
Debtors Turnover Ratio 18.22 20.79 20.43 21.32 24.31
Investments Turnover Ratio 6.43 6.05 5.51 5.26 6.04
Fixed Assets Turnover Ratio 2.31 2.42 1.59 1.44 1.58
Total Assets Turnover Ratio 1.08 1.17 1.16 1.09 1.33
Asset Turnover Ratio 1.59 1.75 1.59 1.44 1.58

Average Raw Material 223.3

213.12 220.61 185.08 187.97
Holding 1
Average Finished Goods
48.89 52.68 43.88 64.35 36.33
Held
Number of Days In Working
40.51 49.56 52.39 62.19 -13.69
Capital
Profit & Loss Account Ratios
Material Cost Composition 43.53 47.16 44.95 45.80 38.45
Imported Composition of
16.35 16.92 12.78 12.98 12.03
Raw Materials Consumed
Selling Distribution Cost
6.39 6.52 7.44 7.12 6.66
Composition
Expenses as Composition of
18.30 18.54 15.45 14.85 12.68
Total Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net
50.76 50.53 49.45 50.06 109.63
Profit
Dividend Payout Ratio Cash
44.19 44.54 43.36 42.84 95.34
Profit
Earning Retention Ratio 49.78 48.75 47.98 48.67 -12.31
Cash Earning Retention
56.22 54.90 54.68 56.23 2.64
Ratio
AdjustedCash Flow Times 0.05 0.07 0.06 0.05 0.02

Mar
Mar '07 Mar '08 Mar '09 Mar '10
'06

Earnings Per Share 5.95 7.18 8.28 8.65 10.64

Book Value 23.97 27.59 31.85 36.24 36.69

Quarterly Results of ITC ------------------- in Rs. Cr. -------------------

 Sep '09 Dec '09 Mar '10 Jun '10 Sep '10

Sales Turnover 4,345.28 4,580.15 5,131.61 4,847.34 5,147.18

Other Income 68.44 159.12 59.20 98.48 124.49
Total Income 4,413.72 4,739.27 5,190.81 4,945.82 5,271.67
Total Expenses 2,755.16 2,872.51 3,513.65 3,210.25 3,272.29
Operating Profit 1,590.12 1,707.64 1,617.96 1,637.09 1,874.89
Profit On Sale Of Assets -- -- -- -- --
Profit On Sale Of Investments -- -- -- -- --
Gain/Loss On Foreign
-- -- -- -- --
Exchange
VRS Adjustment -- -- -- -- --
Other Extraordinary
-- -- -- -- --
Income/Expenses
Total Extraordinary
-- -- -- -- --
Income/Expenses
Tax On Extraordinary Items -- -- -- -- --
Net Extra Ordinary
-- -- -- -- --
Income/Expenses
Gross Profit 1,658.56 1,866.76 1,677.16 1,735.57 1,999.38
Interest 18.14 10.87 18.51 5.80 5.36
PBDT 1,640.42 1,855.89 1,658.65 1,729.77 1,994.02
Depreciation 148.39 154.87 153.86 159.68 163.99
Depreciation On Revaluation
-- -- -- -- --
Of Assets
PBT 1,492.03 1,701.02 1,504.79 1,570.09 1,830.03
Tax 482.12 556.85 476.57 499.78 583.29
Net Profit 1,009.91 1,144.17 1,028.22 1,070.31 1,246.74
Prior Years Income/Expenses -- -- -- -- --
Depreciation for Previous
-- -- -- -- --
Years Written Back/ Provided
Dividend -- -- -- -- --
Dividend Tax -- -- -- -- --
Dividend (%) -- -- -- -- --
Earnings Per Share 2.67 3.01 2.69 2.80 1.62
Book Value -- -- -- -- --
Equity 378.02 379.53 381.82 381.82 767.74
Reserves -- -- -- -- --
Face Value 1.00 1.00 1.00 1.00 1.00
Half Yearly Results of ITC ------------------- in Rs. Cr. -------------------

Sep '08 Mar '09 Sep '09 Mar '10 Sep '10

6 mths 6 mths 6 mths 6 mths 6 mths

Sales Turnover 7,796.67 7,786.06 8,478.20 9,904.04 9,994.52

Other Income 190.50 149.81 156.01 218.32 222.97
Total Income 7,987.17 7,935.87 8,634.21 10,122.36 10,217.49
Total Expenses 5,419.86 5,109.71 5,500.75 6,578.44 6,482.54
Operating Profit 2,376.81 2,676.35 2,977.45 3,325.60 3,511.98
Profit On Sale Of Assets -- -- -- -- --
Profit On Sale Of Investments -- -- -- -- --
Gain/Loss On Foreign
-- -- -- -- --
Exchange
VRS Adjustment -- -- -- -- --
Other Extraordinary
-- -- -- -- --
Income/Expenses
Total Extraordinary
-- -- -- -- --
Income/Expenses
Tax On Extraordinary Items -- -- -- -- --
Net Extra Ordinary
-- -- -- -- --
Income/Expenses
Gross Profit 2,567.31 2,826.16 3,133.46 3,543.92 3,734.95
Interest 4.19 14.13 23.98 29.38 11.16
PBDT 2563.12 2812.03 3109.48 3514.54 3723.79
Depreciation 260.10 289.31 299.98 308.73 323.67
Depreciation On Revaluation
-- -- -- -- --
Of Assets
PBT 2303.02 2522.72 2809.50 3205.81 3400.12
Tax 751.63 810.52 920.89 1,033.42 1,083.07
Net Profit 1,551.39 1,712.20 1,888.61 2,172.39 2,317.05
Prior Year Income/Expenses -- -- -- -- --
Depreciation for Previous
-- -- -- -- --
Years Written Back/ Provided
Dividend -- -- -- -- --
Dividend Tax -- -- -- -- --
Dividend (%) -- -- -- -- --
Earnings Per Share(Rs) 4.11 4.54 5.00 5.69 3.02
Book Value(Rs) -- -- -- -- --
Equity 377.02 377.44 378.02 381.82 767.74
Reserves -- 13,302.55 -- 13,628.17 --
Face Value(Rs) 1.00 1.00 1.00 1.00 1.00

Nine Months of ITC ------------------- in Rs. Cr. -------------------

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

Sales Turnover 7,006.07 8,902.96 10,025.20 11,655.32 13,058.35

Other Income 211.46 234.21 447.22 288.06 315.13
Total Income 7,217.53 9,137.17 10,472.42 11,943.38 13,373.48
Total Expenses 4,481.13 5,876.86 6,665.93 7,900.47 8,373.26
Operating Profit 2,524.94 3,026.10 3,359.27 3,754.85 4,685.09
Profit On Sale Of Assets -- -- -- -- --
Profit On Sale Of Investments -- -- -- -- --
Gain/Loss On Foreign
-- -- -- -- --
Exchange
VRS Adjustment -- -- -- -- --
Other Extraordinary
-- -- -- -- --
Income/Expenses
Total Extraordinary
-45.44 -- -- -- --
Income/Expenses
Tax On Extraordinary Items -- -- -- -- --
Net Extra Ordinary
-- -- -- -- --
Income/Expenses
Gross Profit 2,736.40 3,260.31 3,806.49 4,042.91 5,000.22
Interest 2.28 3.33 1.91 4.64 34.85
PBDT 2,688.68 3,256.98 3,804.58 4,038.27 4,965.37
Depreciation 246.16 270.71 316.97 404.30 454.85
Depreciation On Revaluation
-- -- -- -- --
Of Assets
PBT 2,442.52 2,986.27 3,487.61 3,633.97 4,510.52
Tax 775.06 936.99 1,103.15 1,179.37 1,477.74
Net Profit 1,667.46 2,049.28 2,384.46 2,454.60 3,032.78
Prior Years Income/Expenses -- -- -- -- --
Depreciation for Previous
-- -- -- -- --
Years Written Back/ Provided
Dividend -- -- -- -- --
Dividend Tax -- -- -- -- --
Dividend (%) -- -- -- -- --
Earnings Per Share 44.41 5.45 6.33 6.51 7.99
Book Value -- -- -- -- --
Equity 375.51 376.02 376.58 377.15 379.53
Reserves -- -- -- -- --
Face Value 10.00 1.00 1.00 1.00 1.00

Yearly Results of ITC ------------------- in Rs. Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12,369.3 13,947.5 15,582.7 18,382.2

Sales Turnover 9,790.53
0 3 3 4
Other Income 286.08 336.49 610.90 340.31 374.33
10,076.6 12,705.7 14,558.4 15,923.0 18,756.5
Total Income
1 9 3 4 7
10,529.5 12,079.1
Total Expenses 6,463.15 8,412.89 9,543.59
7 9
Operating Profit 3,327.38 3,956.41 4,403.94 5,053.16 6,303.05
Profit On Sale Of Assets -- -- -- -- --
Profit On Sale Of Investments -- -- -- -- --
Gain/Loss On Foreign
-- -- -- -- --
Exchange
VRS Adjustment -- -- -- -- --
Other
Extraordinary Income/Expens -- -- -- -- --
es
Total
Extraordinary Income/Expens -45.02 -- -- -- --
es
Tax On Extraordinary Items -- -- -- -- --
Net Extra
-- -- -- -- --
Ordinary Income/Expenses
Gross Profit 3,613.46 4,292.90 5,014.84 5,393.47 6,677.38
Interest 11.93 3.28 4.61 18.32 53.36
PBDT 3,556.51 4,289.62 5,010.23 5,375.15 6,624.02
Depreciation 332.34 362.92 438.46 549.41 608.71
Depreciation On Revaluation
-- -- -- -- --
Of Assets
PBT 3,224.17 3,926.70 4,571.77 4,825.74 6,015.31
Tax 988.82 1,226.73 1,451.67 1,562.15 1,954.31
Net Profit 2,235.35 2,699.97 3,120.10 3,263.59 4,061.00
Prior Years Income/Expenses -- -- -- -- --
Depreciation for Previous -- -- -- -- --
Years Written Back/ Provided
Dividend -- -- -- -- --
Dividend Tax -- -- -- -- --
Dividend (%) -- -- -- -- --
Earnings Per Share 5.95 7.18 8.28 8.65 10.64
Book Value -- -- -- -- --
Equity 375.52 376.22 376.86 377.44 381.82
Reserves 8,626.77 10,003.78 11,624.69 13,302.55 13,628.17
Face Value 1.00 1.00 1.00 1.00 1.00

Capital Structure (ITC)

Period Instrument Authorized Issued -PAIDUP-
Capital Capital
From To (Rs. cr) (Rs. cr) Shares (nos) Face Value Capital
2009 2010 Equity Share 214.75 214.75 2147483647 1 214.75
2008 2009 Equity Share 214.75 214.75 2147483647 1 214.75
2007 2008 Equity Share 214.75 214.75 2147483647 1 214.75
2006 2007 Equity Share 214.75 214.75 2147483647 1 214.75
2005 2006 Equity Share 214.75 214.75 2147483647 1 214.75
2004 2005 Equity Share 214.75 214.75 248221329 10 214.75
2003 2004 Equity Share 214.75 214.75 247678851 10 214.75
2002 2003 Equity Share 214.75 214.75 247511886 10 214.75
2001 2002 Equity Share 214.75 214.75 245414904 10 214.75
2000 2001 Equity Share 214.75 214.75 245414904 10 214.75
1995 2000 Equity Share 214.75 214.75 245414904 10 214.75
1994 1995 Equity Share 214.75 214.75 242836754 10 214.75
1993 1994 Equity Share 125 121.23 121233027 10 121.23
1991 1993 Equity Share 125 116.73 116733027 10 116.73
1989 1991 Equity Share 72 66.34 66336220 10 66.34
1985 1989 Equity Share 35 33.17 33168110 10 33.17
1984 1985 Equity Share 35 30.23 30226050 10 30.23
1980 1984 Equity Share 35 27.29 27288000 10 27.29
1978 1980 Equity Share 25 25 25000000 10 25
1970 1978 Equity Share 25 18.95 18950000 10 18.95
1955 1970 Equity Share 16 15.16 15160000 10 15.16

Competition
Last Price Market Cap. Sales Net Profit Total Assets
 (Rs. cr.) Turnover
ITC 172.50 132,927.59 18,382.24 4,061.00 14,172.09
Godfrey Phillip 2,180.10 2,267.04 1,407.85 118.38 781.08
VST 625.05 965.20 475.01 62.05 247.39
Kothari Product 437.45 290.12 395.52 66.84 560.08
Golden Tobacco 89.50 157.60 110.06 -11.34 152.53

ITC Limited Financial Highlights

* Invested Capital is computed by netting ** Computed as PBIT *** Computed as PBIT
Cash and Cash Equivalents (including (excluding Income from divided by average
Short Term Investments) from Total Short term Investments) Capital Employed during
Capital Employed. divided by average the year
Invested Capital during
the year

These graphs depict the standalone financial position.

ITC Limited Financial Highlights 2010

 These graphs depict the standalone financial position.

ITC Limited Financial Highlights 2010

 Operating Profit before Other Income,
Interest and Tax

Inclusive of Dividend Distribution Tax

# Special Centenary Dividend

Monthly High and low quotations of shares traded on CSE, BSE & NSE(Rs.)
CSE BSE NSE
Mont
h Hig lo Closin Closin Closin
High low High low
h w g g g
Dec- 130.2 116.0 130.2 121.6
NQ NQ NQ 125.43 125.40
09 0 0 5 0
Jan- 129.8 120.7 129.7 120.6
NQ NQ NQ 125.13 125.08
10 0 5 5 3
Feb- 127.3 114.5 127.4 114.4
NQ NQ NQ 116.03 116.13
10 3 0 3 0
Mar- 136.3 116.0 136.4 117.5
NQ NQ NQ 131.58 131.53
10 5 0 5 0
Apr- 136.3 130.3 136.9 130.0
NQ NQ NQ 132.53 132.93
10 0 0 0 5
May- 142.9 126.9 143.8 122.5
NQ NQ NQ 141.58 141.60
10 5 3 5 0
Jun- 153.9 138.0 153.9 137.6
NQ NQ NQ 152.38 152.73
10 0 5 5 0
155.8 144.9 155.9 133.2
Jul-10 NQ NQ NQ 154.38 154.38
5 5 5 0
Aug- 165.9 151.5 166.3 151.5
NQ NQ NQ 162.65 163.15
10 5 0 0 5
Sep- 181.5 161.2 180.8 161.4
NQ NQ NQ 178.05 178.30
10 0 5 5 0
Oct- 184.7 165.5 181.8 165.0
NQ NQ NQ 171.15 171.20
10 0 0 0 0
Nov- 178.9 163.7 179.4 164.0
NQ NQ NQ 171.00 171.90
10 0 0 0 0
* Not Quoted # Not Available
CSE - Calcutta Stock Exchange
BSE - Mumbai Stock Exchange
NSE - National Stock Exchange
Note: Share prices adjusted to reflect sub-division & issue of bonus shares in 2005-06
and issue of bonus shares in 2010-11
Stock Prices

Based on the month end closing prices quoted

on Bombay Stock Exchange
Note: Share prices adjusted to reflect sub-
division & issue of bonus shares in 2005-06
and issue of bonus shares in 2010-11

Last 10 Years High, Low & Closing at BSE

Closing
Year High Low
(as on March 31st)

2001 64.13 32.67 54.29

2002 59.27 38.33 46.44

2003 48.33 37.00 41.97

2004 79.01 41.27 69.43

2005 94.46 48.80 89.58

 2006 200.00 88.14 194.95

2007 212.70 140.15 150.40

2008 239.40 146.15 206.35

2009 232.40 232.40 232.40

2010 272.70 177.60 263.15

Note: Share price & Volume Adjusted to reflect Sub-division & Issue of Bonus Shares in 2005-
06