Balance Sheet as at 31st March, 2015

As at As at
Note 31st March, 2015 31st March, 2014
(` in Crores) (` in Crores)

EQUITY AND LIABILITIES

Shareholders’ funds
Share capital 1 801.55 795.32
Reserves and surplus 2 29934.14 30735.69 25466.70 26262.02
Non-current liabilities
Long-term borrowings 3 38.69 51.00
Deferred tax liabilities (Net) 4 1631.60 1296.96
Other Long term liabilities 5 7.05 5.09
Long-term provisions 6 100.72 1778.06 110.00 1463.05
Current liabilities
Short-term borrowings 7 0.02 0.14
Trade payables 1904.62 1987.59
Other current liabilities 8 3671.18 3631.88
Short-term provisions 9 6106.09 11681.91 5884.71 11504.32
TOTAL 44195.66 39229.39

ASSETS
Non-current assets
Fixed assets 10
Tangible assets 13777.14 11948.69
Intangible assets 401.35 64.05
Capital work-in-progress - Tangible assets 2085.49 2272.94
Intangible assets under development 28.65 22.79
16292.63 14308.47
Non-current investments 11 2441.64 2512.17
Long-term loans and advances 12 1506.36 20240.63 1480.02 18300.66
Current assets
Current investments 13 5963.82 6311.26
Inventories 14 7836.76 7359.54
Trade receivables 15 1722.40 2165.36
Cash and bank balances 16 7588.61 3289.37
Short-term loans and advances 17 549.89 783.51
Other current assets 18 293.55 23955.03 1019.69 20928.73
TOTAL 44195.66 39229.39

The accompanying notes 1 to 34 are an integral part of the Financial Statements.

In terms of our report attached On behalf of the Board

For Deloitte Haskins & Sells
Chartered Accountants K. N. GRANT Director Y. C. DEVESHWAR Chairman
SHYAMAK R TATA R. TANDON Chief Financial Officer B. B. CHATTERJEE Company Secretary
Partner
Kolkata, 22nd May, 2015

110 ITC Limited REPORT AND ACCOUNTS 2015

Statement of Profit and Loss for the year ended 31st March, 2015
Note For the year ended For the year ended
31st March, 2015 31st March, 2014
(` in Crores) (` in Crores)

Gross Income 19 51932.14 48175.80

Gross Revenue from sale of products and services 20 49964.82 46712.62

Less: Excise Duty 13881.61 13830.06
Net Revenue from sale of products and services 36083.21 32882.56
Other operating revenue 424.19 356.04
Revenue from operations 21 36507.40 33238.60
Other income 22 1543.13 1107.14
Total Revenue 38050.53 34345.74

Expenses
Cost of materials consumed 23 10987.83 10263.28
Purchases of Stock-in-Trade 24 3898.66 3021.47
Changes in inventories of finished goods,
Work-in-progress, Stock-in-Trade and Intermediates 25 (214.53) (128.41)
Employee benefits expense 26 1780.04 1608.37
Finance costs 27 57.42 2.95
Depreciation and amortisation expense 961.74 899.92
Other expenses 28 6581.85 6019.05
Total Expenses 24053.01 21686.63

Profit before tax 13997.52 12659.11

Tax expense:
Current tax 29 4020.99 3791.13
Deferred tax 30 368.80 82.77
Profit for the year 9607.73 8785.21
Earnings per share (Face Value ` 1.00 each) 31 (i)
Basic ` 12.05 ` 11.09
Diluted ` 11.93 ` 10.96

The accompanying notes 1 to 34 are an integral part of the Financial Statements.

In terms of our report attached On behalf of the Board

For Deloitte Haskins & Sells
Chartered Accountants K. N. GRANT Director Y. C. DEVESHWAR Chairman
SHYAMAK R TATA R. TANDON Chief Financial Officer B. B. CHATTERJEE Company Secretary
Partner
Kolkata, 22nd May, 2015

ITC Limited REPORT AND ACCOUNTS 2015 111