Financial Statement Analysis of ITC Limited

Neha Rawat
Student, Symbiosis College of Arts and Commerce, Pune, India

Abstract
Financial statements can say a lot about a company’s financial health and earning potential. These
statements are analyzed and reviewed for decision making purposes, this process is known as financial
analysis. Financial analysis help the stakeholders to assess the financial performance of an organization
which helps them in making good investment decisions. This paper provides a detailed financial analysis
of ITC Ltd with an attempt to assess the company’s efficiency and performance. The study has focused
on past and present performance of ITC Ltd over the period of 5years for analyzing the trends.
ITC Ltd. Overview
ITC was incorporated on August 24, 1910 under the name of Imperial Tobacco Company of India
Limited and is currently headquartered in Kolkata, India. The company was renamed, ‘Indian Tobacco
Company’ in 1970 and later to ‘ITC Limited’ in 1974. ITC has a diversified business, with its
products/businesses ranging from Consumer goods to Hotel, IT, Apparel, Cigarettes, Agri-business,
Paperboard and Packaging. It is one of the prominent FMCG Company in India, with an annual turnover
of US$7.3 billion (2019).
Objectives
1. To analyze the financial strength and weaknesses of ITC Ltd.
2. Comparative study of Two year Annual reports
3. To provide a statement of financial health of ITC Ltd.

Research Methodology
This is a descriptive case study of the ITC’s financial performance. The analysis is based on Secondary
data collected from the company’s annual reports from the FY 2015-16 to FY 2018 -2019, newspaper
articles, and websites.
Tools used for data analysis:
The data is compiled and tabulated with the help of MS Excel. Besides charts are also used to present the
data using Excel. The techniques used in analysis are:
1. Comparative Study of Balance sheet and Income Statement
2. Common size Balance sheet and Income Statement
3. Ratio Analysis
4. Trend Analysis
5. Du Pont Analysis

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COMPARATIVE BALANCESHEET in cr.
2019 2018 Amount Change Change %
SHAREHOLDER'S FUNDS
Equity Share Capital 1,225.86 1,220.43 5.43 0%
TOTAL SHARE CAPITAL 1,225.86 1,220.43 5.43 0%
Reserves and Surplus 55,917.07 51,289.68 4,627.39 9%
TOTAL RESERVES AND SURPLUS 55,917.07 51,289.68 4,627.39 9%
TOTAL SHAREHOLDERS FUNDS 59,140.87 52,510.11 6,630.76 13%
Minority Interest 343.47 334.47 9.00 3%
NON-CURRENT LIABILITIES
Long Term Borrowings 8.15 11.50 -3.35 -29%
Deferred Tax Liabilities [Net] 2,052.06 1,923.02 129.04 7%
Other Long Term Liabilities 79.92 109.98 -30.06 -27%
Long Term Provisions 161.95 149.63 12.32 8%
TOTAL NON-CURRENT LIABILITIES 2,302.08 2,194.13 107.95 5%
CURRENT LIABILITIES
Short Term Borrowings 1.86 17.35 -15.49 -89%
Trade Payables 3,509.58 3,496.18 13.40 0%
Other Current Liabilities 6,449.17 5,672.82 776.35 14%
Short Term Provisions 51.38 63.8 -12.42 -19%
TOTAL CURRENT LIABILITIES 10,011.99 9,250.15 761.84 8%
TOTAL CAPITAL AND LIABILITIES 71,798.41 64,288.86 7,509.55 12%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 18,625.74 15,863.68 2,762.06 17%
Intangible Assets 545.92 457.75 88.17 19%
Capital Work-In-Progress 4,126.18 5,499.60 -1,373.42 -25%
FIXED ASSETS 23,308.08 21,829.76 1,478.32 7%
Non-Current Investments 11,695.99 11,483.79 212.20 2%
Deferred Tax Assets [Net] 59.37 47.98 11.39 24%
Long Term Loans And Advances 8.34 9.69 -1.35 -14%
Other Non-Current Assets 4,776.83 4,321.49 455.34 11%
TOTAL NON-CURRENT ASSETS 40,051.14 37,895.24 2,155.90 6%
CURRENT ASSETS
Current Investments 13,347.50 10,569.07 2,778.43 26%
Inventories 7,943.97 7,584.53 359.44 5%
Trade Receivables 4,035.28 2,682.29 1,352.99 50%
Cash And Cash Equivalents 4,152.03 2,899.60 1,252.43 43%
Short Term Loans And Advances 6.75 5.84 0.91 16%
OtherCurrentAssets 2,261.74 2,652.29 -390.55 -15%
TOTAL CURRENT ASSETS 31,747.27 26,393.62 5,353.65 20%
TOTAL ASSETS 71,798.41 64,288.86 7,509.55 12%

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COMMON SIZE BALANCE SHEET

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COMPARATIVE INCOME STATEMENT in cr.
2019 2018 Amount Change Change %
INCOME
REVENUE FROM OPERATIONS [GROSS] 49,348.43 47,362.51 1,985.92 4%
Less: Excise/Sevice Tax/Other Levies 1,509.43 4,239.61 -2,730.18 -64%
REVENUE FROM OPERATIONS [NET] 47,839.00 43,122.90 4,716.10 11%
TOTAL OPERATING REVENUES 48,352.68 43,448.94 4,903.74 11%
Other Income 2,173.79 1,831.86 341.93 19%
TOTAL REVENUE 50,526.47 45,280.80 5,245.67 12%
EXPENSES
Cost Of Materials Consumed 13,403.01 11,943.75 1,459.26 12%
Operating And Direct Expenses 0.00 0.00 0.00
Employee Benefit Expenses 4,177.88 3,760.90 416.98 11%
Finance Costs 45.42 89.91 -44.49 -49%
Depreciation And Amortisation Expenses 1,396.61 1,236.28 160.33 13%
Other Expenses 8,348.11 7,349.60 998.51 14%
TOTAL EXPENSES 31,388.35 28,292.17 3,096.18 11%
PROFIT/LOSS BEFORE EXCEPTIONAL, EXTRAORDINARY ITEMS AND TAX 19,138.12 16,988.63 2,149.49 13%
Exceptional Items 0.00 412.90 -412.90 -100%
PROFIT/LOSS BEFORE TAX 19,138.12 17,401.53 1,736.59 10%
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 6,191.62 5,893.19 298.43 5%
Less: MAT Credit Entitlement 0.00 0.00 0.00
Deferred Tax 122.30 23.24 99.06 426%
Other Direct Taxes 0 0 0.00
TOTAL TAX EXPENSES 6,313.92 5,916.43 397.49 7%
PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS 12,824.20 11,485.10 1,339.10 12%
PROFIT/LOSS FROM CONTINUING OPERATIONS 12,824.20 11,485.10 1,339.10 12%
PROFIT/LOSS FOR THE PERIOD 12,824.20 11,485.10 1,339.10 12%
Minority Interest -243.57 -221.48 -22.09 10%
CONSOLIDATED PROFIT/LOSS AFTER MI AND ASSOCIATES 12,592.33 11,271.20 1,321.13 12%
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 10 9 1.00 11%
Diluted EPS (Rs.) 10 9 1.00 11%
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 6,285.21 5,770.01 515.20 9%
Tax On Dividend 1,213.60 1,136.83 76.77 7%

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COMMON SIZE INCOME STATEMENT

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TREND ANALYSIS

2019 2018 2017 2016 2015

Net Profit/ loss 131% 118% 107% 97% 100%
EPS 83% 75% 75% 67% 100%
Total Assets and Liabilities 156% 140% 122% 112% 100%

2019 2018 2017 2016 2015

Income 126% 113% 111% 102% 100%
Expenditure 122% 110% 111% 101% 100%

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 INTERPRETATION
It is found that Income and Expenditure, both show increasing trend at almost same trend rate, with revenue being
slightly above the expenditure. Eventually, profits also increase at an increasing rate. But among all the other factors
total assets shows the significant increase over the past five years (this is justifiable, since, ITC is a well diversified
company, and is not just restricted to FMCG sector)

INTERPERATING FINANCIAL STATEMENTS

BALANCE SHEET
ITC’s Total assets increased by 12% in 2019, current assets showed an increase of 20% while non-current assets
increased by 6% only. A comparative analysis of balance sheet shows that CWIP decreased by 50%, which justifies
the increase in fixed assets by 7% , which eventually leads to decrease in the proportion of non-current assets to Total
assets from 59% to 56%. Other assets declined by 15% the decrease was mainly due to decrease in other Advances by
42% (including advances with statutory authorities, prepaid expenses, employees, etc.).
Cash & Cash equivalents were 6% of total assets, however they increased by 43% in 2019, growing cash reserves
signal strong company performance as it offers protection during business slowdowns and provides options for future
growth.
Long term borrowings and short term borrowing are 0% of total assets over the two – year period. Generally a ratio
result of less than 0.5 is considered good. Therefore ITC has more assets than debts, indicating that they’re in a better
financial position. The reason for decline in long term debt to assets ratio is either that numerator is declining or the

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denominator is getting bigger or both the scenarios hold true. When we look at ITC’s balance sheet it is evident that
long terms debts are being paid off and the assets are also increasing, so there is not a much problem here.
Looking at the asset turnover ratio which is below 1, can be cause of concern (its competitor HUL has good ratio of
2.14). ITC’s revenue has increased over the past 5 years but the asset turnover is low which could be a sign of
overinvestment in assets.
INCOME STATEMENT
Earnings after tax and interest represents 25% of total revenue. ITC’s Net profit margin (25.38%) was significantly
higher than HUL and Godfrey Philips (15% and 10% respectively). Cost of material consumed represents 27% of total
revenues, which is highest when compared to the remaining expenses, for example, operating and direct expenses
were 0% of total revenues while other expenses like (Power and fuel, Consumption of stores and spare parts, Contract
processing charges, etc.) constituted 17% of total revenues.
Both PAT and Total Revenue increased by 12% in 2019. Finance cost reduced by 49%, while depreciation and
amortization expenses increased by 13%. Operating profit margin was 40% approx. which was comparatively higher
than Godfrey Philips (19%) and lower than HUL whose operating profit margin was around 47%.

CASH FLOW ANALYSIS

CASH FLOW OF ITC (in Rs. Cr.)

2019 2018 2017 2016 2015
NET PROFIT/LOSS BEFORE EXTRAORDINARY ITEMS AND TAX 19,149.82 17,409.11 16,026.32 14,859.07 14,362.05
Net CashFlow From Operating Activities 12,583.41 13,169.40 10,627.31 9,799.04 9,843.20
Net Cash Used In Investing Activities -5,545.68 -7,113.89 -3,250.93 -3,920.81 -5,275.43
Net Cash Used From Financing Activities -6,868.64 -6,221.13 -7,301.03 -5,612.52 -4,661.03
Foreign Exchange Gains / Losses 0 0 0 0 0
Adjustments On Amalgamation Merger Demerger Others 0 0 0 0.08 0
NET INC/DEC IN CASH AND CASH EQUIVALENTS 169.09 -165.62 75.35 265.79 -93.26
Cash And Cash Equivalents Begin of Year 173.79 339.41 264.06 -1.73 276.48
Cash And Cash Equivalents End Of Year 342.88 173.79 339.41 264.06 183.22

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TRENDS
2019 2018 2017 2016 2015
Net CashFlow From Operating Activities 128% 134% 108% 100% 100%
Net Cash Used In Investing Activities 105% 135% 62% 74% 100%
Net Cash Used From Financing Activities 147% 133% 157% 120% 100%

Cash And Cash Equivalents Begin of Year 63% 123% 96% -1% 100%
Cash And Cash Equivalents End Of Year 187% 95% 185% 144% 100%

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INTERPRETATION
Net Cash outflow from investing activities has significantly declined in 2019, the outflow was highest in 2018 and
lowest in 2017, over the past 5 years
ITC’s investments in purchase of fixed assets and intangibles increased in 2019 by 10% and sale receipts from
property, plant and equipment reduced from 79.72 crores to 27.82 crores. Purchase of non-current investments also
reduced by 26%.
ITC raised capital by issuing shares, which increased by 6% in 2019. Interest payments also increased significantly
(101% increase), there was also an increase in dividend payments.
The Cash & Cash equivalents has also increased by 187% over the past few years.

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 RATIO ANALYSIS – COMPARISION WITH PEERS

Liquidity Ratio
2015 2016 2017 2018 2019
Current Ratio
ITC 2.10 3.73 3.69 2.85 3.17
Godfrey Philips 1.46 2.24 2.34 1.72 1.47
HUL 1.08 1.46 1.32 1.31 1.37

Quick Ratio
ITC 1.40 2.37 2.38 2.03 2.54
Godfrey Philips 0.35 0.61 0.84 0.68 0.60
HUL 0.77 1.08 0.99 1.03 1.08

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Turnover Ratio 2015 2016 2017 2018 2019

Total Assets Turnover

ITC 0.87 0.79 0.80 0.70 0.70
Godfrey Philips 1.26 1.10 1.11 0.97 0.90
HUL 2.25 2.20 2.13 2.01 2.14

Accounts Receivables Turnover

ITC 20.23 21.24 18.00 16.88 12.52
Godfrey Philips 20.17 21.94 13.69 27.73 37.53
HUL 32.18 25.80 30.90 27.43 21.95

Fixed Asset Turnover

ITC 2.26 2.33 2.29 2.07 2.17
Godfrey Philips 3.56 3.16 3.44 3.56 3.64
HUL 9.99 9.10 7.34 7.32 7.97

Inventory Turnover
ITC 1.72 1.50 1.96 2.09 2.19
Godfrey Philips 1.47 1.42 1.95 2.04 1.67
HUL 5.64 5.82 6.42 6.66 7.18

Accounts Payable Turnover

ITC 7.31 5.80 6.04 4.54 4.96
Godfrey Philips 7.40 8.66 8.09 6.98 3.71
HUL 2.92 2.79 2.64 2.33 2.56

Average Collection Period

ITC 18.05 17.18 20.28 21.62 29.15
Godfrey Philips 18.09 16.64 26.67 13.16 9.72
HUL 11.34 14.15 11.81 13.31 16.63

Average Payment Period

ITC 49.92 62.93 60.48 80.48 73.53
Godfrey Philips 49.30 42.14 45.11 52.26 98.51
HUL 125.11 130.78 138.41 156.43 142.37

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Profitability Ratio 2015 2016 2017 2018 2019

Gross Profit Margin Ratio

ITC 34.27 35.84 33.77 35.43 35.54
Godfrey Philips 9.96 9.06 6.45 7.01 11.48
HUL 22.33 21.22 19.69 17.72 17.47

Operating Profit Margin Ratio

ITC 38.39 39.11 38.56 40.25 40.64
Godfrey Philips 14.48 14.80 12.11 13.08 18.68
HUL 44.28 45.06 44.76 46.74 47.45

Net Profit Margin Ratio

ITC 24.36 23.31 23.51 25.36 25.38
Godfrey Philips 6.97 7.15 5.58 6.67 10.08
HUL 13.45 12.78 13.43 14.54 15.20

Return on Capital Employed

ITC 30.77 22.24 22.56 21.87 21.68
Godfrey Philips 13.90 10.74 8.23 8.86 12.75
HUL 108.80 63.40 66.76 71.76 77.03

Return on Assets
ITC 21.23 18.36 18.72 17.86 17.86
Godfrey Philips 8.80 7.84 6.18 6.44 9.06
HUL 43.83 40.28 44.26 44.81 50.86

SOLVENCY RATIOS
2015 2016 2017 2018 2019
DEBT TO EQUITY
ITC 0 0 0 0 0
GODFREY PHILIPS 0.16 0.06 0.03 0.02 0.02
HUL 0 0 0 0 0

EFFICIENCY RATIOS
OPERATING RATIO
ITC 0.27 0.30 0.28 0.27 0.28

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INTERPRETATION
Current Ratio of all the three companies taken for analysis is above 1.00, which means that it can meet its
short- term debt obligations with no stress. ITC's current ratio is highest among the other two companies,
indicating a good financial position.
Higher quick ratios are more favorable for the companies, because it shows there more quick assets than
current liabilities. Here, again ITC has the highest quick ratio amongst the other two CO'S. HUL has quick
ratio of 1.08 means it can pay off her current liabilities with quick assets and still have some quick assets left
over. Godfrey Philips is in a more risky position as its quick ratio is below 1, indicating inadequate current
assets to cover near term debt.
Total Assets Turnover ratio measures how efficiently a firm uses its assets to generate sales, so a higher ratio
is always favorable. Here, HUL has the highest ratio among the other two CO's. ITC and Godfrey Philips has
a ratio which is below 1, which means that the CO'S are not using their assets efficiently and most likely have
mgt. or prod. Problems.
Accounts Receivables Turnover ratio measures the ability of a business to efficiently collect its receivables.
So, higher ratio is more favorable. Here, Godfrey Philips has the highest ratio, while ITC and HUL, are in a
good position.
A high Fixed Asset turnover indicates that assets are being utilized efficiently and a low turnover means the
opposite of what high turnover means. Now, here HUL has the highest turnover as compared to ITC and
Godfrey Philips.
Inventory Turnover measures how efficiently a company can sell the inventory it buys and also control its
merchandise. Therefore, it is important to have a high turnover. HUL, with the 7.18 shows that the company
does not overspend by buying too much inventory and waste resources by storing non-salable inventory. Low
turnover shows that CO's do not have good inventory control.
A higher Accounts Payable shows suppliers that company pays its bills frequently and regularly. ITC has the
highest ratio when compared to HUL &Godfrey Philip.

A lower average collection period is more favorable, indicating that company collects payments faster. Here,
Godfrey Philips has the lowest amongst the other two CO'S, which shows effectiveness of its accounts
receivable mgt. practices.

Average Payment Period measures the avg. number of days it takes a business to pay its vendors for purchases
made on credit. Prompt payments can help business in availing discount offered by suppliers. Here, ITC tales
less number of days as compared to the other two CO's in making payments.
Higher Gross Profit Margin ratio is more favorable. ITC has the higher ratio of 35.54, indicating that Co. is
selling their inventory at a higher profit percentage. A high gross margin would also mean that Co. will have
more money to pay operating expenses.

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A higher operating margin is more favorable compared with a lower ratio. HUL with operating margin of
47.45, shows that it is making enough money from its ongoing operations to pay its variable costs as well as
its fixed cost.
ITC’s, net profit margin of 25% indicates that every $1 sale contributes 25 cents towards the net profits of the
business.
ROCE measures how much profit each rupee of employed capital generates. A higher ratio is favorable. HUL
has the highest return of 77.03, which indicates that for every rupee invested in capital employed, the
company made 20 paisa’s profit.
ROA shows the percentage of how profitable a company's assets are in generating revenue. Therefore a higher
ratio is more favorable to investors. HUL has a higher ratio of 50.86, indicating that company effectively
manages its assets to produce greater amounts of net income.

DU PONT ANALYSIS

Three-Step DuPont:

ROE= NPM×Asset Turnover×Financial Leverage

2019 2018
PROFIT MARGIN 0.38 0.38
ASSET TURNOVER 0.70 0.70
EQUITY MULTIPLIER 1.29 2.45
ROE 34% 65%

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EXTENDED DuPont / Five-Step DuPont:
ROE= {(EBIT/S) ×(S/A) − (IE/A)} × A/E× (1−TR)

2019 2018
PROFIT MARGIN 0.38 0.38
ASSET TURNOVER 0.70 0.70
EQUITY MULTIPLIER 1.29 2.45
TAX RATE 0.33 0.34
Interest expense / Assets 0.00 0.00
ROE 23% 43%
= Net Income (After Tax)/Shareholders Equity

INTERPRETATION
The five-step, or extended, DuPont equation breaks down net profit margin further. From the three-step
equation we saw that, in general, rises in the net profit margin, asset turnover and leverage will increase ROE.
The five-step equation shows that increases in leverage don't always indicate an increase in ROE.
In this case, ROE after including interest and tax rate aspects declined from 34% to 23%. ITC’s competitors
like HUL, has ROE of 77%, we should also keep in mind that high ROE can also be due to excessive debt,
therefore it’s better to examine all the ratios and not just ROE.
HUL has no debts in its books, therefore higher ROE here suggests that the company’s management team is
more efficient when it comes to utilizing investment financing to grow their business (and is more likely to
provide better returns to investors). A rising ROE suggests that a company is increasing its profit generation
without needing as much capital. It also indicates how well a company's management deploys shareholder
capital.
ITC’s ROE is less when compared to its peers, due to low asset turnover which indicates that the company
may be mismanaged and could be reinvesting earnings into unproductive assets.
A good margin will vary considerably by industry, but as a general rule of thumb, a 10% net profit margin is
considered average, a 20% margin is considered high (or “good”), and a 5% margin is low. Again, these
guidelines vary widely by industry and company size, and can be impacted by a variety of other factors. ITC’s
profit margin is 38% which is quite good when compared with other companies in the same sector (e.g. HUL
and Godfrey Philips, their Net profit margin was 13% and 6% respectively).

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An asset turnover of 0.70 means that every $1 worth of assets generated $0.70 worth of revenue. In general,
the higher the ratio – the more "turns" – the better. ITC has a ratio which is below 1, which might indicate that
they are not using their assets efficiently and most likely have mgt. or production problems. As stated earlier,
ITC’s revenue has increased over the past 5 years but the asset turnover is low which could be a sign of
overinvestment in assets. It might mean they've added capacity in fixed assets – more equipment or vehicles –
that isn't being used. Or perhaps the company have assets that are doing nothing, such as cash sitting in the
bank or inventory that isn't selling.
The equity multiplier is a financial leverage ratio that measures the portion of company’s assets that are
financed by stockholder's equity. High equity multiplier could indicate that the company may be overly
dependent on debt for its financing which would make it a potentially risky investment. Low equity multiplier
reveals a company that is mostly funded by stockholders and that the debt financing is low making it a fairly
conservative investment. ITC’s equity multiplier has reduced from 2.45 to 1.29, which shows that it used less
debt to finance its assets in 2019 as compared to the previous year (as we can see that ITC’s long term
borrowing declined from 11.50 in 2018 to 8.15 in 2019).

CONCLUSION: STATEMENT OF FINANCIAL HEALTH

The main areas to determine financial health of a company would be its liquidity, solvency, profitability and
operating efficiency. Out of these four the best measurement of a company’s health is the level of
profitability.
Liquidity factor
Liquidity of a firm can be measured by current ratio and quick ratio. ITC’s current ratio and quick ratio was
highest amongst the other two companies taken for analysis. The high liquidity ratios are considered favorable
as it shows the company’s abilities to manage short-term obligations. Therefore, to prosper in the long term a
company must first be able to survive in the short term and ITC, when compared to its peers does quite well in
this aspect.
Solvency factor
ITC has 0 debt to equity ratio, which is a very good sign because a lower D/E ratio means more of a
company's operations are being financed by shareholders rather than by creditors. This is a plus for a company
since shareholders do not charge interest on the financing they provide. HUL, also has D/E ratio of 0, while
Godfrey Philips stands at 0.02.
Operating efficiency
We measured the operating efficiency of ITC by calculating operating expense ratio, which was 0.28 for the
year 2019, a low operating margin is considered positive as it shows how efficient a company’s management
is at keeping costs low while generating revenue or sales.
Profitability factor

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ITC’s Net profit margin, Gross profit margin and operating profit margin is better than HUL and Godfrey
Philips this shows ITC, especially as compared to industry peers, has a greater margin of financial safety, and
is in a better financial position to commit capital to growth and expansion.
ITC’S assets have grown over past few years, its profit increased by 12%, long term and short term borrowing
were 0% of total assets, cash and cash equivalents also increased in the year 2019 apart from that all the four
critical factors which can be considered to determine company’s financial health showed positive results.
Although there is no single perfect method identify the overall financial and operational health of a company,
but if all these measures are used together, they can provide us with a complete and holistic view of a
company's stability. In brief, ITC is in a good position financially, however its ROE was low when compared
to HUL, this mainly due to low asset turnover ratio, which could also signal towards overinvestment in assets
(which can also be a company’s strategy or perhaps the company have assets that are doing nothing). Overall,
the company is doing quite well.
As of June 2020 ITC’s current P/E ratio (calculated as, Market price per share/EPS) stands at 15.62(industry
P/E- 19). While that of HUL is 74.52 (industry P/E – 64.49). A P/E ratio higher than industry average could
mean that a company's stock is over-valued, or else that investors are expecting high growth rates in the
future, on the other hand a P/E ratio lower than the industry average could mean that stock may be
undervalued.

References
https://www.itcportal.com/about-itc/shareholder-value/annual-reports/itc-annual-report-2019/pdf/ITC-Report-
and-Accounts-2019.pdf

https://www.investopedia.com/

https://www.moneycontrol.com/

https://en.wikipedia.org/wiki/ITC_Limited

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