ITC StockReport 20231212 1335

ITC LTD.
Trendlyne Stock Report

Cigarettes-Tobacco Products Dec 12, 2023 01:33 PM
Food Beverages & Tobacco
₹456.5 (0.9% ) 52 Week High Low

325.4
456.5
499.7
Market Cap: 5.7T Avg Daily Volume: 7.0M
NSE | Dec 12, 2023 01:33 PM
DVM SUMMARY
Expensive Star D V M
These stocks are bullish in nature, strong in quality and technical aspects, but bad in valuations. Investors need to be cautious on their returns earned.
Momentum Score
Durability Score (D) High Financial Strength Valuation Score (V) Expensive Valuation (M) Technically Moderately Bullish
Bad Medium Good Bad Medium Good Bad Medium Good
75 28 62
0 35 55 100 0 30 50 100 0 35 60 100
ANALYST RECOMMENDATION TRENDLYNE CHECKLIST
Consensus Recommendation Target Price

BUY 510 (11.65%) 66.7% Passed in checklist
Financials 7 1
21 10 3
Total : 34 Ownership 1 1 2
Strong Buy Buy Hold Sell Strong Sell
Peer Comparison 1 2
Current Price High Estimate
456.5 585
Value & Momentum 5 3
Total 14 7 2
450 509.67
Low Estimate Average Estimate
The consensus recommendation is based on 34 analyst recommendations. The Consensus Estimate The Trendlyne Checklist checks if the company meets the key criteria for financial health and
is the aggregate analyst estimates for listed Indian companies. consistent growth.
KEY STATISTICS
Ratios Financials
TTM PE Ratio ROE Annual % ROCE Annual % Operating Revenue TTM Cr Revenue Growth Annual YoY Net Profit Annual Cr
%
28.2 27.8 35.8 70278.3 19191.7
16.7
Market Runner Up Market Leader Market Leader Market Leader Market Leader
Low in industry
EBIT Annual Margin % TTM PEG Ratio Long Term Debt To Equity
Annual Net Profit TTM Growth % Dividend yield 1yr % EPS TTM Growth %
36.4 1.7
- 16.9 3.4 16.9
Market Leader PEG TTM is much higher than 1
Below industry Median Market Runner Up Below industry Median
Below industry Median
PRICE VOLUME CHARTS
1 Year Return : 33.7% 5 Year Return : 66.2%
500
400
450
300
400
200
350
300 100
FEB APR JUN AUG OCT DEC JAN JUL JAN JUL JAN JUL JAN JUL JAN JUL
Copyright © Giskard Datatech Pvt Ltd Page 1 of 14 All rights reserved

ITC LTD. Trendlyne Stock Report
Durability Summary
Durability Score ITC Ltd. has a durability score of 75, which indicates High Financial Strength.
75 / 100
A High Durability Score (greater than 55) indicates good and consistent financial performance : stable revenues, cash flows, and low debt.
The Durability score looks at many different metrics, including long-term performance data, to identify stocks that have stood the test of time.
High Financial Strength
Bad Medium Good
75
0 35 55 100
Durability Trend ITC Ltd. : Dec '22 - Dec '23 Durability v/s Peers
100
ITC 75.0
75
Godfrey Phillips India 75.0
GOOD
50
VST Industries 50.0
MEDIUM
25 65.0
NTC Industries
0 Sinnar Bidi Udyog

Jan '23 Feb '23 Mar '23 Apr '23 May '23 Jun '23 Jul '23 Aug '23 Sep '23 Oct '23 Nov '23 Dec '23
0 10 20 30 40 50 60 70 80
Score Distribution (% of time in each zone) Variability (Range)
Good Medium Bad Maximum Minimum ITC Ltd. (75) has highest Durability score amongst its peers. and tied with Godfrey Phillips India
100.0% 0% 0% 75.0 (11 Dec '23) 55.0 (02 Feb '23) Ltd. and 2 others
Financial Metrics
Total Revenue Annual Cr Net Profit Annual Cr Tax Annual Cr Revenue Growth Annual YoY %
72,917.34 16.7% YoY Mar'23 19,191.66 25.9% YoY Mar'23 6,438.4 22.9% YoY Mar'23 16.7% -18.4% YoY Mar'23
100k 30k 10k 30
72917.3 20.4
20185.1 6438.4 6841.9
20k 5916.4 6313.9 20 16.7
52001.9 15306.2 15242.7 5237.3
45280.8 4441.8 4555.3 11.6
50k 11271.2 5k
10
10k 2.9
1.7
-0.2
0
0 0 0
-10
8
3
M
M
'1
'1
'2
'2
'2
'2
'1
'1
'2
'2
'2
'2
'1
'1
'2
'2
'2
'2
TT
TT
TT
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
ar
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23

M
Total Revenue Annual Cr growth is higher Net Profit Annual Cr growth is higher than Tax Annual Cr growth is higher than Revenue Growth Annual YoY % is falling
than historical averages. historical averages. historical averages. faster than historical averages.
CAGR 2Y 18.5% CAGR 2Y 20.8% CAGR 2Y 18.9% CAGR 2Y 1047.0%

3Y 11.9% 3Y 7.8% 3Y 13.2% 3Y 78.7%
5Y 10.0% 5Y 11.2% 5Y 1.7% 5Y 58.5%
Operating Profit Margin Annual % Net Profit TTM Growth % Operating Revenues Qtr Cr Net Profit Qtr Cr
35.2% 6.5% YoY Mar'23 25.9% 63.8% YoY Mar'23 17,774.47 3.9% YoY Sep'23 4,898.07 6.0% YoY Sep'23
40 50 20k 7.5k
32.8 33.1 17108 17164.5
36.4 36.4 37 18489.5
35.2 25.9 17704.5 17634.9 17774.5 5006.6 5175.5 5104.9
21.6 4619.8 4898.1
25 15.8 5k 4389.8
20 10k
0 2.5k
-14
0 -25 0 0
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'20 Mar'21 Mar'22 Mar'23 Jun'22 Sep'22 Dec'22 Mar'23 Jun'23 Sep'23 Jun'22 Sep'22 Dec'22 Mar'23 Jun'23 Sep'23
Operating Profit Margin Annual % is growing Operating Revenues Qtr Cr growth is higher Net Profit Qtr Cr is falling faster than
faster than historical averages. than historical averages. historical averages.
CAGR 2Y 236.0%
CAGR 2Y 3.7% 3Y 6.3% YoY 3.9% YoY 6.0%
3Y -1.7% 5Y 0% QoQ 3.6% QoQ -4.1%
5Y -0.7%

Balance Sheet
Total Assets Annual Cr Total ShareHolders Funds Annual Cr Working Capital Annual Cr
85,883 11.2% YoY Mar'23 69,155.3 10.7% YoY Mar'23 25,931.5 17.5% YoY Mar'23
100k 100k 40k
85883
77367 73819.3 77259.6 29945.6
71798.4 69155.3
64288.9 65273.3 25931.5
59140.9 60347.3 62455.6 24302.3
52510.1 21735.3 22068.7
50k 50k 20k 17143.5
0 0 0
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23
Total Assets Annual Cr growth is higher than Total ShareHolders Funds Annual Cr growth Working Capital Annual Cr growth is higher
historical averages. is higher than historical averages. than historical averages.
CAGR 2Y 7.86% CAGR 2Y 7.05% CAGR 2Y 3.3%

3Y 3.54% 3Y 1.94% 3Y -4.68%
5Y 5.96% 5Y 5.66% 5Y 8.63%
Cashflow
Cash from Operating Activity Annual Cr Cash from Investing Activity Annual Cr Cash from Financing Annual Activity Cr Net Cash Flow Annual Cr
18,877.5 19.7% YoY Mar'23 -5,732.3 -156.1% YoY Mar'23 -13,006 4.2% YoY Mar'23 139.2 420.2% YoY Mar'23
20k 10k 0 500
334.2
15775.5 18877.5 5682.9
14689.7
13169.4 12583.4 12527.1 169.1 139.2
-6221.1 -6868.6
10k 0 -10k -8181.5 0
-43.5
-2238.5
-13580.5 -13006 -165.6
-5545.7 -5732.3 -18633.8 -423.8
-6174
-7113.9
0 -10k -20k -500
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23
Cash from Operating Activity Annual Cr Cash from Investing Activity Annual Cr is Cash from Financing Annual Activity Cr Net Cash Flow Annual Cr growth is higher
growth is higher than historical averages. falling faster than historical averages. growth is higher than historical averages. than historical averages.
CAGR 2Y 22.76% CAGR 2Y -0.43% CAGR 2Y 16.45% CAGR 2Y 157.32%

3Y 8.72% 3Y 2.44% 3Y -16.71% 3Y -25.31%
5Y 7.47% 5Y 4.23% 5Y -15.89% 5Y 196.59%
Financial Ratios
ROE Annual % ROCE Annual % RoA Annual % Current Ratio Annual
27.8% 13.7% YoY Mar'23 35.8% 12.3% YoY Mar'23 22.3% 13.3% YoY Mar'23 2.9 2.6% YoY Mar'23
40 40 30 6
31 31 31.9
29.8 28.5 35.8 22.3
27.8 19.8 19.7 4.1
23.4 24.4 20 17.5 17.5 17.8 4
21.5 21.3 21.8 3.2 3.3
2.9 2.8 2.9
20 20
10 2
0 0 0 0
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23
ROE Annual % is growing faster than ROCE Annual % is growing faster than RoA Annual % is growing faster than Current Ratio Annual growth is higher than
historical averages. historical averages. historical averages. historical averages.
CAGR 2Y 12.82% CAGR 2Y 12.11% CAGR 2Y 11.97% CAGR 2Y -6.08%

3Y 5.79% 3Y 6.32% 3Y 4.14% 3Y -11.26%
5Y 5.28% 5Y 2.91% 5Y 4.97% 5Y 0.24%
Net Profit Margin Annual % Interest Coverage Ratio Annual EBIT Annual Margin %
27.4% 7.3% YoY Mar'23 639.9 12.0% YoY Mar'23 36.4% 6.4% YoY Mar'23
40 1000 50
31.5 39.3 39.7 40.9
36.5 36.4
26.4 26.5 27.2 27.4 34.2
25.5 639.9
571.5
20 500 422.4 403.5 25
369.7
190
0 0 0
Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23
Net Profit Margin Annual % is growing faster Interest Coverage Ratio Annual growth is EBIT Annual Margin % is growing faster than
than historical averages. lower than historical averages. historical averages.
CAGR 2Y 0.39% CAGR 2Y 25.93% CAGR 2Y -0.12%

3Y -4.61% 3Y 20.07% 3Y -3.8%
5Y 0.71% 5Y 27.5% 5Y -1.51%

Key Metrics - Peer Comparison
COMPARISON
ITC LTD. GODFREY PHILLIPS INDIA LTD. VST INDUSTRIES LTD. NTC INDUSTRIES LTD. SINNAR BIDI UDYOG LTD.
(1) (2) (3) (4) (5)
Valuation Score 28.0 56.2 38.5 53.5 20.2
P/E Ratio TTM 28.2 13.6 16.6 17.3 64.7
Forward P/E Ratio 27.4 14.3 16.1 - -
PEG Ratio TTM 1.7 0.3 -1.4 -0.5 0.6
Forward PEG Ratio 2.6 0.5 -4.6 - -
Price to Book Value 8.2 3.1 4.3 1.3 6.5
Price to Sales TTM 8.1 2.5 3.5 2.6 5.3
Price to Sales Annual 6.7 2.7 3.8 1.7 1.4
EV to EBITDA 17.1 9.7 10.5 8.0 17.1
Market Cap to Sales 6.7 2.7 3.8 1.7 1.4
Price to Free Cash Flow 139.2 -11.1 4.6 1.4 -0.0
Graham Number 142.5 1540.6 1849.7 95.4 162.8

Valuation Summary
Valuation Score ITC Ltd. has a valuation score of 28, which indicates an Expensive Valuation.
28 / 100
A High Valuation Score (greater than 50) indicates the stock is competitively priced at current P/E, P/BV and share price.
The Valuation helps you identify stocks which are still bargains, and whose strengths are not fully priced into the share price.
Expensive Valuation
Bad Medium Good
28
0 30 50 100
Valuation Trend ITC Ltd. : Dec '22 - Dec '23 Valuation v/s Peers
100
ITC 28.0
75
GOOD
50
VST Industries 38.5
MEDIUM
25 53.5
NTC Industries
0 Sinnar Bidi Udyog 20.2

0 10 20 30 40 50 60
Good Medium Bad Maximum Minimum ITC Ltd. (28) has fourth-highest Valuation score amongst its peers, behind VST Industries Ltd.
0% 0% 100.0% 27.8 (21 Nov '23) 21.0 (10 May '23) (38)
P/E Buy Sell Zone
ITC Ltd. has spent 90.9% of the time below the current P/E 28.2. This puts it in the PE Strong Sell
Zone
Strong Sell Zone 90.9% into P/E buy sell zone This is based on the tendency of the P/E value to revert to its historical mean.
If the P/E value has spent most of its time below the current value, then it means that most gains
have probably been realised already, and it is time to sell.
Strong upside potential % time spent below current P/E Gains already realized If the P/E value has spent very little time below the current value, then it means that there is strong
potential upside, and it is time to buy.
Valuation Metrics
PE TTM Price to Earnings Price To Sales Annual Dividend Payout CP Annual % Graham Number
28.2 7.9% YoY Dec'23 6.7 31.9% YoY Dec'23 35.5% -7.0% YoY Dec'23 142.5 10.2% YoY Dec'23
40 10 50 200
41.6 41.5
7.5 44.9 38.1
28.2 6.7 35.5 142.5
26.1 129.3
5.5 115.2 113.7 115.4
20.2 20.9 5.1
20 5 4.3 25 100
13.9
0 0 0 0
Mar'20 Mar'21 Mar'22 Mar'23 Dec'23 Mar'20 Mar'21 Mar'22 Mar'23 Dec'23 Mar'20 Mar'21 Mar'22 Mar'23 Dec'23 Mar'20 Mar'21 Mar'22 Mar'23 Dec'23
Price To Sales Annual growth is higher than Dividend Payout CP Annual % is falling faster
historical averages. than historical averages.
CAGR 2Y 10.4% CAGR 2Y 13.1%
3Y 22.1% CAGR 2Y 10.9% CAGR 2Y -7.6% 3Y 4.5%
5Y - 3Y 16.2% 3Y -5.2% 5Y -
5Y -1.3% 5Y -5.1%

Momentum Summary
Momentum Score ITC Ltd. has a Momentum score of 62, which indicates that it is Technically Moderately Bullish.
62 / 100
A High Momentum Score indicates the stock is seeing buyer demand, and is bullish across its technicals compared to the rest of the stock
universe.
Momentum is a very effective short term score, while Durability and Valuation help assess the stock’s health over the long term.
Technically Moderately Bullish
Bad Medium Good
62
0 35 60 100
Momentum Trend ITC Ltd. : Dec '22 - Dec '23 Momentum v/s Peers 11 Dec '23
100
ITC 61.8
75
GOOD
50
VST Industries 51.5
MEDIUM
25 69.0
NTC Industries
0 Sinnar Bidi Udyog 48.2

0 10 20 30 40 50 60 70 80
Good Medium Bad Maximum Minimum ITC Ltd. (62) has second-highest Momentum score amongst its peers, behind NTC Industries
54.4% 45.6% 0% 70.5 (24 Jul '23) 43.4 (07 Nov '23) Ltd. (69)
Price Change Analysis Key Momentum Metrics
LTP : 456.5 RSI MFI
1 Day 454 460

57.3 54.8
1 Week 448.5 464.8
RSI is 57.3, RSI below 30 is considered oversold MFI is 54.8, MFI below 30 is considered
and above 70 overbought oversold and above 70 overbought
1 Month 434.15 464.8
3 Months 425.5 464.8

MACD MACD Signal Line
6 Months 425.5 499.7
4.2 2.6
1 Year 325.35 499.7
MACD is above its center and signal Line, this MACD is above its center and signal Line, this
3 Year 196.9 499.7 is a bullish indicator. is a bullish indicator.
5 Year 134.6 499.7
ATR
100 150 200 250 300 350 400 450 500 550
6.8
ATR is low in its industry
Simple Moving Averages Exponential Moving Averages
ITC Ltd. is trading above 8 out of 8 SMAs. ITC Ltd. is trading above 8 out of 8 EMAs.
BULLISH BULLISH
8/8 8/8
Bullish v/s Bearish SMAs Bullish v/s Bearish SMAs

(if the current price is above a moving average, it is considered bullish) (if the current price is above a moving average, it is considered bullish)
5Day SMA Rs 454.9 50Day SMA Rs 441 5Day EMA Rs 452.6 26Day EMA Rs 444.6
10Day SMA Rs 448.7 100Day SMA Rs 447.2 10Day EMA Rs 449.9 50Day EMA Rs 443.3
20Day SMA Rs 443.6 150Day SMA Rs 446.8 12Day EMA Rs 448.8 100Day EMA Rs 441.2
30Day SMA Rs 440 200Day SMA Rs 433 20Day EMA Rs 445.8 200Day EMA Rs 424.2

Momentum Oscillators Pivot Support & Resistances
ITC Ltd. is trading above 5 out of 9 Oscillators in bullish zone. ITC Ltd. at 456.50 is trading above it's resistance R2 456.08.
BEARISH NEUTRAL BULLISH 460
R3 - 458.6
3/9 1/9 5/9 458
LTP - 456.5
456 R2 - 456.1
Bullish v/s Bearish Oscillators
(if an oscillator is in its negative range, it is considered bearish)
R1 - 454.3
454
RSI(14) 57.3 MACD(12, 26, 9) 4.2 452 PIVOT - 451.8
Stochastic Oscillator 62.3 Stochastic RSI 51.8 450 S1 - 450.0
CCI 20 74.7 William -40.3 448

S2 - 447.5
Awesome Oscillator 16.5 Ultimate Oscillator 52.3 446 S3 - 445.7
Momentum Oscillator 14.7
444
Neutral Bullish Bearish
Volatility Metrics
Beta
1 month 3 month 1 year 3 year ADX Day Bollinger Bands Mid_20_2
0.77 0.35 0.11 0.04 21.5 443.6

ADX is below industry Median Bollinger Bands Mid_20_2 is low in its industry
beta value for 3 month indicates price tends to be less volatile than the market
Daily Volume Analysis Active Candlesticks
Daily average delivery volume over the past week is 64.1%

Bullish Candlestick Pattern Bearish Candlestick Patterns
11 Dec, 2023 3.9M 7.0M
Bullish Harami No active candlesticks
Week 9.2M 14.4M
Month 6.6M 10.3M
0 2M 4M 6M 8M 10M 12M 14M 16M
Combined Delivery Volume NSE + BSE Traded Volume
Daily Avg. Delivery Volume %
11 Dec, 2023 Week Month

56.2% 64.1% 63.9%

Checklist Summary
Trendlyne Checklist Score
66.7% pass 14 | 7
=
Financial
7|1
+
Value & Momentum
5|3
+
Ownership
1|2|1
+
Peer Comparison
1|2
Financial Value & Momentum
7 criteria met | 1 not met 5 criteria met | 3 not met
Company has seen consistent profit growth in the last eight The stock is in the Buy Zone according to its historical P/E?
quarters? No
Yes The stock is in the Buy Zone according to its historical P/E
Stock has seen consistent profit growth in the last eight quarters
The stock is in the Buy Zone according to its historical P/BV?

Company has seen consistent sales growth in the last eight quarters? No
No The stock is in the Buy Zone according to its historical P/BV
Stock has seen consistent sales growth in the last eight quarters
Company's valuation score signals overall affordability?

Company has high Trendlyne Durability Score? No
Yes Company's valuation score signals overall affordability
Stock has high Trendlyne Durability Score (>=60)
Trendlyne Momentum Score shows bullishness?

Company has high Piotroski Score? Yes
Yes Trendlyne Momentum Score shows bullishness
Stock has high Piotroski Score (>= 7)
Stock is trading above all short term SMAs?

Company has Low Debt? Yes
Yes Stock is trading above all short term SMAs
Stock has Low Debt
Stock is trading above all long term SMAs?

Shareholder Value: Company has Strong ROE? Yes
Yes Stock is trading above all long term SMAs
Shareholder Value: Stock has Strong ROE
Stock has bullish candlesticks?

Company has Positive Net Cash Flow? Yes
Yes Stock has bullish candlesticks OR Stock has no bearish candlesticks
Stock has Positive Net Cash Flow
Stock has active positive breakouts?

Company is generating increasing cash from operations? Yes
Yes Stock has active positive breakouts
Positive CFO for last 2 years
Ownership Peer Comparison
1 criteria met | 3 not met 1 criteria met | 2 not met
FII/FPI or DIIs are buying the stock? Company is giving better long term returns than the industry?
Yes
Institutions have been increasing stake in the company over the past Yes Company is giving better long term returns than the industry
four quarters
Company's sales growth is better than the industry median?

Promoters are buying the stock or ownership is stable? No
No Company's sales growth is better than the industry median
Promoters are buying the stock or ownership is stable
Company's profit growth is better than the industry median?

Promoter pledge is low and not increasing? No
No Company's profit growth is better than the industry median
Promoter pledge is low and not increasing
Insider have not sold stock in the past 3 months?

No
Insider have not sold stock in the past 3 months

Forecaster
Consensus Recommendation Share Price Target
Consensus Recommendation Share Price Target (Avg)

BUY ₹ 509.67 (11.6% upside)
700
600
585.0
21 21 21 21 21
20 500 509.7
450.0
400
11 11 10 10 10 10
300
2 2 2 3 3 3
2023-07-31 2023-08-28 2023-09-30 2023-10-30 2023-11-30 2023-12-11 200
FY21 FY22 FY23 FY24 FY25
Strong Buy Buy Hold Sell Strong Sell
Future Avg. Estimate High Estimate Low Estimate
The consensus recommendation from 34 analysts for ITC Ltd. is BUY
ITC Ltd.'s share price target is above the current price, with an upside of 12.2%
Key Metrics - Average Estimates Actual Revenue Avg. Estimate
EPS Interest expense Net income
25 80 30k
16.7 18.6 20669.6 23083.8
15.1
9.7% 10.3% 56.7 18763.6 9.3%
20 -0.5% 43.4 43.8 25k
12.3 60 -16.3% 45.9 41.4 -0.1%
10.7 -0.7% -8.5% 1.1% 3.7% 1.0%
15069.6
15 -0.6% 20k 13202.5 -0.1%
-1.3%
40
10 15k
5 20 10k
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
-0.6% -0.7% -0.5% 9.7% 10.3% -16.3% -8.5% 1.1% 3.7% 1.0% -1.3% -0.1% -0.1% 9.3% 0%
Surprises Estimate Surprises Estimate Surprises Estimate
EPS is expected to grow by 10.7% in FY24 Interest expense is expected to grow by 3.8% in FY24 Net income is expected to grow by 10.2% in FY24
ITC Ltd.'s EPS was lower than average estimate 3 times in past 3 ITC Ltd.'s Interest expense was lower than average estimate 2 ITC Ltd.'s Net income was lower than average estimate 3 times
years times in past 3 years in past 3 years
Depreciation & amortization Cash flow per share Dividend per share
2500 20 30
1850.0 13.9 16.3 18.1 16.4
1760.2 10.6 15.0
1635.0 1737.8 4.9% 3.3% 11.4% 10.0% 12.9 8.4%
1620.4 5.5% 13.3% 10.9 15.0%
2000 1.1% -4.3% 15 20 10.3 -1.2%
-3.6% 10.8 4.1% 5.1%
-13.3%
1500 10 10
1000 5 0
-3.6% 1.1% -4.3% 5.5% 4.9% -13.3% 13.3% 3.3% 11.4% 10.0% 4.1% 5.1% -1.2% 15.0% 8.4%
Depreciation & amortization is expected to grow by 5.9% in Cash flow per share is expected to grow by 12.8% in FY24 Dividend per share is expected to grow by 17.6% in FY24
FY24 ITC Ltd.'s Cash flow per share was higher than average estimate ITC Ltd.'s Dividend per share was higher than average estimate
ITC Ltd.'s Depreciation & amortization was lower than average 2 times in past 3 years 2 times in past 3 years
estimate 2 times in past 3 years

Forecaster Actual Revenue Avg. Estimate
Free cash flow EBIT Revenue
30k 30k 100k

15068.1 18504.3 20430.1 22486.9 24294.9 27294.0 68425.2 70508.6 78304.0
13015.5 6.5% 13.3% 9.4% -0.9% 8.3% 11.0% 2.7% 0.4% 10.0%
55624.9
20k 11528.0 -0.1% 17239.7 75k 1.3%
-14.0% 0.2% 45172.9
14739.7 0.7%
20k
-5.3%
10k 50k
0 10k 25k
-14.0% -0.1% 6.5% 13.3% 9.4% -5.3% 0.2% -0.9% 8.3% 11.0% 0.7% 1.3% 2.7% 0.4% 10.0%
Free cash flow is expected to grow by 15.3% in FY24 EBIT is expected to grow by 9.0% in FY24 Revenue is expected to grow by 0.4% in FY24
ITC Ltd.'s Free cash flow was lower than average estimate 2 ITC Ltd.'s EBIT was lower than average estimate 2 times in past ITC Ltd.'s Revenue was higher than average estimate 3 times in
times in past 3 years 3 years past 3 years
Capital expenditure Cash EPS
4k 25
18.1 20.1
2383.3 2427.4 9.7% 9.9%
16.8
22.0% 1.8%
3k 2178.6 20 -2.6%
2029.3 13.8
2045.1 -10.7% -14.7%
12.2 -1.7%
-22.6%
2k 15 -2.5%
1k 10
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
-22.6% -10.7% -14.7% 22.0% 1.8% -2.5% -1.7% -2.6% 9.7% 9.9%
Surprises Estimate Surprises Estimate
Capital expenditure is expected to grow by 28.2% in FY24 Cash EPS is expected to grow by 10.7% in FY24
ITC Ltd.'s Capital expenditure was lower than average estimate ITC Ltd.'s Cash EPS was lower than average estimate 3 times in
3 times in past 3 years past 3 years

Shareholding Summary Shareholding Trend
60%
Promoter -%
42.7% 43.0% 43.4% 43.6% 43.3%
42.0% 40%
DII
FII 43.3%
20%
Public 14.7%
-% -% -% -% -%
0%
Others -% Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
Promoter FII DII

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Retail investors (FII) form the biggest shareholding segment Promoter , FII , DII , over the Sep 2023 quarter
Mutual Fund Holding and Action
400 Mutual Funds have increased holdings from 9.17% to 9.40% in Sep 2023 qtr.
359.0 369.0 368.0
370.0 375.0
Number of MF schemes increased from 383 to 395 in Sep 2023 qtr.
300
FII/FPI have decreased holdings from 43.62% to 43.34% in Sep 2023 qtr
200 Number of FII/FPI investors decreased from 1826 to 1822 in Sep 2023 qtr
158.0 149.0 151.0
139.0
87.0 86.0 Institutional Investors have decreased holdings from 85.58% to 85.32% in Sep
100 76.0
59.0 52.0 2023 qtr
0
Jun-2023 Jul-2023 Aug-2023 Sep-2023 Oct-2023
Net Holders Bought some / all Sold some / all
Major Shareholders ITC Ltd. : Sep '23
FII DII
Name Shares % Change % Name Shares % Change %
Tobacco Manufacture 23.9% - Life Insurance Corpor 15.2% -8.7%

rs (India) Limited ation of India
Myddleton Investmen 3.9% -3.9% Specified Undertaking 7.8% -7.4%

t Company Limited of the Unit Trust of In
dia
Bulk / Block Deals
Date Client Name Deal Type Action Avg Price Qty Exchange
14 Nov'22 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 356.4 4,603,983 NSE
14 Nov'22 ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 356.4 4,603,983 NSE
03 Nov'22 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 354.6 4,603,984 NSE
03 Nov'22 ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 354.6 4,603,984 NSE
25 Oct'22 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 347.7 2,476,950 NSE
25 Oct'22 ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 347.7 2,476,950 NSE
17 Oct'22 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 332.1 3,892,494 BSE
17 Oct'22 ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 332.1 3,892,494 BSE
11 Oct'22 ISHARES CORE EMERGING MARKETS MAURITIUS CO Block Sell 327.9 3,806,279 NSE
11 Oct'22 ISHARES CORE MSCI EMERGING MARKETS ETF Block Purchase 327.9 3,806,279 NSE

Insider Trading / SAST
Reporting Date Client Name Client Type Regulation Action Avg Price Qty Mode
15 Feb'22 SANJEEV SEKSARIA Immediate Relative Insider Trading Acquisition 232.3 40,000 Gift
13 Dec'21 LN BALAJI Immediate Relative Insider Trading Disposal 234.8 21,500 Market Sale
12 Nov'21 JAYANT AWASTHI Immediate Relative Insider Trading Pledge 228.8 5,000 Creation Of Pledge
09 Nov'21 S RANGRASS Immediate Relative Insider Trading Acquisition 226.6 20,000 Off Market
12 Aug'21 SANDIP DATTA Employee Insider Trading Disposal 216 5,000 Market Sale
12 Aug'21 SANDEEP KAUL Employee Insider Trading Pledge 210 30,000 Creation Of Pledge
12 Aug'21 RAJIV TANDON Director Insider Trading Disposal 216.8 20,000 Market Sale
12 Aug'21 DEBOJIT GHOSH Employee Insider Trading Disposal 209.9 15,500 Market Sale
12 Aug'21 BAPPADITYA RAY CHAUDHURI Employee Insider Trading Disposal 213 30,000 Market Sale
12 Aug'21 ASHESH AMBASTA Employee Insider Trading Disposal 214.1 25,000 Market Sale

ABOUT THE COMPANY
ITC Ltd.
ITC ITC is one of India's foremost private sector companies with a Gross Revenue of ? 69,481 crores and Net Profit of ? 18,753.31 crores (as on 31.03.2023). ITC has a diversified presence in FMCG, Hotels, Packaging,
Paperboards & Specialty Papers and Agri(Source : Company Web-site)
website: www.itcportal.com
BRANDS OWNED BY THE COMPANY
Sunbean Savlon Vivel Fiama AASHIRVAAD
Essenza Di Wills ITC Master Chef Fabelle chocolate Gumon Candyman
Paperkraft B Natural Kitchen of india Dermafique Classmate
WLS AIM Homelites Charmis Shower to Shower
Mangaldeep Nim wash Nimyle Superia Engage
Farmland Wonderz Milk Mint-O Sunfeast Yippee Bingo
Sunfeast
MANAGEMENT INFORMATION
Tandon R Rajput A K Lahiri D Malik H

Executive Director Senior Vice President(Corporate Affairs) Chief Operating Officer(India Tobacco Division) Divisional Chief Executive(Food Services)
₹7.24Cr. 2023-3-31 ₹5.64Cr. 2023-3-31 ₹5.49Cr. 2023-3-31 ₹5.46Cr. 2023-3-31

Gross Remuneration Year Gross Remuneration Year Gross Remuneration Year Gross Remuneration Year
DIRECTOR INFORMATION
Sanjiv Puri Nakul Anand Sumant Bhargavan SUPRATIM DUTTA

Chairman & Managing Director Executive Director Whole-time Director Whole Time Director & CFO
₹16.32Cr. 2023 ₹8.19Cr. 2023 ₹7.59Cr. 2023 ₹2.01Cr. 2023

Gross Remuneration Year Gross Remuneration Year Gross Remuneration Year Gross Remuneration Year

Detailed stock report terminology

Trendlyne’s stock report is a comprehensive company analysis report based on its durability, valuation and momentum scores along with the forecaster data, to give you a detailed analysis. The report also
includes Trendlyne’s checklist summary, technical analysis, peer comparison, mutual fund holdings details, insider trading and more.
Durability Score Trendlyne Checklist Score
Durability scores are calculated from 0-100, with zero the worst and 100 the best. Trendlyne Checklist evaluates a stock based on its financial performance, ownership, peer
Durability scores above 55 are considered good(G) and below 35 are considered bad(B). comparison, value and momentum. This helps give an overall performance of the
Scores between 35-55 are considered neutral/Medium/Middle(M). company based on the score.
Stocks with a high durability score (top 20 percentile) are companies that have
consistently and over time, demonstrated good growth and cash flow, stable revenues
and profits, and low debt. PE buy/sell zone
The durability score considers several different metrics and ratios around earnings and
models these over time. Our stocks with high durability scores outperform the index The PE buy/sell zone is calculated based on how many days a stock has traded at its
significantly current PE level. The current PE is compared to the stock’s historical PE performance, to
find out how often (for how many days in the past) the stock has traded at its current PE
value.
Valuation Score If the stock has usually traded above its current PE level (it’s at a higher PE for the
majority of trading days), then the stock is cheaper than usual and in the PE buy zone.
Valuation scores are calculated from 0-100, with zero the worst and 100 the best. If the stock has usually traded below its current PE level (it’s at a lower PE for the
Valuation scores above 50 are considered good(G) and below 30 are considered bad(B). majority of trading days), then the stock is more expensive than usual and in the PE sell
Scores between 30-50 are considered neutral/Medium/Middle(M) zone.
Stocks with a high valuation score (top 20 percentile) are companies whose business and
financial advantages have not yet been priced into their share price. These companies
typically have strong earnings but are currently flying under the radar, and Trendlyne’s Price Volume Charts
valuation score helps shine a spotlight on these companies.
Firms with a low valuation score (bottom 20 percentile) are expensive stocks that have Price volume charts are a type of financial chart that combines two key pieces of
good broker coverage and already have their strengths priced in. They are popular but information about a stock: its price and trading volume. They are commonly used in
pricey. If you are buying them now it would be for a steep price tag: valuation scores help technical analysis to identify trends and patterns in the market.
you identify that. In a price volume chart, the price of the security is plotted on the vertical axis, while the
trading volume is shown on the horizontal axis. Each data point on the chart represents a
single trading day, and the size of the data point may be proportional to the trading
Momentum Score volume.
Scores are calculated from 0-100, with zero being the worst and 100 the best.
Momentum scores above 59 are considered good(G) and below 30 are considered Peer Comparison
bad(B). Scores between 30-59 are considered neutral/Medium/Middle(M)
Momentum score or momentum score identifies the bullish/bearish nature of the stock. Peer comparison in financial analysis is a method of comparing the financial performance
Stocks with a high momentum score (which is calculated daily from over 30 technical and position of one company to its competitors or peers in the same industry or sector.
indicators) are seeing their share price rise, and increase in volumes and sentiment. The purpose of this comparison is to gain insights into how the company is performing
A low and falling momentum score indicates a falling share price. The pace at which this is relative to its competitors and to identify areas where it may be underperforming or
changing is also important for the momentum score. overperforming. In Trendlyne’s stock report, DVM scores are also included in the peer
comparison section.
Analyst recommendation
Technical Analysis
Analyst recommendation of a stock is an assessment made by financial analysts or
brokerage firms about the investment potential of a particular stock. It is usually based Technical analysis is a method of analyzing stocks and other financial instruments that
on a thorough analysis of the company's financial performance, market trends, industry relies on charts and statistical indicators to identify trends and patterns in price and
outlook, and other factors that may impact the stock's value. trading volume.
The analyst recommendation of a stock typically takes the form of a rating or a Key momentum metrics included - relative strength index (RSI), Stochastic RSI, Ultimate
recommendation, such as "buy," "hold," or "sell." The recommendation is usually Oscillator, moving average convergence divergence (MACD), average true range (ATR),
accompanied by a price target, which is the analyst's estimate of the stock's fair value. money flow index (MFI), William, CCI 20 and Awesome Oscillator. Simple and
A low and falling momentum score indicates a falling share price. The pace at which this is exponential moving averages are also included.
changing is also important for the momentum score. To analyse the volatility of the stock, Beta over different periods of time, Average
Directional Movement Index and Bollinger bonds are used. Along with this, active
candlesticks, daily volume analysis is also provided in the rapport.
Disclaimer
© 2023 Giskard Datatech Pvt Ltd
Republication or redistribution of Giskard content, including by framing or similar means, is prohibited without the prior written consent of Giskard. All information in this report is assumed to be
accurate to the best of our ability. Giskard is not liable for any errors or delays in Giskard content, or for any actions taken in reliance on such content. Any forward-looking statements included in the
Giskard content are based on certain assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations.

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ITC LTD.

Trendlyne Stock Report

₹456.5 (0.9% ) 52 Week High Low

Bad Medium Good Bad Medium Good Bad Medium Good

ANALYST RECOMMENDATION TRENDLYNE CHECKLIST

Consensus Recommendation Target Price

PRICE VOLUME CHARTS

1 Year Return : 33.7% 5 Year Return : 66.2%

Copyright © Giskard Datatech Pvt Ltd Page 1 of 14 All rights reserved

High Financial Strength

Bad Medium Good

0 Sinnar Bidi Udyog

Score Distribution (% of time in each zone) Variability (Range)

Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23

CAGR 2Y 18.5% CAGR 2Y 20.8% CAGR 2Y 18.9% CAGR 2Y 1047.0%

Copyright © Giskard Datatech Pvt Ltd Page 2 of 14 All rights reserved

CAGR 2Y 7.86% CAGR 2Y 7.05% CAGR 2Y 3.3%

CAGR 2Y 22.76% CAGR 2Y -0.43% CAGR 2Y 16.45% CAGR 2Y 157.32%

ROE Annual % ROCE Annual % RoA Annual % Current Ratio Annual

CAGR 2Y 12.82% CAGR 2Y 12.11% CAGR 2Y 11.97% CAGR 2Y -6.08%

CAGR 2Y 0.39% CAGR 2Y 25.93% CAGR 2Y -0.12%

Copyright © Giskard Datatech Pvt Ltd Page 3 of 14 All rights reserved

Key Metrics - Peer Comparison

Valuation Score 28.0 56.2 38.5 53.5 20.2

P/E Ratio TTM 28.2 13.6 16.6 17.3 64.7

Forward P/E Ratio 27.4 14.3 16.1 - -

PEG Ratio TTM 1.7 0.3 -1.4 -0.5 0.6

Forward PEG Ratio 2.6 0.5 -4.6 - -

Price to Book Value 8.2 3.1 4.3 1.3 6.5

Price to Sales TTM 8.1 2.5 3.5 2.6 5.3

Price to Sales Annual 6.7 2.7 3.8 1.7 1.4

EV to EBITDA 17.1 9.7 10.5 8.0 17.1

Market Cap to Sales 6.7 2.7 3.8 1.7 1.4

Price to Free Cash Flow 139.2 -11.1 4.6 1.4 -0.0

Graham Number 142.5 1540.6 1849.7 95.4 162.8

Copyright © Giskard Datatech Pvt Ltd Page 4 of 14 All rights reserved

Bad Medium Good

0 Sinnar Bidi Udyog 20.2

Score Distribution (% of time in each zone) Variability (Range)

P/E Buy Sell Zone

Copyright © Giskard Datatech Pvt Ltd Page 5 of 14 All rights reserved

Bad Medium Good

0 Sinnar Bidi Udyog 48.2

Score Distribution (% of time in each zone) Variability (Range)

Price Change Analysis Key Momentum Metrics

LTP : 456.5 RSI MFI

1 Day 454 460

3 Months 425.5 464.8

5 Year 134.6 499.7

Simple Moving Averages Exponential Moving Averages

Bullish v/s Bearish SMAs Bullish v/s Bearish SMAs

Copyright © Giskard Datatech Pvt Ltd Page 6 of 14 All rights reserved

Momentum Oscillators Pivot Support & Resistances

BEARISH NEUTRAL BULLISH 460

RSI(14) 57.3 MACD(12, 26, 9) 4.2 452 PIVOT - 451.8

Stochastic Oscillator 62.3 Stochastic RSI 51.8 450 S1 - 450.0

CCI 20 74.7 William -40.3 448

Neutral Bullish Bearish

0.77 0.35 0.11 0.04 21.5 443.6

Daily Volume Analysis Active Candlesticks

Daily average delivery volume over the past week is 64.1%

Month 6.6M 10.3M

0 2M 4M 6M 8M 10M 12M 14M 16M