FBM PROJECT REPORT

FINANCIAL REPORT ON

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ACKNOWLEDGEMENT

We would like to express our gratitude to all the faculties of fundamentals of business

management who not only helped us to move forward whenever we stumbled but also gave

us this great opportunity to learn and know more about ITC and also taught us how to present

a project report which embodies professionalism and maturity.

Lastly we thank the almighty, our parents and our friends for their support without which the

project would not have been possible.

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TABLE OF CONTENT

SR. NO PARTICULAR PAGE NOS.

1 Abstract 1

2 Introduction 2

3 Overview – FMCG Industry 3

4 About the Company – ITC 6

5 SWOT Analysis 9

6 Financial Analysis 12

I. Ratio Analysis 13

II. Dupoint Analysis 19

III. Cross Sectional 20

IV. Cash Flow Analysis 21

7 Annexures

I. Balancesheet 2012-2013 24

II. Income Statement 2012-2013 25

8 Reference 26

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ABSTRACT

The purpose of this project is to illustrate how a company analysis and conduct research and

feasibility studies of all components involved through experts and professionals to determine

whether a business investments is worth making or not.

ITC's diversified status originates from its corporate strategy aimed at creating multiple

drivers of growth anchored on its time-tested core competencies: unmatched distribution

reach, superior brand-building capabilities, effective supply chain management and

acknowledged service skills in hoteliering. Over time, the strategic forays into new

businesses are expected to garner a significant share of these emerging high-growth markets

in India.

The success of the project depends on the relevance and presentation of the data collected.

This research shall enable the company to make well informed decision about its present and

future business plans.

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INTRODUCTION

PARENT COMPANY ITC Limited

CATEGORY Consumer Products, Hotels & Services

SECTOR FMCG

TAGLINE/ SLOGAN 100 Inspiring years; 100 years 1 mission India first

USP ITC is rated among the World's Best Big Companies

STP

SEGMENT Products and services for daily needs

TARGET GROUP Every Indian household especially the middle class

POSITIONING Enduring Value. For the Nation. For the Shareholder.

PRODUCT PORTFOLIO

BRANDS Consumer Products

1. Essenza Di Wills 2. Fiama Di Wills

3. Vivel 4. Superia

5. Classic 6. Gold Flake

7. Navy Cut

Food & Beverages

1. Sunfeast Milky Magic 2.Sunfeast Marie Light

3. Mint-O 4. Sunfeast Dark Fantasy

5. Sunfeast Bourbon 6. Bingo Chips

7. Sunfeast Yippie 8. Bingo Mad Angles

9. Bingo Tedhe Medhe

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OVERVIEW – FMCG INDUSTRY

The fast moving consumer goods (FMCG) sector would witness over 40 percent growth in

the semi-urban and urban areas, according to an analysis carried out by the Associated

Chambers of Commerce and Industry of India on `Future prospects of FMCG'. The size of

the sector would go up from the present Rs 38,500 crore to Rs50, 000 crore by 2014, says the

analysis. In urban India alone, the sector would witness over 100 per cent growth with its size

increasing to Rs 35,000 crore by 2014 from the present Rs 16,500crore, says the analysis

adding that the overall size of the sector, which would include the rural and semi-urban

market, would grow to Rs 85,000crore.

Over the years the FMCG sector has registering an increase of double digit per cent.

Currently, the urban market for FMCG is growing at an annual growth rate of around 20 per

cent while the growth for semi-urban and rural areas is less than 10 per cent, says the

analysis.

Though the semi-urban and urban market for FMCG would grow larger, according to the

analysis, it is bound to put a severe pressure on the margins of manufacturers of FMCG

products due to intense competition. With 12.2%of the world population living in the villages

of India, the Indian rural FMCG market is something no one can overlook. More focus on

farm sector will boost the rural income thus providing better growth prospects to the FMCG

companies. Better infrastructure facilities will improve their supply chain.

Also, with rising income and growing consumerism, FMCG sectors are likely to benefit.

Growth potential for all the FMCG companies is huge as the per capita consumption of

almost all products in the country is amongst the lowest in the world.

ITC is the only Indian FMCG Company to feature in Forbes 2000 List, A comprehensive

ranking of world’s biggest companies measured by a composite of sales, profits, assets &

market value.

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OTHER MAJOR MARKET PLAYERS

1. Hindustan Unilever Ltd.

2. ITC (Indian Tobacco Company)

3. Nestle India

4. GCMMF (AMUL)

5. Dabur India

6. Asian Paints (India)

7. Cadbury India

8. Marico

The companies mentioned are the leaders in their respective sectors. The personal care

category has the largest number of brands, i.e., 21, inclusive of Lux, Lifebuoy, Fair and

Lovely, Vicks, and Ponds. There are 11 HLL brands in the 21, aggregating Rs. 3,799 crore or

54% of the personal care category. Cigarettes account for 17% of the top 100 FMCG sales,

and just below the personal care category. ITC alone accounts for 60% volume market share

and 70% by value of all filter cigarettes in India.

The foods category in FMCG is gaining popularity with a swing of launches by HLL, ITC,

Godrej, and others. This category has 18 major brands, aggregating Rs. 4,637 crore. Nestle

and Amul slug it out in the powders segment. The food category has also seen innovations

like softies in ice creams, chapattis by HLL, ready to eat rice by HLL and pizzas by both

GCMMF and Godrej Pillsbury. This category seems to have faster development than the

stagnating personal care category. Amul, India's largest foods company, has a good presence

in the food category with its ice-creams, curd, milk, butter, cheese, and so on. Britannia also

ranks in the top 100 FMCG brands, dominates the biscuits category and has launched a series

of products at various prices.

In the household care category (like mosquito repellents), Godrej and Reckitt are two players.

Goodknight from Godrej, is worth above Rs 217 crore, followed by Reckitt's Mortein at Rs

149 crore. In the shampoo category, HLL's Clinic and Sunsilk make it to the top 100,

although P&G's Head and Shoulders and Pantene are also trying hard to be positioned on top.

Clinic is nearly double the size of Sunsilk. Dabur is among the top five FMCG companies in

India and is a herbal specialist. With a turnover of Rs. 19 billion (approx. US$ 420 million) in

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2005-2006, Dabur has brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola and

Real. Asian Paints is enjoying a formidable presence in the Indian sub-continent, Southeast

Asia, Far East, Middle East, South Pacific, Caribbean, Africa and Europe. Asian Paints is

India's largest paint company, with a turnover of Rs.22.6 billion (around USD 513 million).

Forbes Global magazine, USA, ranked Asian Paints among the 200 Best Small Companies in

the World.

There is a huge growth potential for all the FMCG companies as the per capita consumption

of almost all products in the country is amongst the lowest in the world.

Again the demand or prospect could be increased further if these companies can change the

consumer's mindset and offer new generation products. Earlier, Indian consumers were using

non-branded apparel, but today, clothes of different brands are available and the same

consumers are willing to pay more for branded quality clothes. It's the quality, promotion and

innovation of products, which can drive many sectors.

GROWTH OF FMCG BUSINESSES

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ABOUT THE COMPANY - ITC

ITC is one of India's foremost private sector companies with a market capitalization of nearly

US $ 18 billion and a turnover of over US $ 5.1 Billion. ITC is rated among the World's Best

Big Companies, Asia's 'Fab 50' and the World’s Most Reputable Companies by Forbes

magazine, among India's Most Respected Companies by Business World and among India's

Most Valuable Companies by Business Today. ITC also ranks among India's top 10 `Most

Valuable (Company) Brands', in a study conducted by Brand Finance and published by the

Economic Times. ITC has a diversified presence in Cigarettes, Hotels, Paperboards &

Specialty Papers, Packaging, Agribusiness, 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 Agra-Exports, it is rapidly gaining market

share even in its nascent businesses of Packaged Foods & Confectionery, Branded Apparel,

Personal Care and Stationery.

ITC's diversified status originates from its corporate strategy aimed at creating multiple

drivers of growth anchored on its time-tested core competencies: unmatched distribution

reach, superior brand-building capabilities, effective supply chain management and

acknowledged service skills in hoteliering. Over time, the strategic forays into new

businesses are expected to garner a significant share of these emerging high-growth markets

in India.

ITC's Agri-Business is one of India's largest exporters of agricultural products. ITC is one of

the country's biggest foreign exchange earners (US $ 3.2 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.

ITC's wholly owned Information Technology subsidiary, ITC InfoTech India Limited, is

aggressively pursuing emerging opportunities in providing end-to-end IT solutions, including

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e-enabled services and business process outsourcing. ITC's production facilities and hotels

have won numerous national and international awards for quality, productivity, safety and

environment management systems. ITC was the first company in India to voluntarily seek a

corporate governance rating.

ITC employs over 24,000 people at more than 60 locations across India. The Company

continuously endeavors to enhance its wealth generating capabilities in a globalizing

environment to consistently reward more than 3,81,000 shareholders, fulfill the aspirations of

its stakeholders and meet societal expectations. This over-arching vision of the company is

expressively captured in its corporate positioning statement: "Enduring Value. For the nation.

For the Shareholder."

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ITC’S VISION

Make a significant and growing contribution towards:

Mitigating societal challenges

Enhancing shareholder rewards

By:

Creating multiple drivers of growth while sustaining leadership in tobacco and

Focusing on triple bottom line performance

Enlarge contribution to the nations:

Financial capital

Environmental capital

Social capital

ITC ‘S MISSION

To enhance the wealth generating capability of the enterprise in a globalising environment,

delivering superior and sustainable stakeholder value.

ITC'S CORE VALUES

ITC's Core Values are aimed at developing a customer-focused, high-performance organisation

which creates values for all its stakeholders.

Trusteeship

Customer Focus

Respect for People

Excellence

Innovation

Nation Orientation

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SWOT ANALYSIS

ITC is one of India’s biggest and best-known private sector companies. In fact it is one of the

World’s most high profile consumer operations. This SWOT analysis is about ITC. Its

businesses and brands are focused almost entirely on the Indian markets, and despite being

most well-known for its tobacco brands such as Gold Flake, the business is now diversifying

into new FMCG (Fast Moving Consumer Goods) brands in a number of market sectors

STREGHTHS

ITC has a strong and experienced management

Strong brand presence, excellent products advertising

Diversified product and services portfolio which includes FMCG, Hotel chains, paper

& packaging and agri-business

Over 6500 E-Choupal CSR activities and sustainability initiatives enhance ITC’s

brand image reaching over 4 million farmers

ITC limited employees over 25,000 people

Excellent research and development facilities

ITC leveraged it traditional businesses to develop new brands for new segments. For

example, ITC used its experience of transporting and distributing tobacco products to

remote and distant parts of India to the advantage of its FMCG products.

ITC master chefs from its hotel chain are often asked to develop new food concepts

for its FMCG business.

ITC is a diversified company trading in a number of business sectors including

cigarettes, hotels, paper, agriculture, packaged foods and confectionary, branded

apparel, personal care, greetings cards, Information Technology, safety matches,

incense sticks and stationery.

WEAKNESS

ITC is still dependent on its tobacco revenues and people have cheaper substitutes and

other brands

Hotel industry has not been able to create a huge market share

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ITC stands for Imperial Tobacco Company of India Limited. It is interesting that a

business that is now so involved in branding continues to use its original name,

despite the negative connection of tobacco with poor health and premature death.

There is an argument that ITC’s move into FMCG (Fast Moving Consumer Goods) is

being subsidized by its tobacco operations. Its Gold Flake tobacco brand is the largest

FMCG brand in India – and this single brand alone holds 70% of the tobacco market.

OPPORTUNITY

Tap rural markets and increase penetration in urban areas

Mergers and acquisitions to strengthen the brand

Increasing purchasing power of people thereby increasing demand

More publicity of hotel chains to increase market share

Core brands such as Aashirvaad, Mint-o, Bingo! And Sun Feast (and others) can be

developed using strategies of market development, product development and

marketing penetration.

ITC is moving into new and emerging sectors including Information Technology,

supporting business solutions.

E-Choupal is a community of practice that links rural Indian farmers using the

Internet.

Chairman Yogi Deveshwar strategic vision is to turn his Indian conglomerate into the

country’s premier FMCG business.

Per capita consumption of personal care products in India is the lowest in the world

offering an opportunity for ITC’s soaps, shampoos and fragrances under their Wills

brand.

THREATS

Strict government regulations and policies regarding cigarettes

Intense and increasing competition amongst other FMCG companies and hotel chains

FDI in retail thereby allowing international brands

The laws of economics dictate that if competitors see that there is a solid profit to be

made in an emerging consumer society that ultimately new products and services will

be made available.

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Western companies will see India as an exciting opportunity for themselves to find

new market segments for their own offerings.

ITC will need to decide whether being a diversified conglomerate is the most

competitive strategic formation for a secure future.

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FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weaknesses of the

firm by property establishing relationships between the item of the balance sheet and the

profit and loss account.

USERS OF FINANCIAL ANALYSIS:

METHODS USED FOR FINANCIAL ANALYSIS

Trade creditors

Lenders

Investors

Management

Ratio Analysis

Du Point Analysis

Cash Flow Analysis

Cross-Sectional Analysis

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RATIO ANALYSIS

LIQUIDITY RATIOS

Provides information on a company's ability to meet its short−term, immediate obligations

Current Ratio = Current Assets/Current Liabilities

Quick Ratio = Current Assets –Inventory/Current Liabilities

Debt Equity Ratio = Debt (Loan Funds)/Equity (Shareholder’s Funds)

ITC have high liquidity ratios, the higher the margin of safety that the company possess to

meet its current liabilities. Liquidity ratios greater than 1 indicate that the company is in good

financial health and it is less likely fall into financial difficulties.

Current ratio indicates ITC's ability to meet short-term debt obligations. The current ratio

measures whether or not a firm has enough resources to pay its debts over the next 12 month.

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LEVERAGE RATIOS

Provides information on the degree of a company's fixed financing obligations and its ability

to satisfy these financing obligations.

Debt asset ratio = Debt (Shareholder’s fund + Loan funds)/Assets

Interest Coverage Ratio = Earnings before Interest and Taxes/ Interest Expense

Debt Equity Ratio = Debt (Loan Funds)/Equity (Shareholder’s Funds)

The debt-to-equity ratio offers one of the best pictures of a company's leverage. The higher

the figure, the higher is the leverage the company enjoys. Over the years, ITC Limited has

shown a mix-match of the debt-equity ratio. Stable.

A very high interest cover suggest that the company is not capitalizing on the relatively

cheaper source of finance (i.e. debt) and in such instances an increase in gearing ratio may

actually add value to the enterprise.

Interest coverage is an indication of the margin of safety it does not run the risk of non-

payment of interest cost which could potentially threaten its solvency.

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PROFITABLITY RATIOS

Provides information on the amount of income from each rupee of sales.

Gross Profit Margin = Gross Profit*100/Net Sales

Net profit margin = Net profit/Net sales

Return on Equity Ratio = PAT - preference dividends/Average Owners' Equity

ITC Limited has done well in the last few years and has continuously reported higher and

higher profit every subsequent time. The sales of the company have also experienced a

similar trend that has led to the expansion of profit. Because the growth in the two

components has nearly been equal, the ratio between them has not changed significantly

The return on Total Assets is yet another method of calculating the return of the company.

This is calculated by taking the ratio between the PBIT (Profit before Interest and Taxes) to

the Total Assets of the company. Earning power of the company, i.e. 33 is quiet good and

the company is doing well.

An increase in profit margin compared to the previous period's margin signals an

improvement in both operational efficiency and profitability means the company improved its

profits and efficiency.

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TURNOVER RATIOS

Information on a company's ability to manage its resources (that is, its assets) efficiently.

Inventory Turnover Ratio = Sales/Inventory

Fixed Assets Turnover Ratio = Net Sales/Fixed Assets

Debtors turnover ratio = Net sales/Average debtors

A high inventory turnover ratio shows that a company may be losing out on potential sales

because it does not keep enough stock. The ratio of 4.53 times signifies that the company is

efficient in selling its stocks. Also the ratio has grown more since the last year; making ITC

more efficient. This ratio shows how many times sundry debtors turn over during the year.

The higher the ratio better is the efficiency of credit management.

The ratio of 29.82 times signifies that the company is getting good returns and has no visible

risk but benefits out of its debtors.

The ratio of 1.8 times signifies that the company is very efficiently utilizing its fixed assets

for generating sales revenue. Also an increase in the ratio is observed since the last year’s

value of 1.98 which shows higher utilization.

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VALUATION RATIO

Market Ratios 2013 2012

Earnings per

Share = Net Income 6.4 = 4987.61 5.3 = 4061

(EPS) Ratio

Average Number of

Common Shares

768067380

7 7611844333

Price-Earnings

Ratio = Market Price per Share 34 = 226 30 = 160

Earnings per Share 6.49 5.33

Market Value

to Book Value

Ratio

= Market Price per Share 10 = 226 8.4 = 160

Book value per share 21.1 18.9

Book value of

share =

Total assets – Misc.

expenditure

21 =

16854.32-

647.98 18 =

14957.10-

549.33

Total no. of shares

768067380

7 7611844333

EPS serves as an indicator of a company's profitability. In comparison to the face value of

Re.1/share the EPS of Rs.6.49 is very good. Also the company has done better as compared

to last year’s value of Rs.5.51.

A higher P/E ratio means that investors are paying more for each unit of income. ITC has a

PE ratio of 34.8, which means that the shares of ITC might not be very attractive.

The book value, i.e. Rs.21.1 is far higher than the face value of each share, i.e. Re.1.00. Here

“diluted” value in considering numbers of shares is not considered.

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YIELD RATIO

Yield Ratio 2013 2012

Dividend Yield

Ratio =

Dividend per

share*100

1.9

6 =

4.45*1

00 6.25 =

10.00*

100

Market Price per

share

226 160

Dividend payout

Ratio =

Dividend Per

Share*100

68.

56 =

4.45*1

00

187.

6 =

10.00*

100

Earnings per

Share 6.49

5.33

Dividend yield is a way to measure how much cash flow you are getting for each rupee

invested in an equity position. So higher the ratio, better the cash flow.

The Payout ratio also indicates how well earnings support the dividend payments: the lower

the ratio, the more secure the dividend because smaller dividends are easier to pay out than

larger dividends. So the value of 0.68 times is quiet decent. But last year’s ratio was on the

higher side, which means that ITC was not focusing on retaining its earnings.

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DU POINT ANALYSIS

DuPont analysis tells us that ROE is affected by three things:

Operating efficiency, which is measured by profit margin

Asset use efficiency, which is measured by total asset turnover

Financial leverage, which is measured by the equity multiplier

Mar'13 Mar'12

ROA (%) 23.55 22.65

ROE (%) 36.21 35.58

ROCE (%) 52.45 51.66

The return on capital employed is another measure of the returns that the business generates.

This is expressed as the ratio between the profit before interest and taxes (PBIT) to the

Capital Employed (Loans and Owner’s Fund) in the business. The ROCE is increased to

52.45% from 51.66% signifies that the company is getting good return out of its investment

decisions.

The return on Total Assets is yet another method of calculating the return of the company.

This is calculated by taking the ratio between the PBIT (Profit before Interest and Taxes) to

the Total Assets of the company. Earning power of the company, i.e. 23.55%is quiet good

and the company is doing well.

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CROSS – SECTIONAL ANALYSIS

CAPITAL

EMPLOYED

NET SALES PBIT PBT PAT DIVIDE

ND

ITC 21661 29,901.27 11,566.2 10,684.1 7,418.3 4,148.46 Hindustan Unilever 2,674 25,810.21 5,219.05 4,957.88 3,796.6 3,999.99 Nestle India 1798 8,326.55 1,856.37 1,552.62 1,067.9 467.62 United Spirits 6391 8,585.10 1,211.99 483.99 320.8 32.7 Godrej 2761 3,581.02 680.72 632.96 510.94 170.16

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CASH FLOW ANALYSIS

Cash flow from operating activities:

ITC Ltd. has given us the cash from operations. The initial information talks about the profit

and loss adjustment. The profits for 2010 were 6015.31 and for the yr 2011, it has increased

to 7268.16. The increase in profits is mostly because of an increase in interest income from

both on long term and current investments. The profits are also made from the sale of current

investments and long term investments. Doubtful and bad advances have also been reduced.

Cash flow from investing activities:

The company has invested in ‘purchase of fixed assets’. This amount has been financed

partly by sale of fixed assets and from the same proceeds of investments. The company again

has purchased investments maybe at the end of the yr because the interest received has

reduced by half compared to 2010. It has also purchased long term investments.Overall, the

amount used in investing activities has reduced substantially from 3542 to 616.

Cash flow from financing activities:

It gives us the information about the amount of money either raised or used which could be

equity or debt. For ITC, it can be observed that the company has chosen to finance itself

through share capital. Therefore we notice an increase since last year, from 720 to 903. The

company has tried to reduce its long term borrowing from 1.85 to 1.40. There also has been a

decrease in repayment of long term borrowings. We notice that ITC has extended credit

facilities to quite an extent.

Overall, we can conclude that the company has invested largely in the purchase of fixed

assets. This amount has been raised by funds from operating activities, from financing

activities as well as availability of cash in hand, with scheduled banks and FDs. This

indicates that the company is planning for expansion and so, the positives or negative impact

of this expansion should be evaluated in the future cash flow statements.

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From all the analysis we can see that co. is growing at steady rate

and remarkable points are:

We can see below that company’s capital is increased more than by

100%, this is because of issue of bonus shares in the year 2012-2013.

This shows that the company’s owned fund is increasing. Reserve and

Surplus is constantly increasing which shows that the company’s

accumulated

Profits are increasing at a growing rate. It shows that company is

making more profit.

By analysing sources of fund we can state that, company is more

dependent on owners fund rather than borrowed fund.

Investment is also growing at increasing rate. In last 4 years it has

increased by 90 %.

Current asset is increasing by 45 %. This is due to increase in cash and

bank balance and other current assets.

Net income and expenses are increasing by 50 % and 48 % respectively.

This shows that the income of the co. is 4 % higher than its expenses.

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ANNEXURES

BALANCE SHEET STATEMENT

PARTICULARS MAR'12 MAR'13

EQUITY AND LIABILITIES

Share Capital 2.699127 3.042445

Share Warrants & Outstanding’s 0 0

Total Reserves 62.17566 59.68219

Shareholder's Funds 64.87479 62.72463

Long-Term Borrowings 0 0

Secured Loans 0 0

Unsecured Loans 0.26693 0.340413

Deferred Tax Assets / Liabilities 3.01287 3.152692

Other Long Term Liabilities 0.053579 0.08186

Long Term Trade Payables 0 0

Long Term Provisions 0.369808 0.368879

Total Non-Current Liabilities 3.703187 3.943843

Current Liabilities 0 0

Trade Payables 4.918941 5.486042

Other Current Liabilities 11.63855 12.06177

Short Term Borrowings 0.006111 0.007628

Short Term Provisions 14.85842 15.77608

Total Current Liabilities 31.42203 33.33152

Total Liabilities 100 100

ASSETS

Gross Block 48.8302 50.19246

Less: Accumulated Depreciation 17.41728 17.38138

Less: Impairment of Assets 0 0

Net Block 31.41291 32.81108

Capital Work in Progress 7.834111 5.200163

Intangible assets under development 0.025858 0.042463

Non-Current Investments 6.743261 6.14654

Long Term Loans & Advances 4.120671 4.507659

Total Non-Current Assets 50.13681 48.7079

Current Assets Loans & Advances 0 0

Currents Investments 15.06335 15.69296

Inventories 19.46334 20.71718

Sundry Debtors 3.404013 3.480012

Cash and Bank 9.731724 8.81991

Other Current Assets 0.366677

Short Term Loans and Advances 1.728175 2.215357

Total Current Assets 49.86319 51.2921

Net Current Assets (Including Current Investments) 18.44116 17.96057

Total Current Assets Excluding Current Investments 34.79984 35.59914

Miscellaneous Expenses not written off 0 0

Total Assets 100 100

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INCOME STATEMENT

PARTICULARS MAR'13 MAR'12

Gross Sales 100.00 100.00

Less :Inter divisional transfers 0 0

Less: Sales Returns 0 0

Less: Excise 28.9849 28.60073

Net Sales 71.0151 71.39927

EXPENDITURE: 0 0

Increase/Decrease in Stock -0.58508 -0.18622

Raw Materials Consumed 29.24114 27.53201

Power & Fuel Cost 1.306504 1.286225

Employee Cost 3.294129 3.570665

Other Manufacturing Expenses 2.747906 2.991151

General and Administration Expenses 2.931659 2.980277

Selling and Distribution Expenses 4.959731 5.549604

Miscellaneous Expenses 1.900203 2.495451

Expenses Capitalised 0 0

Total Expenditure 45.79619 46.21916

PBIDT (Excel OI) 25.21891 25.18011

Other Income 2.296849 2.343325

Operating Profit 27.51576 27.52344

Interest 0.251535 0.27813

PBDT 27.26422 27.24531

Depreciation 1.889444 1.983226

Profit Before Taxation & Exceptional Items 25.37478 25.26208

Exceptional Income / Expenses 0 0

Profit Before Tax 25.37478 25.26208

Provision for Tax 7.756206 7.765732

PAT 17.61857 17.49635

Extraordinary Items 0 0

Adj to Profit After Tax 0 0

Profit Balance B/F 4.684874 1.557797

Appropriations 22.30345 19.05415

Equity Dividend (%) 1.246868 1.277651

Earnings Per Share (in ₹) 0.022301 0.022373

Book Value (in ₹) 0.066832 0.068056

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REFERENCES

http://www.rediff.com/business/report/budget-2012-sector-fmcg-prices-may-rise/20120317.htm

http://www.ITCportal.com/about-ITC/

http://www.investopedia.com/terms/

http://www.moneycontrol.com/financials/itc/ratios/ITC