ITC Limited Report and Accounts 2022

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REPORT AND
ACCOUNTS 2022

The mnemonic represents ITC's vibrant businesses that are future-ready, with a focus on consumer centricity, agility and resilience. The flower symbolises ITC's inherent focus on sustainability, while the petals stand for the Company's 12 future-ready businesses. At the centre, the power button reflects the digital transformation that is at the core of every business, while the human figures circling the mnemonic represent our universe of stakeholders, including shareholders, consumers, communities, farmers and employees, and depict ITC's philosophy of inclusive growth.

ITC: Winning the Future Consumer Centricity, Innovation,
Digital Transformation and Sustainability

As we step into the third year of the pandemic, it is abundantly clear that we are at the crossroads of a redefined future. While economies started rebounding, new challenges emerged including geopolitical tensions, inflationary headwinds as well as extended supply chain disruptions. Our journey into the future will be shaped by our ability to adapt to the new normal and address emerging challenges with agility...

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ITC's Triple Bottom Line Contribution

  • Economic

    • ₹ 59,101 cr

      Gross Revenue*

    • Amongst Top 3

      Corporates in the Private Sector in terms of Contribution

    • 75%

      of Value-added Accrues to the Exchequer

  • Social

    • 6 Million

      Sustainable Livelihoods Supported

    • e-Choupal:

      6 Million

      Farmers Empowered

    • Livestock Development:

      Over 20,00,000

      Milch Animals Covered

  • Environmental

    • Watershed Development:

      Over 13,30,000

      Acres Covered

    • Afforestation:

      Over 9,50,000

      Acres Greened

    • Biodiversity Conservation:

      Over 1,30,000

      Acres Covered

  • Recognition for ITC's Sustainability Initiatives

    • First Prize in 'Best Industry for CSR Activities' category by the Ministry of Jal Shakti, Government of India

    • CSR Excellence Award in the 'Large' category by the Institute of Company Secretaries of India (ICSI)

    • Achieved goal of becoming plastic neutral, collecting and sustainably managing 54000+ MT of plastic waste

  • Economic

    • FMCG Businesses

    • Agri Business

    • Paperboards & Packaging Businesses

  • Brand Leadership

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Creating a Future-ready ITC: Consumer Centricity, Agility and Innovation

To power the next horizon of growth, ITC has articulated an extensive strategy reset titled ITC Next, putting in place structural drivers that will ensure that the enterprise remains future-ready, consumer-centric and agile.

The key tenets of 'ITC Next' include leveraging ITC's institutional synergies and power brands, a future-ready portfolio to create strong growth platforms, purposeful and agile science-based innovation, accelerated investments in Digital and Sustainability. ITC will also be exploring additional opportunities for growth through value accretive M&As as well as enhanced investments to drive exports.

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Digital at ITC: Building a FutureTech Enterprise

In line with its aspiration to be a 'FutureTech' enterprise, ITC continues to deploy cutting-edge digital technologies across its systems, processes and operations to strengthen business competitiveness.

ITC's Smart Ecosystem

  • Smart Consumer

  • Smart Experience

  • Smart Trade

  • Smart Supply Chain & Mfg.

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Sustainability 2.0 -
Promoting Responsible Capitalism

ITC has been a global exemplar in sustainability, achieving many a milestone over the years in its efforts to serve the planet and its people. ITC's focus has been two-fold - supporting livelihood generation particularly among rural communities and nourishing and restoring the environment.

Taking a step forward, ITC has now articulated a bold Sustainability 2.0 agenda that raises the bar with ambitious targets to combat the urgent challenges of climate change and livelihood generation, a critical need post the pandemic. The aspiration is to scale up our multi-dimensional interventions that can enable the transition to a net zero economy, ensure water security for all, create an effective circular economy for post-consumer packaging waste, protect and restore biodiversity and ecosystem services through the adoption of nature-based solutions.

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Financial Highlights

  • Financials for FY21 & FY22 are to be viewed in the context of unprecedented disruptions in certain operating segments of the Company due to the COVID-19 pandemic (Please refer to Report of the Board of Directors & Management Discussion and Analysis for details).
  • EPS and DPS have been adjusted for impact of corporate action to facilitate like-to-like comparison.
  • FY16 to FY22 as per Ind AS; previous GAAP for earlier years.

Business Responsibility and Sustainability Report

Consolidated Business Responsibility and Sustainability Report

Major Awards & Certifications 2021-2022

  • ITC was awarded the First Prize in the 'Best Industry for CSR Activities' category by the Ministry of Jal Shakti, Government of India, at the 3rd National Water Awards 2020.
  • Mr Sanjiv Puri, Chairman & Managing Director, was conferred an Honorary Doctorate by the XIM University, Bhubaneswar.
  • ITC was conferred the 'CSR Excellence Award' in the Large category by the Institute of Company Secretaries of India (ICSI) at the 6th ICSI CSR Excellence Awards.
  • Mr Nakul Anand, Executive Director, was conferred the HICSA (Hotel Investment Conference - South Asia) Lifetime Achievement Award.
  • Mr Sanjiv Puri, Chairman & Managing Director, was conferred 'The IMPACT Person of the Year, 2020' Award by exchange4media, a leading online news platform.
  • ITC received 'Leadership Level' scores for both 'Climate Change' and 'Water Security' for the year 2021 by CDP. Sustained 'AA' rating by MSCI-ESG for the 4th successive year.
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ITC Infotech

2021: Leading the way into the hybrid, agile and secure workplace of the future.

This was a year in which ITC Infotech took definitive measures to further strengthen its foundations for longterm, sustainable growth, built at the intersection of domain and technology. During the COVID-19 pandemic, the Indian Technology Market demonstrated immense resilience. In 2021, it witnessed a phase of resurgence, even as it continued to battle the ongoing war for talent.

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CII-ITC Centre of Excellence for Sustainable Development

The 'CII-ITC Centre of Excellence for Sustainable Development', established by ITC in 2006 in collaboration with the Confederation of Indian Industry (CII), continues to focus on promoting sustainable business practices amongst Indian enterprises. An Advisory Council, which includes members from the industry, civil society and institutions, provides strategic direction to the Centre.

The 16th Sustainability Summit - 'Building a Resilient Future: Leveraging Science, Technology and Finance' was held in September 2021 in partnership with 23 multi-sectoral organisations. Dignitaries, like Shri Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare, Government of India; Ms Lea Wermelin, Minister of Environment, Government of Denmark; Shri Suresh Prabhu, Member of Parliament; Mr Nigel Topping, High Level Champion for Climate Action, COP26; H.E. Mr Alexander Ellis, British High Commissioner to India; H.E. Mr Ugo Astuto, Ambassador, European Union to India and Mr Sanjiv Puri, CMD, ITC Limited gave keynote addresses. There were 107 speakers with 25% global and 27% female speakers and 800 participants.

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ITC Sangeet Research Academy

ITC Sangeet Research Academy (ITC-SRA), created in 1977 as an independent Public Charitable Trust, is an embodiment of ITC's sustained commitment to a priceless national eritage. The Company's pledge towards ensuring enduring excellence in Classical Music education continues to drive ITC-SRA in furthering its objective of preserving and ropagating Hindustani Classical Music through this modern Gurukul based on the traditional 'Guru-Shishya Parampara'.

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ITC: Transforming Lives and Landscapes

  • ITC e-Choupal

    • Empowering 4 million farmers
    • Increasing productivity and farmers' income, promoting sustainable agriculture, creating market linkages

    Watershed Development

    • Watershed development in over 1.3 million acres in 16 States

  • Afforestation

    • Over 9,50,000 acres greened
    • Supporting about 173 million person-days of employment
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