(Rs. in Crores) | |||||||
Particulars | 3 Months ended 30.09.2018 |
Corresponding 3 Months ended 30.09.2017 |
Preceding 3 Months ended 30.06.2018 |
6 Months ended 30.09.2018 |
6 Months ended 30.09.2017 |
Twelve Months ended 31.03.2018 |
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(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
Gross Revenue from sale of products and services | (i) | 11094.89 | 9676.20 | 10722.22 | 21817.11 | 23398.41 | 43956.90 |
Other operating revenue | (ii) | 177.62 | 87.72 | 152.37 | 329.99 | 165.93 | 372.87 |
REVENUE FROM OPERATIONS[(i)+(ii)] | 1 | 11272.51 | 9763.92 | 10874.59 | 22147.10 | 23564.34 | 44329.77 |
OTHER INCOME | 2 | 504.12 | 494.21 | 403.85 | 907.97 | 970.98 | 2129.84 |
TOTAL INCOME (1+2) | 3 | 11776.63 | 10258.13 | 11278.44 | 23055.07 | 24535.32 | 46459.61 |
EXPENSES | |||||||
a) Cost of materials consumed | 3381.90 | 2858.00 | 3052.92 | 6434.82 | 5752.90 | 11756.21 | |
b) Purchases of stock-in-trade | 876.09 | 558.82 | 1254.38 | 2130.47 | 1549.71 | 2991.98 | |
c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates | 21.68 | 939.55 | (197.92) | (176.24) | 889.76 | 1041.85 | |
d) Excise duty | 203.66 | (550.21) | 167.56 | 371.22 | 3295.55 | 3702.23 | |
e) Employee benefits expense | 596.31 | 606.54 | 742.97 | 1339.28 | 1281.17 | 2487.46 | |
f) Finance costs | 13.50 | 29.01 | 7.34 | 20.84 | 39.39 | 86.65 | |
g) Depreciation and amortization expense | 327.47 | 282.42 | 298.69 | 626.16 | 550.63 | 1145.37 | |
h) Other expenses | 1986.90 | 1589.71 | 1652.56 | 3639.46 | 3287.34 | 6809.06 | |
TOTAL EXPENSES | 4 | 7407.51 | 6313.84 | 6978.50 | 14386.01 | 16646.45 | 30020.81 |
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) | 5 | 4369.12 | 3944.29 | 4299.94 | 8669.06 | 7888.87 | 16438.80 |
EXCEPTIONAL ITEMS | 6 | - | - | - | - | - | 412.90 |
PROFIT BEFORE TAX (5+6) | 7 | 4369.12 | 3944.29 | 4299.94 | 8669.06 | 7888.87 | 16851.70 |
TAX EXPENSE | 8 | 1414.45 | 1304.45 | 1481.26 | 2895.71 | 2688.53 | 5628.45 |
a) Current Tax | 1340.09 | 1320.39 | 1397.52 | 2737.61 | 2694.41 | 5599.83 | |
b) Deferred Tax | 74.36 | (15.94) | 83.74 | 158.10 | (5.88) | 28.62 | |
PROFIT FOR THE PERIOD (7-8) | 9 | 2954.67 | 2639.84 | 2818.68 | 5773.35 | 5200.34 | 11223.25 |
OTHER COMPREHENSIVE INCOME | 10 | (200.12) | (29.04) | 78.42 | (121.70) | 127.78 | 382.34 |
A (i) Items that will not be reclassified to profit or loss | (173.28) | (26.07) | 96.04 | (77.24) | 138.05 | 426.22 | |
(ii) Income tax relating to items that will not be reclassified to profit or loss | (8.52) | 1.14 | (1.81) | (10.33) | (0.69) | (31.61) | |
B (i) Items that will be reclassified to profit or loss | (28.17) | (6.29) | (24.30) | (52.47) | (14.64) | (18.69) | |
(ii) Income tax relating to items that will be reclassified to profit or loss | 9.85 | 2.18 | 8.49 | 18.34 | 5.06 | 6.42 | |
TOTAL COMPREHENSIVE INCOME (9+10) | 11 | 2754.55 | 2610.80 | 2897.10 | 5651.65 | 5328.12 | 11605.59 |
PAID UP EQUITY SHARE CAPITAL | 12 | 1224.19 | 1218.36 | 1220.74 | 1224.19 | 1218.36 | 1220.43 |
(Ordinary Shares of Re.1/- each) | |||||||
RESERVES EXCLUDING REVALUATION RESERVES | 13 | 50179.64 | |||||
EARNINGS PER SHARE (of Re.1/- each) (not annualised): | 14 | ||||||
(a) Basic (Rs.) | 2.42 | 2.17 | 2.31 | 4.73 | 4.28 | 9.22 | |
(b) Diluted (Rs.) | 2.40 | 2.15 | 2.29 | 4.69 | 4.24 | 9.16 |
Notes :
1 |
The Unaudited Standalone Financial Results, Segment Results and Balance Sheet were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 26th October, 2018. |
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2 |
Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Central Excise [other than National Calamity Contingent Duty (NCCD) on cigarettes], Value Added Tax (VAT) etc. have been replaced by GST. In accordance with Indian Accounting Standards and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, VAT, etc. are excluded and NCCD is not excluded from Gross Revenue from sale of products and services for applicable periods. In view of the aforesaid restructuring of indirect taxes, Gross Revenue from sale of products and services and Excise duty for the six months ended 30th September, 2018 are not comparable with the previous period. |
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3 |
The launch and rollout costs of the Company's brands 'Fiama', 'Vivel', 'Superia', 'Engage', 'Savlon' and 'Shower to Shower' covering the range of personal care products of soaps, face washes, shower gels, skin care, deodorants, handwash and ayurvedic talc, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'. |
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4 |
During the quarter ended 30th September, 2018, 3,45,02,440 Ordinary Shares of Re.1/- each were issued and allotted under the Company’s Employee Stock Option Schemes (ESOS). Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2018 stands increased to Rs.1224,19,14,761. |
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5 |
This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
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Limited Review |
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The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six months ended 30th September, 2018 which needs to be explained. |
(Rs. in Crores) | ||||
Balance Sheet | STANDALONE | |||
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Particulars | As at current half year end 30.09.2018 |
As at previous year end 31.03.2018 |
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(Unaudited) | (Audited) | |||
A | ASSETS | |||
1 | NON-CURRENT ASSETS | |||
(a) Property, Plant and Equipment | 17300.11 | 15120.00 | ||
(b) Capital work-in-progress | 3521.98 | 5016.85 | ||
(c) Intangible assets | 545.08 | 445.99 | ||
(d) Intangible assets under development | 13.14 | 8.73 | ||
(e) Financial Assets | ||||
(i) Investments | 11889.98 | 13493.77 | ||
(ii) Loans | 7.99 | 7.40 | ||
(iii) Others | 88.13 | 1741.28 | ||
(f) Income Tax Assets (Net) | - | 18.66 | ||
(g) Other non-current assets | 1857.52 | 2025.63 | ||
Non-Current Assets | 35223.93 | 37878.31 | ||
2 | CURRENT ASSETS | |||
(a) Inventories | 7934.08 | 7237.15 | ||
(b) Financial Assets | ||||
(i) Investments | 11852.49 | 9903.45 | ||
(ii) Trade receivables | 3103.52 | 2357.01 | ||
(iii) Cash and cash equivalents | 66.54 | 96.03 | ||
(iv) Other Bank Balances | 2268.57 | 2498.85 | ||
(v) Loans | 4.27 | 4.15 | ||
(vi) Others | 1375.88 | 1147.95 | ||
(c) Other current assets | 823.39 | 1258.41 | ||
Current Assets | 27428.74 | 24503.00 | ||
TOTAL ASSETS | 62652.67 | 62381.31 | ||
B | EQUITY AND LIABILITIES | |||
EQUITY | ||||
(a) Equity Share capital | 1224.19 | 1220.43 | ||
(b) Other Equity | 49125.43 | 50179.64 | ||
Equity | 50349.62 | 51400.07 | ||
LIABILITIES | ||||
1 | NON-CURRENT LIABILITIES | |||
(a) Financial Liabilities | ||||
(i) Borrowings | 11.13 | 11.13 | ||
(ii) Other financial liabilities | 14.48 | 35.36 | ||
(b) Provisions | 125.87 | 121.91 | ||
(c) Deferred tax liabilities (Net) | 2061.97 | 1917.94 | ||
(d) Other non-current liabilities | 38.44 | 38.30 | ||
Non-Current Liabilities | 2251.89 | 2124.64 | ||
2 | CURRENT LIABILITIES | |||
(a) Financial Liabilities | ||||
(i) Borrowings | 93.06 | - | ||
(ii) Trade payables | ||||
Total outstanding dues of micro enterprises and small enterprises | 43.79 | 29.43 | ||
Total outstanding dues of creditors other than micro enterprises and small enterprises | 3537.51 | 3352.85 | ||
(iii) Other financial liabilities | 932.01 | 778.30 | ||
(b) Other current liabilities | 4612.99 | 4656.78 | ||
(c) Provisions | 24.45 | 39.24 | ||
(d) Current Tax Liabilities (Net) | 807.35 | - | ||
Current Liabilities | 10051.16 | 8856.60 | ||
TOTAL EQUITY AND LIABILITIES | 62652.67 | 62381.31 |
(Rs. in Crores) | |||||||
Particulars | STANDALONE | ||||||
---|---|---|---|---|---|---|---|
3 Months ended 30.09.2018 |
Corresponding 3 Months ended 30.09.2017 |
Preceding 3 Months ended 30.06.2018 |
6 Months ended 30.09.2018 |
6 Months ended 30.09.2017 |
Twelve Months ended 31.03.2018 |
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(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1. | Segment Revenue | ||||||
a) FMCG - Cigarettes | 5026.06 | 4554.21 | 5127.59 | 10153.65 | 13328.37 | 22894.01 | |
- Others | 3160.35 | 2804.11 | 2870.03 | 6030.38 | 5405.00 | 11328.60 | |
Total FMCG | 8186.41 | 7358.32 | 7997.62 | 16184.03 | 18733.37 | 34222.61 | |
b) Hotels | 362.55 | 300.18 | 341.28 | 703.83 | 605.07 | 1417.51 | |
c) Agri Business | 2219.73 | 1967.98 | 3151.27 | 5371.00 | 4728.50 | 8067.67 | |
d) Paperboards, Paper & Packaging | 1424.46 | 1309.41 | 1355.83 | 2780.29 | 2669.23 | 5249.64 | |
Total | 12193.15 | 10935.89 | 12846.00 | 25039.15 | 26736.17 | 48957.43 | |
Less : Inter-segment revenue | 1098.26 | 1259.69 | 2123.78 | 3222.04 | 3337.76 | 5000.53 | |
Gross Revenue from sale of products and services @ | 11094.89 | 9676.20 | 10722.22 | 21817.11 | 23398.41 | 43956.90 | |
2. | Segment Results | ||||||
a) FMCG - Cigarettes | 3579.07 | 3291.67 | 3558.39 | 7137.46 | 6565.81 | 13340.82 | |
- Others [Note (i)] | 58.45 | 20.49 | 50.12 | 108.57 | 25.92 | 164.12 | |
Total FMCG | 3637.52 | 3312.16 | 3608.51 | 7246.03 | 6591.73 | 13504.94 | |
b) Hotels | 15.56 | 4.24 | 13.22 | 28.78 | 9.55 | 139.79 | |
c) Agri Business | 236.07 | 256.20 | 194.51 | 430.58 | 491.31 | 848.62 | |
d) Paperboards, Paper & Packaging | 310.91 | 274.19 | 295.66 | 606.57 | 531.48 | 1042.16 | |
Total | 4200.06 | 3846.79 | 4111.90 | 8311.96 | 7624.07 | 15535.51 | |
Less : i) Finance Costs | 13.50 | 29.01 | 7.34 | 20.84 | 39.39 | 86.65 | |
ii) Other un-allocable (income) net of un-allocable expenditure [Note (ii)] | (182.56) | (126.51) | (195.38) | (377.94) | (304.19) | (989.94) | |
iii) Exceptional items | - | - | - | - | - | (412.90) | |
Profit Before Tax | 4369.12 | 3944.29 | 4299.94 | 8669.06 | 7888.87 | 16851.70 | |
3. | Segment Assets | ||||||
a) FMCG - Cigarettes | 8255.27 | 8389.61 | 7921.69 | 8255.27 | 8389.61 | 7956.89 | |
- Others | 8488.58 | 7744.46 | 8617.93 | 8488.58 | 7744.46 | 7623.20 | |
Total FMCG | 16743.85 | 16134.07 | 16539.62 | 16743.85 | 16134.07 | 15580.09 | |
b) Hotels [Note (iii)] | 5793.13 | 5356.60 | 5693.28 | 5793.13 | 5356.60 | 5520.54 | |
c) Agri Business | 3322.49 | 2929.88 | 3491.69 | 3322.49 | 2929.88 | 3407.41 | |
d) Paperboards, Paper & Packaging | 6979.35 | 6774.68 | 6861.90 | 6979.35 | 6774.68 | 6739.83 | |
Total | 32838.82 | 31195.23 | 32586.49 | 32838.82 | 31195.23 | 31247.87 | |
Unallocated Corporate Assets | 29813.85 | 25898.12 | 34371.89 | 29813.85 | 25898.12 | 31133.44 | |
Total Assets | 62652.67 | 57093.35 | 66958.38 | 62652.67 | 57093.35 | 62381.31 | |
4. | Segment Liabilities | ||||||
a) FMCG - Cigarettes* | 4408.37 | 4416.35 | 4710.36 | 4408.37 | 4416.35 | 4624.83 | |
- Others | 2100.21 | 1749.29 | 1906.46 | 2100.21 | 1749.29 | 1906.52 | |
Total FMCG | 6508.58 | 6165.64 | 6616.82 | 6508.58 | 6165.64 | 6531.35 | |
b) Hotels | 600.31 | 479.61 | 601.18 | 600.31 | 479.61 | 521.45 | |
c) Agri Business | 949.21 | 1198.51 | 930.69 | 949.21 | 1198.51 | 900.18 | |
d) Paperboards, Paper & Packaging | 871.52 | 749.53 | 764.87 | 871.52 | 749.53 | 787.13 | |
Total | 8929.62 | 8593.29 | 8913.56 | 8929.62 | 8593.29 | 8740.11 | |
Unallocated Corporate Liabilities | 3373.43 | 3925.49 | 3599.35 | 3373.43 | 3925.49 | 2241.13 | |
Total Liabilities | 12303.05 | 12518.78 | 12512.91 | 12303.05 | 12518.78 | 10981.24 |
@ Refer Note 2 to the Statement of Standalone Financial Results.
* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 122.02 Crores (30.09.2017 - Rs. 638.09 Crores; 30.06.2018 - Rs. 121.29 Crores and 31.03.2018 - Rs. 233.02 Crores) in respect of certain disputed taxes. These have been included under 'Unallocated Corporate Liabilities'.
Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA), for the quarter and six months ended 30.09.2018 is Rs. 158.84 Crores and Rs. 286.60 Crores respectively (quarter ended 30.09.2017 - Rs. 89.77 Crores; quarter ended 30.06.2018 - Rs. 127.76 Crores; six months ended 30.09.2017 - Rs. 158.57 Crores and twelve months ended 31.03.2018 - Rs. 455.58 Crores).
(ii): As stock options are granted under ITC ESOS to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the option value of ITC ESOS do not form part of the segment performance reviewed by the Corporate Management Committee.
(iii): Consequent to the judgement and order dated 19th March, 2018 of the Hon'ble Supreme Court of India, the Company has on 19th September, 2018 taken the possession of Park Hyatt Goa Resort & Spa. The hotel has since commenced commercial operations from 15th October, 2018 as ITC Grand Goa, Resort & Spa.
Notes :
(1) |
The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them. The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker. |
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(2) |
The business groups comprise the following : |
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FMCG |
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Cigarettes |
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Cigarettes, Cigars etc. |
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Others |
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Branded Packaged Foods Businesses (Staples; Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis. |
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Hotels |
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Hoteliering. |
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Paperboards, Paper & Packaging |
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Paperboards, Paper including Specialty Paper & Packaging including Flexibles. |
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Agri Business |
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Agri commodities such as soya, spices, coffee and leaf tobacco. |
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(3) |
Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business. |
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Registered Office : |
For and on behalf of the Board
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