ITC

Consolidated Balance Sheet in Rs. Cr.

Mar 17 Mar-16 Mar-15

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 1,214.74 804.72 801.55
Total Share Capital 1,214.74 804.72 801.55
Revaluation Reserves 0 56.93 56.93
Reserves and Surplus 45,198.19 33,068.09 30,877.01
Total Reserves and Surplus 45,198.19 33,125.02 30,933.94
Total Shareholders Funds 46,412.93 33,929.74 31,735.49
Minority Interest 294.74 262.33 225.11
Group Share In Joint Ventures 0 78.4 0
NON-CURRENT LIABILITIES
Long Term Borrowings 18.4 26.66 60.68
Deferred Tax Liabilities [Net] 1,878.77 1,860.99 1,642.77
Other Long Term Liabilities 59 50.92 42.67
Long Term Provisions 158.42 135.42 124.16
Total Non-Current Liabilities 2,114.59 2,073.99 1,870.28
CURRENT LIABILITIES
Short Term Borrowings 19.11 43.95 195.39
Trade Payables 2,659.33 2,404.20 2,020.47
Other Current Liabilities 4,230.71 4,082.37 3,782.04
Short Term Provisions 211.86 8,388.80 6,162.01
Total Current Liabilities 7,121.01 14,919.32 12,159.91
Total Capital And Liabilities 55,943.27 51,263.78 45,990.79
ASSETS
NON-CURRENT ASSETS
Tangible Assets 15,262.27 14,687.18 14,648.38
Intangible Assets 428.68 413.48 423.98
Capital Work-In-Progress 3,684.20 3,084.37 2,671.55
Intangible Assets Under Development 45.69 30.75 28.65
Other Assets 0 0 -1.05
Fixed Assets 19,420.84 18,215.78 17,771.51
Non-Current Investments 6,693.99 4,556.45 807.68
Deferred Tax Assets [Net] 44.95 41.2 38.57
Long Term Loans And Advances 109.25 2,340.21 1,565.47
Other Non-Current Assets 3,202.61 1.24 1.24
Total Non-Current Assets 29,674.17 25,381.39 20,416.44
Group Share In Joint Ventures 0 122.86 0
CURRENT ASSETS
Current Investments 10,332.39 6,605.30 6,135.09
Inventories 8,671.10 9,129.35 8,586.87
Trade Receivables 2,474.29 1,917.10 1,982.07
Cash And Cash Equivalents 2,967.40 6,994.32 7,896.22
Short Term Loans And Advances 1,096.80 554.56 568.67
OtherCurrentAssets 727.12 558.9 405.43
Total Current Assets 26,269.10 25,759.53 25,574.35
Total Assets 55,943.27 51,263.78 45,990.79
 Mar-14 Mar-13

801.55 795.32
801.55 795.32
56.93 99.31
30,842.59 26,311.71
30,899.52 26,411.02
31,701.07 27,206.34
225.11 203.03
84.3 66.01

39.77 52.49
1,641.80 1,306.32
42.67 42.74
123.67 131.25
1,847.91 1,532.80

184.95 147.35
2,020.47 2,106.25
3,765.01 3,665.72
6,161.97 5,956.43
12,132.40 11,875.75
45,990.79 40,883.93

14,577.31 12,494.33
423.93 73.76
2,671.55 3,081.29
28.65 36.08
-1.05 -5.67
17,700.39 15,679.79
807.68 798.52
38 34.88
1,564.16 1,426.95
1.24 1.24
20,343.44 18,238.52
112.81 114.06
 6,134.90 6,474.73
8,557.88 8,223.38
1,978.17 2,433.55
7,891.54 3,489.41
566.62 815.56
405.43 1,094.72
25,534.54 22,531.35
45,990.79 40,883.93
 ITC
Consolidated Profit & Loss account in Rs. Cr.
Mar 17 Mar-16

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net] 42,360 39,067
Other Operating Revenues 444 360
Total Operating Revenues 42,804 39,427
Other Income 1,762 1,549
Total Revenue 44,565 40,976
EXPENSES
Cost Of Materials Consumed 11,979 11,161
Purchase Of Stock-In Trade 3,478 2,593
Changes In Inventories Of FG,WIP And Stock-In Trade 593 51
Employee Benefit Expenses 3,632 2,942
Finance Costs 24 54
Depreciation And Amortisation Expenses 1,153 1,113
Other Expenses 7,687 7,612
Group Share In Joint Ventures 0 16
Total Expenses 28,545 25,543
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 16,020 15,433
Profit/Loss Before Tax 16,020 15,433
Tax Expenses-Continued Operations
Current Tax 5,602 5,208
Less: MAT Credit Entitlement 0 1
Deferred Tax -51 167
Tax For Earlier Years -1 -2
Total Tax Expenses 5,549 5,372
Profit/Loss After Tax And Before ExtraOrdinary Items 10,471 10,061
Profit/Loss From Continuing Operations 10,471 10,061
Profit/Loss For The Period 10,471 10,061
Mar-15 Mar-14 Mar-13

38,433 38,433 34,985

402 402 332
38,835 38,835 35,317
1,257 1,257 971
40,091 40,091 36,288

11,089 11,089 10,376 AVG TATR

3,919 3,919 2,977 2,017 2,016
-236 -236 -113 0.8423 0.7985 0.8108
2,772 2,769 2,501
68 67 6
1,028 1,028 965
7,089 7,083 6,515
0 10 9
25,729 25,729 23,236
14,362 14,362 13,052
14,362 14,362 13,052

4,228 4,251 4,135 11.74%

0 0 0
368 353 15 7.75%
0 -7 -89
4,596 4,596 4,061
9,766 9,766 8,991
9,766 9,766 8,991
9,766 9,766 8,991
 2,015 2,014 2,013
0.8444 0.8940 0.8638
 ITC
Consolidated Balance Sheet
Mar 17 Mar-16

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 2% 2%
Total Share Capital 2% 2%
Revaluation Reserves 0% 0%
Reserves and Surplus 81% 65%
Total Reserves and Surplus 81% 65%
Total Shareholders Funds 83% 66%
Minority Interest 1% 1%
Group Share In Joint Ventures 0% 0%
NON-CURRENT LIABILITIES 0% 0%
Long Term Borrowings 0.03% 0.05%
Deferred Tax Liabilities [Net] 3% 4%
Other Long Term Liabilities 0% 0%
Long Term Provisions 0% 0%
Total Non-Current Liabilities 4% 4%
CURRENT LIABILITIES 0% 0%
Short Term Borrowings 0% 0%
Trade Payables 5% 5%
Other Current Liabilities 8% 8%
Short Term Provisions 0% 16%
Total Current Liabilities 13% 29%
Total Capital And Liabilities 100% 100%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 27% 29%
Intangible Assets 1% 1%
Capital Work-In-Progress 7% 6%
Intangible Assets Under Development 0% 0%
Other Assets 0% 0%
Fixed Assets 35% 36%
Non-Current Investments 12% 9%
Deferred Tax Assets [Net] 0% 0%
Long Term Loans And Advances 0% 5%
Other Non-Current Assets 6% 0%
Total Non-Current Assets 53% 50%
Group Share In Joint Ventures 0% 0%
CURRENT ASSETS
Current Investments 18% 13%
Inventories 15% 18%
Trade Receivables 4% 4%
Cash And Cash Equivalents 5% 14%
Short Term Loans And Advances 2% 1%
OtherCurrentAssets 1% 1%
Total Current Assets 47% 50%
Total Assets 100% 100%
Mar-15 Mar-14 Mar-13 AVG

2% 2% 2% 2%
2% 2% 2% 2%
0% 0% 0% 0%
67% 67% 64% 69%
67% 67% 65% 69%
69% 69% 67% 71%
0% 0% 0% 1%
0% 0% 0% 0%
0% 0% 0% 0%
0.13% 0.09% 0.13% 0%
4% 4% 3% 3%
0% 0% 0% 0%
0% 0% 0% 0%
4% 4% 4% 4%
0% 0% 0% 0%
0% 0% 0% 0%
4% 4% 5% 5%
8% 8% 9% 8%
13% 13% 15% 12%
26% 26% 29% 25%
100% 100% 100% 100%

32% 32% 31% 30%

1% 1% 0% 1%
6% 6% 8% 6%
0% 0% 0% 0%
0% 0% 0% 0%
39% 38% 38% 37%
2% 2% 2% 5%
0% 0% 0% 0%
3% 3% 3% 3%
0% 0% 0% 1%
44% 44% 45% 47%
0% 0% 0% 0%

13% 13% 16% 15%

19% 19% 20% 18%
4% 4% 6% 5%
 17% 17% 9% 12%
1% 1% 2% 2%
1% 1% 3% 1%
56% 56% 55% 53%
100% 100% 100% 100%
 ITC
Consolidated Profit & Loss account
Mar 17

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]
Other Operating Revenues
Total Operating Revenues 100%
Other Income 4%
Total Revenue 104%
EXPENSES
Cost Of Materials Consumed 28%
Purchase Of Stock-In Trade 8%
Changes In Inventories Of FG,WIP And Stock-In Trade 1%
Employee Benefit Expenses 8%
Finance Costs 0%
Depreciation And Amortisation Expenses 3%
Other Expenses 18%
Group Share In Joint Ventures
Total Expenses 67%
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 37%
Profit/Loss Before Tax 37%
Tax Expenses-Continued Operations 0%
Current Tax 13%
Less: MAT Credit Entitlement 0%
Deferred Tax 0%
Tax For Earlier Years 0%
Total Tax Expenses 13%
Profit/Loss After Tax And Before ExtraOrdinary Items 24%
Profit/Loss From Continuing Operations 24%
Profit/Loss For The Period 24%
Mar-16 Mar-15 Mar-14 Mar-13 AVG

100% 100% 100% 100%

4% 3% 3% 3% 3%
104% 103% 103% 103% 103%

28% 29% 29% 29% 29%

7% 10% 10% 8% 9%
0% -1% -1% 0% 0%
7% 7% 7% 7% 7%
0% 0% 0% 0% 0%
3% 3% 3% 3% 3%
19% 18% 18% 18% 18%

65% 66% 66% 66% 66%

39% 37% 37% 37% 37%
39% 37% 37% 37% 37%
0% 0% 0% 0% 0%
13% 11% 11% 12% 12%
0% 0% 0% 0% 0%
0% 1% 1% 0% 0%
0% 0% 0% 0% 0%
14% 12% 12% 11% 12%
26% 25% 25% 25% 25%
26% 25% 25% 25% 25%
26% 25% 25% 25% 25%
Assumptions for ITC

2018 2019
For Income statement
Revenue from operations 6.50% 6.50%
Other Income 3.45% 3.45%

Cost Of Materials Consumed 28.56% 28.56%

Purchase Of Stock-In Trade 8.66% 8.66%
Changes In Inventories Of FG,WIP And Stock-In Trade 0.00% 0.00%
Employee Benefit Expenses 7.46% 7.46%
Finance Costs 0.11% 0.11%
Depreciation And Amortisation Expenses 2.71% 2.71%
Other Expenses 18.44% 18.44%
Group Share In Joint Ventures 0.00% 0.00%
Tax Expense assumption 32.00% 32.00%

For Balance sheet 2018 2019

TATR (will remain same) 0.799 0.799
Average total assets (initial est) 56496.16 60168.41

AVG 2017 2016

Weighted Avg Depreciation Rate 7.29% 7.49% 7.38%
Weighted Avg Interest Rate 11.7%

ASSETS 2018 2019

NON-CURRENT ASSETS
Tangible Assets 30.01% 30.01%
Intangible Assets 0.85% 0.85%
Capital Work-In-Progress 6.35% 6.35%
Intangible Assets Under Development 0.07% 0.07%
Other Assets 0.00% 0.00%
Fixed Assets 37.15% 37.15%
Non-Current Investments 5.26% 5.26%
Deferred Tax Assets [Net] 0.08% 0.08%
Long Term Loans And Advances 3.01% 3.01%
Other Non-Current Assets 1.15% 1.15%
Total Non-Current Assets 47.16% 47.16%
Group Share In Joint Ventures 0.15% 0.15%
CURRENT ASSETS 0.00% 0.00%
Current Investments 14.77% 14.77%
Inventories 18.14% 18.14%
Trade Receivables 4.55% 4.55%
Cash And Cash Equivalents 12.36% 12.36%
Short Term Loans And Advances 1.50% 1.50%
OtherCurrentAssets 1.37% 1.37%

SHAREHOLDER'S FUNDS
Equity Share Capital 2% 2%
Total Share Capital 2% 2%
Revaluation Reserves 0% 0%
Reserves and Surplus 69% 69%
Total Reserves and Surplus 69% 69%
Total Shareholders Funds 71% 71%
Minority Interest 1% 1%
Group Share In Joint Ventures 0% 0%
NON-CURRENT LIABILITIES 0% 0%
Long Term Borrowings 0% 0%
Deferred Tax Liabilities [Net] 3% 3%
Other Long Term Liabilities 0% 0%
Long Term Provisions 0% 0%
Total Non-Current Liabilities 4% 4%
CURRENT LIABILITIES 0% 0%
Short Term Borrowings 0% 0%
Trade Payables 5% 5%
Other Current Liabilities 8% 8%
Short Term Provisions 12% 12%
Total Current Liabilities 25% 25%
 2020 2021 2022

6.50% 6.50% 6.50%

3.24% 3.24% 2.75%

28.56% 28.56% 28.56%

8.66% 8.66% 8.66%
0.00% 0.00% 0.00%
7.46% 7.46% 7.46%
0.11% 0.11% 0.11%
2.71% 2.71% 2.71%
18.44% 18.44% 18.44%
0.00% 0.00% 0.00%
32.00% 32.00% 32.00%

2020 2021 2022

0.799 0.799 0.799
64079.36 68244.51 72680.41

2015 2014
6.84% 7.46% Weighted Avg Depreciation Rate = Depreciation & Amortization / (Avg. Gross PP&E + Avg.
Weighted Avg Interest Rate = Interest Expense / Avg. Long-Term Debt

2020 2021 2022

30.01% 30.01% 30.01%

0.85% 0.85% 0.85%
6.35% 6.35% 6.35%
0.07% 0.07% 0.07%
0.00% 0.00% 0.00%
37.15% 37.15% 37.15%
5.26% 5.26% 5.26%
0.08% 0.08% 0.08%
3.01% 3.01% 3.01%
1.15% 1.15% 1.15%
47.16% 47.16% 47.16%
0.15% 0.15% 0.15%
0.00% 0.00% 0.00%
14.77% 14.77% 14.77%
18.14% 18.14% 18.14%
4.55% 4.55% 4.55%
12.36% 12.36% 12.36%
1.50% 1.50% 1.50%
1.37% 1.37% 1.37%

2% 2% 2%
2% 2% 2%
0% 0% 0%
69% 69% 69%
69% 69% 69%
71% 71% 71%
1% 1% 1%
0% 0% 0%
0% 0% 0%
0% 0% 0%
3% 3% 3%
0% 0% 0%
0% 0% 0%
4% 4% 4%
0% 0% 0%
0% 0% 0%
5% 5% 5%
8% 8% 8%
12% 12% 12%
25% 25% 25%
 zation / (Avg. Gross PP&E + Avg. Intangible Assets)
g-Term Debt
 ITC
Consolidated Profit & Loss account
2017

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]
Other Operating Revenues
Total Operating Revenues 42,804
Other Income 1,762
Total Revenue 44,565
EXPENSES
Cost Of Materials Consumed 11,979
Purchase Of Stock-In Trade 3,478
Changes In Inventories Of FG,WIP And Stock-In Trade 593
Employee Benefit Expenses 3,632
Finance Costs 24
Depreciation And Amortisation Expenses 1,153
Other Expenses 7,687
Group Share In Joint Ventures 0
Total Expenses 28,545
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 16,020
Profit/Loss Before Tax 16,020
Tax Expenses-Continued Operations
Current Tax 5,602
Less: MAT Credit Entitlement 0
Deferred Tax -51
Tax For Earlier Years -1
Total Tax Expenses 5,549
Profit/Loss After Tax And Before ExtraOrdinary Items 10,471
Profit/Loss From Continuing Operations 10,471
Profit/Loss For The Period 10,471
 Projected
2018 2019 2020 2021 2022

45,113 48,046 51,169 54,495 58,037

1558 1659 1656 1763 1596
46671 49705 52824 56258 59632

12883 13720 14612 15562 16573

3908 4162 4433 4721 5028
-2 -2 -2 -2 -2
3365 3584 3817 4065 4329
4 6 6 7 7
1208 1312 1398 1489 1585
8319 8860 9436 10049 10702
0 0 0 0 0
29685 31643 33699 35890 38223
16986 18062 19125 20368 21410
16986 18062 19125 20368 21410

5436 5780 6120 6518 6851

5436 5780 6120 6518 6851

11551 12282 13005 13850 14559
11551 12282 13005 13850 14559
11551 12282 13005 13850 14559
 ITC
Consolidated Balance Sheet
2017 2018

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 1,214.74 1036
Total Share Capital 1,214.74 1036
Revaluation Reserves 0 68
Reserves and Surplus 45,198.19 38853
Total Reserves and Surplus 45,198.19 38921
Total Shareholders Funds 46,412.93 39957
Minority Interest 294.74 284
Group Share In Joint Ventures 0 56
NON-CURRENT LIABILITIES
Long Term Borrowings 18.4 49
Deferred Tax Liabilities [Net] 1,878.77 1958
Other Long Term Liabilities 59 56
Long Term Provisions 158.42 159
Total Non-Current Liabilities 2,114.59 2221
CURRENT LIABILITIES
Short Term Borrowings 19.11 148
Trade Payables 2,659.33 2642
Other Current Liabilities 4,230.71 4622
Short Term Provisions 211.86 6566
Total Current Liabilities 7,121.01 13977
Total Capital And Liabilities 55,943.27 56496
ASSETS
NON-CURRENT ASSETS
Tangible Assets 15,262.27 16953
Intangible Assets 428.68 483
Capital Work-In-Progress 3,684.20 3588
Intangible Assets Under Development 45.69 40
Other Assets 0 0
Fixed Assets 19,420.84 20986
Non-Current Investments 6,693.99 2974
Deferred Tax Assets [Net] 44.95 47
Long Term Loans And Advances 109.25 1701
Other Non-Current Assets 3,202.61 648
Total Non-Current Assets 29,674.17 26643
Group Share In Joint Ventures 0 86
CURRENT ASSETS
Current Investments 10,332.39 8347
Inventories 8,671.10 10249
Trade Receivables 2,474.29 2568
Cash And Cash Equivalents 2,967.40 6984
Short Term Loans And Advances 1,096.80 848
OtherCurrentAssets 727.12 772
Total Current Assets 26,269.10 29767
Total Assets 55,943.27 56496
 Projected
2019 2020 2021 2022

1104 1175 1252 1333

1104 1175 1252 1333
72 77 82 87
41378 44068 46933 49983
41451 44145 47015 50071
42555 45321 48267 51404
303 322 343 365
60 64 68 72

52 55 59 63
2085 2220 2365 2518
60 63 68 72
169 180 192 205 CA
2366 2520 2683 2858 CL
Change in NCW
157 168 178 190
2814 2997 3191 3399
4922 5242 5583 5946
6993 7447 7931 8447
14886 15853 16884 17981
60168 64079 68245 72680

18055 19229 20479 21810

514 547 583 621
3822 4070 4334 4616
43 45 48 52
0 0 0 0
22350 23803 25350 26998
3167 3373 3592 3826
50 53 56 60
1812 1929 2055 2188
690 735 783 834
28374 30219 32183 34275
92 98 104 111
 8889 9467 10083 10738
10915 11624 12380 13184
2735 2913 3102 3303
7438 7922 8437 8985
903 962 1024 1091
822 875 932 993
31702 33763 35957 38295
60168 64079 68245 72680
2018 2019 2020 2021 2022

1716 883 941 1002 1067

374 472 503 536 570
1342 411 438 466 497
 ITC BO BSE sensex

Date Adj Close Change Adj Close

12/22/2013 194.42009 21193.58008
12/29/2013 190.044266 -2.3% 20851.33008

1/5/2014 194.631958 2.4% 20758.49023

1/12/2014 196.080612 0.7% 21063.61914
1/19/2014 195.687653 -0.2% 21133.56055
1/26/2014 196.230911 0.3% 20513.84961
2/2/2014 195.205078 -0.5% 20376.56055
2/9/2014 193.03212 -1.1% 20366.82031
2/16/2014 191.644119 -0.7% 20700.75
2/23/2014 197.679535 3.1% 21120.11914
3/2/2014 203.745758 3.1% 21919.78906
3/9/2014 209.449783 2.8% 21809.80078
3/16/2014 215.878159 3.1% 21753.75
3/23/2014 216.693024 0.4% 22339.9707
3/30/2014 208.303543 -3.9% 22359.5
4/6/2014 207.548447 -0.4% 22628.96094
4/13/2014 213.192734 2.7% 22628.83984
4/20/2014 207.398163 -2.7% 22688.07031
4/27/2014 205.31572 -1.0% 22403.89063
5/4/2014 208.544388 1.6% 22994.23047
5/11/2014 215.818405 3.5% 24121.74023
5/18/2014 206.522614 -4.3% 24693.34961
5/25/2014 206.1306 -0.2% 24217.33984
6/1/2014 203.383575 -1.3% 25396.46094
6/8/2014 206.94342 1.8% 25228.16992
6/15/2014 208.307129 0.7% 25105.50977
6/22/2014 198.353775 -4.8% 25099.91992
6/29/2014 206.695068 4.2% 25962.06055
7/6/2014 214.601944 3.8% 25024.34961
7/13/2014 213.423355 -0.5% 25641.56055
7/20/2014 221.45488 3.8% 26126.75
7/27/2014 216.896805 -2.1% 25480.83984
8/3/2014 216.090286 -0.4% 25329.14063
8/10/2014 221.237198 2.4% 26103.23047
8/17/2014 213.144287 -3.7% 26419.55078
8/24/2014 220.24559 3.3% 26638.10938
 8/31/2014 217.237259 -1.4% 27026.69922
9/7/2014 220.679077 1.6% 27061.03906
9/14/2014 222.911591 1.0% 27090.41992
9/21/2014 230.539413 3.4% 26626.32031
9/28/2014 225.764572 -2.1% 26567.99023
10/5/2014 219.004684 -3.0% 26297.38086
10/12/2014 219.469788 0.2% 26108.5293
10/19/2014 216.524689 -1.3% 26851.05078
10/26/2014 220.306976 1.7% 27865.83008
11/2/2014 220.555344 0.1% 27868.63086
11/9/2014 228.338501 3.5% 28046.66016
11/16/2014 233.330063 2.2% 28334.63086
11/23/2014 225.113434 -3.5% 28693.99023
11/30/2014 242.756927 7.8% 28458.09961
12/7/2014 245.361526 1.1% 27350.67969
12/14/2014 229.144073 -6.6% 27371.83984
12/21/2014 228.027817 -0.5% 27208.60938
12/28/2014 228.369202 0.1% 27887.90039
1/4/2015 221.206497 -3.1% 27458.38086
1/11/2015 222.818573 0.7% 28121.89063
1/18/2015 216.58609 -2.8% 29278.83984
1/25/2015 228.585953 5.5% 29182.94922
2/1/2015 231.624969 1.3% 28717.91016
2/8/2015 234.446335 1.2% 29094.92969
2/15/2015 245.515991 4.7% 29231.41016
2/22/2015 244.213623 -0.5% 29220.11914
3/1/2015 214.539612 -12.2% 29448.94922
3/8/2015 210.292236 -2.0% 28503.30078
3/15/2015 203.160217 -3.4% 28261.08008
3/22/2015 196.648666 -3.2% 27458.64063
3/29/2015 206.0746 4.8% 28260.14063
4/5/2015 214.601944 4.1% 28879.38086
4/12/2015 218.136765 1.6% 28442.09961
4/19/2015 215.283783 -1.3% 27437.93945
4/26/2015 199.842117 -7.2% 27011.31055
5/3/2015 203.439285 1.8% 27105.39063
5/10/2015 202.230011 -0.6% 27324
5/17/2015 203.687653 0.7% 27957.5
5/24/2015 202.632767 -0.5% 27828.43945
5/31/2015 189.020859 -6.7% 26768.49023
6/7/2015 189.69812 0.4% 26425.30078
6/14/2015 194.969299 2.8% 27316.16992
 6/21/2015 197.110367 1.1% 27811.83984
6/28/2015 201.582214 2.3% 28092.78906
7/5/2015 198.036148 -1.8% 27661.40039
7/12/2015 205.607483 3.8% 28463.31055
7/19/2015 200.815506 -2.3% 28112.31055
7/26/2015 208.419403 3.8% 28114.56055
8/2/2015 207.428436 -0.5% 28236.39063
8/9/2015 203.403183 -1.9% 28067.31055
8/16/2015 210.782822 3.6% 27366.07031
8/23/2015 209.281967 -0.7% 26392.38086
8/30/2015 202.189835 -3.4% 25201.90039
9/6/2015 200.017166 -1.1% 25610.21094
9/13/2015 203.499008 1.7% 26218.91016
9/20/2015 206.150894 1.3% 25863.5
9/27/2015 210.080322 1.9% 26220.94922
10/4/2015 219.312531 4.4% 27079.50977
10/11/2015 222.89119 1.6% 27214.59961
10/18/2015 228.929092 2.7% 27470.81055
10/25/2015 213.849686 -6.6% 26656.83008
11/1/2015 215.255661 0.7% 26265.24023
11/8/2015 210.4953 -2.2% 25610.5293
11/15/2015 220.047638 4.5% 25868.49023
11/22/2015 219.760117 -0.1% 26128.19922
11/29/2015 214.424728 -2.4% 25638.10938
12/6/2015 205.032455 -4.4% 25044.42969
12/13/2015 202.700684 -1.1% 25519.2207
12/20/2015 206.502625 1.9% 25838.71094
12/27/2015 209.121918 1.3% 26117.53906
1/3/2016 200.208832 -4.3% 24934.33008
1/10/2016 200.464737 0.1% 24455.03906
1/17/2016 197.206192 -1.6% 24435.66016
1/24/2016 204.13826 3.5% 24870.68945
1/31/2016 206.949234 1.4% 24616.9707
2/7/2016 191.839188 -7.3% 22986.11914
2/14/2016 194.777603 1.5% 23709.15039
2/21/2016 185.928741 -4.5% 23154.30078
2/28/2016 201.902328 8.6% 24646.48047
3/6/2016 205.160873 1.6% 24717.99023
3/13/2016 207.652695 1.2% 24952.74023
3/20/2016 207.269333 -0.2% 25337.56055
3/27/2016 214.680618 3.6% 25269.64063
4/3/2016 205.319962 -4.4% 24673.83984
 4/10/2016 211.45369 3.0% 25626.75
4/17/2016 208.099304 -1.6% 25838.14063
4/24/2016 207.524292 -0.3% 25606.61914
5/1/2016 202.669037 -2.3% 25228.5
5/8/2016 204.010788 0.7% 25489.57031
5/15/2016 210.815399 3.3% 25301.90039
5/22/2016 229.663208 8.9% 26653.59961
5/29/2016 226.564713 -1.3% 26843.0293
6/5/2016 230.87886 1.9% 26635.75
6/12/2016 236.132477 2.3% 26625.91016
6/19/2016 232.093506 -1.7% 26397.71094
6/26/2016 248.594208 7.1% 27144.91016
7/3/2016 242.190948 -2.6% 27126.90039
7/10/2016 245.195541 1.2% 27836.5
7/17/2016 245.835876 0.3% 27803.24023
7/24/2016 248.692719 1.2% 28051.85938
7/31/2016 247.707596 -0.4% 28078.34961
8/7/2016 249.776352 0.8% 28152.40039
8/14/2016 247.313553 -1.0% 28077
8/21/2016 249.973373 1.1% 27782.25
8/28/2016 258.543884 3.4% 28532.10938
9/4/2016 254.849701 -1.4% 28797.25
9/11/2016 256.524384 0.7% 28599.0293
9/18/2016 250.071884 -2.5% 28668.2207
9/25/2016 237.954941 -4.8% 27865.96094
10/2/2016 235.590652 -1.0% 28061.14063
10/9/2016 236.230988 0.3% 27673.59961
10/16/2016 236.280258 0.0% 28077.17969
10/23/2016 238.940063 1.1% 27941.50977
10/30/2016 245.392578 2.7% 27274.15039
11/6/2016 239.383362 -2.4% 26818.82031
11/13/2016 224.508087 -6.2% 26150.24023
11/20/2016 225.345444 0.4% 26316.33984
11/27/2016 225.000656 -0.2% 26230.66016
12/4/2016 232.290527 3.2% 26747.17969
12/11/2016 223.178192 -3.9% 26489.56055
12/18/2016 221.454239 -0.8% 26040.69922
12/25/2016 237.363876 7.2% 26626.46094
1/1/2017 239.038559 0.7% 26759.23047
1/8/2017 245.786621 2.8% 27238.06055
1/15/2017 251.648056 2.4% 27034.5
1/22/2017 253.667557 0.8% 27882.46094
 1/29/2017 268.39505 5.8% 28240.51953
2/5/2017 268.986115 0.2% 28334.25
2/12/2017 264.257568 -1.8% 28468.75
2/19/2017 261.745514 -1.0% 28892.9707
2/26/2017 258.051331 -1.4% 28832.44922
3/5/2017 259.33197 0.5% 28946.23047
3/12/2017 277.014832 6.8% 29648.99023
3/19/2017 276.867035 -0.1% 29421.40039
3/26/2017 276.276001 -0.2% 29620.5
4/2/2017 268.690582 -2.7% 29706.60938
4/9/2017 275.586395 2.6% 29461.44922
4/16/2017 270.266785 -1.9% 29365.30078
4/23/2017 274.453522 1.5% 29918.40039
4/30/2017 272.926575 -0.6% 29858.80078
5/7/2017 270.217499 -1.0% 30188.15039
5/14/2017 281.644867 4.2% 30464.91992
5/21/2017 304.056274 8.0% 31028.21094
5/28/2017 314.399994 3.4% 31273.28906
6/4/2017 301.642761 -4.1% 31262.06055
6/11/2017 306.299988 1.5% 31056.40039
6/18/2017 310.850006 1.5% 31138.21094
6/25/2017 323.850006 4.2% 30921.60938
7/2/2017 334.100006 3.2% 31360.63086
7/9/2017 337.200012 0.9% 32020.75
7/16/2017 288.5 -14.4% 32028.89063
7/23/2017 291.25 1.0% 32309.88086
7/30/2017 280.75 -3.6% 32325.41016
8/6/2017 271.549988 -3.3% 31213.58984
8/13/2017 281.799988 3.8% 31524.67969
8/20/2017 281.5 -0.1% 31596.06055
8/27/2017 283.600006 0.7% 31892.23047
9/3/2017 272.450012 -3.9% 31687.51953
9/10/2017 269.350006 -1.1% 32272.60938
9/17/2017 268.25 -0.4% 31922.43945
9/24/2017 258.25 -3.7% 31283.7207
10/1/2017 266.049988 3.0% 31814.2207
10/8/2017 265.850006 -0.1% 32432.68945
10/15/2017 269.600006 1.4% 32389.96094
10/22/2017 269.350006 -0.1% 33157.21875
10/29/2017 265.399994 -1.5% 33685.55859
11/5/2017 261.350006 -1.5% 33314.55859
11/12/2017 257.549988 -1.5% 33342.80078
11/19/2017 260.350006 1.1% 33679.23828
11/26/2017 255.300003 -1.9% 32832.94141
12/3/2017 261.700012 2.5% 33250.30078
12/10/2017 264.75 1.2% 33462.96875
12/17/2017 263.350006 -0.5% 33940.30078
12/22/2017 263.350006 0.0% 33940.30078
SE sensex

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 VALUATION of ITC stock

1 2 3
2018 2019 2020

Net Income 11551 12282 13005

Add:Depreciation 1,208 1,312 1,398
Add: Interest*(1-tax rate) 3 4 4
Less:Changes in NCWC 1,342 411 438
Less:Capex 1,691 1,102 1,174
Free Cash Flow to the Firm(FCFF) 9,728 12,086 12,796
Less: Interest*(1-tax rate) 3 4 4
Add:Net Borrowing 30 3 3
Free Cash Flow to the Equity (FCFE) 9,761 12,093 12,803

PV of FCFE 8741 9698 9195

Total PV of FCFE 44656

Terminal value:
Base FCF for terminal growth 14,330
Terminal dividend growth rate 4%
PV of FCF at end of 2022 194370
PV of Terminal Value 111943

Total PV of FCFE 156599

Value per Stock ₹220.56

Actual ITC stock Click

 BETA 0.660 Microsoft Office
User:
Risk free rate 6.79% From RBI website
Risk Premium 7.39%
Ke 11.667%
4 5 Growth Rate(stable) 4% Microsoft Office User
From Damodaran's
2021 2022 Share O/S (in Cr) 710 blog

13850 14559
1,489 1,585
5 5
466 497
1,250 1,331
13,627 14,321
5 5
4 4
13,636 14,330

8769 8253
 1218.364649

Microsoft Office User:

From Damodaran's
blog