Documentos de Académico
Documentos de Profesional
Documentos de Cultura
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
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%
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
2018 2019
For Income statement
Revenue from operations 6.50% 6.50%
Other Income 3.45% 3.45%
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
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
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
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
Change
-2%
0% BETA 0.737
1%
0%
-3%
-1%
0%
2%
2%
4%
-1%
0%
3%
0%
1%
0%
0%
-1%
3%
5%
2%
-2%
5%
-1%
0%
0%
3%
-4%
2%
2%
-2%
-1%
3%
1%
1%
1%
0%
0%
-2%
0%
-1%
-1%
3%
4%
0%
1%
1%
1%
-1%
-4%
0%
-1%
2%
-2%
2%
4%
0%
-2%
1%
0%
0%
1%
-3%
-1%
-3%
3%
2%
-2%
-4%
-2%
0%
1%
2%
0%
-4%
-1%
3%
2%
1%
-2%
3%
-1%
0%
0%
-1%
-2%
-4%
-5%
2%
2%
-1%
1%
3%
0%
1%
-3%
-1%
-2%
1%
1%
-2%
-2%
2%
1%
1%
-5%
-2%
0%
2%
-1%
-7%
3%
-2%
6%
0%
1%
2%
0%
-2%
4%
1%
-1%
-1%
1%
-1%
5%
1%
-1%
0%
-1%
3%
0%
3%
0%
1%
0%
0%
0%
-1%
3%
1%
-1%
0%
-3%
1%
-1%
1%
0%
-2%
-2%
-2%
1%
0%
2%
-1%
-2%
2%
0%
2%
-1%
3%
1%
0%
0%
1%
0%
0%
2%
-1%
1%
0%
-1%
0%
2%
0%
1%
1%
2%
1%
0%
-1%
0%
-1%
1%
2%
0%
1%
0%
-3%
1%
0%
1%
-1%
2%
-1%
-2%
2%
2%
0%
2%
2%
-1%
0%
1%
-3%
1%
1%
1%
0%
VALUATION of ITC stock
1 2 3
2018 2019 2020
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
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