ITC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019

1. ‘Changes in inventories of finished goods, work-in-progress and stock-in-trade’ should be read as ‘Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates’.



2. ‘Depreciation, depletion and amortisation expense’ should be read as ‘Depreciation and amortization expense’.



3. The figures for the 3 months ended 31.03.2019 and corresponding 3 months ended 31.03.2018 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial years.



NOTES TO STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS ENDED 31.03.2019



1. The audited Standalone and Consolidated Financial Results and Segment Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 13th May, 2019.



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 have been replaced by GST.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 the 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 year ended 31st March, 2019 is not comparable with the previous year.



On a comparable basis, Gross Sales Value^ (net of rebates and discounts) of Company for the year ended 31st March, 2019 and 31st March, 2018 are Rs 75309.36 Crores and Rs 67081.92 Crores respectively. Similary, Gross Sales Value^ (net of rebates and discounts) of the Group for the year ended 31st March, 2019 and 31st March, 2018 are Rs 79854.69 Crores and Rs 70852.18 Crores respectively.



^Gross Sales Value includes GST, GST Compensation Cess, Service Tax, VAT, Luxury Tax etc., as applicable

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'.



4. During the quarter ended 31st March, 2019, 1,17,15,500 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 31st March, 2019 stands increased to Rs 1225,86,31,601/-.

5. Profit for the year ended 31st March, 2018 before considering Exceptional Items of Rs 270.00 Crores (post tax), stood at Rs 10953.25 Crores for the Company and Rs 11215.10 Crores for the Group. Consequently, Profit for the year ended 31st March, 2019 before considering Exceptional Items represents a growth of 13.80% for the Company and 14.35% for the Group.

Exceptional Items in the previous year represent provisions for earlier years in respect of Tamil Nadu entry tax that were written back based on a favourable order of the Hon’ble Supreme Court.

6. The Board of Directors of the Company has recommended a dividend of Rs 5.75 per Ordinary Share of Re 1/- each for the financial year ended 31st March, 2019 and the dividend, if declared, will be paid on Tuesday, 16th July, 2019 to those Members entitled thereto.

7. The Register of Members of the Company shall remain closed for the purpose of dividend from Friday, 24th May, 2019 to Monday, 27th May, 2019, both days inclusive.

8. The 108th Annual General Meeting of the Company has been convened for Friday, 12th July, 2019.

9. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
'Trade payabales' includes 'Total outstanding dues of micro enterprises and small enterprises' of Rs. 54.32 Crores and 'Total outstanding dues of creditors other than micro enterprises and small enterprises' of Rs. 3313.96 Crores.