ITC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

1. ‘Revenue from operations’ includes ‘Gross Revenue from sale of products and services’ and ‘Other operating revenue’.



2. ‘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’.



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



NOTES TO STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31.03.2021



1 The audited Standalone 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 1st June, 2021.



2 The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.



3 During the quarter ended 31st March, 2021, 37,29,660 Ordinary Shares of Re. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 31st March, 2021 stands increased to Rs. 1230,88,44,231/-.



4 The Company has considered the possible effects that may arise out of the still unfolding COVID-19 pandemic on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. For this purpose, the Company has considered internal and external sources of information up to the date of approval of the Standalone Financial Results including credit reports and related information, economic forecasts, market value of certain investments etc. Based on the current estimates, the Company does not expect any significant impact on such carrying values. The impact of COVID-19 on the Company's financial statements may differ from that estimated as at the date of approval of Standalone Financial Results.



5 The Board of Directors of the Company (the Board) have recommended Final Dividend of Rs. 5.75 per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2021. The Record Date fixed for the purpose of determining entitlement of the Members for the Final Dividend is Friday, 11th June, 2021, and such Dividend, if declared, will be paid on Friday, 13th August, 2021 to those Members entitled thereto.



In addition to the above, the Board on 11th February, 2021 declared an Interim Dividend of Rs. 5.00 per Ordinary Share of Re. 1/- each; such Dividend was paid on 10th March, 2021 to the Members entitled thereto. Together with the Interim Dividend of Rs. 5.00 per share paid on 10th March, 2021, the total Dividend for the financial year ended 31st March, 2021 amounts to Rs. 10.75 per share (total Dividend for the year ended 31st March, 2020 - Rs. 10.15 per share).



6 The 110th Annual General Meeting of the Company has been convened for Wednesday, 11th August, 2021.



7 The Scheme for Amalgamation of Sunrise Foods Private Limited (Sunrise) with the Company was sanctioned by the Hon’ble National Company Law Tribunal (NCLT), Kolkata Bench, vide order dated 26th February, 2021 and became effective from 1st April, 2021. The fair value of assets and liabilities of Sunrise has been recorded in accordance with Ind AS 103 - ‘Business Combinations’ and is reflected in ‘FMCG – Others’ segment. The financial results for the year ended 31st March, 2021 therefore reflect the effect of the Scheme from 27th July, 2020, being the appointed date. Figures for the earlier periods pertaining to the financial year ended 31st March, 2021 have been restated with effect from the appointed date. Consequently, figures of previous periods are not comparable. Further, necessary petition seeking sanction for amalgamation of Hobbits International Foods Private Limited and Sunrise Sheetgrah Private Limited (subsidiaries of Sunrise) with the Company is pending before the Hon’ble NCLT, Allahabad Bench. Accordingly, the impact of the said amalgamation, has not been given effect to in these results. In the interim, consequent to amalgamation of Sunrise with the Company, the aforesaid subsidiaries of Sunrise have become direct wholly owned subsidiaries of the Company with effect from 1st April, 2021.



8 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.


1. ‘Investments accounted for using equity method’ is included under ‘Non-current investments’.



2. ‘Other non-current assets’ includes ‘Right of use assets’ of Rs. 726.84 Crores and ‘Other non-current assets’ of Rs. 1231.62 Crores.



3. ‘Other non-current financial liabilities’ includes ‘Lease liabilities’ of Rs. 272.36 Crores and ‘Other financial liabilities’ of Rs. 239.35 Crores.



4. ‘Trade payables, current’ includes ‘Total outstanding dues of micro enterprises and small enterprises’ of Rs. 59.34 Crores and ‘Total outstanding dues of creditors other than micro enterprises and small enterprises’ of Rs. 4060.19 Crores.



5. ‘Other current financial liabilities’ includes ‘Lease liabilities’ of Rs. 51.36 Crores and ‘Other financial liabilities’ of Rs. 1248.17 Crores.