ITC Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2023

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 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS ENDED 31.03.2023



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 its meeting held on 18th May, 2023.



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. 1,57,08,740 Ordinary Shares of Re. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes during the quarter ended 31st March, 2023. Consequently, the issued and paid-up Share Capital of the Company stands increased to Rs. 1242,80,17,741/- as on 31st March, 2023.



4. Exceptional items represent proceeds received in partial settlement of the insurance claim towards leaf tobacco stocks, which were destroyed due to fire at a third party owned warehouse in an earlier year.



5. The Company on 19th April, 2023 executed the Transaction Documents to acquire 100% of the share capital (on a fully diluted basis) of Sproutlife Foods Private Limited (Sproutlife). On 4th May, 2023, the Company, in the first tranche, acquired 2,443 Equity Shares of Rs. 10/- each and 7,215 Compulsorily Convertible Preference Shares of Rs. 10/- each, consequent to which the Company’s shareholding in Sproutlife aggregated 39.42% of its share capital on a fully diluted basis.



6. The Company incorporated a new wholly owned subsidiary viz., ‘ITC Fibre Innovations Limited’ on 3rd March, 2023.



7. The Company on 7th April, 2023 divested its entire shareholding, i.e., 26.00% of the paid-up share capital, held in Espirit Hotels Private Limited (Espirit), consequent to which Espirit ceased to be a joint venture of the Company with effect from the said date.



8. The Board of Directors of the Company have recommended to the Members for their approval, a Special Dividend of Rs. 2.75 per Ordinary share in addition to the Final Dividend of Rs. 6.75 per Ordinary share for the financial year ended 31st March, 2023 (Final Dividend for the financial year ended 31st March, 2022 - Rs. 6.25 per Ordinary Share). Together with the Interim Dividend of Rs. 6.00 per Ordinary share (previous year Rs. 5.25 per Ordinary share) paid on 3rd March, 2023, the total Dividend for the financial year ended 31st March, 2023 amounts to Rs. 15.50 per Ordinary share (previous year Rs. 11.50 per Ordinary share). Total cash outflow on account of Dividend (including interim Dividend of Rs. 7448.41 crores paid in March 2023) will be Rs. 19255.02 crores (previous year Rs. 14171.51 crores).



The Record Date fixed for the purpose of determining entitlement of the Members for such Dividend is Tuesday, 30th May, 2023 and such Dividend, if declared, will be paid between Monday, 14th August, 2023 and Thursday, 17th August, 2023 to those Members entitled thereto.



9. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
1. ‘Non-current investments’ includes ‘Investment accounted for using equity method’.



2. ‘Other non-current assets’ includes ‘Right of Use assets’ of Rs. 715.91 Crores and ‘Other non-current assets’ of Rs. 1211.74 Crores.



3. ‘Other non-current financial liabilities’ includes ‘Lease liabilities’ of Rs. 273.59 Crores and ‘Other financial liabilities’ of Rs. 152.49 Crores.



4. ‘Trade payables, current’ includes ‘Total outstanding dues of micro enterprises and small enterprises’ of Rs. 137.50 Crores and ‘Total outstanding dues of creditors other than micro enterprises and small enterprises’ of Rs. 4213.76 Crores.



5. ‘Other current financial liabilities’ includes ‘Lease liabilities’ of Rs. 46.54 Crores and ‘Other financial liabilities’ of Rs. 1730.68 Crores.