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``` **SECTION: Report of the Board of Directors** **SECTION: Management Discussion and Analysis** **SECTION: For the Financial Year Ended 31st March, 2024** **SECTION: SOCIO-ECONOMIC ENVIRONMENT** The global economy witnessed another year of deceleration in growth to 3.2% in 2023 (Vs. 3.5% in 2022) with the slowdown be... |
Going forward, the Indian economy is expected to sustain its high growth trajectory in FY 2024-25 driven by strong momentum in Fixed Investments and a pick-up in Private Consumption on the back of moderation in inflation, improvement in agri terms of trade, a good Rabi harvest, and normal monsoons. Green shoots of reco... |
While India’s agri exports have grown strongly in recent years to a peak of US$ 53 billion in FY 2022-23, it witnessed a decline to US$ 49 billion in FY 2023-24 due to restrictions imposed during the year on agri-commodity trading led by concerns over food security and inflation on the back of geopolitical tensions and... |
Digitalisation of agriculture also offers the potential to increase productivity and foster structural changes across the value chain thereby enabling efficient use of resources. In line with its commitment to harness the power of cutting-edge digital technologies and NextGen agri practices towards unlocking the potent... |
The thrust on millets is further exemplified by the Hotels Business creating easy-to-try recipes with millets to help encourage individuals to experiment with the taste and texture of millets. The first-ever postal stamp to commemorate the year of millets and your Company’s unique Mission Millets initiative was also la... |
Similarly, the Agro-forestry sector, as a source of raw material for the wood-based industry, is woefully constrained by policies that not only impede job creation in India but also promote avoidable imports. Recent policy interventions to enable greening of wastelands and providing financial assistance to members of m... |
Similarly, the Government has also initiated work on 8,000 model villages based on the activities demonstrated by your Company across 1,350 villages during the initial period of the partnership. Estimates indicate yield improvement of up to 30% for cotton, maize, paddy, and soyabean in locations covered by the programm... |
Although India accounts for approximately 18% of the world population, its share of natural resources is disproportionately low with only 2% of global land mass, 4% of freshwater resources, and 2% of forest resources. It is more critical than ever before to redouble efforts, both at the national and corporate level, to... |
ITC Mughal became the first hotel globally to be awarded the LEED® Zero Water Certification by the U.S. Green Building Council (USGBC), followed by ITC Sonar, ITC Rajputana, and ITC Maurya which are the only other hotels globally to have been awarded the certification. Your Company’s ‘Sankhya’ data centre in Bengaluru ... |
With its bold Sustainability 2.0 agenda, your Company is setting the bar even higher, and remains committed to making a meaningful contribution across all three sectors of the economy – Agri, Manufacturing, and Services, while retaining its status as a sustainability exemplar. Further details on this subject are availa... |
Profit Before Tax and Exceptional items at ₹ 26323.34 crores, grew by 6.7% over the previous year. Your Company reassessed its provisions relating to uncertain tax positions for earlier years based on a favourable order of the Honourable Supreme Court received during the year which resulted in a credit of ₹ 468.44 cror... |
Earnings from agri exports, which effectively link small farmers with international markets, are an indicator of your Company’s contribution to the rural economy. During FY 2023-24, your Company and its subsidiaries earned ₹ 9512 crores in foreign exchange. The direct foreign exchange earned by your Company amounted to... |
**SECTION: Cigarettes Market Overview** While India is the world’s second largest consumer of tobacco, legal cigarettes constitute only 9% of overall tobacco consumption in India, as against a global average of 90%. It is pertinent to note that India accounts for less than 2% of global cigarette consumption despite hav... |
While legitimate cigarette industry volumes have declined consistently over the last decade, illicit cigarette volumes, in contrast, have grown rapidly during the same period, accounting for about 1/3rd of the legal industry. It is pertinent to note that the legal industry has been able to partially claw back volumes f... |
Tobacco control measures in India have ranked amongst the most stringent in the world from the time of enactment of the Cigarettes (Regulation of Production, Supply and Distribution) Act, 1975, to the present. India is also one of the few countries where tobacco products are regulated across the value chain – from thei... |
Several major tobacco producing countries, including the USA, have established regulatory frameworks that consider the economic interests of their tobacco farmers. The punitive and discriminatory taxation and regulatory regime on cigarettes in India has adversely affected the livelihood of Indian tobacco farmers, benef... |
New benchmarks are being set in quality, sustainability, supply chain responsiveness, and productivity. Cutting-edge technologies such as Industry 4.0 and Data Sciences are being leveraged to build a smart manufacturing environment. Your Company has been recognized for its commitment to operational excellence, with the... |
**SECTION: Conclusion** Your Company remains well-positioned to fortify its market standing in the legal cigarette industry and FMCG sector, leveraging superior strategies, integrated value chains, robust innovation pipelines, and best-in-class execution capabilities. A stable taxation and regulatory regime is critical... |
The Businesses leverage the agri-commodity sourcing expertise resident in your Company’s Agri Business to procure high-quality raw materials, ensuring the highest level of quality, consistency, and safety in its products. Each branded packaged food product is manufactured in HACCP/ISO-certified manufacturing locations,... |
The ‘Sunrise’ brand strengthened its market leadership position in the core market of West Bengal and made significant gains in newer launch markets of the Northeast region and Bihar. Unique products catering to regional tastes, such as Sunrise ‘Haah Salkumura’ for duck curry and the ‘Swaad Bihar ka’ range of spices, w... |
**SECTION: Dairy Portfolio Growth** The ‘Aashirvaad Svasti’ fresh dairy portfolio continued its strong growth trajectory during the year, led by the strengthening of its premium milk variant ‘Select’ and driving exponential growth in value-added products (curd, lassi, and paneer) through superior offerings and scaling ... |
**SECTION: Future of Food Processing Sector** The development of the food processing sector will aid in addressing issues of food security, improved nutrition availability, and prevention of wastage. Recognizing this potential, your Company has made significant investments in food processing and remains focused on esta... |
The Business continued to leverage your Company’s state-of-the-art LSTC facility to develop innovative and differentiated products backed by robust science-based claims, to meet emerging consumer needs. In the Personal Wash segment, premiumisation continues to remain a key vector of growth. **SECTION: Report of the Boa... |
Leveraging robust R&D capabilities and in-house manufacturing capabilities, the Business will continue to deliver high-quality fragrances that resonate with discerning consumers. The value proposition of ‘Savlon’ brand on the ‘Skin Friendly germ protection’ proposition in line with evolving needs of consumers, helped t... |
The establishment of the facility is also in line with the strategic objective of reducing distance to market, enhancing supply chain agility and responsiveness, as well as optimising costs. Fiama, Vivel, and Savlon have been frontrunners in adopting sustainable packaging for the soap portfolio. PET bottles of Fiama Sh... |
The Business also continued to leverage the capabilities of your Company’s Life Sciences and Technology Centre to craft differentiated products of superior quality. Premiumisation and product innovation continue to be key growth drivers for the Business. The ‘Classmate Interaktiv’ Notebook portfolio continued to witnes... |
Your Company’s Education and Stationery Products Business, with its strong brands – Classmate & Paperkraft, robust product portfolio, collaborative linkages with small & medium enterprises, and superior distribution network, is well poised to sustain its leadership position in the industry. **SECTION: Incense Sticks (A... |
The Business has been a pioneer in developing domestic manufacturing capabilities for raw battis and is also working closely with manufacturers and nodal agencies of respective State Governments for sourcing Indian Bamboo sticks and for cultivating Bamboo plantations in the country. The proactive measures implemented b... |
Omni-channel presence in urban markets enabled accelerated growth while shopper marketing insights and agile supply chain capabilities were leveraged to enhance operational and execution efficiencies. ``` ``` **SECTION: E-Commerce Growth** The surge in internet usage, particularly through smartphones, widespread adopti... |
Leveraging the synergies arising from the deep rural connect of your Company’s Agri Business, extensive consumer activations continued to be undertaken in high-potential rural areas during the year through concerted market development activities and further enhancements to the digital ecosystem for the stockist channel... |
**SECTION: Digital Transformation Initiatives** In line with your Company’s credo of ‘Nation First: Sab Saath Badhein’, TM&D has partnered with Open Network for Digital Commerce (ONDC) to facilitate the digital transformation of small retailers. As part of this industry-first initiative, your Company continues to assis... |
The Business continues to evaluate avenues to further enhance the share of renewable energy in its portfolio, increase the number of LEED® Zero Carbon Certifications, and reduce carbon emission levels. ITC Hotels was recognised as the best Luxury Hotel Chain for the 5th consecutive year at ‘Travel + Leisure India’s Bes... |
Domestic demand for paperboard remained subdued, leading to lower customer offtakes and excess supply in the domestic market. The year also saw an unprecedented surge in domestic wood costs due to increased demand from competing wood-based industries, exerting pressure on margins. Despite these challenges, the Business... |
All four units of the Business are certified under the Integrated Management System, and the Business continues to deploy operational excellence tools to improve efficiency and reduce waste. The Business is committed to sustainability and has received recognition for its green credentials and safety standards. ``` ``` ... |
Deeper farmer and customer engagement, operational agility, and supply chain efficiency enabled the Business to deliver enhanced value to its customers and consolidate its pre-eminent position as the largest Indian exporter of unmanufactured tobacco. The Business continues to make focused investments across the tobacco... |
**SECTION: Report of the Board of Directors** In recognition of its relentless commitment to the highest standards of sustainability, EHS (Environment, Health, Safety) & Quality, the Business received several awards during the year, including the award for ‘Most Innovative Best Practices’ from the Confederation of Indi... |
With its strong R&D capability, sustainability leadership, digital expertise, unique crop development and extension expertise, state-of-the-art processing facilities, and deep understanding of customer and farmer needs, your Company is well positioned to meet the current and emerging requirements of global customers an... |
The Business continues to partner with various State Governments for the production of ‘food safe’ spices and has maintained an unblemished track record over the years in terms of compliance with stringent food safety parameters. The Business continues to pursue sustainable farm management practices anchored on Rainfor... |
Collaborations with farmers are being strengthened, with the Business providing necessary inputs, advisory, on-field support, and enabling farmers to ‘produce the buy’. The Business remains focused on expanding its scope of operations across identified agri-commodities, including both fresh and processed products. The ... |
Your Company is rapidly building expertise in data-science led decision support systems to deepen its sourcing capability. These include the development of AI/ML models that dynamically respond to evolving conditions across multiple sourcing dimensions and aid in optimal sourcing decisions. These capabilities and infra... |
The Business continues to collaborate with reputed research organizations such as the Indian Agricultural Research Institute, Indian Institute of Wheat & Barley Research, Indian Institute of Rice Research, Indian Institute of Soybean Research, Indian Institute of Vegetable Research, Punjab Agricultural University, and ... |
The wide range of interventions of your Company in empowering farmers through climate-resilient agriculture, natural resource augmentation, development of competitive agri-value chains, focus on VAAP, leveraging advanced digital technology, and strong market linkages reflect your Company’s commitment to catalyse a tran... |
Public consumption and investments also contracted, on the back of lower revenue collections. Measures towards encouraging domestic and foreign investments, incentivising the manufacturing sector to enable import substitution and job creation, supporting the hospitality sector with its large economic multiplier effect,... |
In the Confectionery business, the company further augmented its portfolio through new launches such as ‘Toffichoo Eclairs’ and ‘Toffichoo Cola Fun’ and continues to make focused investments towards strengthening its market standing. During the year, Surya Nepal Ventures Private Limited, a wholly-owned subsidiary of th... |
The company continues to explore opportunities to rapidly scale up the newer FMCG businesses and evaluate emerging opportunities in this space. **SECTION: ITC Infotech India Limited and its subsidiaries** The global technology industry witnessed a slowdown in growth in FY 2023-24 on the back of macro-economic and geo-p... |
The company continues to strengthen leadership through curated leadership development programs and employee competencies through domain & technology-led training and career development programs. During the year, the company’s consolidated Total Income stood at ₹ 3784.17 crores (previous year ₹ 3363.06 crores), clocking... |
ITC Infotech GmbH, a wholly-owned subsidiary of the company incorporated in March 2023, recorded Revenue of EUR 14.25 million and Net Profit of EUR 2.80 million. 8. ITC Infotech Malaysia SDN. BHD., a wholly-owned subsidiary of the company incorporated in February 2023, recorded Revenue of MYR 7.95 million and Net Profi... |
Availability of seed potatoes with farmers was also higher due to favourable weather conditions during the crop year 2022-23, leading to surplus stocks in cold stores and lower potato prices. Leveraging its institutional strengths, the company continued to take proactive measures to consolidate its relationship with fa... |
**SECTION: WelcomHotels Lanka (Private) Limited** WelcomHotels Lanka (Private) Limited (WLPL), a wholly-owned subsidiary of your Company, was incorporated in Sri Lanka in April 2012 with the objective of developing and operating a mixed-use development project (‘Project’) comprising a luxury hotel and a super-premium r... |
While the recent increase in tax rates on real estate has impacted the sales velocity of ‘The Sapphire Residences’ luxury apartments, the company expects the same to gain momentum given its unique positioning in the market and superior value proposition coupled with improved stability in the macro-economic environment ... |
Total Comprehensive Income for the year stood at ₹ 10.00 crores (Previous Year ₹ 9.60 crores). **SECTION: Srinivasa Resorts Limited** The company owns ‘ITC Kakatiya’ – a 188-key luxury hotel located in Hyderabad, which is operated and marketed by your Company. ITC Kakatiya is a USGBC LEED Platinum® Certified Hotel and ... |
During the year ended 31st March, 2024, the company recorded Total Income of ₹ 54.92 crores (previous year: ₹ 44.35 crores) and Net Profit of ₹ 11.22 crores (previous year: ₹ 5.34 crores). Total Comprehensive Income for the year stood at ₹ 11.09 crores (previous year ₹ 5.20 crores). The Board of Directors of the compan... |
The company’s Revenue from Operations for the year stood at ₹ 3.47 crores (previous year ₹ 11.46 crores) with a Net Loss of ₹ 1.88 crores (previous year Net Profit of ₹ 0.16 crore). Total Comprehensive Income for the year stood at (-) ₹ 1.93 crores (previous year ₹ 0.21 crore). **SECTION: North East Nutrients Private L... |
**SECTION: ITC Fibre Innovations Limited** The company was incorporated as a wholly-owned subsidiary of your Company in March 2023 with the objective of foraying into the Moulded Fibre Products space. Moulded Fibre Products, made from renewable natural fibres such as wood, bamboo, bagasse, and waste paper, offer sustai... |
The company declared an interim dividend of ₹ 14.10 per Equity Share of ₹ 10 each, aggregating ₹ 22.56 crores (previous year ₹ 11.30 per Equity Share of ₹ 10 each, aggregating ₹ 18.08 crores). **SECTION: Greenacre Holdings Limited** The company provides maintenance services for commercial office buildings, engineering,... |
**SECTION: Report of the Board of Directors** of the land leased to the company. The appeal filed by the company against the aforestated Order was admitted in April 2014 and the matter is pending before the Honourable High Court. During the year, the company recorded Total Income of ₹ 0.10 crore (previous year ₹ 0.11 c... |
During the year, your Company purchased the entire investment in MHRL held by Russell Credit Limited, a wholly-owned subsidiary, consequent to which your Company’s shareholding in MHRL aggregated 50% of its paid-up share capital. During the year ended 31st March, 2024, the company recorded Total Income of ₹ 8.12 crores... |
The matter is currently before the National Company Law Tribunal (NCLT). The JV partner also filed a petition before the Honourable Delhi High Court for winding up the JV company, which was transferred to the NCLT. The matter has been heard on several occasions but could not be concluded. On 21st January, 2020, the mat... |
The sector witnessed robust growth during the year, with domestic air travel exceeding pre-pandemic levels. The company’s revenue surpassed pre-COVID levels, driven by higher business volumes and improved yields. Focused interventions in recent years to optimise the cost structure have enabled improvement in margins. T... |
Additionally, the company launched Yoga Baby - a range crafted to meet the nutritional needs of children with recipes inspired by traditional knowledge. **SECTION: Mother Sparsh Baby Care Private Limited** Mother Sparsh Baby Care Private Limited (Mother Sparsh) is a premium ayurvedic and natural personal care brand in ... |
The SOPs, along with transactional controls built into the ERP systems, ensure appropriate segregation of duties, tiered approval mechanisms, and maintenance of supporting records. The Information Management Policy reinforces the control environment. The systems, SOPs, and controls are reviewed by Divisional management... |
- The Corporate Risk Management Cell facilitates the identification and prioritization of strategic and operational risks, development of appropriate mitigation strategies, and conducts periodic reviews of the progress on the management of identified risks. - A combination of centrally issued policies and Divisionally-... |
Your Company has made several interventions straddling strategic impact areas such as Intelligent new-age insights that reimagine Consumer Experience, Business Model Transformation, Smart Operations, and Employee Experience, which continue to be scaled up across your Company. Cutting-edge digital technologies such as I... |
A Continuous Threat Detection and Response (CTDR) platform is in the process of being progressively rolled out across your Company to provide real-time monitoring and analysis of network traffic, system logs, and other data sources to detect and respond to cyber threats. Guidelines for AI security governance are being ... |
- Mitigation of price, liquidity and counter party risks through hedging on commodity exchanges (mainly NCDEX) for certain commodities, as applicable. Correlation between prices prevailing in the physical market and those on the commodity exchange is analysed regularly to ensure effectiveness of hedging. - Robust monit... |
Your Company’s internal control systems include documented policies and procedures, segregation of duties, and careful selection and development of employees. Your Company’s independent and robust Internal Audit processes, both at the Business and Corporate level, provide assurance on the adequacy and effectiveness of ... |
This approach enables your Company to delight consumers and customers with a vibrant portfolio of industry-leading products and services while generating enduring value for the Indian economy and the larger community of stakeholders. Your Company’s employees relentlessly strive to deliver world-class performance, colla... |
Industry attrition levels decreased during the year and are expected to continue to be low in most sectors. Your Company’s unique employer equity as an exemplary Indian enterprise creating world-class brands, building business leaders, and generating economic, social, and environmental capital for the Indian economy, c... |
Globally benchmarked curriculum is made available in domains of digitalisation, data science and analytics, contemporary and best-in-class marketing practices, manufacturing strategy with a focus on the emerging digital landscape, business strategy, and commercial acumen. All of these interventions are delivered throug... |
During the year, a range of engagement programmes were undertaken including initiatives such as leadership outreach through extensive communication, recognition programmes acknowledging exceptional contributions of employees and teams, career conversations and development planning for robust positioning and progression... |
The Chairman and other members of the Corporate Management Committee interacted with managers across Businesses in small groups, sharing your Company’s vision and strategies while also inviting suggestions and feedback. Your Company believes that alignment of all employees to a shared vision and purpose is vital for wi... |
It is your Company’s Policy to ensure that no complainant is victimised or harassed for bringing such incidents to the attention of your Company, and to keep the information disclosed during the course of the investigation as confidential. ``` ``` **SECTION: Whistleblower Policy** The practice of the Whistleblower Poli... |
Your Company believes that agility in thought and action, meaningful public-private-people partnerships, and Responsible Competitiveness will act as core enablers of this new agenda. Your Company has the potential to make a large-scale impact not only from an economic standpoint but also from the perspective of support... |
Your Company’s Businesses are actively working towards achieving your Company’s Sustainability 2.0 vision. During the year, over 50% of your Company’s total energy requirements were met from renewable sources. With this, your Company has already met its 2030 commitment of achieving 50% renewable energy share in FY 2023... |
The BRSR maps the sustainability performance of your Company against the nine principles forming part of the National Guidelines on Responsible Business Conduct (NGRBC) issued by the Ministry of Corporate Affairs, Government of India. During the year, your Company sustained its ‘AA’ rating by MSCI-ESG for the sixth con... |
Your Company is also conducting life-cycle analysis (LCA) studies for developing a portfolio of innovative and sustainable products in line with growing consumer preference for climate-friendly products. Additionally, in order to address short-medium term as well as long-term physical risks of climate change, your Comp... |
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