Financials ITC Limited

Equities

ITC

INE154A01025

Tobacco

Market Closed - NSE India S.E. 12:43:54 12/07/2024 BST 5-day change 1st Jan Change
459 INR +0.09% Intraday chart for ITC Limited +5.86% -0.66%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,110,576 2,689,714 3,089,102 4,766,145 5,347,830 5,736,231 - -
Enterprise Value (EV) 1 1,873,691 2,512,522 2,937,177 4,564,294 5,169,604 5,483,105 5,445,661 5,430,408
P/E ratio 13.9 x 20.6 x 20.5 x 25.4 x 26.2 x 26.3 x 23.7 x 21.6 x
Yield 5.91% 4.92% 4.59% 3.32% 3.21% 3.31% 3.64% 4.22%
Capitalization / Revenue 4.51 x 5.91 x 5.48 x 6.78 x 8.17 x 7.9 x 7.18 x 6.7 x
EV / Revenue 4 x 5.52 x 5.21 x 6.5 x 7.9 x 7.55 x 6.81 x 6.34 x
EV / EBITDA 10.5 x 16.2 x 15.5 x 19.1 x 21.1 x 20.4 x 18.1 x 16.3 x
EV / FCF 16.1 x 25.3 x 22.6 x 28.4 x 38.4 x 26.4 x 25.4 x 22.8 x
FCF Yield 6.23% 3.94% 4.42% 3.52% 2.61% 3.78% 3.94% 4.38%
Price to Book 3.3 x 4.56 x 5.03 x 7.04 x 7.4 x 7.61 x 7.31 x 7.35 x
Nbr of stocks (in thousands) 12,292,231 12,309,904 12,324,363 12,428,018 12,484,721 12,495,874 - -
Reference price 2 171.7 218.5 250.6 383.5 428.4 459.0 459.0 459.0
Announcement Date 26/06/20 01/06/21 18/05/22 18/05/23 23/05/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 468,073 454,851 563,413 702,513 654,408 725,788 799,172 856,135
EBITDA 1 179,042 155,225 189,337 239,445 244,786 268,956 301,150 332,428
EBIT 1 163,410 139,606 172,815 222,817 228,308 251,564 280,941 312,618
Operating Margin 34.91% 30.69% 30.67% 31.72% 34.89% 34.66% 35.15% 36.52%
Earnings before Tax (EBT) 1 191,668 171,642 198,295 247,504 263,158 290,113 322,080 352,997
Net income 1 151,360 130,316 150,578 187,533 204,220 217,854 241,375 265,176
Net margin 32.34% 28.65% 26.73% 26.69% 31.21% 30.02% 30.2% 30.97%
EPS 2 12.31 10.59 12.22 15.11 16.35 17.47 19.36 21.22
Free Cash Flow 1 116,658 99,119 129,958 160,534 134,710 207,379 214,405 238,046
FCF margin 24.92% 21.79% 23.07% 22.85% 20.59% 28.57% 26.83% 27.8%
FCF Conversion (EBITDA) 65.16% 63.85% 68.64% 67.04% 55.03% 77.11% 71.2% 71.61%
FCF Conversion (Net income) 77.07% 76.06% 86.31% 85.6% 65.96% 95.19% 88.83% 89.77%
Dividend per Share 2 10.15 10.75 11.50 12.75 13.75 15.20 16.73 19.36
Announcement Date 26/06/20 01/06/21 18/05/22 18/05/23 23/05/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 1 158,623 155,308 172,896 161,299 162,257 175,061 158,282 165,501 323,783 164,832 165,793 168,737 - - - -
EBITDA 1 51,021 52,244 56,475 58,643 62,232 62,094 62,501 60,416 - 60,243 61,626 64,756 - - - -
EBIT 1 46,928 47,784 52,360 54,423 58,160 57,875 58,476 56,284 - 56,075 57,473 59,127 - - - -
Operating Margin 29.58% 30.77% 30.28% 33.74% 35.84% 33.06% 36.94% 34.01% - 34.02% 34.67% 35.04% - - - -
Earnings before Tax (EBT) 1 54,920 54,420 55,396 59,385 66,775 65,948 65,456 65,135 - 67,250 65,317 66,964 - - - -
Net income 1 41,562 41,910 41,694 44,661 50,310 50,869 49,027 49,270 - 55,721 50,202 50,997 - - - -
Net margin 26.2% 26.98% 24.11% 27.69% 31.01% 29.06% 30.97% 29.77% - 33.8% 30.28% 30.22% - - - -
EPS 2 3.370 3.400 3.380 3.600 4.050 4.080 3.930 3.950 - 4.450 4.020 4.050 - - - -
Dividend per Share 2 - 6.250 - - - - - - - - 7.500 - - - 15.02 -
Announcement Date 03/02/22 18/05/22 01/08/22 20/10/22 03/02/23 18/05/23 14/08/23 19/10/23 19/10/23 29/01/24 23/05/24 - - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - - - - -
Net Cash position 1 236,885 177,192 151,925 201,851 178,226 253,125 290,570 305,823
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 116,658 99,119 129,958 160,534 134,710 207,379 214,405 238,046
ROE (net income / shareholders' equity) 20.4% 21.2% 25% 29.1% 29.2% 29.4% 31.2% 33.7%
ROA (Net income/ Total Assets) 17.2% 17.8% 20.5% 23.8% 24.1% 24.1% 25.7% 27.6%
Assets 1 880,607 734,094 733,366 786,771 847,948 902,340 939,941 960,915
Book Value Per Share 2 52.10 47.90 49.80 54.50 57.90 60.30 62.80 62.50
Cash Flow per Share 2 11.20 9.340 12.00 14.40 12.90 18.70 20.40 22.60
Capex 1 21,404 15,821 18,120 18,583 26,472 24,972 24,736 26,436
Capex / Sales 4.57% 3.48% 3.22% 2.65% 4.05% 3.44% 3.1% 3.09%
Announcement Date 26/06/20 01/06/21 18/05/22 18/05/23 23/05/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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Investor Rating
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B
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