History and Evolution

Established in 1910, ITC Limited is a diversified conglomerate with businesses

spanning Fast Moving Consumer Goods comprising Foods, Personal Care,
Cigarettes and Cigars, Education & Stationery Products, Incense Sticks and Safety
Matches; Hotels, Paperboards and Packaging, Agri Business and Information
Technology. The Company was incorporated on August 24, 1910 under the name
Imperial Tobacco Company of India Limited. As the Company's ownership
progressively Indianised, the name of the Company was changed to India Tobacco
Company Limited in 1970 and then to I.T.C. Limited in 1974. In recognition of the
ITC's multi-business portfolio encompassing a wide range of businesses, the full
stops in the Company's name were removed effective September 18, 2001. The
Company now stands rechristened 'ITC Limited,' where 'ITC' is today no longer an
acronym or an initialised form.
A Modest Beginning

The Company's beginnings were humble. A leased office on Radha Bazar Lane,
Kolkata, was the centre of the Company's existence. The Company celebrated its
16th birthday on August 24, 1926, by purchasing the plot of land situated at 37,
Chowringhee, (now renamed J.L. Nehru Road) Kolkata, for the sum of Rs
310,000. This decision of the Company was historic in more ways than one. It was
to mark the beginning of a long and eventful journey into India's future. The
Company's headquarter building, 'Virginia House', which came up on that plot of
land two years later, would go on to become one of Kolkata's most venerated
landmarks.
1925: Packaging and Printing: Backward Integration
Though the first six decades of the Company's existence were primarily devoted to
the growth and consolidation of the Cigarettes and Leaf Tobacco
businesses, ITC's Packaging & Printing Business was set up in 1925 as a
strategic backward integration for ITC's Cigarettes business. It is today India's
most sophisticated packaging house.
1975: Entry into the Hospitality Sector - A 'Welcom' Move
The Seventies witnessed the beginnings of a corporate transformation that would
usher in momentous changes in the life of the Company. In 1975, the Company
launched its Hotels business with the acquisition of a hotel in Chennai which was
rechristened 'ITC-Welcomgroup Hotel Chola' (now renamed Welcomhotel by
ITC Hotels, Cathedral Road, Chennai). The objective of ITC's entry into the
hotels business was rooted in the concept of creating value for the nation. ITC
chose the Hotels business for its potential to earn high levels of foreign exchange,
create tourism infrastructure and generate large scale direct and indirect
employment. The business also launched The two new brands: Mementos by ITC
Hotels - A new brand of luxury hotels & resorts that offers those rarest of luxuries
i.e Great Memories and Storii by ITC Hotels- A collection of handpicked
boutique properties, offering bespoke stays & immersive experiences. Since then
ITC's Hotels business has grown to occupy a position of leadership, with over 115
owned and managed properties spread across India under six brands namely, ITC
Hotels, Mementos, Welcomhotel, Storii, Fortune Hotels and WelcomHeritage.
ITC Hotels recently took its first step toward international expansion with
an upcoming super premium luxury hotel in Colombo, Sri Lanka.
1979: Paperboards & Specialty Papers - Development of a Backward Area
In 1979, ITC entered the Paperboards business by promoting ITC Bhadrachalam
Paperboards Limited. Bhadrachalam Paperboards amalgamated with the Company
effective March 13, 2002 and became a Division of the Company, Bhadrachalam
Paperboards Division. In November 2002, this division merged with the
Company's Tribeni Tissues Division to form the Paperboards & Specialty Papers
Division. ITC's paperboards' technology, productivity, quality and manufacturing
processes are comparable to the best in the world. It has also made an immense
contribution to the development of Sarapaka, an economically backward area in the
state of Andhra Pradesh. It is directly involved in education, environmental
protection and community development. In 2004, ITC acquired the paperboard
manufacturing facility of BILT Industrial Packaging Co. Ltd (BIPCO), near
Coimbatore, Tamil Nadu. The Kovai Unit allows ITC to improve customer service
with reduced lead time and a wider product range.
1985: Nepal Subsidiary - First Steps beyond National Borders
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint
venture. In August 2002, Surya Tobacco became a subsidiary of ITC Limited and
its name was changed to Surya Nepal Private Limited (Surya Nepal). In 2004,
the company diversified into manufacturing and exports of garments.
1990: Paperboards & Specialty Papers - Consolidation and Expansion
In 1990, ITC acquired Tribeni Tissues Limited, a Specialty paper manufacturing
company and a major supplier of tissue paper to the cigarette industry. The merged
entity was named the Tribeni Tissues Division (TTD). To harness strategic and
operational synergies, TTD was merged with the Bhadrachalam Paperboards
Division to form the Paperboards & Specialty Papers Division in November
2002.
1990: Agri Business - Strengthening Farmer Linkages
Also in 1990, leveraging its agri-sourcing competency, ITC set up the Agri
Business Division for export of agri-commodities. The Division is today one of
India's largest exporters. ITC's unique and now widely acknowledged e-Choupal
initiative began in 2000 with soya farmers in Madhya Pradesh. Now it extends to
10 states covering over 4 million farmers. Also, through the 'Choupal Pradarshan
Khet' initiative, the agri services vertical has been focusing on improving
productivity of crops while deepening the relationship with the farming
community.
2002: Education & Stationery Products - Offering the Greenest products
ITC launched line of premium range of notebooks under brand Paperkraft in
2002. To augment its offering and to reach a wider student population,
the Classmate range of notebooks was launched in 2003. Classmate over the
years has grown to become India's largest notebook brand and has also
increased its portfolio to occupy a greater share of the school bag. Years 2007-
2009 saw the launch of Practical Books, Drawing Books, Geometry Boxes, Pens
and Pencils under the 'Classmate' brand. 'Paperkraft' offers a diverse portfolio in
the premium executive stationery and office consumables segment.
2000: Information Technology - Business Friendly Solutions
In 2000, ITC spun off its information technology business into a wholly owned
subsidiary, ITC Infotech India Limited, to more aggressively pursue emerging
opportunities in this area. Today ITC Infotech is one of India's fastest growing
global IT and IT-enabled services companies and has established itself as a key
player in offshore outsourcing, providing outsourced IT solutions and services to
leading global customers across key focus verticals - Banking Financial Services &
Insurance (BFSI), Consumer Packaged Goods (CPG), Retail, Manufacturing,
Engineering Services, Media & Entertainment, Travel, Hospitality, Life Sciences
and Transportation & Logistics.
2001: Branded Packaged Foods - Delighting Millions of Households
ITC's foray into the Foods business is an outstanding example of successfully
blending multiple internal competencies to create a new driver of business growth.
It began in August 2001 with the introduction of 'Kitchens of India' ready-to-eat
Indian gourmet dishes. In 2002, ITC entered the confectionery and staples
segments with the launch of the brands mint-o and Candyman confectionery and
Aashirvaad Atta (wheat flour). 2003 witnessed the introduction of Sunfeast as
the Company entered the biscuits segment. ITC entered the fast growing branded
snacks category with Bingo! in 2007. In 2010, ITC launched Sunfeast Yippee! to
enter the Indian instant noodles market. In September 2014, ITC
launched GumOn Chewing Gum marking the entry into the category of gums. The
Company entered the Fruit-based juices and beverages market with the launch of B
Natural Fruit beverages in January 2015. ITC's forayed into the dairy segment
with the launch of Aashirvaad Svasti Ghee in November 2015. Launched in April
2016, Fabelle chocolates are ITC's premier offering in the luxury chocolate space.
ITC forayed into the branded coffee category in July 2016 with the launch
of Sunbean Gourmet Coffee. In February 2017, ITC launched ITC MasterChef
super safe spices - the first-of-its-kind spices launched in India, offering export
quality super safe spices to the Indian homemaker. ITC MasterChef Prawns were
launched in June 2017 as the Company entered the Frozen foods segment. ITC's
first foray into fresh fruits and vegetables segment was marked with the launch
of Farmland Potatoes in November 2017. In 2018, ITC forayed into the packaged
milk segment with the launch of Aashirvaad Svasti pouch milk and into dairy-
based beverages with the Sunfeast Wonderz range of milkshakes. The ITC
Master Chef Frozen Snacks range was also introduced the same year, marking
the Company's first venture into the frozen snacks segment. In July 2020, ITC
acquired spices maker Sunrise Foods, looking to augment its product portfolio.
In just over a decade and a half, the Foods business has grown to a significant size
under numerous distinctive brands, with an enviable distribution reach, a rapidly
growing market share and a solid market standing.
2002: Agarbattis & Safety Matches - Supporting the Small and Cottage Sector
In 2002, ITC's philosophy of contributing to enhancing the competitiveness of the
entire value chain found yet another expression in the Safety Matches initiative.
ITC now markets popular safety matches brands
like iKno, Mangaldeep and Aim.
ITC's foray into the marketing of Agarbattis (incense sticks) in 2003 marked the
manifestation of its partnership with the cottage sector. Mangaldeep is a highly
established national brand and is available across a range of fragrances like Rose,
Jasmine, Bouquet, Sandalwood and 'Fragrance of Temple'.
2005: Personal Care Products - Expert Solutions for Discerning Consumers
ITC entered the Personal Care Business in 2005 and the portfolio has grown
under 'Essenza Di Wills', 'Fiama', 'Vivel' 'Superia' brands which have received
encouraging consumer response and have been progressively extended nationally.
In May 2013, the business expanded its product portfolio with the launch
of Engage deodorants. ITC marked its foray into the health space with the
acquisition of the brand Savlon and Shower to Shower in 2015. In 2017, the
business acquired the brand Charmis to enhance its skincare portfolio. In 2018,
ITC acquired the brand Nimyle to enter the floor cleaner space. In 2018, the
business also launched the Dermafique brand, foraying into the premium skincare
product territory. In 2020, the Personal Care Product Business launched multiple
personal and home hygiene products and entered the fruit and vegetable wash
category with the launch of brand Nimwash. In 2021, dishwash gel Nimeasy was
launched.
2010: Expanding the Tobacco Portfolio
In 2010, ITC launched its handrolled cigar, Armenteros, in the Indian market.
Armenteros cigars are available exclusively at tobacco selling outlets in select
hotels, fine dining restaurants and exclusive clubs.

Our Profile

ITC is one of India's foremost private sector companies and a diversified

conglomerate with businesses spanning Fast Moving Consumer Goods, Hotels,
Paperboards and Packaging, Agri Business and Information Technology. The
Company is acknowledged as one of India's most valuable business corporations
with a Gross Revenue of ₹ 69,481 crores and Net Profit of ₹ 18,753.31 crores (as
on 31.03.2023). ITC was ranked as India's most admired company, according to a
survey conducted by Fortune India, in association with Hay Group.
Multiple Drivers of Growth

ITC is the country's leading FMCG marketer, the clear market leader in the Indian
Paperboard and Packaging industry, a globally acknowledged pioneer in farmer
empowerment through its wide-reaching Agri Business, a pre-eminent hotel chain
in India that is a trailblazer in 'Responsible Luxury'. ITC's wholly-owned
subsidiary, ITC Infotech, is a specialized global digital solutions provider.
Over the last decade, ITC's new Consumer Goods Businesses have established a
vibrant portfolio of 25+ world- class Indian brands that create and retain value in
India. ITC's world class FMCG brands including Aashirvaad, Sunfeast, Yippee!,
Bingo!, B Natural, ITC Master Chef, Fabelle, Sunbean, Fiama, Engage, Vivel,
Savlon, Classmate, Paperkraft, Mangaldeep, Aim and others have garnered
encouraging consumer franchise within a short span of time. While several of these
brands are market leaders in their segments, others are making appreciable
progress.
Leveraging Institutional Strengths

The competitiveness of ITC's diverse businesses rest on the strong foundations of

institutional strengths derived from its deep consumer insights, cutting-edge
Research & Development, differentiated product development capacity,
brand-building capability, world-class manufacturing infrastructure,
extensive rural linkages, efficient trade marketing and distribution network
and dedicated human resources. ITC's ability to leverage internal synergies
residing across its diverse businesses lends a unique source of competitive
advantage to its products and services.
'Nation First: Sab Saath Badhein'

ITC's 'Nation First: Sab Saath Badhein' philosophy underlines its core belief in
building a globally competitive and profitable Indian enterprise that makes an
exemplary contribution to creating larger societal value. As a company deeply
rooted in Indian soil, ITC is inspired by the opportunity to serve larger national
priorities. A global exemplar in Sustainability, ITC is the only enterprise in the
world of comparable dimensions to be carbon-positive, water-positive and
solid waste recycling positive for over a decade now. ITC has created over 6
million sustainable livelihoods. Nearly 43% of the total energy consumed in ITC
is from renewable sources. ITC's premium luxury hotels have the unique
distinction of being LEED Platinum certified.
ITC's Well-being Out of Waste programme (WOW) that comprehensively
addresses the problem of solid waste management, of which plastic waste is a
significant component, provides an end-to-end sustainable and scalable solution
that has reached out to over 1.8 crores citizens in the country.
Together with farmers and local communities, ITC has implemented largescale
interventions in climate-smart and sustainable agriculture that make a meaningful
contribution to the Hon'ble Prime Minister's vision of doubling farmer incomes.
Towards this, ITC has launched an integrated programme titled 'Baareh Mahine
Hariyali' (maximising farm utilisation over 12 months of the year) to give a new
dimension to the complex task of multiplying farmer incomes. ITC is collaborating
with NITI Aayog to progressively build capacity of 2 million farmers in 27
Aspirational Districts to help enhance rural incomes.
ITC is investing in India's future by building world-class consumer goods
factories and iconic hospitality assets that will contribute to the country's
competitive capacity. These investment projects underpin the Company's support
to the Government's "Make in India" vision.

VISION & MISSION

 THE ITC MISSION
To enhance the wealth generating capability of the enterprise in a globalising
environment, delivering superior and sustainable stakeholder value

THE ITC VISION

Sustain ITC's position as one of India's most valuable corporations through world
class performance, creating growing value for the Indian economy and the
Company's stakeholders

THE ITC MISSION

To enhance the wealth generating capability of the enterprise in a globalising
environment, delivering superior and sustainable stakeholder value
CORE VALUES
ITC's Core Values are aimed at developing a customer-focused, high-performance
organisation which creates value for all its stakeholders:
TRUSTEESHIP
As professional managers, we are conscious that ITC has been given to us in
"trust" by all our stakeholders. We will actualise stakeholder value and interest on
a long term sustainable basis.
CUSTOMER FOCUS
We are always customer focused and will deliver what the customer needs in terms
of value, quality and satisfaction.
RESPECT FOR PEOPLE
We are result oriented, setting high performance standards for ourselves as
individuals and teams.
We will simultaneously respect and value people and uphold humanness and
human dignity.
We acknowledge that every individual brings different perspectives and
capabilities to the team and that a strong team is founded on a variety of
perspectives.
We want individuals to dream, value differences, create and experiment in pursuit
of opportunities and achieve leadership through teamwork.
EXCELLENCE
We do what is right, do it well and win. We will strive for excellence in whatever
we do.
INNOVATION
We will constantly pursue newer and better processes, products, services and
management practices.
NATION ORIENTATION
We are aware of our responsibility to generate economic value for the Nation. In
pursuit of our goals, we will make no compromise in complying with applicable
laws and regulations at all levels.
CORPORATE STRATEGIES
ITC is a board-managed professional company, committed to creating enduring
value for the nation and the shareholder. It has a rich organisational culture rooted
in its core values of respect for people and belief in empowerment. Its philosophy
of all-round value creation is backed by strong corporate governance policies and
systems.
ITC'S CORPORATE STRATEGIES ARE:
 Create multiple drivers of growth by developing a portfolio of world class
businesses that best matches organisational capability with opportunities in
domestic and export markets.
 Continue to focus on the chosen portfolio of FMCG, Hotels, Paper,
Paperboards & Packaging, Agri Business and Information Technology.
 Benchmark the health of each business comprehensively across the criteria
of Market Standing, Profitability and Internal Vitality.
 Ensure that each of its businesses is world class and internationally
competitive.
 Enhance the competitive power of the portfolio through synergies derived
by blending the diverse skills and capabilities residing in ITC's various
businesses.
 Create distributed leadership within the organisation by nurturing talented
and focused top management teams for each of the businesses.
 Continuously strengthen and refine Corporate Governance processes and
systems to catalyse the entrepreneurial energies of management by striking
 the golden balance between executive freedom and the need for effective
control and accountability.

ITC: Organisational Profile

ITC Limited is one of India's foremost private sector companies with a market
capitalisation in excess of US $ 16 billion and a turnover of more than US $ 3.5 billion. ITC
ranks third in pre-tax profits among India’s private sector corporations. ITC is ranked among
the World's Best Big Companies and Asia's 'Fabulous 50' by Forbes magazine, among India's
Most Respected Companies by BusinessWorld magazine and among India's Most Valuable
Companies by Business Today magazine. ITC has a diversified presence in Cigarettes,
Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods &
Confectionery, Branded Apparel, Greeting Cards, Safety Matches and other FMCG products.
While ITC is an outstanding market leader in its traditional businesses of Cigarettes, Hotels,
Paperboards, Packaging and Agri-Exports, it is rapidly gaining market share even in its
nascent businesses of Packaged Foods & Confectionery, Branded Apparel and Greeting
Cards & Stationery. The Company's successful strategy of creating multiple drivers of growth
leveraging the diverse competencies residing in its portfolio of businesses is evident in its
impressive track record of growth in the last decade and its strong debt-free balance sheet.
ITC: Organisational Profile ITC has been ranked among Asia's 'Fabulous 50' by Forbes
magazine 8 • Sustainability Report 2006 FMCG It is a measure of the continued trust reposed
in the Company by its consumers that the top two FMCG brands in the country today belong
to ITC. The Company’s FMCG businesses leverage one of the largest retail networks in the
country, consisting of about 2 million directly serviced dealers. Its reach covers a wide range
of the retail spectrum, from premium outlets in the metros to small shops in the interiors of
rural India. The Cigarette business continues to occupy its position of leadership on the
strength of continued value addition. The Company rapidly scaled up the Branded Packaged
Foods business during the year in the four current categories Snack Foods, Staples,
Confectionery and Ready-to-Eat now offering over 100 distinctive products. In the Staples
category, ‘Aashirvaad Atta’ further consolidated its position as the clear leader amongst
national branded players with market share touching 45%. The year marked the expansion of
the ‘Sunfeast’ range of biscuits with the launch of Cookies (‘Sunfeast Golden Bakes’) in 3
variants and Sweet & Salt Crackers ('Sunfeast Snacky') in 2 variants. During the year,
outsourced and distributed manufacturing capacities were geared up to support the increase in
scale of operations. The business is in the process of establishing its own production facilities
across the country with a view to servicing proximal markets in an efficient and cost-effective
manner. The year also saw the roll out to target markets of ‘Sunfeast Pasta Treat’, a whole-
wheat based non-fried product. Product range in the ‘Confectionery’ segment was expanded
with the launch of ‘mint-o masti blue’ in a new pack design and ‘Cofitino’ in the hitherto
unrepresented Toffees segment. The Readyto-Eat product portfolio was augmented with the
introduction of Instant Mixes in the ‘popular’ range under the ‘Aashirvaad ReadyMeals’
banner, launch of new variants of cooking pastes under the ‘Aashirvaad’ umbrella brand and a
range of packaged desserts, conserves and chutneys under the flagship brand ‘Kitchens of
India’. Sustainability Report 2006 • 9 The ‘Wills Lifestyle’ range was further augmented
during the year with the extension of ‘Essenza Di Wills’, an exclusive line of prestige
fragrance products, to select ‘Wills Lifestyle’ stores. The products have met with encouraging
response from discerning consumers. The year also marked the launch of the ‘Wills Lifestyle
India Fashion Week’ (WIFW), billed as the country's premier fashion event. In the popular
segment, the ‘John Players’ brand delivered a strong performance during the year and created
a buzz among its youthful target audience. The year witnessed the rapid scale-up of the
stationery business with volumes of ‘Classmate’ notebooks trebling over last year making
‘Classmate’ the most widely distributed notebook brand across the country. The ‘Expressions’
brand of greeting cards sustained its leadership status in multi-brand outlets across the
country. In the Safety Matches business, the Company's brands, including ‘Aim’ which is the
largest selling brand of matches in the country, continued to enjoy strong consumer
preference, resulting in enhanced market standing. The year also witnessed the successful
acquisition of Wimco by a wholly owned subsidiary of the Company. The Company's
incense sticks (Agarbatti) business made rapid gains during the year with the ‘Mangaldeep’
brand emerging as the only national brand in its first full year of operations. Hotels During
2005-06, the Hotels business posted a strong financial performance with Segment Revenues
growing by 35.7%. ITC Grand Central, the Company's second property in Mumbai, which
was commissioned in January 2005, posted an impressive performance to record a positive
bottom line in its first full year of operations. The business also progressed a product
upgradation programme during the year with a view to maintaining the contemporariness of
the Company's properties. 10 • Sustainability Report 2006 ITC Hotel Grand Central, Mumbai
Paperboards and Packaging The Paperboards, Specialty Paper and Packaging segment
recorded strong growth during the year both in terms of sales and operating profits. The year
marked significant growth in the Paperboards segment on the back of enhanced capacity
utilisation at the Kovai unit and the addition of Paper Machine V (capacity 75,000 TPA) at
the Bhadrachalam mill. In fulfilment of its commitment to a cleaner environment, the
Company's Elemental Chlorine Free (ECF) pulp mill, the only one of its kind in the country,
continues to meet world-class environmental standards. The superior quality of the ECF pulp
has enabled expansion of the market for value-added paperboards. The Packaging and
Printing business leveraged its recent investments in technology upgradation to expand its
range of offerings to include a wider variety of contemporary packaging formats. During the
year, the business entered the high growth flexible packaging business with the induction of
world-class equipment. Agri Business In the Agri Business segment, ITC is engaged in
innovatively leveraging digital technology to transform the rural sector, and strengthening its
position in domestic and global markets as a leading supplier of high quality, identity-
preserved agri commodities. This digital infrastructure, known as e-Choupal, constitutes the
basis for the Company’s deeper engagement with the rural economy through the progressive
development of low cost, broadband fulfilment capability for two-way flow Sustainability
Report 2006 • 11 ITC’s paperboards mill at Bhadrachalam, Andhra Pradesh of goods and
services. This pioneering initiative comprising nearly 6,000 choupals, currently reaches out to
over 3.5 million farmers in the States of Madhya Pradesh, Haryana, Uttaranchal, Uttar
Pradesh, Rajasthan, Karnataka, Maharashtra, Andhra Pradesh and Kerala. The Company’s
investments in creating rural infrastructure to support this two-way flow of goods and
services is being strengthened through the creation of rural hubs, christened ‘Choupal Saagar’.
10 Choupal Saagars are operational in the 3 states of Madhya Pradesh, Maharashtra and Uttar
Pradesh while 9 more are in an advanced stage of construction. These Choupal Saagars, in
synergistic combination with the e-Choupal network, would serve as the core infrastructure to
support ITC's rural distribution strategy. Information Technology ITC’s wholly owned
information technology subsidiary, ITC Infotech, is one of India’s fastest growing IT and IT-
enabled outsourced solutions providers. The Company leverages domain knowledge from its
parent’s market-leading position in Manufacturing, CPG & Retail and Travel & Hospitality,
as well as in other domains like Banking, Financial Services & Insurance, to devise business
solutions for global customers. ITC Infotech is a US $ 64 million company with over 1,700
employees. In addition to IT Solutions, Services and Co-sourcing, the Company has a joint
venture with ClientLogic in the BPO space that offers a technical helpdesk with over 2,500
employees. ITC Infotech has offices in the United States, Europe and the Asia Pacific,
serving Fortune-listed customers across 42 countries. Overseas Subsidiary Surya Nepal
Private Limited (SNPL) is an Indo-Nepal-UK joint venture, which started operations in Nepal
in 1986. SNPL is the largest private sector enterprise in Nepal and a subsidiary of ITC
Limited. Its businesses include manufacture and marketing of cigarettes and readymade
garments, as well as export of readymade garments with a total turnover of US $ 60 million
and a pre-tax profit of US $ 8 million. 12 • Sustainability Report 2006 The e-Choupal
empowers farmers with relevant information Citizen First ITC is driven by the compelling
vision of enlarging its contribution to society. It seeks to achieve this value objective by not
only driving each of its businesses towards international competitiveness, but by also
consciously contributing to the competitiveness of the entire value chain. As a Company that
continuously strives to be ‘Citizen First’, ITC attaches critical importance to its responsibility
to contribute to the ‘Triple Bottom Line’, namely the augmentation of economic, ecological
and social capital. Pan-Indian Organisation ITC employs over 20,000 people at more than 60
locations across India. ITC continuously endeavours to enhance its wealth generating
capabilities in a globalising environment to consistently reward more than 4,45,000
shareholders, fulfil the aspirations of its stakeholders and meet societal expectations. This
over-arching vision of the Company is expressively captured in its corporate positioning
statement: ‘Enduring Value. For the nation. For the shareholder.’

ITC SWOT Analysis

POSTED ON JUNE 4, 2023 BY DANIEL PEREIRA
ITC SWOT Analysis encompasses a comprehensive assessment that
examines the strengths, weaknesses, opportunities, and threats faced
by ITC Ltd, a leading Indian conglomerate that operates in diverse
sectors.

The company was formerly known as the Imperial Tobacco Company of

India Limited. It is based in India, and it has established itself as a
powerhouse in multiple industries by being a significant player in
sectors, such as fast-moving consumer goods (FMCG), agribusiness,
hotels, paperboard, and information technology.

ITC Ltd’s operations span across India and extend to various

international markets. In India, the company has a widespread
presence, with manufacturing units, offices, and distribution networks
strategically located across the country. ITC’s international footprint
includes a global agribusiness presence, with exports of agricultural
commodities to numerous countries. Additionally, ITC Hotels cater to
both domestic and international tourists, offering unparalleled
hospitality experiences.

ITC Ltd traces its origins back to 1910 when it was incorporated as the
Imperial Tobacco Company of India Limited. At the time, its primary
focus was on manufacturing and marketing cigarettes, catering to the
growing demand in the Indian market. The company established its first
manufacturing facility in Munger, Bihar, and quickly gained a reputation
for producing high-quality tobacco products.

Recognizing the need to diversify its operations and reduce

dependence on a single industry, ITC Ltd embarked on a journey of
expansion into new businesses. This strategic move aimed to leverage
its resources, expertise, and brand equity to venture into sectors with
promising growth potential. Over the years, ITC Ltd successfully
entered several industries, expanding its footprint and establishing
itself as a diversified conglomerate.

One of the key areas where ITC Ltd made significant strides is the fast-
moving consumer goods (FMCG) sector. In the 1970s, the company
ventured beyond tobacco and entered the FMCG market with the
launch of its personal care products under the brand name “Essenza Di
Wills.” This foray marked the beginning of ITC’s journey into non-
tobacco consumer goods.

In subsequent years, ITC Ltd expanded its FMCG portfolio, introducing a

range of products across categories such as food and beverages,
personal care, education stationery, and safety matches. The
company’s FMCG division witnessed exponential growth, fueled by its
commitment to quality, innovation, and consumer-centric strategies.
Today, ITC Ltd’s FMCG brands, including Aashirvaad, Sunfeast, Bingo!,
and Yippee!, are household names in India and enjoy a significant
market share.
ITC Ltd recognized the importance of building a robust supply chain
and ensuring sustainable sourcing practices. In the early 1980s, the
company entered the agribusiness sector, focusing on agricultural
commodities such as wheat, rice, leaf tobacco, and coffee. With a vision
to create a more inclusive and sustainable agricultural ecosystem, ITC
Ltd implemented farmer empowerment programs, promoting
responsible farming practices, and enhancing the livelihoods of farmers
across the country.

The company’s agribusiness division handles the sourcing, processing,

and exporting of agricultural commodities. ITC Ltd’s efforts in this
sector have not only strengthened its supply chain, but also contributed
to rural development and the overall growth of the agricultural industry
in India.

In the late 1970s, ITC Ltd made its entry into the hospitality industry
with the launch of its first luxury hotel, the ITC Maurya, in New Delhi.
This marked the inception of ITC Hotels, a chain known for its opulence,
exceptional service, and commitment to sustainability. Over the years,
ITC Hotels expanded its presence across major cities and tourist
destinations in India, offering a unique blend of traditional Indian
hospitality and contemporary luxury.

ITC Hotels has been a pioneer in sustainable practices, emphasizing

environmental stewardship and social responsibility. The chain has
received numerous accolades for its initiatives in energy conservation,
water management, and community development, making it a
preferred choice for environmentally conscious travelers.

From its humble beginnings as a tobacco company, ITC Ltd has

transformed into a diverse conglomerate with a remarkable presence
in various industries. In this article, we will be examining the internal
factors that empower ITC and the external elements that pose
challenges. This SWOT analysis will help to shed light on the company’s
current standing, growth potential, and strategic implications, allowing
stakeholders to gain valuable insights into its prospects.

Contents
  SWOT Analysis of ITC
 ITC Strengths
 ITC Weaknesses
 ITC Opportunities
 ITC Threat
 Conclusion
SWOT Analysis of ITC
ITC Strengths

The following are the strengths that have helped ITC remain in business
for over a century:

1. Diversified Portfolio
In the highly competitive business landscape, companies that possess a
diversified portfolio enjoy a distinct advantage. ITC has strategically
ventured into multiple industries, including fast-moving consumer
goods (FMCG), agribusiness, hotels, paperboard, and information
technology.

This diversification has proven to be a pillar of strength for the

company. ITC Ltd’s diversified portfolio provides a buffer against
market fluctuations that may affect individual sectors. By operating in
multiple industries, the company can mitigate the impact of adverse
conditions in any one sector. Diversification reduces ITC Ltd’s reliance
on any single industry, particularly its historical association with
tobacco.

2. Strong Brand Equity

Brand equity plays a pivotal role in the success and sustainability of any
business. For ITC Ltd, a conglomerate operating in various industries,
solid brand equity is undeniably a significant strength. ITC Ltd’s
substantial brand equity fosters a high level of consumer trust and
loyalty. Through consistent delivery of quality products and services,
the company has cultivated a positive reputation among its target
audience.

It also provides the company with a competitive advantage in the

market and helps the company to differentiate itself from competitors.
Finally, during times of crisis or challenging situations, robust brand
equity acts as a protective shield for ITC Ltd.

3. Extensive Distribution Network

An extensive distribution network is often a critical factor that can

propel a company to success. ITC Ltd possesses an extensive
distribution network that spans urban and rural areas in India. This
enables the company to reach a vast and diverse consumer base.

By establishing a strong foothold across different regions and markets,

ITC Ltd can tap into a wide range of customers with varied preferences
and purchasing power. ITC Ltd’s extensive distribution network also
provides a competitive advantage when launching new products or
expanding into new markets. When introducing a new product, the
company can leverage its established distribution channels to reach a
broad audience quickly.

4. Sustainable Practices

Companies are increasingly realizing the importance of adopting

sustainable practices, as the business landscape changes rapidly. By
integrating sustainability into its operations, ITC has shown its deep
commitment to environmental stewardship, social responsibility, and
ethical governance. The company has implemented numerous
initiatives to reduce its ecological footprint and promote conservation.

These include energy-efficient operations, waste management

programs, water conservation measures, and the use of renewable
energy sources. Sustainable practices adopted by ITC Ltd often result in
cost savings and improved operational efficiency. Embracing
sustainability drives innovation and product differentiation for ITC Ltd.
In conclusion, ITC’s sustainable practices not only enhance its brand
reputation but also positions the company for long-term success in a
rapidly evolving business landscape.

5. Strong Research and Development (R&D) Capabilities

ITC stands out for its strong research and development (R&D)
capabilities that help it stay ahead of the curve. The company’s R&D
capabilities serve as a driving force behind product innovation. The
company invests heavily in R&D activities to develop cutting-edge
technologies, novel product formulations, and unique solutions that
meet evolving customer needs.

Through its strong R&D capabilities, ITC Ltd focuses on enhancing the
quality and performance of its products and services. Also, the
company invests in patents, trademarks, copyrights, and trade secrets
to protect its innovative technologies, processes, and formulations. In
conclusion, ITC’s strong R&D capabilities foster market differentiation,
nurture collaborative partnerships, and future-proof its business.

ITC Weaknesses
The following are the weaknesses that pose challenges to ITC’s growth
and development:

1. Dependence on Cigarette Business

While ITC Ltd has established itself as a diversified conglomerate with

interests spanning various sectors, its significant reliance on the
cigarette industry poses challenges and vulnerabilities. The cigarette
market is highly saturated and fiercely competitive. ITC Ltd faces
intense competition from both domestic and international tobacco
companies.

The market dominance of established players, coupled with the

challenges of brand loyalty and consumer preferences, makes it
difficult for ITC Ltd to expand its market share significantly. Also, the
cigarette industry is subject to stringent regulations and increasing
scrutiny worldwide. Governments are implementing stricter
regulations, including higher taxes, graphic health warnings, advertising
restrictions, and bans on smoking in public places.

2. Geographic Concentration

Despite the advantages of ITC’s domestic market, it also exposes the

company to vulnerabilities and limitations. Geographic concentration
restricts ITC Ltd’s exposure to a single market, namely India. While the
Indian market is vast and offers tremendous growth potential, over-
reliance on a single market limits the company’s ability to diversify its
revenue streams.

Market fluctuations, economic downturns, or regulatory changes

specific to India can have a significant impact on ITC Ltd’s overall
financial performance. Also, operating primarily in the Indian market
exposes ITC Ltd to intense competition from domestic and regional
players.

3. Slow Adoption of E-commerce

In an era marked by rapid digital transformation and changing

consumer preferences, the slow adoption of e-commerce poses a
serious challenge to ITC. The slow adoption of e-commerce means that
ITC Ltd needs to fully tap into the potential revenue and growth
opportunities offered by online retail channels. With the increasing
popularity of online shopping, consumers are seeking convenience,
broader product selections, and competitive pricing.

By not fully embracing e-commerce, ITC Ltd may miss out on a

significant portion of the market and potential customers who prefer
online purchasing. Also, by not actively participating in e-commerce, ITC
Ltd risks falling behind in terms of industry trends and customer
expectations.

4. High Debt Levels

While ITC operates across diverse sectors and has achieved
considerable success, its burden of substantial debt can hinder its
growth potential and financial stability. High levels of debt restrict ITC
Ltd’s financial flexibility and limit its ability to allocate resources
efficiently. The company’s cash flow and profitability may be impacted
by the need to service debt obligations, including interest payments
and debt repayments.

This financial strain can constrain the company’s ability to pursue new
growth opportunities, invest in research and development, undertake
strategic acquisitions, or respond effectively to market fluctuations. In
conclusion, ITC’s high debt levels lead to financial constraints, increased
interest costs, limitations on capital expenditure, ratings downgrades,
reduced investor confidence, and restricted strategic agility.

5. Vulnerability to Commodity Price Volatility

ITC Ltd heavily relies on commodities as raw materials for its products;
therefore, fluctuations in commodity prices can significantly impact the
company’s profitability, supply chain, and overall financial performance.
Commodity price volatility exposes ITC Ltd to cost pressures that can
directly affect its profitability.

Sudden price increases in essential commodities used in manufacturing

processes, such as agricultural products, metals, or energy sources, can
lead to higher production costs. These increased costs may not be
easily passed on to consumers, especially in competitive markets,
resulting in squeezed profit margins. Also, commodity price volatility
can disrupt ITC Ltd’s supply chain, leading to potential shortages or
delays in raw material availability.

ITC Opportunities
The following are opportunities for ITC’s growth and development:

1. Growing FMCG Market

ITC Ltd has the potential to capitalize on the expanding Fast-Moving

Consumer Goods (FMCG) market. The growing FMCG market offers ITC
Ltd an opportunity to diversify its revenue streams beyond its core
businesses. While the company has a strong presence in sectors such
as tobacco, hotels, paperboard, and agribusiness, the FMCG market
provides a new avenue for expansion. The FMCG market thrives on
innovation and new product development, providing ITC Ltd with an
opportunity to showcase its research and development capabilities. The
company can leverage its expertise in product development, packaging,
and formulation to introduce innovative and value-added FMCG
products. In conclusion, ITC Ltd’s diverse portfolio of businesses can
create synergies and cross-promotional opportunities within the FMCG
market.

2. Expansion into Emerging Markets

ITC Ltd has the potential to leverage its capabilities and resources to
tap into the growing economies of emerging markets. Emerging
markets offer ITC Ltd access to a large and relatively untapped
consumer base. A growing middle class, rising disposable incomes, and
increasing consumer spending power characterize these markets.

By expanding its presence into emerging markets, ITC Ltd can target a
new set of consumers who are eager to explore and adopt new
products and brands. By strategically entering and expanding in
emerging markets, ITC Ltd can position itself for long-term growth,
enhanced profitability, and sustainable business performance.

3. Focus on Health and Wellness

ITC Ltd can leverage the growing consumer demand for health and
wellness products and services. There is a global shift towards health
consciousness, with consumers increasingly prioritizing their well-being
and seeking healthier lifestyle choices. This presents a significant
opportunity for ITC Ltd to align its product portfolio with the growing
demand for health and wellness products.

By leveraging its existing resources, research and development

capabilities, and consumer insights, ITC Ltd can introduce a range of
health-focused products that cater to the evolving needs of health-
conscious consumers. By aligning its business strategy with the health
and wellness trend, ITC Ltd can capture market share, enhance
consumer loyalty, and drive long-term growth.

4. Acquisitions and partnerships

Through strategic acquisitions and partnerships, ITC can fuel its growth,
expand its market presence, and enhance its competitive advantage.
Acquisitions and partnerships offer ITC Ltd an opportunity to expand its
market presence and diversify its business portfolio.

By acquiring businesses in related or complementary sectors, ITC Ltd

can enter new markets, gain access to new customer segments, and
broaden its product offerings. These strategic moves allow the
company to reduce its reliance on specific sectors, mitigate risks
associated with market fluctuations, and create a more balanced
revenue stream.
 5. Adoption of E-commerce

The growing popularity of e-commerce platforms and other digital

channels can help ITC to enhance its market reach, improve customer
experience, and drive revenue growth. The adoption of e-commerce
allows ITC Ltd to expand its customer reach beyond traditional brick-
and-mortar stores.

By establishing a strong online presence, the company can tap into a

larger customer base, including those who prefer the convenience of
shopping online. E-commerce enables ITC Ltd to reach customers in
remote areas, international markets, and underserved regions, thereby
increasing its market penetration and potential revenue streams.

ITC Threat
The following are some of the threats that ITC faces:

1. Intense Competition

ITC Ltd faces fierce competition from both domestic and international
players across its business segments. Intense competition often leads
to price wars as companies strive to capture market share. Price-based
competition can result in reduced profit margins for ITC Ltd, as it may
be forced to lower prices to remain competitive.

This can impact the company’s profitability and financial performance,

making it challenging to maintain sustainable growth and invest in
innovation and expansion. Also, intense competition can lead to market
saturation, impacting ITC’s brand loyalty.
 2. Changing Regulatory Landscape

ITC Ltd is subject to a wide range of regulations and policies imposed

by governments and regulatory bodies. The evolving regulatory
landscape often brings about increased compliance costs and
regulatory burdens for companies. New regulations, amendments to
existing laws, or stringent enforcement can necessitate changes in
processes, systems, and operations.

Compliance with these regulations may require significant investments

in technology, infrastructure, training, and monitoring systems. Such
costs can impact ITC Ltd’s profitability and financial resources, diverting
funds from growth initiatives and hindering the company’s ability to
compete effectively.

3. Rising Input Costs

ITC Ltd is reliant on various inputs such as raw materials, energy, labor,
and other resources to produce its goods and services. Higher input
costs can put ITC Ltd at a competitive disadvantage compared to its
rivals. If competitors can procure inputs at lower costs, they may be
able to offer products at more competitive prices, potentially capturing
market share from ITC Ltd.

Also, rising input costs necessitate a focus on operational efficiency and

cost management within ITC Ltd. Higher input costs can limit ITC Ltd’s
ability to invest in innovation and research and development (R&D).

4. Rapid Technological Advancements

ITC Ltd has existed for over a century and is now operating in an era of
unprecedented technological disruption. Rapid technological
advancements can render existing products and services obsolete.
Also, it often comes with a significant cost of implementation, such as
investing in new technologies, upgrading infrastructure, and training
employees.

As new technologies emerge, customer preferences and demands

change accordingly. ITC Ltd may face the challenge of maintaining the
relevance and competitiveness of its offerings in the face of disruptive
technologies.

Failure to keep pace with technological advancements can result in a

loss of market share to more innovative competitors offering superior
and technologically advanced products and services. Also, these rapid
technological advancements can outpace existing regulatory
frameworks.

5. Environmental Factors

Despite being a diversified conglomerate operating in various sectors,

ITC Ltd is subject to the growing scrutiny and impact of environmental
issues. Environmental factors, including climate change and the
increasing frequency and intensity of natural disasters, pose a threat to
ITC Ltd. Climate change can lead to disruptions in the availability and
quality of resources, affecting the company’s operations and supply
chains.

Natural disasters such as floods, hurricanes, or droughts can damage

infrastructure, interrupt production processes, and impact distribution
networks. Negative publicity related to environmental damage,
pollution incidents, or unsustainable practices can erode customer
trust, investor confidence, and brand value.

In addition, environmental factors can disrupt global and domestic

supply chains, impacting the availability and quality of inputs. For ITC
Ltd, this can lead to challenges in sourcing sustainable and ethically
produced raw materials, as well as disruptions in logistics and
transportation.

https://businessmodelanalyst.com/itc-swot-analysis/

ITC Competitors
June 14, 2023 By Hitesh Bhasin Filed Under: Competitors
An Indian company based out in Kolkata, ITC is a diversified multi-business
conglomerate industry. Its business operations are divided into five
segments, Hotels, Fast Moving Consumer Goods (FMCG), Paperboards
and Packaging, Information and Technology, and Agriculture.

It is India’s foremost multi-business enterprise and rated as the best big

companies in the world. The Boston Consulting Group has featured ITC as
one of the world’s largest viable value creator of the consumer goods
industry. It has established various brands like Sunfeast, Sunbean,
Aashirvaad, Dark Fantasy, Fabelle, Kitchens of India, and many more.

ITC’s Hotel business supports the national importance to develop avenues

of foreign exchange earnings and to boost tourism. Started its hotel journey
with the Sheraton Chola, Chennai in 1975, ITC’s has redefined the face of
Indian hospitality. At present, ITC Hotels is considered as one of largest
hotel chains in the Country which has about 100 hotels across 70
destinations.

Through this article, let us discuss the various ITC competitors with respect
to FMCG and Hotels.

Table of Contents

ITC Competitors In FMCG segment

1) HUL

Hindustan Unilever Limited (HUL) is the largest Fast Moving Consumer

Goods Company located in India. It has a rich 80 years of legacy in this
field. Almost, nine out of ten Indian households make use of the products of
HUL.
The company works daily for a better future to make people feel and look
good with their various brands and services. The main product includes
cleaning agents, food products, personal care products, and water purifiers.

It has about 35 brands which span across 20 distinct categories like

detergents, soaps, skin care, deodorants, tea, coffee, ice cream, packaged
food, and many more. The main strength of this company is its innovation.
The company’s research center continuously works and develops
innovative products which make HUL lead the consumer goods market. As
HUL is considered as a market leader in consumer goods, it is indeed a top
ITC competitor.

2) P&G

A popular American multinational consumer goods corporation, P&G is

headquartered in Ohio, United States. It manufactures a wide range of
consumer goods. The company has its business operations in five main
segments, Grooming, Health Care, Fabric & Home Care, Beauty, and
Baby, Feminine & Family Care.

The company sells their products in about 180 countries and territories
mainly through grocery stores, department stores, merchandisers,
membership club stores, baby stores, online store and through many other
channels. It is one of the major providers of hygiene and healthcare
consumables.

One of the main strength of P&G is that it has its own brands which are
valued by them and customers. It has a huge product portfolio and due to
which the economy of the sales increases. Due to their excellent R&D and
brand value, P&G is considered a top ITC competitor.

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3) Nestle

Nestle is a food processing industry located in Switzerland. Established in

the year 1866, Nestle is the largest food company in the world based on
revenue. The various products of Nestle include medical food, baby food,
breakfast cereals, bottled water, tea, coffee, dairy products, confectionery,
frozen food, ice cream, snacks, and pet foods.

The company has about eight factories and many co-packers. It is a lively
company which provides their consumers with various products of global
standards. The company has about 200 brands that range from global to
local ones and their products are available in almost 191 countries. The
research and development center of Nestle is the world’s largest food and
nutrition research organization. Due to their broad portfolio of products,
Nestle is considered a top ITC competitor.

4) Godrej Consumer Products

Indian Consumer Goods, Godrej Consumer Products Limited (GCPL) is
based out in Mumbai. It is engaged in manufacturing of various products
which includes hair colorants, soap, liquid detergents, and toiletries.

The company has many brands which include, Godrej Fair Glow, Cinthol,
Godrej No.1, and many more. At present, the Group has about 1.1 billion
consumers worldwide and across various businesses. The company is
ranked the largest in household insecticide and hair care players.

The company is also at the top in producing the hair care needs of the
consumers. GCPL creates own strong brands in various business
segments. It focuses on innovation and expands their product portfolio by
introducing many new products. Due to their strong market position in
many categories, GCPL is considered a top ITC competitor.

5) Godfrey Philips India Ltd

Godfrey Phillips India Limited is a lead company of the Modi Enterprises. It
is one of the largest cigarette manufacturers in India. The company
produces some of the best cigarette brands in the country which includes
Red & White, FourSquare, and Cavanders. Over the years, Godfrey
Phillips India has expanded its portfolio of products outside cigarettes and
tobacco.

The company started producing mouth freshener and confectionery

segments with Pan Vilas Silver Dewz, Pan Vilas pan masala, and
FundaGoli candies. In the global market, it collaborated with some leading
players to offer product support, tailor-made services, and professional
services. Due to their service and product portfolio, Godfrey Phillips India
Limited is considered a top ITC competitor.

6) Danone
A popular French food product company, Danone is based out in Paris. It
operates in food and beverage industry worldwide. The company has their
business operations through their four segments, EDP Norma, EDP
International, Waters, and Specialized Nutrition.

It offers various products like Yogurt, almond and soy milk, ice creams,
powdered proteins, and many more. The company also provides oral and
tube feeding products which are used for the nutritional treatment of babies
and children; hypoallergenic products, liquid oral nutritional supplements for
babies and children.

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The products by Danone are produced using superior quality raw materials
and processes. Danone’s yogurt has a top selling product and it has a good
record of health benefits. Due to their products in various categories,
Danone is considered a top ITC competitor.

7) Coca-Cola
The Coca-Cola Company is a main player in the beverage industry. It is a
producer, supplier, and marketer of concentrated syrups and beverages.
The company consists of the corporate division which is headquartered in
Atlanta, Georgia and also partners with 300 companies for bottling. It is top
in producing aerated beverages, ready-to-drink coffees, and juices.

The company was established in the year 1892. The four main leading
carbonated soft drinks are Diet Coke, Coca-Cola, Fanta, and Sprite. It is
also the second largest provider of sports drinks and packaged water and
third in the energy drink.

The company is popular for their eye-catching advertisement. Their

advertisement connects emotionally with people of all ages. It has a strong
financial position through their acquisitions with Thumps Up, Minute Maid
etc. Due to their brand value, Coca-Cola is considered a top ITC
competitor.

8) Colgate
Colgate is a consumer products company which is based out in New York,
United States. The company produces and supplies various health care,
personal care, and household products. The products of Colgate are
marketed in about 200 countries worldwide.

The company operates in two main segments. One segment focuses on

oral hygienic products, detergents, and soaps. The other segment focuses
on veterinary products for cats and dogs. It is a global leader in oral care
producing the leading brands of toothpaste and the manual toothbrush.

The worldwide market share of Colgate’s toothpaste was estimated about

44.4%, and that for manual toothbrushes was estimated about 33.4%
during the year 2014. The oral care business also includes pharmaceutical
products. The company has a wide range of products categories and their
chances of success and finance are in a better position. Due to high market
share, Colgate is considered a top ITC competitor.

9) Dabur
A popular Ayurveda medicine and natural consumer products
manufacturer, Dabur is an Indian company. The portfolio of Dabur’s FMCG
includes five leading brands. Their brands are well known by the name
Dabur for healthcare products, Vatika for personal care, Hajmola for
digestives, Fem for skin care products, and Real for fruit juices.

The products of Dabur have a huge presence in the international markets

and are available in about 120 countries. The revenue from the
international market is about 30% of the total turnover. It is well placed
among its customers. Dabur is considered as the fourth largest company in
FMCG segment. It has a great distribution network worldwide. Due to their
brand and the quality of products, Dabur is considered a top ITC
competitor.

10) Marico
An Indian consumer company, Marico is based out in Mumbai. It is a
leading company which manufactures personal consumer products and
provide services in the beauty sector. The company has about eight
factories located in India.

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It is considered as a popular FMCG company in India. The company was

established in the year 1948 by Mariwala family in Mumbai. They set up
Bombay Oil Industries Limited (BOIL) which manufactured coconut and
vegetable oil. Over the years it has successfully created various brands in
hair and edible oils and expanded itself into branded consumer products.

The main strength of Marico is the success of the famous brand of coconut
oil, Parachute which is famous in almost all household. Due to their
production using own strategy and its growth over the years, Marico is
considered a top ITC competitor.

11) L’Oreal
L’Oreal is a top skin care and beauty brand that is sold in many retail
outlets. It produces the most innovative products for the consumers. The
products of L’Oreal are sold in almost 120 countries worldwide.

The Consumer Products Division of L’Oreal produces the best of cosmetic

innovation. Their products are distributed through various channels like
supermarkets, hypermarkets, traditional stores, drugstores and online
stores.

The company produces a wide range of coloring products, makeup, hair

care, and skin care. The main strength of this brand is their vast product
line which focuses on personal care and cosmetics. It has an excellent
research and development team to ensure the safety of their products. Due
to their wide presence worldwide and their product quality, L’Oreal is
considered a top ITC competitor.

ITC Competitors In Hotels

12) Leela Hotels
An Indian luxury hotel chain, Leela Hotels was founded in the year 1986 by
C.P. Krishnan Nair. This hotel is a group of nine luxury hotels and palaces.
Over the years, the company has been on a continuous journey to make
the travelers comfortable that crosses their path.

The main goal of the hotel is to provide the most a memorable and magical
stay at their 5-star hotels and to deliver the essence of India. Over the 30
years, Leela Hotels has grown to geta first-class collection of almost nine
award-winning luxury hotels that are spread across the main destinations in
India.

The main strength of this hotel is the brand and being the main player in
the hotel segment. It has about seven, five-star hotel managing about 2128
rooms in the country. Due to their quality of rooms and their service, Leela
Hotels is considered a top ITC competitor.

13) Taj Group of Hotels

Taj group of hotels is an international chain of resorts and hotels that is

headquartered in Mumbai, India. It was founded by the Tata group during
the year 1903. The company has about 99 hotels and resorts across 83
locations in India and 16 in other countries.

From the world eminent landmarks to the contemporary business hotels,

beach resorts to outstanding palaces, each Taj hotels provides a fusion of
Indian hospitality, modern luxury, and superior service. The TajMahal
Palace located in Mumbai is an iconic flagship and this hotel has set a
benchmark for luxury and fine living. It is considered to be the best luxury
hotel chain in India. Due to their brand value, Taj group of hotels is
considered a top ITC competitor.

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14) Oberoi Group of Hotels

A famous hospitality company, Oberoi Group is headquartered in Delhi.

The company operates more than 30 luxury hotels and two river cruise
ships in almost six countries. It operates with the brand name Trident
Hotels and Oberoi Hotels and Resorts.

This group of hotels was established in the year 1934 by Raj Bahadur
Mohan Singh Oberoi. Over the years the company expanded its growth
with properties in Indian and abroad. This hotel provides the right blend of
luxury, service and it is very efficient. It is being acknowledged for its
excellence in all its operations. It has received various awards. The main
feature of this group of hotel is that it is highly motivated and has well-
trained staff to provide superior quality of service.

This luxury hotel has established its reputation and set an example of
luxury in service amongst the various hotels in the world. Due to their
strong base of the client in the commercial sector and its brand, Oberoi
Group of Hotels is considered a top ITC competitor.

15) Sarovar Group of Hotels

Sarovar Group of Hotels is a famous hospitality company was founded in
the year 1993 and headquartered in Mumbai, India. It manages a chain of
hotels for business and leisure travels spread across various destinations
in Indian and overseas. The company provides various facilities like rooms
and suites, meeting and conference rooms, and catering services.

The other portfolios include restaurants, resorts, pubs, and corporate

hospitality services. It operates under the brands Sarovar Premiere and
Park Plaza for the five-star segment, Sarovar Portico and Park Inn for three
to four-star segment, and Hometel for three-start to budget segment. Due
to their various kinds of hotels and resorts worldwide, Sarovar Group of
Hotels is considered a top ITC competitor.

ITC Competitors in Cigarettes

16) Philip Morris International
With brands like Marlboro, L&M and others in its belt, without a doubt a top
ITC competitor in the cigarette industry is Philip Morris International. Philip
Morris is an American origins company which has worldwide distribution of
its cigarette brands. Cigarettes are a major revenue driver for ITC and
Philip Morris hits ITC in the premium brands of cigarettes.

Philip morris acquired Godfrey phillips, a major Cigarette manufacturer and

distributor in India which is a majority playground for ITC. The combined
power and deep pockets of Philip Morris is a challenger to the market share
of ITC.

FINANCIALS
Balance Sheet (New)
Go

BALANCE SHEET OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

ITC (in Rs. Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND
LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 1,242.80 1,232.33 1,230.88 1,229.22 1,225.86

TOTAL SHARE CAPITAL 1,242.80 1,232.33 1,230.88 1,229.22 1,225.86

Reserves and Surplus 65,609.55 58,850.91 56,067.2 60,777.76 54,725.9

2 9

TOTAL RESERVES AND 65,609.55 58,850.91 56,067.2 60,777.76 54,725.9

SURPLUS 2 9

TOTAL SHAREHOLDERS 67,593.80 61,399.57 59,004.6 64,029.16 57,949.7

FUNDS 2 9

NON-CURRENT
LIABILITIES

Long Term Borrowings 3.28 4.54 5.28 5.63 7.89

Deferred Tax Liabilities [Net] 1,621.13 1,667.14 1,727.73 1,617.65 2,044.14

Other Long Term Liabilities 426.08 356.29 511.71 349.72 41.90

Long Term Provisions 201.83 186.87 157.07 143.79 132.64

TOTAL NON-CURRENT 2,252.32 2,214.84 2,401.79 2,116.79 2,226.57

LIABILITIES

CURRENT LIABILITIES

Short Term Borrowings 1.26 0.74 0.35 0.00 0.00

Trade Payables 4,351.26 4,223.40 4,119.31 3,446.74 3,368.28

Other Current Liabilities 7,999.51 7,198.35 5,885.24 5,524.73 6,228.04

Short Term Provisions 63.59 55.60 169.05 117.94 25.24

TOTAL CURRENT 12,415.62 11,478.09 10,173.9 9,089.41 9,621.56

LIABILITIES 5

TOTAL CAPITAL AND 82,261.74 75,092.50 71,580.3 75,235.36 69,797.9

LIABILITIES 6 2

ASSETS

NON-CURRENT ASSETS

Tangible Assets 21,207.23 20,271.99 19,216.7 19,612.74 17,945.6

5 5

Intangible Assets 2,614.62 2,584.42 2,581.52 519.45 540.75

Capital Work-In-Progress 1,681.47 2,442.34 3,329.97 2,776.31 3,391.47

Other Assets 352.26 364.20 376.56 385.36 0.00

FIXED ASSETS 25,870.71 25,686.79 25,508.3 23,297.75 21,887.7

0 6

Non-Current Investments 16,363.55 15,657.32 12,950.3 13,455.59 14,071.4

8 5

Deferred Tax Assets [Net] 0.00 0.00 0.00 0.00 0.00

Long Term Loans And 4.07 5.06 2.37 3.31 6.21

Advances
Other Non-Current Assets 4,819.97 2,801.32 1,304.07 1,971.80 4,263.54

TOTAL NON-CURRENT 47,058.30 44,150.49 39,765.1 38,728.45 40,228.9

ASSETS 2 6

CURRENT ASSETS

Current Investments 16,357.07 11,624.95 14,046.7 17,175.02 12,506.5

1 5

Inventories 10,593.90 9,997.77 9,470.87 8,038.07 7,587.24

Trade Receivables 2,321.33 1,952.50 2,090.29 2,092.00 3,646.22

Cash And Cash Equivalents 3,831.26 3,877.94 4,001.53 6,843.27 3,768.73

Short Term Loans And 5.95 5.73 2.77 4.87 5.02

Advances

Other Current Assets 2,093.93 3,483.12 2,203.07 2,353.68 2,055.20

TOTAL CURRENT ASSETS 35,203.44 30,942.01 31,815.2 36,506.91 29,568.9

4 6

TOTAL ASSETS 82,261.74 75,092.50 71,580.3 75,235.36 69,797.9

6 2

OTHER ADDITIONAL
INFORMATION

CONTINGENT LIABILITIES,
COMMITMENTS

Contingent Liabilities 2,339.03 1,919.98 2,339.15 2,357.74 2,491.31

CIF VALUE OF IMPORTS

Raw Materials 2,950.00 2,456.00 1,366.00 1,503.00 1,947.00

Stores, Spares And Loose 0.00 0.00 0.00 0.00 0.00

Tools

Trade/Other Goods 0.00 0.00 0.00 0.00 0.00

Capital Goods 213.00 300.00 298.00 382.00 426.00

EXPENDITURE IN
FOREIGN EXCHANGE

Expenditure In Foreign 0.00 0.00 0.00 0.00 0.00

Currency

REMITTANCES IN
FOREIGN CURRENCIES
FOR DIVIDENDS

Dividend Remittance In -- -- -- -- --
Foreign Currency

EARNINGS IN FOREIGN
EXCHANGE

FOB Value Of Goods 10,777.00 11,472.00 5,934.00 3,506.00 3,828.00

Other Earnings -- -- -- -- --

BONUS DETAILS

Bonus Equity Share Capital 1,113.14 1,113.14 1,113.14 1,113.14 1,113.14

NON-CURRENT
INVESTMENTS

Non-Current Investments 8,340.39 11,205.72 9,984.03 10,592.71 11,218.74

Quoted Market Value

Non-Current Investments 8,060.95 4,705.95 3,465.92 3,091.69 2,882.13

Unquoted Book Value

CURRENT INVESTMENTS

Current Investments Quoted 3,253.03 4,483.77 4,302.03 3,122.85 4,624.25

Market Value

Current Investments 13,104.50 7,157.66 9,774.63 14,061.11 7,885.76

Unquoted Book Value