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Report and Accounts 2017 REPORT AND ACCOUNTS 2017 CONTENTS ITC: Growing Contribution Across Agriculture, Manufacturing and Services Board of Directors and Committees 01 Report on Corporate Governance 12 Shareholder Information 28 Report of the Board of Directors & Management Discussion and Analysis 40 Certificate of Compliance from Auditors with respect to Corporate Governance 122 CEO and CFO Compliance Certificate 123 Standalone Financial Statements Balance Sheet 124 Statement of Profit and Loss 125 Statement of changes in equity 126 Cash Flow Statement 128 Notes to the Financial Statements 130 Auditor’s Report 195 Guide to Subsidiaries, Joint Ventures & Associates 201 Salient Features of the Financial Statements of Subsidiaries, Joint Ventures & Associates (AOC -1) 204 Consolidated Financial Statements 209 Ten Years at a Glance 296 Financial Highlights Business Responsibility Report I-XVI Business Update : lTC lnfotech Creating Enduring Institutions Awards & Accolades ITC: Growing Contribution Across Agriculture, Manufacturing and Services ITC’s journey to create an exemplary Indian enterprise is inspired by its abiding vision to serve larger national priorities. A journey that has transformed ITC into a multi-business and multi-dimensional corporation, making it one of India’s most admired and valuable companies. ITC Limited REPORT AND ACCOUNTS 2017 ITC’s diversified portfolio of businesses, spanning FMCG, Paperboards & Packaging, Agri Business, Hotels and Information Technology, enables it to have a significant presence across all the 3 sectors of the Indian economy, namely, agriculture, manufacturing and services, providing the Company with the unique opportunity to contribute meaningfully to the growth and development of the country. ITC’s commitment to “Put India with farmers across the country In the Services sector, ITC First” is manifest in many ways — to enhance productivity, provide Hotels is the greenest luxury in its strategy to create multiple critical market linkages and hotel chain in the world. It is drivers of growth for the Indian create rural assets have raised acknowledged worldwide for economy through a diversified farm incomes, improving its iconic properties, its fine portfolio of businesses; in the the quality of life of the rural art of hospitality, signature creation of world-class brands population and transforming cuisine and service excellence. that create, capture and retain village ecosystems. The Company’s wholly owned value in India; in establishing subsidiary, ITC lnfotech, is a In Manufacturing, supported state-of-the-art brick and specialised full services global by substantial investments in mortar assets for the nation; in player in the Information state-of-the-art technology, its investment in cutting-edge Technology segment. ITC has created world-class R&D and in its Social Investment manufacturing facilities across ITC is today a global exemplar in Programmes that address some the length and breadth of sustainability. ITC’s businesses of the key challenges facing India the country for its FMCG, have generated sustainable today — poverty, unemployment Paperboards, Packaging and livelihoods for 6 million people, and environmental degradation. Printing businesses. Powered by many of whom represent the ITC’s diversified portfolio of deep consumer insights, cutting- weakest in society. It is the businesses, spanning FMCG, edge R&D, superior branding only enterprise in the world to Paperboards & Packaging, Agri skills, the culinary expertise be carbon positive (12 years), Business, Hotels and Information of hotels chefs, packaging water positive (15 years), and Technology, enables it to have excellence and an extensive solid waste recycling positive a significant presence across trade marketing & distribution (10 years). Over 48% of the total all the 3 sectors of the Indian capacity, ITC’s bouquet of energy requirement of ITC is met economy, namely, agriculture, world-class FMCG brands in from renewable sources. ITC has manufacturing and services, the Branded Packaged Foods, pioneered the green building providing the Company with the Personal Care, Education and movement in India, establishing unique opportunity to contribute Stationery, Lifestyle Retailing, 22 green buildings. All its meaningfully to the growth and Incense Sticks (Agarbattis) and premium luxury hotels have development of the country. Safety Matches sectors, continue the unique distinction of being to gain significant consumer LEED® Platinum certified. In Agriculture, driven by franchise, earning market its celebrated e-Choupal leadership across segments. programme, ITC’s engagements ITC Limited REPORT AND ACCOUNTS 2017 The Journey of Transformation in Creating a New ITC Highlights Turnover Market Cap Rs. 55,002 cr Rs. 3,74,000 cr 11-fold increase (As on 26.05.2017) from 1996 67-fold increase from 1996 Profit Total Shareholder Returns CAGR since 1996 Rs. 10,200 cr 23.6% 39-fold increase (As in March 2017) from 1996 outperforming the Sensex growth of 10.9% Among Top 3 in Contribution to the Exchequer Nearly Around 75% Rs 2,70,000 cr of Value-Added Contribution to the accrues to the Central exchequer since 1996 and State Exchequers ITC Limited REPORT AND ACCOUNTS 2017 ITC Today: Business Leadership 13 businesses spanning FMCG, Hotels, Agri-Business, Paperboards & Packaging and Information Technology FMCG Businesses India’s leading marketer ITC Foods is the 3rd largest and fastest growing Hotels ITC Hotels is world’s greenest luxury hotel chain One of the fastest growing hospitality chains in India ITC Limited REPORT AND ACCOUNTS 2017 Agri -Business No.1 in profitability Pioneer in Rural Transformation through ITC e-Choupal One of the largest exporters of coffee Paperboards & Packaging Market Leader in Revenue & Profits Most environment friendly pulp mill in Asia Sustained investments to enhance competitiveness and import substitution Large-scale Afforestation programme Information Technology Digital Full Services Global Player 9 Development Centres ITC Limited REPORT AND ACCOUNTS 2017 World-Class Indian Brands ITC Limited REPORT AND ACCOUNTS 2017 World-Class Indian Brands 25 mother brands Reaches over in FMCG with an annual consumer 125 million spend of nearly Rs. 14,000 cr households Consumer spend Aashirvaad - Sunfeast - Classmate, YiPPee! Vivel, Mangaldeep & Rs 3,500 cr over & Bingo! - over Candyman - over Rs 3,000 cr Rs 1,000 cr Rs 500 cr each each ITC Limited REPORT AND ACCOUNTS 2017 ITC Today: A Snapshot Non-cigarette businesses account for: 58% 77% 88% 80% of net of operating of the of aggregate segment capital employee capex over the revenue employed base last 5 years 40 FMCG 10,000 categories SKUs Over Over 2 million outlets 1,00,000 directly markets serviced served 4.5 million sq.ft of Over 200 warehousing factories space Nearly 7 lakh Nearly tons annual paperboards/ 100 paper capacity hotels ITC Limited REPORT AND ACCOUNTS 2017 Global Exemplar in Sustainability The only Company in the world to be Sustainable livelihoods Carbon Positive Water Positive Solid Waste supported by ITC’s 12 years 15 years Recycling Positive businesses: 10 years 6 million e-Choupal: Afforestation: Watershed Livestock 4 million Over 6,20,000 Development: Development: farmers acres greened Over 7,76,000 15 lakh milch empowered acres covered animals serviced Women Primary Education: Skilling and Renewable energy: Empowerment: Over 5 lakh Vocational Training: Over 48% of Nearly 55,000 children benefitted Nearly 44,000 total energy rural women youth benefitted consumption. benefitted Targeting 50% by 2020 Solid Waste Management: Well-being Out Health & Sanitation: of Waste (WoW) Nearly 24,000 programme covers: 64,00,000 25,00,000 toilets built 417 municipal wards citizens school children Pioneer of green building movement in India: Established 22 green buildings World’s greenest World’s highest World’s largest World’s first LEED® luxury hotel chain: rated green LEED® Platinum Platinum certified ITC Hotels building: certified green hotel: data centre: ITC Green Centre, ITC Grand Chola, ITC Sankhya, Gurugram Chennai Bengaluru ITC Limited REPORT AND ACCOUNTS 2017 ITC’s Contribution to Agriculture An Enduring Relationship with Farmers over Decades ITC is one of India’s leading corporates in the agricultural sector & among the largest exporters of agri commodities. The revolutionary ITC e-Choupal initiative is a global model of farmer empowerment. Together with its extensive rural development programmes, ITC’s engagement with farmers have raised rural incomes by creating competitive capacity, enabling productivity enhancement, building common assets such as water harvesting structures and diversifying farm income through livestock development, etc. ITC’s strategy of enhancing the competitiveness of its agri value chains enables it to make an enduring contribution to national economic development. ITC e-Choupal - World’s Largest Rural Digital Infrastructure ITC e-Choupal has been designed to tackle the unique farmers, which enable them to plan their produce better challenges faced by Indian farmers. In a pioneering and align them to market needs, thereby enabling a move, ITC leveraged the power of Information virtual integration of the supply chain. The initiative Technology to set up Internet kiosks, or e-Choupals, in has empowered 4 million farmers, whilst providing villages to provide to farmers information on weather, significant competitive advantage to ITC’s Foods agri best practices, know-how, market prices and others. businesses by sourcing quality agri-commodities
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