PN:1

Acknowledgement
I express my heartfelt gratitude to my Accountancy teacher, [Teacher’s Name],for their invaluable
guidance and encouragement throughout this project. I also thank my parents and peers for their
support and ITC Limited for providing accessible financial data for analysis.
PN:2
Certificate
This is to certify that the project titled "Financial Statement ITC Limited" is the original work of [Your
Name], completed as part of the CBSE Class 12 Accountancy curriculum for the academic year 2025-
26, under the guidance of [Teacher’s Name]. It adheres to CBSE guidelines.
PN:3
Index
[Link]. Content Page-Range
1 Introduction
2 Objectives
3 Methodology
4 Company Profile
5 Data Collection
6 Analysis : Ratio Analysis
Analysis : Comparative and
7 Commonsize
8 Analysis : Cash Flow Statement
9 Finding and Interpretation
10 Conclusion
11 Bibliography
PN:4
Introduction
This project analyses the financial performance of ITC Limited for the financial years 2023-24 and
2024-25 by Using Ratio Analysis , Comparative and Common Size Statements. The project evaluates
ITC’s financial health, profitability, liquidity, and operational efficiency to provide insights for
stakeholders.
PN:5
Objectives
*To understand the practical application of financial statement analysis tools.
* To Develop skills in interpreting financial data for decision-making.

Methodology
Tools Used :
1. Ratio Analysis
2. Comparative and Common Size Statement
3. Cash Flow Analysis ( Bottom Line Analysis)
Data Source: Financial statements (Balance Sheet, Profit & Loss Statement) from [Link].
Process:
1. Extract relevant Data
2. Calculate Ratios
[Link] Comparative and common Size Statements
[Link] findings with tables and charts for Clarity.
PN:6
Company 's Profile ITC LIMITED
Attribute Details
Company Name ITC Limited
Founded August 24, 1910
Originally established as Imperial Tobacco
Company of India Limited, a British-owned
Founders [Link] individual founders are specified,
as it was formed under the aegis of Imperial
Brands and W.D. & H.O. Wills.
Virginia House, 37 Jawaharlal Nehru Road,
Headquarters
Kolkata, West Bengal, India
Conglomerate (Fast-Moving Consumer Goods,
Industry Hotels, Paperboards & Packaging, Agri-
Business, Information Technology)
Second-largest FMCG company in India by
Market Position market [Link]-largest tobacco
company globally by market capitalization.
Gross Revenue: ₹73,465 crores (approximately
Consolidated Turnover US$9.8 billion) for FY [Link] for FY
2025: ₹816.12 billion (US$9.7 billion).
Cigarettes,FMCG (Non-Tobacco),Paperboards
Products & Specialty Papers,Packaging,Agri-Business,
Hotels
Operates in 90 countries with 6 million retail
Global Presence
outlets.
ITC Infotech (wholly-owned, providing IT
Subsidiaries
services and solutions).
Gujarat Hotels, Joint venture with MP
Joint Ventures
Audyogik Vikas Nigam
Market Capitalization Approximately US$58.6 billion
Employees 22,041 to 36,500
Acquisition of CPP (details not fully specified,
Recent Acquisitions
announced May 21, 2025).
Stock Price: ₹415.90 (as of September 4, 2025,
Stock Information
INR); US$4.68 (as of August 29, 2025).
PN:7
Analysis Period Under Consideration

Current Financial Year 2024-25

Previous Financial Year 2023-24
Company ITC LIMITED
PN:8 BALANCESHEET Rs. (In Crore)
ITC LIMITED Mar-25 Mar-24
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 1,251.41 1,248.47
Total Share Capital 1251.41 1248.47
Reserves and Surplus 66,648.73 70,984.83
Total Reserves and Surplus 66648.73 70,984.24
Total Shareholders Funds 67,900.14 72,233.30
NON-CURRENT LIABILITIES
Long Term Borrowings 0 1.76
Deferred Tax Liabilities [Net] 2,556.35 2,083.66
Other Long Term Liabilities 205.34 371.82
Long Term Provisions 225.23 221.45
Total Non-Current Liabilities 2,986.92 2,678.69
CURRENT LIABILITIES
Short Term Borrowings 1.76 1.52
Trade Payables 4,489.82 4,489.55
Other Current Liabilities 8,584.03 7,855.82
Short Term Provisions 46.53 68.72
Total Current Liabilities 13,122.14 12,415.61
Total Capital And Liabilities 84,009.20 87,327.60
ASSETS
NON-CURRENT ASSETS
Tangible Assets 16,987.35 22,737.19
Intangible Assets 2,601.24 2,632.94
Capital Work-In-Progress 1,067.79 1,077.97
Other Assets 402.8 382.16
Fixed Assets 21,059.18 26,830.26
Non-Current Investments 20,701.17 22,821.94
Deferred Tax Assets [Net] 0 0
Long Term Loans And Advances 6.28 2.63
Other Non-Current Assets 2,486.63 1,602.10
Total Non-Current Assets 44,253.26 51,256.93
CURRENT ASSETS
Current Investments 15,285.91 11,916.88
Inventories 15,061.01 12,631.51
Trade Receivables 3,910.77 3,311.45
Cash And Cash Equivalents 3,184.38 6,217.69
Short Term Loans And Advances 8.96 9.1
OtherCurrentAssets 2,304.91 1,984.04
Total Current Assets 39,755.94 36,070.67
Total Assets 84,009.20 87,327.60

Check 0.00 0.00

ITC LIMITED Rs.(In crore) PN:9
STATEMENT OF PROFIT AND LOSS Mar 25 Mar-24
INCOME
Revenue From Operations [Gross] 73,464.55 69,446.20
Revenue From Operations [Net] 68,552.00 64,781.72
Other Operating Revenues 771.52 659.09
Total Operating Revenues 69,323.52 65,440.81
Other Income 3,454.31 3,538.28
Total Revenue 72,777.83 68,979.09
EXPENSES
Cost Of Materials Consumed 23,440.12 21,309.84
Purchase Of Stock-In Trade 8,936.22 6,042.97
Changes In Inventories Of FG,WIP And
-640.50 -370.71
Stock-In Trade
Employee Benefit Expenses 3,416.73 3,732.23
Finance Costs 36.35 45.73
Depreciation And Amortisation Expenses 1,441.93 1,647.82
Other Expenses 10,146.12 10,247.87
Total Expenses 46,776.97 42,655.75
Profit/Loss Before Exceptional,
26,000.86 26,323.34
ExtraOrdinary Items And Tax
Exceptional Items 527.96 -7.57
Profit/Loss Before Tax 26,528.82 26,315.77
Tax Expenses-Continued Operations
Current Tax 5,990.17 5,661.21
Deferred Tax 446.80 232.59
Tax For Earlier Years 0.00 0.00
Total Tax Expenses 6,436.97 5,893.80
Profit/Loss After Tax And Before
20,091.85 20,421.97
ExtraOrdinary Items
Profit/Loss From Continuing Operations 20,091.85 20,421.97
Profit/Loss For The Period 35,195.61 20,421.97
 PN:10
Working of Current Ratio ( Category Liquidity Ratio)
Remark (As
Previous Current Compared
[Link]. Current Assets Year Year to Previous Year) % Change
1 Current Investments 11,916.88 15,285.91 Increase 28.27
2 Inventories 12,631.51 15,061.01 Increase 19.23
3 Trade Receivables 3,311.45 3,910.77 Increase 18.10
4 Cash And Cash Equivalents 6,217.69 3,184.38 Decrease -48.79
5 Short Term Loans And Advances 9.10 8.96 Decrease -1.54
6 Other Current Assets 1,984.04 2,304.91 Increase 16.17
Total Current Assets 36,070.67 39,755.94 Increase 10.22

Remark (As
Current Previous Current Compared
[Link]. Liabilities Year Year to Previous Year) % Change
1 Short Term Borrowings 1.52 1.76 Increase 15.79
2 Trade Payables 4489.55 4489.82 Increase 0.01
3 Other Current Liabilities 7855.82 8584.03 Increase 9.27
4 Short Term Provisions 68.72 46.53 Decrease -32.29
Total Current Liabilities 12415.61 13122.14 Increase 5.69

Remark (As
Previous Current Compared
Ratio Formula Year Year to Previous Year) % Change
Current
Ratio CA/CL 2.91 3.03 Increase 4.28

Current
3.50 Ratio CA/CL
3.00

2.50

2.00

1.50

1.00

0.50

0.00
Previous… Current… Remark (As Compared…

Overall
Analysis
1 More than Ideal (2:1)
2 Overall Increase in Current Assets
3 Over all Increase in Current Liabilities
4 More Than Previous Year
PN:11
Working of Quick Ratio ( Category Liquidity Ratio)
[Link]. Current Assets Previous Current Remark (As % Change
1 Current Investments 11,916.88 15,285.91 Increase 28.27
2 Inventories 12,631.51 15,061.01 Increase 19.23
3 Trade Receivables 3,311.45 3,910.77 Increase 18.10
4 Cash And Cash 6,217.69 3,184.38 Decrease -48.79
5 Short Term Loans And 9.10 8.96 Decrease -1.54
6 OtherCurrentAssets 1,984.04 2,304.91 Increase 16.17
Total Current Assets 36,070.67 39,755.94 Increase 10.22

Less: Inventories 12,631.51 15,061.01 Increase 19.23

Total Quick Assets: 23,439.16 24,694.93 Increase 5.36

[Link]. Current Previous Current Remark (As % Change

1 Short Term Borrowings 1.52 1.76 Increase 15.79
2 Trade Payables 4489.55 4489.82 Increase 0.01
3 Other Current Liabilities 7855.82 8584.03 Increase 9.27
4 Short Term Provisions 68.72 46.53 Decrease -32.29
Total Current Liabilities 12415.61 13122.14 Increase 5.69

Ratio Formula Previous Current Remark (As % Change

Quick Ratio QA/CL 1.89 1.88 Decrease -0.32

Quick Ratio QA/CL

2.00

1.50

1.00

0.50

0.00
Previous Current Remark (As Compared
Year Year to Previous Year)

Analysis
1 More than Ideal (1:1)
2 Overall Increase in Quick Assets
3 Over all Increase in Current Liabilities
4 Less than Previous year
PN:12
Working of Debt Equity Ratio ( Category Solvency Ratio)
Remark (As
Compared
Previous Current to Previous
[Link]. Shareholder's Fund Year Year Year) % Change
Equity Share Capital
1 1,248.47 1,251.41 Increase 0.24
Preference share
2 Capital 0.00 0.00 No Change 0.00
Reserves and
3 Surplus 70,984.83 66,648.73 Decrease -6.11
4 Other 0.00 0.00 No Change 0.00
5 Other 0.00 0.00 No Change 0.00
Total Shareholder's Fund 72,233.30 67,900.14 Decrease -6.00

Remark (As
Compared
Previous Current to Previous
[Link]. Debt Year Year Year) % Change
Long Term
1 Borrowings 1.76 0 Decrease -100.00
Long Term
2 Provisions 221.45 225.23 Increase 1.71
3 Other 0 0 No Change 0.00
4 Other 0 0 No Change 0.00
Total Debt 223.21 225.23 Increase 0.90

Ratio Formula Previous Current Remark (As % Change

Debt
Equity
Ratio Debt/Equity 0.0031 0.0033 Increase 7.34

0.0040
Debt-Equity Ratio D/E
0.0030
0.0020
0.0010
0.0000
Previous Current Remark (As Compared
Year Year to Previous Year)

Analysis
1 Less than Ideal (2:1)
2 Overall Decrease in the Shareholder's fund
3 Over all Increase in the Debt
4 More Than Previous Year
5 Low debt profile.
PN:13
Working of Total Assets to Debt Ratio ( Category Solvency Ratio)
Remark (As
Previous Current Compared
[Link]. Total Assets Year Year to Previous Year) % Change
1 Tangible Assets 22,737.19 16987.35 Decrease -25.29
2 Intangible Assets 2,632.94 2601.24 Decrease -1.20
3 Capital Work-In-Progress 1,077.97 1067.79 Decrease -0.94
4 Other Assets 382.16 402.8 Increase 5.40
5 Non-Current Investments 22,821.94 20701.17 Decrease -9.29
6 Deferred Tax Assets [Net] 0.00 0 No Change 0.00
7 Long Term Loans And Advances 2.63 6.28 Increase 138.78
8 Other Non-Current Assets 1,602.10 2486.63 Increase 55.21
9 Current Investments 11,916.88 15285.91 Increase 28.27
10 Inventories 12,631.51 15061.01 Increase 19.23
11 Trade Receivables 3,311.45 3910.77 Increase 18.10
12 Cash And Cash Equivalents 6,217.69 3184.38 Decrease -48.79
13 Short Term Loans And Advances 9.10 8.96 Decrease -1.54
14 OtherCurrentAssets 1,984.04 2304.91 Increase 16.17
Total Total Assets 87,327.60 84,009.20 Decrease -3.80

Remark (As
Previous Current Compared
[Link]. Debt Year Year to Previous Year) % Change
1 Long Term Borrowings 1.76 0 Decrease -100.00
2 Long Term Provisions 221.45 225.23 Increase 1.71
3 Other 0 0 No Change 0.00
4 Other 0 0 No Change 0.00
Total Debt 223.21 225.23 Increase 0.90

Remark (As
Previous Current Compared
Ratio Formula Year Year to Previous Year) % Change

Total Assets
to Debt
Ratio TA/D 391.24 372.99 Decrease -4.66

Total Assets
to Debt
Ratio TA/D
600.00
400.00
200.00
0.00
Previous Current Remark (As Compared
Year Year to Previous Year)

Analysis 1 Decrease in Total Assets

2 Increase in Overall Debt
3 Less Than Previous Year
PN:14
ITC LIMITED
Working of Interest Coverage Ratio ( Category Solvency Ratio)
Remark (As
Previous Current Compared
[Link]. PBIT Year Year to Previous Year)
Profit Before
1 Tax but after Interest 26,323.34 26,000.86 Decrease
2 Add: Interest 45.73 36.35 Decrease
3 PBIT 26,369.07 26,037.21 Decrease

Remark (As
Previous Current Compared
Ratio Formula Year Year to Previous Year)
ICR PBIT/F.I. 576.63 716.29 Increase

ICR PBIT/F.I.
800.00

600.00

400.00

200.00

0.00
Previous Current Remark (As Compared
Year Year to Previous Year)

Analysis: 1 Very High ICR

2 Adequate profits available to cover the Interest Charges.
3 No Risk

Note * PBIT Profit before interest and Tax

Note *FI Fixed Interest on Long Term Borrowing
Note Calculation purely based on Available data.
PN:15
Working of Proprietary Ratio ( Category Solvency Ratio)
Remark (As
Compared
Previous Current to Previous
[Link]. Total Assets Year Year Year) % Change
1 Tangible Assets 22,737.19 16987.35 Decrease -25.29
2 Intangible Assets 2,632.94 2601.24 Decrease -1.20
3 Capital Work-In-Progress 1,077.97 1067.79 Decrease -0.94
4 Other Assets 382.16 402.8 Increase 5.40
5 Non-Current Investments 22,821.94 20701.17 Decrease -9.29
6 Deferred Tax Assets [Net] 0.00 0 No Change 0.00
7 Long Term Loans And Advances 2.63 6.28 Increase 138.78
8 Other Non-Current Assets 1,602.10 2486.63 Increase 55.21
9 Current Investments 11,916.88 15285.91 Increase 28.27
10 Inventories 12,631.51 15061.01 Increase 19.23
11 Trade Receivables 3,311.45 3910.77 Increase 18.10
12 Cash And Cash Equivalents 6,217.69 3184.38 Decrease -48.79
13 Short Term Loans And Advances 9.10 8.96 Decrease -1.54
14 OtherCurrentAssets 1,984.04 2304.91 Increase 16.17
Total Total Assets 87,327.60 84,009.20 Decrease -3.80

Remark (As
Compared
Shareholder's Previous Current to Previous
[Link]. Fund Year Year Year) % Change
1 Equity Share Capital 1,248.47 1,251.41 Increase 0.24
2 Preference share Capital 0.00 0.00 No Change 0.00
3 Reserves and Surplus 70,984.83 66,648.73 Decrease -6.11
4 Other 0.00 0.00 No Change 0.00
5 Other 0.00 0.00 No Change 0.00
Shareholder's
Total Fund 72,233.30 67,900.14 Decrease -6.00
 Remark (As
Compared
Previous Current to Previous
Ratio (PN15A) Formula Year Year Year) % Change
Proprietary
Ratio SHF/TA 0.8272 0.8082 Decrease -2.29
Financing
Pattern (%) 80.82 Assets Financed by the Shareholde's Fund

Proprietary Ratio
SHF/TA
1.0000

0.5000

0.0000
Previous Current Remark (As Compared
Year Year to Previous Year)

Overall
Analysis 1 Decline in the Ratio
2 Decrease in SHF
3 Comparatively More Increase in TA
PN:16
ITC LIMITED
Working of Inventory Turnover Ratio ( Category Turnover Ratio)

Remark (As
Compared
Previous Current to Previous
[Link]. Profit Year Year Year) % Change
Net Reveune From
1 Operation 64,781.72 68,552.00 Increase 5.82
2 Gross Profit 37,799.62 36,816.16 Decrease -2.60
Cost of Revenue
3 From Operations 26,982.10 31,735.84 Increase 17.62

Remark (As
Compared
Previous Current to Previous
[Link]. Average Inventory Year Year Year) % Change
1 Inventory 12,631.51 15,061.01 Increase 19.23
2 Average Inventory 12,631.51 13846.26 Increase 9.62

Note: For previous Year, Closing Inventory is taken as the average inventory. This is due
to the available information

Ratio Formula Previous Year Current Year

ITR COFO/ AI 2.14 2.29

ITR COFO/ AI
2.35
2.30
2.25
2.20
2.15
2.10
2.05
Previous Year Current Year

Overall Analysis
Improvement in the Ratio
PN:17
ITC LIMITED
Working of Trade Receivable Turnover Ratio ( Category Turnover Ratio)
Remark (As
Compared
Previous Current to Previous
[Link]. Profit Year Year Year) % Change

Net Credit Reveune

1 From Operations 64,781.72 68,552.00 Increase 5.82
Since breakup of Cash and Credit sales is not given
2 Assumption It is assumed that all the sales is credit Sales.

Previous Current Average

Trade Receivables Year Year Trade
[Link]. (Average) (Opening) (Closing) Receuvables Formula
1 Trade Receivables 3,311.45 3,910.77 3611.11 Op+Cl/2

Note : For Previous year, Closing Trade receivables are taken for Calculation.
Ratio Formula Previous Year Current Year
TRTR NCRFO/ ATR 19.56 18.98

Note: NCRFO Net Credit Revenue from Operations

Note: ATR Average Trade Receivables

Formula Previous Year Current Year

ACP 365/ TRTR = Days 18.66 Days 19.23 Days
Note: ACP = Average Collection Period

TRTR: NCRFO/ ATR

19.80
19.60
19.40
19.20
19.00
18.80
18.60
Previous Year Current Year

Overall Analysis
Reduction in the Ratio
PN:18
ITC LIMITED
Working of Trade Payable Turnover Ratio ( Category Turnover Ratio)
Remark (As
Compared
Previous Current to Previous
[Link]. Profit Year Year Year) % Change
Cost of materials
Consumed
1 21,309.84 23,440.12 Increase 10.00
Purchase of Stock -
2 in-Trade 6,042.97 8,936.22 Increase 47.88

Change in
Inventories of Stock
of FG, WIP and
3 Stock-in-Trade -370.71 -640.50 Decrease 72.78

4 Net Credit Purchase 26,982.10 31,735.84 Increase 17.62

Since breakup of Cash and Credit purchase is not
given , It is assumed that all the purchase is credit
5 Assumption purchase.

6 Assumption Calculation is based on the information available

Previous Current Average

Trade Payables Year Year Trade
[Link]. (Average) (Opening) (Closing) Receuvables Formula
1 Trade Payables 4,489.55 4,489.82 4489.685 Op+Cl/2

Note : For Previous year, Closing Trade Payables are taken for Calculation.
Ratio Formula Previous Year Current Year
TPTR NCP/ ATP 6.01 7.07

Note: NCP Net Credit Purchase

Note: ATP Average Trade Payables

Formula Previous Year Current Year

APP 365/ TRTR = Days 60.73 Days 51.64 Days
Note: APP = Average Payment Period

TPTR NCP/ ATP

7.50
7.00
6.50
6.00
5.50
5.00
Previous Year Current Year

Overall Analysis
This Ratio Has Improved
Average Payment Period Less than Last year
PN:19
ITC LIMITED
Working of Gross Profit Ratio ( Category Profitability Ratio)
Remark (As
Previous Current Compared
[Link]. Profit Year Year to Previous Year) % Change
Net Revenue From
1 Operations 64,781.72 68,552.00 Increase 5.82
2 Change in Stock -370.71 -640.50 Decrease 72.78
Purchase of Stock in
3 Trade 6,042.97 8,936.22 Increase 47.88
Cost of Materials
4 Consumed 21,309.84 23,440.12 Increase 10.00
5 Gross Profit 37,799.62 36,816.16 Decrease -2.60

Remark (As
Net Revenue From Previous Current Compared
[Link]. Operation Year Year to Previous Year) % Change
1 Revenue From Operations (Net) 64,781.72 68,552.00 Increase 5.82

(Note : Exceptional Items have not been taken into Consideration)

Remark (As
Previous Current Compared
Ratio Formula Year Year to Previous Year) % Change
GP
Ratio GP*100/NRFO 58.35 53.71 Decrease -7.96

Note : GP: Gross Profit

Note : NRFO: Net Revenue from Operations

GP Ratio GP*100/NRFO
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00 Previous Current Remark (As Compared % Change
-20.00 Year Year to Previous Year)

Overall Analysis:

Decrease in the Gross Profit Ratio

PN:20
ITC LIMITED
Working of Net Profit Ratio ( Category Profitability Ratio)
Remark (As
Previous Current Compared
[Link]. Profit Year Year to Previous Year) % Change
1 Profit before Tax 26,323.34 26,000.86 Decrease -1.23
Less: Income Tax 5,661.21 5,990.17 Increase 5.81
2 Profit After Tax 20,662.13 20,010.69 Decrease -3.15

Remark (As
Net Revenue From Previous Current Compared
[Link]. Operation Year Year to Previous Year) % Change
Revenue From Operations
1 (Net) 64,781.72 68,552.00 Increase 5.82

(Note : Exceptional Items have not been taken into Consideration)

Remark (As
Previous Current Compared
Ratio Formula Year Year to Previous Year) % Change
NP
Ratio PAT*100/NRFO 31.90 29.19 Decrease -8.48

Note : PAT: Profit after Tax

Note : NRFO: Net Revenue from Operations

NP RATIO
PAT*100/NRFO
40.00

30.00

20.00

10.00

0.00
Previous Current Remark (As % Change
-10.00 Year Year Compared
to Previous Year)
-20.00

Overall Analysis:
Decrease in the Net Profit Ratio
PN:21
ITC LIMITED
Working of Return on Capital Employed ( Category Profitability Ratio)
Remark (As
Compared
Previous Current to Previous
[Link]. PBIT Year Year Year) % Change
Profit Before
1 Tax but after Interest 26,323.34 26,000.86 Decrease -1.23
2 Add: Interest 45.73 36.35 Decrease -20.51
3 PBIT 26,369.07 26,037.21 Decrease -1.26

Remark (As
Compared
Previous Current to Previous
[Link]. Capital Employed (CE) Year Year Year) % Change
Shareholder's
1 Fund 72,233.30 67,900.14 Decrease -6.00
2 Long Term Borrowings 1.76 0 Decrease -100.00
3 Long Term Provisions 221.45 225.23 Increase 1.71
4 Capital Employed 72,456.51 68,125.37 Decrease -5.98

Remark (As
Compared
Previous Current to Previous
Ratio Formula Year Year Year) % Change
ROE PBIT/CE 36.39 38.22 Increase 5.02

ROE PBIT/CE
50.00
40.00
30.00
20.00
10.00
0.00
Previous Current Remark (As % Change
Year Year Compared
to Previous Year)

Overall Analysis
Improvement in the Ratio
PN:22 (Amount in Crore)
ITC LIMITED

Comparative Balance Sheet as at 31st March 2025

Absolute
Change Percentage
(C= A-B) Change
(D= C/A *100)
Figures (PY) Figures (CY)
(A) (B)

(5)
1 2 (3) (4) (6)
2023-24 2024-25

I. EQUITY AND LIABILITIES

1 Shareholders's Fund
(a) Share Capital
(i) Equity Share Capital 1248.47 1251.41 2.94 0.24
(ii) Preference Share Capital 0.00 0.00 0.00 0.00
(b) Reserves and Surplus 70984.83 66648.73 -4336.10 -6.11
(c)
Money
Received
against Share
Warrants 0.00 0.00 0.00 0.00
2 Share ApplicationMoney
Pending Allotment
0.00 0.00 0.00 0.00
3 Non- Current Liabilities
(a) Long Term Borrowings 1.76 0.00 -1.76 -100.00
(b) Deferred Tax Liabilities (Net) 2083.66 2556.35 472.69 22.69
(c) Other Long Term Liabilities 371.82 205.34 -166.48 -44.77
(d) Long Term Provisions 221.45 225.23 3.78 1.71
4 Current Liabilities
(a) Short Term Borrowings 1.52 1.76 0.24 15.79
(b) Trade Payables 4489.55 4489.82 0.27 0.01
(c) Other Current Liabilities 7855.82 8584.03 728.21 9.27
(d) Short Term Provisions 68.72 46.53 -22.19 -32.29
Total 87327.60 84009.20 -3318.40 -3.80
II. ASSETS
1 Non-Current Assets
(a) Fixed Assets
(i). Tangible Assets 22737.19 16987.35 -5749.84 -25.29
(ii). Intangible Assets 2632.94 2601.24 -31.70 -1.20
(iii). Capital Work-in-Progress 1077.97 1067.79 -10.18 -0.94
(iv).
Intangible
Assets
Under
Development
382.16 402.80 20.64 5.40
(b) Non-Current Investments 22821.94 20701.17 -2120.77 -9.29
(c) Deferred Tax Assets (Net) 0.00 0.00 0.00 0.00
(d)
Long Term
Loans
and Advances 2.63 6.28 3.65 138.78
(e) Other Non- Current Assets 1602.10 2486.63 884.53 55.21
2 Current Assets
(a) Current Investments 11916.88 15285.91 3369.03 28.27
(b) Inventory 12631.51 15061.01 2429.50 19.23
(c) Trade Receivables 3311.45 3910.77 599.32 18.10
(d) Cash and Cash Equivalents 6217.69 3184.38 -3033.31 -48.79
(e)
Short Term
Loans
and Advances 9.10 8.96 -0.14 -1.54
(f) Other Current Assets 1984.04 2304.91 320.87 16.17
Total 87327.60 84009.20 -3318.40 -3.80

Diff 0.00 0.00 0.00 0.00

PN:23
ITC LIMITED
Itme Wise Analysis ( Comparative Balancesheet)
1 Increase in Equity Share Capital
2 % Change in Equity 0.24 %
3 Decrease in Reserves and Surplus
4 % Change in Reserves and Surplus -6.11 %
5 Decrease in Long Term Borrowing
6 % Change in Reserves and Surplus -100.00 %
7 Increase in DTL
8 % Change DTL (Deferred Tax Liabilities) 22.69 %
9 Decrease in Other Long Term Liabilities
10 % Change in Other Long Term Liabilities -44.77 %
11 Increase in Long Term Provisions
12 % Change in Long Term Provisions 1.71 %
13 Increase in Short Term Borrowings
14 % Change in Short Term Borrowings 15.79 %
15 Increase in Trade Payables
16 % Change in Trade Payables 0.01 %
17 Increase in Other Current Liabilities
18 % Change in Other Long Term Liabilities 9.27 %
19 Decrease in Short Term Provisions
20 % Change in Short Term Provisions -32.29 %
21 Decrease in Tangible Assets
22 % Change in Tangible Assets -25.29 %
23 Decrease in Intangible Assets
24 % Change in Intangible Assets -1.20 %
25 Decrease in Capital WIP
26 % Change in Capital WIP -0.94 %
27 Increase in Intangible Asset Under Development
28 % Change in Intangible Assets Under Development 5.40 %
29 Decrease in Non-Current Investments
30 % Change in Non-Current Investment -9.29 %
31 No change in DTA
32 % Change in DTA (Deferred Tax Assets) 0.00 %
33 Increase in Long Term Loans and Advances
34 % Change in Long Term Loans and Advances 138.78 %
35 Increase in Other NCA
36 % Change NCA (Non-Current Assets) 55.21 %
37 Increase in CI
38 % Change CI (Current Investments) 28.27 %
39 Increase in Inventory
40 % Change in Inventory 19.23 %
41 Increase in TR
42 % Change in TR (Trade Receivables) 18.10 %
43 Decrease in C&CE
44 % Change in Cash and Cash Equivalent -48.79 %
45 Decrease in Short Term Loans and Advances
46 % Change in Long Term Loans and Advances -1.54 %
47 Increase in OCA
48 % Change in Other Current Assets 16.17 %
PN:24
COMPARATIVE STATEMENT OF PROFIT AND LOSS
ITC LIMITED
(For the years ended 31st March 2024 and 2025)
Figures in Crore
Previous Current
Year year
Note Absolute Percentage
Particulars No. 2023-24 2024-25 Change Change
A B C= B-A D=C/A*100
1 2 3 4 5 6
I. Revenue From Operation 65440.81 69323.52 3882.71 5.93
II. Other Income 3538.28 3454.31 -83.97 -2.37
III. Total revenue (I+II) 68979.09 72777.83 3798.74 5.51
IV. Expenses 0.00 0.00
[Link] of Materials of Consumed 21309.84 23440.12 2130.28 10.00
b. Purchase of Stock-in-Trade &
Oprating and Direct Expenses 6042.97 8936.22 2893.25 47.88
c. Change in Iventories of Finished Goods,
Work-in-Progress and Stock-in-Trade -370.71 -640.50 -269.79 72.78
d. Employee Benefits Cost 3732.23 3416.73 -315.50 -8.45
e. Finance Costs 45.73 36.35 -9.38 -20.51
f. Depreciation and Amortisation 1647.82 1441.93 -205.89 -12.49
g. Other Expenses 10247.87 10146.12 -101.75 -0.99
Total Expenses 42655.75 46776.97 4121.22 9.66
V. Profit Before Tax (III-IV) 26323.34 26000.86 -322.48 -1.23
VI. Less: Income Tax 5661.21 5990.17 328.96 5.81
VII. Profit after Tax (V-VI) 20662.13 20010.69 -651.44 -3.15

( Note : Exceptional item in the year has not been considered)

PN:25
ITC LIMITED
Itme Wise Analysis ( Comparative Statement of Profit and Loss)
1 Increase in Revenue From Operation
2 % Change in Revenure from Operation 5.93 %
3 Increase in Other Income
4 % Change in Reserves and Surplus -2.37 %
5 Increase in Cost of Materials Consumed
6 % Change in Cost of Materials Consumed 10.00 %
7 Increase In Purchase
8 % Change In Purchase 47.88 %
9 Decrease In Inventory GAP
10 % Change In Inventory GAP 72.78 %
11 Decrease In Employee Cost
12 % Change in Employee Cost -8.45 %
13 Decrease In Finance Cost
14 % Change in Finance Cost -20.51 %
15 Decrease In Depreciation
16 % Change in Depreciation -12.49 %
17 Decrease In Other Expenses
18 % Change in Other Expenses -0.99 %
19 Decrease In PBT
20 % Change in PBT (Profit Before Tax) -1.23 %
21 Increase In Income Tax
22 % Change in Income Tax 5.81 %
23 Decrease In PAT
24 % Change in PAT (Profit After Tax) -3.15 %
PN:26
ITC LIMITED

Common Size Balance Sheet as at 31st March 2025 Amount in Crore

Figures as Figures as at Previous Current Year
at the end the end of the Year (%) (%)
of the Current Year
Previous (Rs.)
Year (Rs.) 4 5
3 6
1 2

2023-24 2024-25 2023-24 2024-25

I. EQUITY AND LIABILITIES

1 Shareholders's Fund
(a) Share Capital
(i) Equity Share Capital 1248.47 1251.41 1.43 1.49
(ii) Preference Share Capital 0.00 0.00 0.00 0.00
(b) Reserves and Surplus 70984.83 66648.73 81.29 79.34
(c) Money Received against Share Warrants 0.00 0.00 0.00 0.00
2 Share Application Money Pending Allotment 0.00 0.00 0.00 0.00
3 Non- Current Liabilities
(a) Long Term Borrowings 1.76 0.00 0.00 0.00
(b) Deferred Tax Liabilities (Net) 2083.66 2556.35 2.39 3.04
(c) Other Long Term Liabilities 371.82 205.34 0.43 0.24
(d) Long Term Provisions 221.45 225.23 0.25 0.27
4 Current Liabilities
(a) Short Term Borrowings 1.52 1.76 0.00 0.00
(b) Trade Payables 4489.55 4489.82 5.14 5.34
(c) Other Current Liabilities 7855.82 8584.03 9.00 10.22
(d) Short Term Provisions 68.72 46.53 0.08 0.06
Total 87327.60 84009.20 100.00 100.00
II. ASSETS
1 Non-Current Assets
(a) Fixed Assets
(i). Tangible Assets 22737.19 16987.35 26.04 20.22
(ii). Intangible Assets 2632.94 2601.24 3.02 3.10
(iii). Capital Work-in-Progress 1077.97 1067.79 1.23 1.27
(iv).Intangible Assets Under
development 382.16 402.80 0.44 0.48
(b) Non-Current Investments 22821.94 20701.17 26.13 24.64
(c) Deferred Tax Assets (Net) 0.00 0.00 0.00 0.00
(d) Long Term Loans and Advances 2.63 6.28 0.00 0.01
(e) Other Non- Current Assets 1602.10 2486.63 1.83 2.96
2 Current Assets
(a) Current Investments 11916.88 15285.91 13.65 18.20
(b) Inventories 12631.51 15061.01 14.46 17.93
(c) Trade Receivables 3311.45 3910.77 3.79 4.66
(d) Cash and Cash Equivalents 6217.69 3184.38 7.12 3.79
(e) Short Term Loans and Advances 9.10 8.96 0.01 0.01
(f) Other Current Assets 1984.04 2304.91 2.27 2.74
Total 87327.60 84009.20 100.00 100.00

Diff 0.00 0.00 0.00 0.00

PN:27
ITC LIMITED Trend Analysis
Particulars % of Total (PY) % of Total (CY) Trend
(i) Equity Share Capital 1.43 1.49 Increase
(ii) Preference Share Capital 0.00 0.00 No Change
Reserves and Surplus 81.29 79.34 Decrease
Money Received against Share Warrants 0.00 0.00 No Change
Long Term Borrowings 0.00 0.00 Decrease
Deferred Tax Liabilities (Net) 2.39 3.04 Increase
Other Long Term Liabilities 0.43 0.24 Decrease
Long Term Provisions 0.25 0.27 Increase
Short Term Borrowings 0.00 0.00 Increase
Trade Payables 5.14 5.34 Increase
Other Current Liabilities 9.00 10.22 Increase
Short Term Provisions 0.08 0.06 Decrease
(i). Tangible Assets 26.04 20.22 Decrease
(ii). Intangible Assets 3.02 3.10 Increase
(iii). Capital Work-in-Progress 1.23 1.27 Increase
(iv).Intangible Assets Under development 0.44 0.48 Increase
Non-Current Investments 26.13 24.64 Decrease
Deferred Tax Assets (Net) 0.00 0.00 No Change
Long Term Loans and Advances 0.00 0.01 Increase
Other Non- Current Assets 1.83 2.96 Increase
Current Investments 13.65 18.20 Increase
Inventories 14.46 17.93 Increase
Trade Receivables 3.79 4.66 Increase
Cash and Cash Equivalents 7.12 3.79 Decrease
Short Term Loans and Advances 0.01 0.01 Increase
Other Current Assets 2.27 2.74 Increase
 ITC LIMITED
COMMONSIZE STATEMENT OF [Link] AND LOSS (PN:28)
(For the years ended 31st March 2024 and 2025)
Figures in Crore
Previous Current Previous Current
Note Year year Year % Year %
Particulars No. 2023-24 2024-25 2023-24 2024-25
1 2 3 4 5 6
I. Revenue From Operation 65440.81 69323.52 100.00 100.00
II. Other Income 3538.28 3454.31 5.41 4.98
III. Total revenue (I+II) 68979.09 72777.83 105.41 104.98
IV. Expenses
[Link] of Materials of Consumed 21309.84 23440.12 32.56 33.81
b. Purchase of Stock-in-Trade 6042.97 8936.22 9.23 12.89
c. Change in Iventories of Finished Goods,
Work-in-Progress and Stock-in-Trade -370.71 -640.50 -0.57 -0.92
d. Employee Benefits Cost 3732.23 3416.73 5.70 4.93
e. Finance Costs 45.73 36.35 0.07 0.05
f. Depreciation and Amortisation 1647.82 1441.93 2.52 2.08
g. Other Expenses 10247.87 10146.12 15.66 14.64
Total Expenses 42655.75 46776.97 65.18 67.48
V. Profit Before Tax (III-IV) 26323.34 26000.86 40.22 37.51
VI. Less: Income Tax 5661.21 5990.17 8.65 8.64
VII. Profit after Tax (V-VI) 20662.13 20010.69 31.57 28.87

Analysis
In Current Year
Profit : 28.87 % of ROF
In Previous Year
Profit : 31.57 % of ROF
"=>" Decrease
PN:29
CASH FLOW ACTIVITIES ANALYSIS
(Only Bottom Line Analysis) FY: 2023-24 FY: 2024-25
Net CashFlow From Operating Activities 16,118.23 16,751.01
Net Cash Used In Investing Activities 2,127.55 141.48
Net Cash Used From Financing Activities 18,255.03 16,765.62
Analysis
Operating Activities ( Inflow/Outflow) Increase
Investing Activities ( Inflow/Outflow) Decrease
Financing Activities ( Inflow/Outflow) Decrease
PN:30
BIBLIOGRAPHY
For Succesfully completing my project file,I have taken help from the
following websites and Books:

1 [Link]
2 Google
3 MS-Excel
4 Book: TS Grewal