ITC 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

Quarterly result (Standalone)

(` cr) 4QFY13 4QFY12 % chg 3QFY13 %qoqRevenue 8,180 6,861 19.2 7,627 7.3EBITDA 2,629 2,170 21.2 2,773 (5.2)

OPM (%) 32.1 31.6 51bp 36.4 (421)bp

PAT 1,928 1,614 19.4 2,052 (6.0)Source: Company, Angel Research

For 4QFY2013, ITC posted a robust 19.4% yoy growth in its net profit to

`1,928cr, in-line with estimates. The cigarette division posted a strong 20.2%

improvement in its EBIT. Cigarette volumes rose by 2.5% on a yoy basis. The

companys non-cigarette FMCG business turned profitable for the first time with

EBIT of `12cr.

Key highlights: For 4QFY2013 ITC posted strong set of numbers. Net sales roseby 19.2% on a yoy basis to `8,180cr. Cigarettes business posted a 11.5% yoy

growth in net sales to `3,623cr aided largely by price hikes. Cigarette volumes

rose by 2.5% on a yoy basis. Other FMCG business posted a healthy 26.0% yoy

growth in net sales to `2,036cr. Agri business posted a strong 31.1% yoy growth

in net sales to`

1,855cr. Hotels and Papers & Packaging businesses posted a top-line growth of 10.4% and 7.9% respectively. OPM came in at 32.1% up 51bp on

yoy basis. While the cigarette business posted 421bp margin expansion, other

FMCG business posted profit of `12cr (vs. loss of `17cr in 4QFY2012). The

companys bottom-line rose by a healthy 19.4% yoy to `1,928cr.

Outlook and valuation:We expect ITC to report a top-line and bottom-line CAGRof 16.2% and 19.2% respectively over FY2013-15E, driven by the companys

diversified business model and ability to invest in growing businesses. At thecurrent market price, the stock is trading at 24.9x FY2015E EPS. We maintain ourNeutral rating on the stock.Key financials (Standalone)Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENet Sales 24,799 29,606 34,294 39,991% chg 17.2 19.4 15.8 16.6

Net Profit (Adj) 6,162 7,418 8,909 10,543% chg 23.6 20.4 20.1 18.3

EBITDA (%) 34.2 34.9 36.8 37.0

EPS (`) 7.9 9.4 11.3 13.3P/E (x) 42.1 35.3 29.4 24.9

P/BV (x) 13.8 11.8 9.7 7.8

RoE (%) 35.5 36.1 36.1 34.9RoCE (%) 42.3 43.8 45.5 44.5

EV/Sales (x) 10.1 8.4 7.2 6.1

EV/EBITDA (x) 29.6 24.2 19.6 16.4

Source: Company, Angel Research

NEUTRALCMP `332

Target Price -

Investment Period -

Stock Info

Sector

Net Debt (` cr) (8,605)

Bloomberg Code ITC@IN

Shareholding Pattern (%)

Promoters 0.0

MF / Banks / Indian Fls 33.4

FII / NRIs / OCBs 20.5

Indian Public / Others 46.1

Abs. (%) 3m 1yr 3yr

Sensex 4.1 24.3 22.3

ITC 11.8 40.9 144.2

FMCG

Market Cap (` cr) 261,985

Beta 0.8

52 Week High / Low 355/225

Avg. Daily Volume 391,472

Face Value (`) 1

BSE Sensex 20,112

Nifty 6,114

Reuters Code ITC.BO

V.Srinivasan022 3935 7800 Ext: 6831

[email protected]

ITCPerformance Highlights

4QFY2013 Result Update | FMCG

May 21, 2013

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ITC | 4QFY2013 Result Update

May 21, 2013 2

Exhibit 1:Quarterly performance (Standalone)Y/E March (` cr) 4QFY13 4QFY12 % yoy 3QFY13 %qoq FY2013 FY2012 % chgNet Sales 8,180 6,861 19.2 7,627 7.3 29,606 24,798 19.4Consumption of RM 3,548 2,804 26.5 3,077 15.3 12,066 9,631 25.3(% of Sales) 43.37 40.87 40.3 7.5 40.8 38.8

Staff Costs 343 332 3.3 346 (0.8) 1,387 1,258 10.3

(% of Sales) 4.2 4.8 4.5 (7.5) 4.7 5.1

Other Expenses 1,660 1,555 6.8 1,431 16.0 5,821 5,410 7.6

(% of Sales) 20.3 22.7 18.8 8.1 19.7 21.8

Total Expenditure 5,551 4,691 18.3 4,854 14.4 19,274 16,299 18.3Operating Profit 2,629 2,170 21.2 2,773 (5.2) 10,332 8,499 21.6OPM 32.1 31.6 51 36.4 (421) 34.9 34.3 62.4

Interest 24 15 63.8 25 (3.5) 86 78 11.0

Depreciation & Amortization 207 188 9.9 205 0.7 796 699 13.9

Other Income 331 301 9.9 415 (20.2) 1,234 1,175 4.6

PBT (excl. Extraordinary Items) 2,729 2,268 20.3 2,957 (7.7) 10,684 8,898 20.0Extraordinary Income/(Expense) - - - - -

PBT (incl. Extraordinary Items) 2,729 2,268 20.3 2,957 (7.7) 10,684 8,898 20.0(% of Sales) 33.4 33.1 38.8 (13.9) 36.1 35.9

Provision for Taxation 801 654 22.5 905 (11.5) 3,266 2,735 19.4

(% of PBT) 29.4 28.8 30.6 (4.1) 30.6 30.7

Reported PAT 1,928 1,614 19.4 2,052 (6.0) 7,418 6,163 20.3PATM 24 24 27 (12.4) 25 25

Equity shares (cr) 788 788 788 0.0 788 788

EPS (`) 2.4 2.0 19.4 2.6 (6.0) 9.4 7.8 20.3Source: Company, Angel Research

Top-line growth impressive at 19.2% yoy

For 4QFY2013 ITC posted strong set of numbers. Net sales rose by 19.2% on a

yoy basis to `8,180cr. Cigarettes business posted a 11.5% yoy growth in net sales

to `3,623cr aided largely by price hikes. Cigarette volumes rose by 2.5% on a yoy

basis. Cigarette business posted robust performance despite higher Excise duty

and VAT imposed by the central government and various state governments

respectively. Other FMCG business posted a healthy 26.0% yoy growth in net sales

to `2,036cr lead by strong growth in both the packaged foods and personal care

products segments. Agri business posted a strong 31.1% yoy growth in net sales to

`1,855cr aided by robust growth in leaf tobacco exports. Hotels and Papers &

Packaging businesses posted a top-line growth of 10.4% and 7.9% respectively.

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May 21, 2013 3

Exhibit 2:Steady top-line growth of 19.2% yoy


Earnings grew by 19.4% yoy led by cigarette business

The earnings for the quarter grew by a robust 19.4% yoy to `1,928cr driven by a

20.2% increase in the earnings of the cigarette business. The profitability of the

cigarette business has been driven largely by the price hikes (~18%) carried out by

the company over the last one year. Other FMCG business posted profit for the

first time. The agri business too posted a strong 20.8% yoy growth in segmental

profit. However, the hotel business posted a 51% de-growth in its profit despite a

higher top-line during the quarter. Profits of the paper business fell 3.9% impacted

by steep hike in prices of inputs such as wood, coal and chemicals.

Exhibit 3:OPM expands by 51bp yoy to 32.1%


Exhibit 4:Strong earnings growth rate at 19.4% yoy


5,8

36

5,7

67

5,9

74

6,1

95

6,8

61

6,6

52

7,1

46

7,6

27

8,1

80

-

5.0

10.0

15.0

20.0

25.0

(800)

200

1,200

2,200

3,200

4,200

5,200

6,200

7,200

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`c

r)

Top-line (LHS) yoy growth (RHS)

30.732.5

35.337.1

31.634.7

36.5 36.432.1

57.959.9 61.2

64.7

59.161.3 59.9 59.7

56.6

20.0

30.0

40.0

50.0

60.0

70.0

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

OPM Gross margin

1,2

81

1,3

33

1,5

14

1,7

01

1,6

14

1,6

02

1,8

36

2,0

52

1,9

28

24.6 24.5

21.5 22.5

26.0

20.221.3 20.6

19.4

-

5.0

10.0

15.0

20.0

25.0

30.0

-

500

1,000

1,500

2,000

2,500

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`c

r)

PAT (LHS) yoy growth (RHS)

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May 21, 2013 4

Exhibit 5:Segment-wise performance (Standalone)Y/E Mar (` cr) 4QFY13 4QFY12 % yoy 2QFY13 % qoq FY13 FY12 % chg

Net IncomeCigarettes 3,623 3,250 11.5 3,657 (0.9) 13,970 12,324 13.4Others 2,036 1,617 26.0 1,783 14.2 6,983 5,526 26.4

Hotels 315 286 10.4 309 1.9 1,074 1,096 (2.0)

Agri Business 1,854 1,414 31.1 1,631 13.7 7,201 5,695 26.4

Paperboards & Packaging 1,058 980 7.9 1,062 (0.4) 4,237 3,929 7.8

Less: Inter-segmental Revenues 707 685 3.1 815 (13.3) 3,860 3,674 5.0

Total Net Income (Excl Other Income) 8,180 6,861 19.2 7,627 7.3 29,605 24,896 18.9PBITCigarettes 2,112 1,758 20.2 2,234 (5.4) 8,326 6,908 20.5Others 12 (17) (24) (81) (195)

Hotels 41 83 (51.0) 55 (26.8) 138 279 (50.7)

Agri Business 128 106 20.8 173 (26.1) 731 643 13.7Paperboards & Packaging 188 196 (3.9) 229 (17.7) 964 936 3.0

Total PBIT 2,481 2,125 16.7 2,666 (7.0) 10,078 8,571 17.6PBIT Margin (%)Cigarettes 58.3 54.1 61.1 59.6 56.1Others 0.6 (1.0) (1.3) (1.2) (3.5)

Hotels 12.9 29.0 17.9 12.8 25.5

Agri Business 6.9 7.5 10.6 10.2 11.3

Paperboards & Packaging 17.8 20.0 21.5 22.8 23.8


Cigarette division growth driven by price hikesDuring 4QFY2013 ITCs cigarette division posted a 11.5% yoy growth in net sales

(gross sales growth at 17.8%) to `3,623cr on the back of ~18% price hike taken in

cigarettes over the last one year. Cigarette volumes went up by 2.5% yoy during

the quarter. The launch of filter cigarettes with length not exceeding 65mm has

solicited good consumer response and has aided volume growth. ITC has recently

hiked the prices of cigarettes post the 18% increase in excise duty announced in

FY2014 budget. On the margin front, the cigarette divisions EBIT margin rose by

421bp yoy to 58.3%.

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May 21, 2013 5

Exhibit 6:Cigarette division grows at 17.8% yoy


Non-cigarette FMCG witnessing strong revenue traction

ITCs non-cigarette FMCG business posted a strong 26.0% yoy growth in its net

revenue (gross sales growth at 25.9% yoy) to `2,036cr, driven by a strong

performance by both the packaged foods and the personal care products

segments.

Branded packaged foods continued on high growth trajectory recording growth in

market share.Sunfeast biscuits sustained the robust growth trajectory led by launch

of first-to-market variants such a Dark Fantasy Choco Fills- coffee, Dark Fantasy

Choco Meltz, Butterscotch Zing and Kaju Badam Cookies.Sunfeast Yippee noodles

and the Bingo range of savoury snacks continued to record strong growth driven

by innovative product range and enhanced brand building efforts.Aashirvad attatoo consolidated its leadership position with premium offerings such as Select and

multi-grain variants enjoying increased customer traction.

Personal care products sustained their impressive growth trajectory during the

quarter with the soap category garnering significant consumer franchise driven by

umbrella brands namely, Essenza Di Wills, Fiama Di Wills, Vivel and Superia.

Exhibit 7:Non-cig FMCG revenue growth at 25.9% yoy

Source: Company,Angel Research

Exhibit 8:Non-cig. FMCG posts profit of`12cr


5,1

11

5,2

70

5,4

86

5,8

10

5,6

85

6,0

61

6,4

19

6,80

8

6,6

94

13 13 14 11 1115 17 17

18

53.1 54.958.2 57.0

54.157.5

61.4 61.158.3

-

10

20

30

40

50

60

70

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`

cr)

Gross revenue (LHS) yoy growth (RHS)

1,3

15

1,2

01

1,3

45

1,3

75

1,6

23

1,4

79

1,7

00

1789

2043

16.819.4

27.2

24.5

23.423.2

26.4

30.125.9

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

-

500

1,000

1,500

2,000

2,500

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`

cr)

Gross revenue (LHS) yoy growth (RHS)

(68)(76)

(56)

(47)

(17)

(39)

(30)(24)

12

(90)

(80)

(70)

(60)

(50)

(40)

(30)

(20)

(10)

-

10

20

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(`

cr)

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May 21, 2013 6

Investment rationale

Cigarettes to continue to grow in double digits:We believe ITCs cigarettebusiness is well poised to continue to post a double-digit sales growth over

FY2013-15E. The company has continued to take price hikes over the past

one year and it has not impacted its volumes much, indicating the companys

strong pricing power.

Non-cigarette businesses to register an ~17% CAGR over FY2013-15E:Whilecigarettes remain the main profit center for the company, investments in

the non-cigarette businesses such as FMCG, hotels and paperboards have

given the company a foothold in the respective businesses. We expect these

businesses to play a major role in driving the companys long-term growth.

Outlook and valuation

We expect ITC to report a top-line and bottom-line CAGR of 16.2% and 19.2%

respectively over FY2013-15E, driven by the companys diversified business model

and ability to invest in growing businesses. At the current market price, the stock istrading at 24.9x FY2015E EPS. We maintain our Neutral rating on the stock.

Exhibit 9:PeervaluationCompany Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) RoE (%) CAGR #

(` cr) (`) (`) (%) FY14E FY15E FY14E FY15E FY14E FY15E Sales EPSAsianPaints

Neutral 45,873 4,782 - - 33.8 29.4 3.6 2.9 35.4 32.2 15.4 18.4

Britannia Neutral 6,754 565 - - 27.9 22.5 0.9 0.7 37.4 37.3 15.5 22.0

Colgate Neutral 19,291 1,419 - - 31.7 27.4 5.2 4.4 98.3 88.0 15.1 17.4

Dabur Neutral 26,941 155 - - 28.8 24.6 3.7 3.0 41.5 40.1 16.5 19.5

GCPL Neutral 28,806 847 - - 33.7 28.5 3.8 3.1 24.8 24.2 18.8 18.9

GSKCHL* Neutral 19,965 4,747 - - 38.8 31.9 5.0 4.0 34.1 33.7 17.6 19.6

HUL Neutral 126,679 586 - - 34.3 31.8 4.2 3.6 113.4 87.0 14.7 11.7

ITC Neutral 261,984 332 - - 29.4 24.9 7.2 6.1 36.1 34.9 16.2 19.2Marico Neutral 14,152 220 - - 30.3 25.3 2.8 2.4 21.4 21.0 14.8 24.0

Nestle* Neutral 50,585 5,246 - - 41.2 34.0 5.3 4.4 57.7 50.7 14.9 16.2

TataGlobal

Neutral 8,930 144 - - 18.3 16.6 1.0 0.5 9.5 9.8 10.0 13.0

Source: Company, Angel research; Note: # Denotes CAGR over FY2013-15E, *December Year Ending.

Exhibit 10:Angel vs. consensus estimatesTop-line (` cr) FY2014E FY2015E EPS (`) FY2014E FY2015E

Angel estimates 34,294 39,991 Angel estimates 11.3 13.3

Consensus 34,312 39,890 Consensus 11.1 13.2

Diff. (%) (0.1) 0.3 Diff. (%) 1.4 1.1


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May 21, 2013 7

Exhibit 11:One year forward PE

Source: Company, Angel Research ( Blue line indicates 5-year Average PE)

Exhibit 12:One year forward premium over Sensex

Source: Company, Angel Research, (Blue line indicates 5-year Avg. premium

-

5.0

10.0

15.0

20.0

25.0

30.035.0

40.0

45.0

50.0

May-0

8

Aug-0

8

Nov-0

8

Feb-0

9

May-0

9

Aug-0

9

Nov-0

9

Feb-1

0

May-1

0

Aug-1

0

Nov-1

0

Feb-1

1

May-1

1

Aug-1

1

Nov-1

1

Feb-1

2

May-1

2

Aug-1

2

Nov-1

2

Feb-1

3

(x)

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

May-0

7

Sep-0

7

Jan-0

8

May-0

8

Sep-0

8

Jan-0

9

May-0

9

Sep-0

9

Jan-1

0

May-1

0

Sep-1

0

Jan-1

1

May-1

1

Sep-1

1

Jan-1

2

May-1

2

Sep-1

2

Jan-1

3

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May 21, 2013 8

Profit and loss statement (Standalone)

Y/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15ETotal operating income 18,153 21,168 24,798 29,606 34,294 39,991% chg 16.3 16.6 17.2 19.4 15.8 16.6Total Expenditure 12,079 14,046 16,318 19,274 21,688 25,212

Cost of Materials 7,007 8,161 9,633 12,066 12,720 14,754

Advertising Exp 512 624 687 759 995 1,160

Personnel 1,003 1,140 1,256 1,387 1,783 2,080

Others 3,557 4,122 4,743 5,062 6,190 7,218

EBITDA 6,074 7,121 8,480 10,332 12,606 14,780% chg 25.0 17.2 19.1 21.8 22.0 17.2

(% of Net Sales) 33.5 33.6 34.2 34.9 36.8 37.0

Depreciation& Amortisation 609 656 699 796 826 881

EBIT 5,465 6,465 7,782 9,536 11,780 13,899% chg 26.8 18.3 20.4 22.5 23.5 18.0

(% of Net Sales) 30.1 30.5 31.4 32.2 34.3 34.8

Interest & other Charges 65 68 78 86 66 66

Other Income 615 871 1,201 1,234 1,349 1,626

(% of PBT) 10.2 12.0 13.5 11.6 10.3 10.5

Share in profit of Associates - - - - - -

Recurring PBT 6,015 7,268 8,904 10,684 13,062 15,458% chg 24.7 20.8 22.5 20.0 22.3 18.3

Extraordinary Expense/(Inc.) - - - - - -

PBT (reported) 6,015 7,268 8,904 10,684 13,062 15,458Tax 1,954 2,281 2,742 3,266 4,154 4,916

(% of PBT) 32.5 31.4 30.8 30.6 31.8 31.8

PAT (reported) 4,061 4,988 6,162 7,418 8,909 10,543Add: Share of associates - - - - - -

ADJ. PAT 4,061 4,988 6,162 7,418 8,909 10,543% chg 24.4 22.8 23.5 20.4 20.1 18.3

(% of Net Sales) 22.4 23.6 24.8 25.1 26.0 26.4

Basic EPS (`) 5.2 6.4 7.9 9.4 11.3 13.3Fully Diluted EPS ( ) 5.2 6.4 7.9 9.4 11.3 13.3% chg 24.4 22.8 23.6 19.1 20.1 18.3

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers

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May 21, 2013 10

Cash flow statement (Standalone)

Y/E March (` cr) FY10 FY11 FY12 FY13E FY14E FY15EProfit before tax 6,015 7,268 8,905 10,684 13,062 15,458

Depreciation 609 656 699 796 826 881Change in Working Capital 291 4 (822) (301) (1,892) (1,476)

Interest / Dividend (Net) (267) (326) (516) (588) (678) (955)

Direct taxes paid 1,954 2,281 2,742 3,266 4,154 4,916

Others 206 (188) 903 (321) (121) 53

Cash Flow from Operations 4,901 5,133 6,426 7,004 7,044 9,047(Inc.)/ Dec. in Fixed Assets (1,204) (947) (2,272) (2,117) (1,342) (1,320)

(Inc.)/ Dec. in Investments (2,889) 172 (762) (744) (1,638) (3,635)

Cash Flow from Investing (4,093) (775) (3,034) (2,860) (2,980) (4,955)Issue of Equity 721 904 765 8 - -

Inc./(Dec.) in loans (70) (19) (9) (13) - -

Dividend Paid (Incl. Tax) 1,630 4,452 4,088 3,931 4,150 4,150

Interest / Dividend (Net) (267) (326) (516) (588) (678) (955)

Cash Flow from Financing (712) (3,241) (2,816) (3,347) (3,472) (3,195)Inc./(Dec.) in Cash 95 1,117 576 796 592 897

Opening Cash balances 1,031 1,126 2,243 2,819 3,615 4,207Closing Cash balances 1,126 2,243 2,819 3,615 4,207 5,103

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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May 21, 2013 11

Key ratios

Y/E March FY10 FY11 FY12 FY13E FY14E FY15EValuation Ratio (x)P/E (on FDEPS) 63.8 52.0 42.1 35.3 29.4 24.9

P/CEPS 27.1 45.5 37.8 31.9 26.9 22.9

P/BV 9.0 16.1 13.8 11.8 9.7 7.8

Dividend yield (%) 3.0 1.3 1.4 1.3 1.4 1.4

EV/Sales 14.0 11.9 10.1 8.4 7.2 6.1

EV/EBITDA 41.9 35.5 29.6 24.2 19.6 16.4

EV / Total Assets 17.0 14.9 12.6 10.5 8.8 7.0

Per Share Data (`)EPS (Basic) 5.2 6.4 7.9 9.4 11.3 13.3

EPS (fully diluted) 5.2 6.4 7.9 9.4 11.3 13.3

Cash EPS 12.2 7.3 8.8 10.4 12.3 14.5

DPS 10.0 4.5 4.5 4.3 4.5 4.5

Book Value 36.8 20.6 24.0 28.2 34.2 42.3

Returns (%)RoCE 36.8 40.5 42.3 43.8 45.5 44.5

Angel RoIC (Pre-tax) 50.2 56.7 53.4 55.0 58.7 57.6

RoE 29.2 33.2 35.5 36.1 36.1 34.9

Turnover ratios (x)Asset Turnover 1.6 1.7 1.9 1.9 1.9 1.9

Inventory / Sales (days) 91 91 83 91 91 91

Receivables (days) 18 15 15 15 15 15

Payables (days) 71 77 71 64 57 52

Net Working capital (days) (21) (29) (27) (17) 2 15

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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May 21 2013 12

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .

Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While

Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information.

Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please r efer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement ITC

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below`

1 lakh for Angel, its Group companies and Directors

Documents

ITC 4Q FY 2013