ITC : Annual General Meeting

Nation First: Sab Saath Badhein

REPORT AND ACCOUNTS 2022

REPORT AND ACCOUNTS 2022
Contents	Click 'ITC Limited' on the Header/Footer of each page to return to Contents
	Contents are hyper-linked to the relevant pages of the report
ITC: Winning the Future
Consumer Centricity, Innovation, Digital Transformation and Sustainability
Board of Directors and Committees		01
Report on Corporate Governance (including Shareholder Information)	12
Report of the Board of Directors & Management Discussion and Analysis	38
Secretarial Auditor's Report		133
CEO and CFO Compliance Certicate		145
Standalone Financial Statements
Balance Sheet		146
Statement of Prot and Loss		147
Statement of Changes in Equity		148
Cash Flow Statement		150
Notes to the Financial Statements		152
Independent Auditor's Report		214
Guide to Subsidiaries, Joint Ventures & Associates		226
Salient Features of the Financial Statements of		229
Subsidiaries, Joint Ventures & Associates (AOC-1)
Consolidated Financial Statements		233
Ten Years at a Glance		318
Financial Highlights
Business Responsibility and Sustainability Report		I-XLI
Awards & Accolades
ITC Infotech: Business Friendly Solutions
Creating Enduring Institutions

The mnemonic represents ITC's vibrant businesses that are future-ready, with a focus on consumer centricity, agility and resilience. The flower symbolises ITC's inherent focus on sustainability, while the petals stand for the Company's 12 future-ready businesses. At the centre, the power button reflects the digital transformation that is at the core of every business, while the human figures circling the mnemonic represent our universe of stakeholders, including shareholders, consumers, communities, farmers and employees, and depict ITC's philosophy of inclusive growth.

REPORT AND ACCOUNTS 2022

ITC: Winning the Future

Consumer Centricity, Innovation,

Digital Transformation and Sustainability

As we step into the third year of the pandemic, it is abundantly clear that we are at the crossroads of a redefined future. While economies started rebounding, new challenges emerged including geopolitical tensions, inflationary headwinds as well as extended supply chain disruptions. Our journey into the future will be shaped by our ability to adapt to the new normal and address emerging challenges with agility, innovative capabilities, inclusivity and resilience. While the COVID-19 crisis has caused unprecedented disruptions to human life and economic activity, it has also provided multi-dimensional learnings which will power transformational change going forward. We witnessed the constant breakthroughs in science, technology and innovation, the extraordinary fortitude displayed by humanity in serving people in distress, the unprecedented scale of collaboration and rapid forging of partnerships, all of which tell a story of hope and resilience and of humankind's ability to rise as one and overcome every adversity. The Black Swan event also accentuated the undercurrents of Digital and Sustainability as predominant megatrends and these will continue to be the two most defining trends of the future.

Recognising the need to scale new horizons of competitiveness, ITC pivoted with agility and resilience

to navigate through the dynamic environment with consumer-centricity, demonstrating speed in seizing market opportunities, relentless focus on execution excellence and pro-active strategic interventions.

An extensive strategy reset across all businesses to define the contours of 'ITC Next' helped putting in place structural drivers to ensure that the enterprise would remain future-ready, nimble and inclusive.

As a core element of the ITC Next strategy, ITC has been exploring opportunities to craft disruptive business models anchored at the intersection of Digital and Sustainability, the two defining trends that are redefining the 'new normal', while leveraging the Company's institutional strengths.

ITC has always believed that when enterprises make societal value creation an integral part of their corporate strategy, powerful drivers of innovation emerge that make growth more enduring for all stakeholders. This paradigm of 'Responsible Capitalism' focuses on extreme competitiveness but in a manner that builds environmental capital and supports sustainable livelihoods.