ORGANIZATION STUDYON ITC

EXECUTIVESUMMARY

As per the curriculum of Visvevarya Technological University for the partial

fulfillment of the Post Graduate of Master of Business Administration
(MBA), I had undertaken the “Organizational Study at “ITC LTD” The
internship report mainly emphasis on the study of the entire Organization as
a whole and the study of each and every department that functions as a part
of the Organization.

This report is an Endeavour to cover the overall organization structure,

departments, Procedures and functions of the organization and also covers
industry profile, company profile and its Objectives. The report gives an
inside view about managerial functions and operative functions towards the
products and employees of the organization.

This report also features the SWOT analysis, Mckensy’s7s frame work and
porters analysis of the organization in the present scenario. The report is
concluded with my learning experience during the study

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CHAPTER: 1

INTRODUCTION ABOUT THE ORGANISATION &

INDUSTRY

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1.1 INTRODUCTION ABOUT THEORGANIZATION:

ITC Ltd is one of India's foremost private sector companies. ITC has a diversified presence
in Cigarettes Hotels Paperboards & Specialty Papers Packaging Agri-Business Packaged
Foods & Confectionery Information Technology Branded Apparel Personal Care Stationery
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 Personal Care and Stationery.ITC's wholly owned
Information Technology subsidiary ITC InfoTech India Ltd provides IT services and
solutions to leading global customers. ITC InfoTech has carved a niche for itself by
addressing customer challenges through innovative IT solutions. ITC's production facilities
and hotels have won numerous national and international awards for quality productivity
safety and environment management systems. ITC was the first company in India to
voluntarily seek a corporate governance rating.ITC was incorporated on August 24 1910
under the name Imperial Tobacco Company of India Ltd. As the company's ownership
progressively Indianised the name of the company was changed from Imperial Tobacco
Company of India Ltd to India Tobacco Company Ltd in the year 1970 and then to I.T.C.
Ltd in the year 1974. In recognition of the company's multi-business portfolio
encompassing a wide range of businesses - Cigarettes & Tobacco Hotels Information
Technology Packaging Paperboards & Specialty Papers Agri-business Foods Lifestyle
Retailing Education & Stationery and Personal Care - the full stops in the company's name
were removed effective September 18 2001. The company now stands rechristened ITC
Ltd. During the year first six decades of the company's existence were primarily devoted to
the growth and consolidation of the Cigarettes and Leaf Tobacco businesses the seventies
witnessed the beginnings of a corporate transformation that would usher in momentous
changes in the life of the company. In the year 1925 the company set up Packaging &
Printing business as a strategic backward integration for ITC's Cigarettes business. It is
today India's most sophisticated packaging house. In the year 1975 the company launched
its Hotels business with the acquisition of a hotel in Chennai which was rechristened 'ITC-
Welcomgroup Hotel Chola'. In the year 1979 they entered the Paperboards business by
promoting ITC Bhadrachalam Paperboards Ltd which today has become the market leader

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in India. In the year 1985 the company set up Surya Tobacco Co. in Nepal as an Indo-Nepal
and British joint venture. In the year 1990 the company acquired Tribeni Tissues Ltd 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).

1.2 Objectives of the study:

 To understand the structure organization and key functions.

 To analyze the strength weakness opportunities and threats of the organization or

company.
 To understand the Michael E Porter Five force model

 To study the McKinsey 7S Framework of organization

 To analyze the financial performance of the organization

1.3 LIMITATIONS:

1. Collecting primary data is not possible due to pandemic situation.

2. Difficulty in framing work flow model without visiting the organization

3. Limited to access data.

1.4INDUSTRY PROFILE:

The Indian FMCG sector is the fourth largest sector in the economy. FMCG is also
known as consumer-packaged goods they are low value relatively non-durable
household goods such as packaged beverages and other consumables sell quite fast
perspective low margins.

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The prices of FMCG are relatively low and profit earned such sales are in more
volume basis. FMCG Market in India is highly competitive. In FMCG companies
availability of raw materials, low level of labor cost in the value chain system.
The launch of new products and increasing rural area market, a good established
distribution network, competition between the organized sector and un-organized
sector.

In the Indian FMCG sector major important role is contributing to the country GDP.
Recently the industry came up with the operations, supply chain production, general
management, penetration price and per capita level consuming product categories like
biscuit, skin care, cosmetics. The FMCG industry is highly competitive and along
with less operating cost to the distribution network.

1.5 Global FMCG market:

By type:
In 2018, the food & beverage segment held majority share in the FMCG market and
is expected to hold a significant share in the global market throughout the forecast
period. Consumers today have become more knowledgeable and open to food &
beverages consumed by foreign cultures. They are driven by a sense of exploration
and are in search for new experience. This search for novel experience has pushed the
food & beverage operators to maintain the quality of their offerings. The trend of
healthy eating has also been a top impacting factor affecting the growth of the food &
beverage market. Consumers have become increasingly health conscious and a large
number of people have begun to follow special diets and want to enjoy these healthier
choices both at home and when they are eating.

By distribution channel:

In 2018, the supermarkets and hypermarkets distribution channel segment dominated

the FMCG market. The growth of this segment is driven by rise in disposable income
and increase in demand for a one-stop solution for all shopping needs. Moreover, the

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augmented experience provided by these retail formats increases its attractiveness to

customers. This in turn drives the growth of the supermarkets and hypermarkets
distribution channel segment of the FMCG market.

By region:

In 2018, in terms of region, North America is expected to remain dominant and grow
at a steady pace in the FMCG market. However, Asia-Pacific is expected to grow at
the highest CAGR of 8.0% owing to changes in lifestyles, which is led by
globalization and increase in working population. The rise in the affluent population
and increased penetration of internet and social media has increased the consumption
of processed and packaged food, which makes way for the growth of the FMCG
market in the region. Furthermore, an innovation in current products and introduction
of new products with attractive pricing is expected to provide growth opportunities
for the FMCG market in future.

The leading players in the FMCG market focus on providing customized solution to
consumers as their key strategies to gain a significant share in the market. Strategies
such as product launch and acquisition have also helped the key players to gain a
significant share in the global FMCG market. The key players profiled in the report
include Procter And Gamble, Unilever Group, The Coca Cola Company, PepsiCo Co.
Inc, Kimberly-Clark Corporation, Patanjali Ayurveda Ltd., Dr Pepper Snapple Group,
Inc., Revlon, Inc, Johnson & Johnson, and Nestle.

The main challenges companies must face up to in the future if they wish to grow
sustainably and profitably:

 The Marketing Challenge: Companies must make consumers understand the

importance of brands and know how to connect with them, using all available
channels.
 Promote and look after new channels: It is necessary to develop a concept of
“multichannel sales equality” so a consumer will not perceive incoherence in the
price paid for a product depending on the purchase channel or area.

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 Global: Internationalization is not just exporting. We must understand how

consumers behave in the country of origin and what their preferences are to adapt our
products, labels, formats, etc. to their demands.
 Innovation:  The perception of innovation should not only focus on the product or
format, we must also think about transversal innovation.

Major trends expected to influence FMCG markets are:

 Growth of e-commerce:

By 2020, e-commerce revenues are expected to be more than USD 4 trillion. More
digitally savvy consumers will spend more time online. Messaging apps will also be
increasingly used within the context of sales and marketing.

 E-commerce is growing four-times faster than offline sales, with global online sales
predicted to double within the next five years. By 2022, FMCG e-commerce is
forecast to make up around ten to twelve percent of global FMCG sales, creating a
USD 400 billion opportunity.

 Consumer demand product convenience:

With more consumers leading an on-the-go lifestyle, the demand for convenience is a
big trend in 2019. A greater appetite for convenience food and drinks that are ready-
to-consume and a desire for restaurant-quality foods at home will drive growth in this
sector.

 Greater focus on healthier products:

The existing trend for ‘clean’ foods continues, inspired by greater awareness,
interest and understanding of wellbeing. There will be a greater emphasis on health
and wellness products, many of which combine research on nutrition and longevity
with traditional, ancient therapies.

 Millennial to become big FMCG influencers:

Millennial consumers are seeking out new brands that they perceive as innovative
product lines and have their own distinct FMCG demands. They prefer to research
products by sharing information with their peers online and are much more influenced
by peers than a mass-brand channel approach.

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 Never sustainability consumer mindset:

Sustainability is set to take a more central role within FMCG in 2019 and beyond.
Consumers are becoming more aware and interested in how sustainability relates to
products across the whole supply chain, from the sourcing of ingredients to the
packaging.

 Demand driven by population density:

The world is growing up, and whilst the millennial are exerting their influence, the
population landscape is being dominated by post-retirement FMCG shoppers. This is
particularly evident in Asia, where e.g. Japan tops the tables with predictions that the
over-60s will account for 37.3 percent of the population by 2030. Other rapidly aging
populations include Vietnam, Thailand and Sri Lanka.

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, Sun feast, Yippee!,
Bingo!, B Natural, ITC Master Chef, Fabelle, Sun bean, 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.

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CHAPTER 2

ORGANIZATION PROFILE

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Background of the company

Imperial Tobacco Company of India

Limited (1910–1970)
India Tobacco Company Limited (1970–
Formerly
1974)
I.T.C. Limited (1974–2001)
ITC Limited (2001–present)
Type Public
BSE: 500875
NSE: ITC
Traded as BSE SENSEX constituent

NSE NIFTY 50 constituent

ISIN INE154A01025
Industry Conglomerate
Predecessor W.D. & H.O. Wills
Founded 24 August 1910; 111 years ago[1][2]
Virginia House, Kolkata,
Headquarters
West Bengal, India[3]
Indian subcontinent
Area served
Gulf countries
Sanjiv Puri
Key people
(Chairman & MD)

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Consumer goods
Cigarettes
Apparel
Education
Products Hotels and Resorts
Paperboards Specialty
Packaging
Agribusiness
Information technology
₹74,979 crore (US$11 billion) (2020)
Revenue
[4]
₹20,081 crore (US$2.8 billion) (2020)
Operating income
[4]
₹13,032 crore (US$1.8 billion) (2020)
Net income
[4]
₹77,367 crore (US$11 billion) (2020)
Total assets
[4]
₹62,021 crore (US$8.7 billion) (2020)
Total equity
[4]
Number of employees 36,500 (2021)[4]
ITC Hotels
ITC Paperboards and Specialty Papers
Subsidiaries Division
ITC InfoTech
Sunrise Foods
Website www.itcportal.com
Footnotes / references

2.1 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,
Branded Apparel, Education & Stationery Products, Incense Sticks and Safety Matches;
Hotels, Paperboards and Packaging, Agri Business and Information Technology. The

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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 initialized form.

A Modest Beginning

The Company's beginnings were humble. A leased office on Radha Bazaar 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 My Fortune, Chennai). The objective of ITC's
entry into the hotels business was rooted in the concept of creating value for the nation. ITC

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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. Since then
ITC's Hotels business has grown to occupy a position of leadership, with over 100 owned
and managed properties spread across India under four brands namely, ITC Hotels - Luxury
Collection, WelcomHotels, 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. In addition, ITC Hotels also recently
tied up with RP Group Hotels & Resorts to manage 5 hotels in Dubai and India under ITC
Hotels' 5-star 'WelcomHotel' brand and the mid-market to upscale 'Fortune' brand.

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.

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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-Chou pal initiative began in 2000
with soya farmers in Madhya Pradesh. Now it extends to 10 states covering over 4 million
farmers. Also, through the 'ChoupalPradarshanKhet' 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: Lifestyle Retailing - Premium Offerings

ITC also entered the Lifestyle Retailing business with the Wills Sport range of international
quality relaxed wear for men and women in 2000. In 2006, Wills Lifestyle became title
partner of the country's most premier fashion event - Wills Lifestyle India Fashion Week -
that has gained recognition from buyers and retailers as the single largest B-2-B platform

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for the Fashion Design industry. To mark the occasion, ITC launched a special 'Wills
Signature', taking the event forward to consumers.

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 Candy man confectionery and Aashirvaad Atta (wheat flour). 2003
witnessed the introduction of Sun feast as the Company entered the biscuits segment. ITC
entered the fast growing branded snacks category with Bingo! In 2007. In 2010, ITC
launched Sun feast Yippee! To enter the Indian instant noodles market. In September 2014,
ITC launched Gum on 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
AashirvaadSvasti 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 Sun bean Gourmet Coffee. In February 2017, ITC
launched ITC Master Chefsuper safe spices - the first-of-its-kind spices launched in India,

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offering export quality super safe spices to the Indian homemaker. ITC Master Chef 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 AashirvaadSvasti pouch milk and into dairy-based beverages with the Sun
feastWonders 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 icon, 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', and ‘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

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2015. In 2017, the business acquired the brand Charm is 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 Derma fique 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, dish wash gel Nimeasy was launched.

2010: Expanding the Tobacco Portfolio

In 2010, ITC launched its hand rolled cigar, Armentieres, in the Indian market. Armentieres
cigars are available exclusively at tobacco selling outlets in select hotels, fine dining
restaurants and exclusive clubs.

2.2 Nature of Business

ITC 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 from Imperial Tobacco
Company of India Limited to India Tobacco Company Limited
in1970andthentoI.T.C.Limitedin1974.InrecognitionoftheCompany'smulti-
business

Portfolio encompassing a wide rangeofbusinesses--------------Cigarettes &

Tobacco, Hotels, and Information

Technology, Packaging, Paperboards & Specialty Papers, Agri-business,

Foods, Lifestyle Retailing, Education & Stationery and Personal Care the
full stops in the Company's name were

Removed effective September 18, 2001. The Company now stands rechristened
'ITC Limited'

As one of India's most valuable and respected corporations, ITC is widely

perceived to be dedicatedly nation-oriented. Chairman Y C Deveshwar calls

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this source of inspiration "a commitment beyond the market". In his own
words: "ITC believes that its aspiration to create

Enduring value for the nation provides the motive force to sustain growing
shareholder value. ITC practices this philosophy by not only driving each of
its businesses towards international competitiveness but by also consciously
contributing to enhancing the competitiveness of the larger value chain of
which it is apart."

ITC's diversified status originates from its corporate strategy aimed at

creating multiple drivers of growth anchored on its time-tested core
competencies: unmatched distribution reach, superior brand-building
capabilities, effective supply chain management and acknowledged service
skills in hoteliering. Over time, the strategic forays into new businesses are
expected to garner a significant share of these emerging high-growth markets
in India.

2.3 Vision, Mission & Quality Policy

ITC's 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.

ITC's Mission

To enhance the wealth generating capability of the enterprise in a globalising environment,

delivering superior and sustainable stakeholder value.

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ITC's Core Values

ITC's Core Values are aimed at developing a customer-focused, high-performance

organisation which creates values 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.

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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.

2.4 work flow model

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2.5 Product/service profile:

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2.6 OWNERSHIP PATTERN:

Sanjiv Puri
Chairman & Managing Director

Sanjiv Puri (59) is the Chairman & Managing Director of ITC Limited.

Puri was appointed as a Whole time Director on the Board of ITC with effect from
December 6, 2015, Chief Executive Officer in February 2017 and re-designated as the
Managing Director in May 2018. He was also appointed as the Chairman effective May 13,
2019. He is an alumnus of the Indian Institute of Technology, Kanpur, and Wharton School

of Business.

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Nakul Anand
Executive Director

Nakul Anand (64), was appointed as a Whole time Director on the Board of ITC effective
January 3, 2011. In addition to overseeing the Hospitality, Travel & Tourism Businesses of
ITC.

SumantBhargavan
Executive Director

SumantBhargavan (57), was appointed as a Whole time Director on the Board of ITC
effective November 16, 2018. He is responsible for overseeing the FMCG Businesses...

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Rajiv Tandon
Executive Director

Rajiv Tandon (67), was appointed as a Whole time Director on the Board of ITC effective
January 22, 2016. He is responsible for Finance, Accounting, Internal Audit & IT
Functions...

2.7Achievements/ Awards:

Global Honours
 Savlon Grand Prix 2018. ...
 SABRE Awards South Asia 2018. ...
 Travel Leisure India & South Asia 'India's Best Awards 2018' ...
 Porter Prize 2017 for 'Excellence in Corporate Governance and Integration' ...
 ITC's Savlon wins big at Cannes 2017. ...
 Safaigiri Award 2016. ...
 World Business Development Award 2012, RIO.

More Awards & Certifications:

 ITD's Manger factory won the Excellence in Practice Award given by the
Association for Talent Development (ATD), USA, 2020, for designing a system to
correlate skill-development inputs with business outcomes.
 ITC Limited has been adjudged 'Best Governed Company' at the 20th ICSI National
Awards for Excellence in Corporate Governance, 2020 in the Listed Segment:
Large Category

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 Mr. Nakul Anand, Executive Director, won 'The Corporate Hotelier of the World'
Award 2019 from HOTELS, USA
 ITC has been globally ranked no.1 amongst peers and no.3 overall by
~Sustainalytics', a global Environmental, Social and Governance (ESG) rating
company, for ESG performance in the ~Food Products Industry'.
 ITC's Agri Business received the Global Good Agricultural Practices (GAP)
certification, for its efforts in implementing sustainable agricultural practices with
chilli farmers in Andhra Pradesh, Karnataka and Telangana.
 ITC received 2 Effie Awards in the ~Integrated Marketing Campaign' and ~Foods'
Categories (Silver Awards highest honors) for Aashirvaad Atta's ~Tarun's Tiffin'
advertisement campaign.
 The Savlon 'Healthy Hands Chalk Sticks' campaign was listed among 'Iconic Work'
of the decade in Cannes Lions Creativity Report, 2019
 ITC won the 'Breakthrough Innovations Award' in the Superstar category from
Nielson, a global provider of market research, for its Engage ON product, 2019
 ITC Head Office, Kolkata received the ~LEED Platinum' Certification in Existing
Building Operation & Maintenance category from the U.S. Green Building Council.
 ITC Medak Unit received the ~IGBC Green Factory Building PLATINUM'
Certification 2019 in new factories category from the Indian Green Building
Council.
 ITC's Kovai Paperboards factory only facility in India to be awarded the Alliance
for Water Stewardship Platinum-level Certification - the highest recognition for
water stewardship in the world in 2019.
 ITC Green Centre, Guntur received LEED PLATINUM Rating by the US Green
Building Council (USGBC) in 2019
 ITC's Paperboards Business was recognized as the Best Performer in the pulp &
paper sector by the Bureau of Energy Efficiency under the Perform, Achieve and
Trade Scheme in 2018
 ITC's Agri Business Division, Chirala Unit conferred the 'Sarvashreshtha Suraksha
Puraskar' by National Safety Council of India in 2018
 ITC's Spices Business won the Award for Excellence in Export from the Spice
Board of India in 2018.

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2.8 Future Growth and Prospects:

ITC to invest around ₹14,851 cr under Next strategy, to look for acquisitions. NEW
DELHI: Business conglomerate ITC Ltd on Thursday said it plans to invest around USD 2
billion (around ₹14,851 crore) as part of its 'ITC Next' strategy, under which it will explore
opportunities to craft "disruptive business models".

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CHAPTER 3

MCKINSEY’S 7 s FRAMEWORK AND PORTER’s FIVE FORCE

MODEL

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The McKinsey’s 7S Framework suggests that there is a multiplicity of factors that

influence an organization’s ability to change and its proper mode of change. Because
of the interconnections of the variables, it would be difficult to make significant
progress in one area without making progress in the others as well. There is no starting
point or implied hierarchy in the shape of the diagram, and it is not obvious which of
the seven factors would be the driving force in changing a particular organization at a
certain point of time. The critical variables would be different across organizations and
in the same organizations at different points of time.

History of McKinsey’s 7S Framework

The McKinsey’s 7S Framework was first mentioned in “The Art of Japanese

Management” by Richard Pascal and Anthony Athos in 1981. They had been
investigating how Japanese industry had been so successful. At around the same time
that Tom Peters and Robert Waterman were exploring what made a company excellent.
The Seven S model was born at a meeting of these four authors in 1978.
It appeared also in “In Search of Excellence” by Peters and Waterman, and was taken
up as a basic tool by the global management consultancy company McKinsey.
Since then it is known as McKinsey’s 7S Framework.

Seven Levels of McKinsey’s 7S Framework

The McKinsey’s 7S Framework is a management model that describes seven factors to

organize a company in a holistic and effective way. Together these factors determine
the way in which a corporation operates. Managers should take into account all seven
of these factors, to be sure of successful implementation of a strategy

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The McKinsey’s 7S Framework involves seven interdependent factors which are

categorized as either “hard” or “soft” elements

1. Hard elements

The hard elements of the McKinsey 7s model comprise of strategy, structure, and systems.
The hard elements of the model are easier to identify, more tangible in nature, and directly
controlled and influenced by the leadership and management of the organization. 

1.1 Strategy

1.1.1. Clearly defined 

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The strategic direction and the overall business strategy for ITC Limited India First are
clearly defined and communicated to all the employees and stakeholders. This helps the
organization manage performance, guide actions, and devise different tactics that are
aligned with the business strategy. Moreover, the business strategy’s definition and
communication also make operations for ITC Limited India First more transparent and
aligns the responsibilities and actions of the company.

1.1.2. Guiding behavior for goal attainment

The strategic direction for ITC Limited India First is also important in helping the business
guide employee, staff, and stakeholder behavior towards the attainment and achievement of
goals. SMART Goals are set with short and long term deadlines in accordance with the
business strategy. The business strategy helps employees decide tactics and behaviors for
attaining the set goals and targets to help the business grow.

1.2. Structure

1.2.1. Organizational hierarchy

ITC Limited India First has a flatter organizational hierarchy that is supported by learning
and progressive organizations. With lesser managerial levels in between and more access to
the senior management and leadership, the employees feel more secure and confident and
also have higher access to information. Moreover, the flatter hierarchy also allows quicker
decision-making processes for ITC Limited India First and increases organizational
commitment in the employees.

1.2.2. Inter-Departmental coordination

ITC Limited India First has high coordination between different departments. The
company’s departments often form inter-department teams for projects and tasks that
require multiple expertise. All coordination between different departments is effective and
organized. ITC Limited India First has a systematic process for initiating and monitoring
coordination between departments to ensure smooth work operations and processes – and
goal attainment.

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1.3. Systems

1.3.1. Organizational systems in place

ITC Limited India first has defined and well-demarcated systems in place to ensure that the
business operations are managed effectively and that there are no conflicts or disputes. The
systems at ITC Limited India First are largely departmental in nature, and include, for
example:

- Human resource management

- Finance

- Marketing

- Operations

- Sales

2. Soft elements

The soft elements of the McKinsey 7s model, in turn, include shared values, staff, skills,
and strategy. These elements are less tangible in nature and are more influenced by the
organizational culture. As such, the management does not have direct influence or control
over them. These elements are also harder to describe and directly identify – but are equally
important for an organization’s success and improved performance.

2.1. Shared values 

2.1.1. Core values

The core values at ITC Limited India First are defined and communicated to foster a
creative and supportive organizational structure that will allow employees to perform
optimally, and enhance their motivation and organizational commitment. The core values at
ITC Limited India First include, but are not limited to:

- Creativity

- Honesty

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- Transparency

- Accountability

- Trust

2.2. Style 

2.2.1. Management/leadership style

ITC Limited India First has a participative leadership style. Through a participative
leadership style, ITC Limited India First is able to engage and involve its employees in
decision-making processes and managerial decisions. This also allows the leadership to
regularly interact with the employees and different managerial groups to identify any
potential conflicts for resolution, as well as for feedback regarding strategic tactics and
operations. Through its participative leadership, ITC Limited India First is able to enhance
employee motivation, and increase organizational commitment and ownership amongst
employees as well as other stakeholders.

2.3. Staff

2.3.1. Employee skill level vs. business goals

ITC Limited India First has a sufficient number of employees employed across its global
operations. Employees for different job roles and positions are hired internally as well as
externally – depending on the urgency and the skill levels required. Based on this, it is seen
that ITC Limited India First has employees who are skilled as per the requirements of their
job roles and positions. All employees are given in house training to familiarize themselves
with the company and its values. External training along with in-house training is provided
for skill level enhancement.

All job roles and positions are designed to facilitate the achievement of business goals, and
as such, employee skill level at ITC Limited India First is sufficient to achieve the business
goals of the company. 

2.4. Skills

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2.4.1. Employee skills

ITC Limited India First has a commendable workforce, with high skills and capacities. All
employees are recruited based on their merit and qualifications. ITC Limited India First
prides itself on hiring the best professionals and grooming them further to facilitate growth
and development.

2.4.2. Employee skills vs. task requirements

ITC Limited India First has defined tasks and job roles and hires and trains employees for
skill levels accordingly with respect to those. The company ensures that all its job
requirements are met and that employees have the sufficient skills to perform their
respective jobs in accordance with the values and culture as well as the business goals and
strategy of ITC Limited India First. 

Porter’s Five Force Model

Michael E. Porter, a Harvard Business School professor, developed the five

forces model in 1979. He understood the value of analyzing external forces.

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To explore the structure of the semiconductor manufacturing market, we used

Michael Porter’s Five Force Model include rivalry among existing
competitors, bargaining power of buyers and suppliers, threat of new entrants
and threat of substitute products and services.

 Bargaining power of buyers

Consumer faces low buying power because of fragmented and have little influence
on product price. Comparing the buyer power retailers it is very high since they are
needed to negotiate the price with their competitors.

 Supplier power

ITC Consumer product faces few quantity of supplier power simply due to the cost
they effected when switching supplier. Suppliers are doing high volume of
business with these companies are also positive value totheir customers.

 Threat of new entrants

The amount of capital investment required to enter in certain house hold consumer
products needs more, so the threat of new entries may results fairly low.

 Threat of substitutes

Within the business sector, brand name proceeds to get success with building a
competitive advantage, but even though the pricing power of the products can be
eroded.

 Industry Rivalry

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For most industries the intensity of competitive rivalry is the major determinant of
the competitiveness of the industry

CHAPTER 4
SWOT ANALYSIS

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Strengths

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 ITC’s cigarette sector contributes a significant proportion of its sales to the

FMCG.
 Increasing Revenue of ITC Limited in the year by year is its main strength. In
the year 2019, its revenue was ₹52,035 crore.
 Operating Income is 2.7 Billion US Dollars in 2019.
 Net Income is Rs. 12824 Crore in 2019.
 Number of Employees 27279
 Portfolio of Companies: under its name, ITC has 6 large and diverse businesses
that boost its total revenue and allow ITC to innovate and pursue other business
opportunities.
 Powerful brand: ITC is a large brand house with most of its products leading the
segments in which it works.
 ITC owns some of the most famous cigarette brands, such as the Gold Flake and
Classic. It also owns Sun feast, one of India’s highest-selling biscuits. Similarly,
the Aashirvaad Chaki Fresh Ata, the Yippee! , Engage, John Players, and Bingo
are all among the industry leaders in their respective groups.

 ITC’s hotel and property businesses are also doing well. With a portfolio like
this, ITC has become one of India’s most dominant conglomerates and is
revered all over the world.

Weaknesses

 High Proportion of Tobacco Product Revenues: ITC has made continuous

efforts to separate the FMCG sector from over-dependence on tobacco products
and has been successful in doing so to some degree. Nonetheless, tobacco
products remain the biggest source of revenue contributing more than 60 percent
to FMCG’s overall revenue.
 Tobacco Products Association has an impact on the brand: ITC has made a great
deal of effort to enhance its corporate image, but the fact that ITC has many
tobacco products in its portfolio has an impact on its corporate image. The

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 ORGANIZATION STUDYON ITC

increase in the Tobacco Tax has an effect on revenue: due to the rise in the tax
on tobacco products, rates and, subsequently, profits are affected.
 ITC is still dependent on its tobacco sales, and people have cheaper alternatives
and other brands.
 The hotel industry has not been able to build an enormous market share.

Opportunities

 Acquisitions: ITC will continue to make strategic acquisitions, as it has done in

the past, by purchasing Savlon from Johnson & Johnson and B Natural from
Balan Natural Foods. Keeping in mind that the product fits into the current
distribution network, ITC will try to increase its product range and broaden its
non-tobacco FMCG business and thus improve its revenue base.
 Growth in purchasing power and changing lifestyles: ITC can tap into rising
buying power and changing customers’ lifestyles in India. It will help to raise
sales for all of its companies.
 Growing Personal Hygiene as well as Food Processing Industry in India: ITC
should use its distribution channel in the Personal Hygiene and Food Processing
Industry to capitalize on the growth of categories and thus increase revenue.
 Tap opportunities created in the rural sector: the rising rural sector in India and
other developing nations are generating enormous opportunities to boost the
company’s bottom line.
 Mergers and acquisitions are planned to reinforce the brand.
 Increased people’s buying power, thus rising competition. More exposure to
hotel chains to increase market share.

Threats

 Intensifying rivalry in FMCG companies: ITC is facing intense competition in

its FMCG market from major MNCs such as HUL and P&G and Indian FMCGs
such as Patanjali and Dabur. It limits the market share of the ITC.

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 Regulations and Increased Taxation in Cigarette Business: The Tobacco and

Cigarette Industry in India continue to be regulated by strict government
regulations and the tax system. This poses a threat to the highly profitable ITC
Cigarette Company.
 Increasing health awareness: there has been an increase in health awareness,
which has resulted in a decrease in the demand for tobacco products in India.
Anti-smoking programs throughout the country also have an effect on cigarette
sales.
 Intense and increasing competition among other FMCG companies and hotel
chains.
 FDI in the retail sector, thereby allowing for international brands.

CHAPTER -5
ANALYSIS OF FINANCIAL STATEMENTS

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BALANCE SHEET ON ITC LTD

Year Mar 21 Mar 20 Mar 19 Mar 18 Mar 17

SOURCES OF FUNDS :
Share Capital + 12,308.80 12,292.20 12,258.60 12,204.30 12,147.40
577,737.0 627,999.4 501,796.4
Reserves Total + 567,239.30 441,262.20
0 0 0
Equity Share Warrants 0.00 0.00 0.00 0.00 0.00
Equity Application Money 0.00 0.00 0.00 0.00 0.00
590,045.8 640,291.6 514,000.7
Total Shareholders’ Funds 579,497.90 453,409.60
0 0 0
Secured Loans + 0.00 0.00 0.00 0.00 0.10
Unsecured Loans + 3,293.50 3,320.10 111.30 179.90 258.30
Total Debt 3,293.50 3,320.10 111.30 179.90 258.40
Other Liabilities+ 3,964.20 2,342.60 1,745.40 1,955.70 1,552.30
597,303.5 645,954.3 516,136.3
Total Liabilities 581,354.60 455,220.30
0 0 0

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APPLICATION OF FUNDS :
294,648.6 263,413.8 186,900.8
Gross Block + 228,526.90 168,955.90
0 0 0
Less : Accumulated Depreciation + 72,900.30 58,238.30 43,662.90 31,240.90 20,153.50
Less:Impairment of Assets 0.00 0.00 0.00 0.00 0.00
221,748.3 205,175.5 155,659.9
Net Block + 184,864.00 148,802.40
0 0 0
Lease Adjustment 0.00 0.00 0.00 0.00 0.00
Capital Work in Progress+ 33,334.70 27,802.00 34,013.60 50,255.80 35,370.20
Producing Properties 0.00 0.00 0.00 0.00 0.00
269,970.9 306,306.1 233,972.2
Investments + 265,780.00 185,852.90
0 0 0
Current Assets, Loans & Advances
Inventories + 94,708.70 80,380.70 75,872.40 72,371.50 78,639.90
Sundry Debtors + 20,903.50 20,920.00 36,462.20 23,570.10 22,075.00
Cash and Bank+ 40,015.00 68,432.70 37,687.30 25,948.80 27,472.70
Loans and Advances + 22,059.90 23,585.50 20,602.20 24,105.10 16,188.50
177,687.1 193,318.9 145,995.5
Total Current Assets 170,624.10 144,376.10
0 0 0
Less : Current Liabilities and Provisions
Current Liabilities + 97,363.50 87,676.30 92,483.80 88,105.00 66,793.10
Provisions + 3,861.10 2,546.50 3,699.40 392.40 1,429.10
101,224.6
Total Current Liabilities 90,222.80 96,183.20 88,497.40 68,222.20
0
103,096.1
Net Current Assets 76,462.50 74,440.90 57,498.10 76,153.90
0
Miscellaneous Expenses not written off + 0.00 0.00 0.00 0.00 0.00
Deferred Tax Assets 2,862.80 2,964.40 3,970.40 4,117.60 5,452.50
Deferred Tax Liability 20,140.10 19,140.90 24,411.80 23,297.00 24,169.50
Net Deferred Tax -17,277.30 -16,176.50 -20,441.40 -19,179.40 -18,717.00
Other Assets+ 13,064.40 19,751.10 42,697.50 37,929.70 27,757.90
597,303.5 645,954.3 516,136.3
Total Assets 581,354.60 455,220.30
0 0 0
Contingent Liabilities+ 9,408.50 7,944.10 15,727.90 10,672.00 7,162.30

PROFIT AND LOSS OF ITC LTD

Mar 21 Mar 20 Mar 19 Mar 18

Year Mar 17 (12)
(12) (12) (12) (12)
INCOME :
Sales Turnover + 485,245.40 468,073.40 457,843.90 443,297.70 554,484.60
Excise Duty 30,394.30 11,876.40 7,887.40 37,022.30 153,597.80
Net Sales 454,851.10 456,197.00 449,956.50 406,275.40 400,886.80
Other Income + 32,509.90 30,136.60 24,845.40 25,427.40 19,859.10
Stock Adjustments + 5,268.60 1,763.40 1,801.40 -10,418.50 -6,441.70
Total Income 492,629.60 488,097.00 476,603.30 421,284.30 414,304.20
EXPENDITURE :
Raw Materials + 205,014.70 174,114.70 174,852.90 147,481.90 153,321.30
Power & Fuel Cost+ 6,721.10 7,445.50 7,148.80 6,209.20 5,503.20
Employee Cost + 28,209.50 26,582.10 27,284.40 24,874.60 24,443.10
Other Manufacturing Expenses + 14,826.40 18,053.40 17,882.80 16,206.80 16,073.10
Selling and Administration Expenses + 39,067.40 40,319.30 40,457.60 35,710.90 37,893.30
Miscellaneous Expenses + 10,941.30 13,476.80 10,837.80 9,734.20 11,206.90
Less: Pre-operative Expenses Capitalised+ 0.00 0.00 0.00 0.00 0.00
Total Expenditure 304,780.40 279,991.80 278,464.30 240,217.60 248,440.90

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Operating Profit 187,849.20 208,105.20 198,139.00 181,066.70 165,863.30

Interest + 589.40 804.40 580.40 1,096.00 453.30
Gross Profit 187,259.80 207,300.80 197,558.60 179,970.70 165,410.00
Depreciation+ 15,618.30 15,632.70 13,117.00 11,453.70 10,380.40
Profit Before Tax 171,641.50 191,668.10 184,441.60 168,517.00 155,029.60
Tax+ 40,353.60 44,419.70 58,492.40 55,998.30 52,856.50
Fringe Benefit tax+ 0.00 0.00 0.00 0.00 0.00
Deferred Tax+ 971.50 -4,112.10 1,306.00 286.20 164.10
Reported Net Profit 130,316.40 151,360.50 124,643.20 112,232.50 102,009.00
Extraordinary Items + -425.50 -1,432.10 -621.40 2,660.60 1,304.30
Adjusted Net Profit 130,741.90 152,792.60 125,264.60 109,571.90 100,704.70
Adjst. below Net Profit + -108.60 -14,870.60 -11,961.00 -10,574.60 -13,584.40
P & L Balance brought forward 335,961.40 269,781.30 219,912.40 175,768.10 165,898.90
Statutory Appropriations 0.00 0.00 0.00 0.00 0.00
Appropriations + 184,063.30 70,309.80 62,813.30 57,513.60 78,555.40
P & L Balance carried down 282,105.90 335,961.40 269,781.30 219,912.40 175,768.10
Dividend 61,526.80 0.00 0.00 62,852.10 57,700.10
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend % 10,750.00 10,150.00 5,750.00 5,150.00 4,750.00
Dividend Per Share(Rs) 107.50 101.50 57.50 51.50 47.50
Earnings Per Share-Unit Curr 105.90 123.10 101.70 92.00 84.00
Earnings Per Share(Adj)-Unit Curr 105.90 123.10 101.70 92.00 84.00
Book Value-Unit Curr 479.40 520.90 472.70 421.20 373.30
Book Value(Adj)-Unit Curr 479.40 520.90 472.70 421.20 373.30

Cash flow

Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
 Year
21  20  19  18  17  16  15  14  13  12 

Cash Flow Summary

Cash and Cash

5,613. 1,627. 960.2 1,562. 721.9 362.7 1,210 1,559 2,593 344.5
Equivalents at Beginning of
50 50 0 60 0 0 .60 .00 .40 0
the year

Net Cash from Operating 114,9 138,0 117,4 126,5 100,0 92,11 93,08 69,62 67,09 60,15
Activities+ 39.50 61.80 90.50 08.50 20.20 9.20 8.70 3.00 8.90 5.90

- - - - - - - - -
Net Cash Used in 65,54
55,16 50,81 66,91 27,80 37,10 48,20 28,23 35,80 25,44
Investing Activities+ 8.40
7.10 7.50 2.40 3.30 9.00 0.30 2.90 7.80 1.50

- - - - - - - - - -
Net Cash Used in
183,7 78,90 66,00 60,19 71,37 54,65 45,73 41,73 32,32 32,46
Financing Activities+
88.90 8.70 5.70 8.50 6.20 1.00 6.10 8.50 5.50 5.50

- - - - -
Net Inc/(Dec) in Cash and 3,986. 667.3 840.7 359.2 2,248
3,301. 602.4 847.7 348.4 1,034
Cash Equivalent 00 0 0 0 .90
00 0 0 0 .40

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Cash and Cash

2,312. 5,613. 1,627. 960.2 1,562. 721.9 362.9 1,210 1,559 2,593
Equivalents at End of the
50 50 50 0 60 0 0 .60 .00 .40
year

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CHAPTER - 6

LEARNING EXPERIENCE

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I had collected all details about their business from the Google and company
website of the “ITC”, Articles,Magazines, websites helped by giving
guidance to know about the profile of the company new experience with online
internship.

During the organization study we felt fear about whether we complete our
project work or not? But after. When we taken guidance from faculties
we are able to complete my project work successfully. We learnt about the
company profile, and all other their competitors around them.

At lastly, we are remembering the ITCCompany who had informed some

suggestion and give me some information about the company and their work.

I also learnt that participative leadership style motivates each and every
employee to great extent possible. It boosts up the morale of the employees.

Apart from these things, I applied MC Kinsey’s 7S Frame work and Porter Five
force Model with special reference to organization under study namely
structure, strategy, style, staff, shared values, skills and systems and lastly the
SWOT analysis of the organization

At last I thank our Institute as well as the University for providing such an
opportunity in learning and understanding the various departments of ITC.

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BIBLIOGRAPHY

I. BOOKS

•Fred R. David

Strategic management, 13th edition, publishers Pearson education Part 5 key

strategic management topics page. No 308.
•C. Paramasivan and Subramanian

Financial management, 1st edition, publishers new age international Chapter 2

“Financial

Statement Analyses” page. No 11-24

II. WEBSITES

• http://www.economywatch.com/

• https://economictimes.indiatimes.com/

• http:// www. itc portal.com

III DATA BASE

•Capital line database

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