EPW Research Foundation ITC Rise in Margins THE cigarette manufacturing conglomerate, ITC, performed well during the year 1996- 97. The company is the largest contributor to the exchequer in the country and enjoys a leadership position in its core businesses. Il is also the largest foreign exchange earner in the country and has earned over $ 1,100 mn over the last five years. Britain's BAT Industries presently holds a 31.7 per cent stake in the company.