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In case of a diversified company, its different business segments may be subject to differing rates of profitability, opportunities for growth, future prospects, and risks. Information about different types of products and services of a company or Segment Reporting is thus relevant to assessing the risks and returns of a diversified company, which are otherwise not determinable from the aggregated financial statements. The investors, analysts, researchers, lenders, suppliers, customers and policy makers in the Government can thus take more informed decisions about the company and the different industries in which it operates. This case is on segment reporting by ITC Limited, one of the best known diversified Indian companies engaged in businesses as different from each other as FMCG (Cigarettes), FMCG (Others), Hotels, Agri Business, 'Paperboards, Paper and Packaging' and Information Technology Services. The case starts with a conceptual note on segment reporting and then relates it with ITC. The issues that arise are: Why did ITC publish its segment results in addition to total results? Was it under an obligation to do so? If under obligation, had it complied with the requirements of obligatory regulations? What was the purpose served by segment reporting? What is the value of segment information for the investors, analysts and the researchers? Analysts faced the dilemma whether the consolidated financial statements be analysed as a whole without analyzing the results of various segments, or not. Then, how to analyse the segment results? Whether all the segments of ITC had been performing at the same level? Or was there a mix of some over-performers and some under-performers? What strategies could be formed to improve the performance of under-performing segments of ITC further so that the overall shareholder value could be further harnessed? These issues are addressed here.