23 Jul 2012 17:02
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Financial Results
for three months ended June 30, 2012
Rs. In Lakhs
Three Months Ended | Year Ended | |||
June 30th 2012 | March 31st 2011 | June 30th 2011 | March 31st 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 56293 | 46370 | 51094 | 199564 |
Other Operating Income | 715 | 1049 | 852 | 3965 |
Total Income from Operations (Net) | 57008 | 47419 | 51946 | 203529 |
a) Cost of materials consumed | 33479 | 31380 | 31772 | 129341 |
b) Purchase of stock-in-trade | 113 | 47 | - | 165 |
c) Charges in inventories of finished goods and stock-in-trade | 2784 | (3550) | 2679 | (978) |
d) Employee benefits expense | 2764 | 2680 | 2376 | 10069 |
e) Depreciation & Amortization expense | 349 | 319 | 305 | 1204 |
f) Other Expenses | 9936 | 11625 | 9022 | 41755 |
Total Expenses | 49425 | 42501 | 46154 | 181556 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 7583 | 4918 | 5792 | 21973 |
Other Income | 676 | 761 | 884 | 9409 |
Profit from ordinary activities before Finance cost & Exceptional Items | 8259 | 5679 | 6676 | 31382 |
Finance Cost | 301 | 729 | 466 | 2704 |
Profit from ordinary activities after Finance cost but before Exceptional Items | 7958 | 4950 | 6210 | 28678 |
Exceptional items (Net) | (150) | (875) | 10960 | 8313 |
Profit from ordinary activities before Tax | 7808 | 4075 | 17170 | 36991 |
Tax Expense | ||||
a) Current Tax | 2250 | 1090 | 1407 | 7614 |
b) Deferred Tax | (50) | 53 | (686) | (891) |
Net Profit for the period | 5608 | 2932 | 16449 | 30268 |
Paid up Equity Share Capital(face value of Rs. 1 each) | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | 212641 | |||
Earnings per Share(Basic & diluted)(Not annualised for the Quarter) - Rs | 0.91 | 0.47 | 2.66 | 4.89 |
PARTICULARS OF SHAREHOLDING | ||||
Public Shareholding | ||||
- Number of Shares | 400715380 | 400715380 | 400500321 | 400715380 |
- Percentage of Shareholding | 64.80% | 64.80% | 64.76% | 64.80% |
Promoters and Promoters Group Shareholding | ||||
(a) Pledged / Encumbered | ||||
Number of Shares | 40800000 | 40800000 | 70000000 | 40800000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 18.74% | 18.74% | 32.13% | 18.74% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 6.60% | 6.60% | 11.32% | 6.60% |
(a) Non Encumbered | ||||
Number of Shares | 176883190 | 176883190 | 147898249 | 176883190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 81.26% | 81.26% | 67.87% | 81.26% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 28.60% | 28.60% | 23.92% | 28.60% |
Notes:
1. Total Operating Income for the quarter at Rs 570.08 crores grew by 10% over the corresponding quarter of the previous year driven mainly by higher volumes and better price realization. Profit from operations at Rs 75.83 crores is higher by 31% from the corresponding quarter of the previous year driven by improved performance of the branded tea operations.
2. Exceptional items during the quarter represent expenditure on new product development Rs 1.5 crs. Exceptional items for the previous period represent profit arising out of sale of non-core investments aggregating to Rs. 137.21 crores net of future payment under contractual obligation of Rs. 17.67 crores, estimated loss on discard of assets Rs 4.23 crores and provision for settlement of claims of Rs. 5.71 crores.
3. Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 0.91 is lower than Rs 2.66 reported for the corresponding quarter of the previous year mainly due to the impact of exceptional items. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is Rs. 0.92 as compared to Rs 0.74 for the corresponding quarter of the previous year.
4. As the Company's activity falls within a single business segment, viz "Buying / Blending and Sale of tea in bulk and value added form" the disclosure requirements of Accounting Standard (AS-17) on "Segment Reporting" notified by the Companies (Accounting Standard) Rules 2006, are not applicable.
5. Investor complaints :
Pending at the beginning of the Quarter | Received during the Quarter | Disposed off during the Quarter | Remaining unresolved at the end of the Quarter |
2 | 2 | 3 | 1 |
6. Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures.
7. The aforementioned results were reviewed by the Audit Committee of the Board on July 20, 2012 and subsequently taken on record by the Board of Directors at its Meeting held on July 23, 2012. The statutory auditors of the company have audited these results.
Ratan Tata
Mumbai, July 23, 2012 (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Financial Results
for the three months ended June 30, 2012
Rs. In Lakhs
Particulars | Three Months Ended | Audited Year Ended | ||
June 2012 | March 2012 | June 2011 | March 31st 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 171488 | 172411 | 145592 | 658526 |
Other Operating Income | 1022 | 999 | 1061 | 4590 |
Total Income from Operations (Net) | 172510 | 173410 | 146653 | 663116 |
(a) Cost of Material Consumed | 80741 | 76553 | 69580 | 309455 |
(b) Purchase of stock in trade | 8390 | 7315 | 7477 | 29434 |
(c) Changes in inventories of finished goods, work in progress and stock in trade | (2548) | (167) | (99) | (6582) |
(d) Employee Benefits Expense | 17344 | 18384 | 15518 | 67505 |
(e) Depreciation and Amortization (net of amount drawn from Revaluation Reserve) | 2499 | 2524 | 2434 | 9614 |
(f) Advertisement and Sales charges | 28345 | 26597 | 22394 | 109967 |
(g) Other Expenses | 22160 | 26011 | 19947 | 91032 |
Total Expenses | 156931 | 157217 | 137251 | 610425 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 15579 | 16193 | 9402 | 52691 |
Other Income | 1863 | 1892 | 1868 | 9452 |
Profit from ordinary activities before Finance cost & Exceptional Items | 17442 | 18085 | 11270 | 62143 |
Finance Cost | (2119) | (1425) | (1400) | (7035) |
Profit from ordinary activities after Finance cost but before Exceptional Items | 15323 | 16660 | 9870 | 55108 |
Exceptional items (Net) | (538) | (3950) | 8890 | 2254 |
Profit from ordinary activities before Tax | 14785 | 12710 | 18760 | 57362 |
Tax Expense | ||||
a) Current Tax | 4913 | 2789 | 2009 | 14795 |
b) Deferred Tax | 12 | 106 | (646) | (624) |
Profit after Tax | 9860 | 9815 | 17397 | 43191 |
Share of Profit/(Loss) from Associates | (643) | (1974) | (538) | (1512) |
Minority Interest in Consolidated Profit | (1448) | (2420) | (767) | (6065) |
Group Consolidated Net Profit | 7769 | 5421 | 16092 | 35614 |
Paid-up equity share capital (Face value of Re 1 each) | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserves | 446149 | |||
Earnings per share (Basic & Diluted)(not annualised for quarter end) - Rs | 1.26 | 0.88 | 2.60 | 5.76 |
PARTICULARS OF SHAREHOLDING | ||||
Public Shareholding | ||||
- Number of Shares | 400715380 | 400715380 | 400500321 | 400715380 |
- Percentage of Shareholding | 64.80% | 64.80% | 64.76% | 64.80% |
Promoters and Promoters Group Shareholding | ||||
(a) Pledged / Encumbered | ||||
Number of Shares | 40800000 | 40800000 | 70000000 | 40800000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 18.74% | 18.74% | 32.13% | 18.74% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 6.60% | 6.60% | 11.32% | 6.60% |
(a) Non Encumbered | ||||
Number of Shares | 176883190 | 176883190 | 147898249 | 176883190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 81.26% | 81.26% | 67.87% | 81.26% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 28.60% | 28.60% | 23.92% | 28.60% |
Notes:
1. For the quarter, Income from operations at Rs 1725 crores increased by 18% year on year reflecting improved performance in most major markets coupled with favourable foreign exchange translation impact
2. Profit after finance costs and before exceptional items for the quarter at Rs 153 crores improved by 55% year on year mainly due to improved operating performance. Profit from ordinary activities before tax for the quarter at Rs 148 crores is lower due to the impact of exceptional items.
3. Exceptional items for the quarter represents cost incurred for long term initiatives and new projects of Rs 4 crores and reorganization cost relating to business restructuring of Rs 1 crores. In the corresponding period of the previous year exceptional items consisted of profit arising out of sale of non-core investments aggregating to Rs 137 crores offset by estimated loss on discard of assets Rs 4 crores, provision for future payment under contractual obligation of Rs 20 crores, redundancy costs incurred in relation to business restructure of Rs 14 crores, provision for settlement of claims Rs 6 crores and other business restructure/reorganisation costs of Rs 4 crores.
4. Earnings per share (EPS) (basic and diluted) for the quarter at Rs 1.26 is lower than the corresponding period of previous year by 52% mainly due to the impact of exceptional items. Net of the impact of exceptional items, EPS (basic and diluted) for the quarter at Rs 1.30 is higher by 55% as compared to the corresponding period of the previous year mainly due to improved operating performance.
5. For purposes of consolidated financial statements for the quarter and year ending 31 March 2012, the Group had changed its accounting policy for actuarial gains and losses relating to defined benefit pension scheme of overseas subsidiaries by accounting for such gains and losses in the Reserves instead of in the Statement of Profit and Loss, applying the accounting principles of consolidation under Accounting Standard 21 and the policy followed by the overseas subsidiaries and as recognised by the relevant overseas accounting framework. This practice is also followed by other companies and facilitates better inter-firm comparison.
The actuarial gains and losses on such defined benefit plans of overseas subsidiaries is ascertained based on annual actuarial valuation. The management of the overseas subsidiaries has estimated the actuarial losses of the pension scheme of Rs 14.60 crores for the quarter ended June 30, 2012 and accounted the same in the reserves. Had the accounting policy of recognising the actuarial gains and losses of pension scheme of the overseas subsidiaries in the statement of Profit and Loss been followed, the consolidated Net Profit of the Group for quarter ended June 2012 and year ended March 2012 would have been lower by Rs 14.60 crores and Rs 70.72 crores respectively. The net profit for the quarters as well as the year reported is comparable and excludes the impact of actuarial gain/ losses.
The Statutory Auditors have invited attention to this Note in their review report
6. During the quarter the holding company has increased its holding in Mount Everest Mineral Water Ltd. to 50.07% post acquisition of equity shares and it continues to be accounted as subsidiary. Also in the current quarter, an overseas subsidiary's shareholding in The Rising Beverage Company LLC. increased to more than 50% after conversion of loan notes, however it continues to be accounted as an associate as the increase in stake is intended to be temporary.
7. The major part The major part of the Holding Company's business arises from operations outside India and through its subsidiaries. In view of this the Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The standalone results shall be available on the Company's website as well as on the website of the stock exchanges where the Company's shares are listed. The Total Income from Operations, Net Profit for the period and Earnings per share of the Holding Company's standalone financial results are given below :
In Rs Crores | Three Months Ended | Year Ended | ||
June 30 2012 | March 31 2012 | June 30 2011 | March 31 2012 | |
Total Income from Operations (Net) | 570 | 474 | 519 | 2035 |
Net Profit for the period | 56 | 29 | 164 | 303 |
Earnings per share - Rs* | 0.91 | 0.47 | 2.66 | 4.89 |
Total Income from Operations (Net) | 570 | 474 | 519 | 2035 |
Net Profit for the period | 56 | 29 | 164 | 303 |
Earnings per share - Rs* | 0.91 | 0.47 | 2.66 | 4.89 |
Total Income from Operations (Net) | 570 | 474 | 519 | 2035 |
Earnings per share - Rs* excluding impact of exceptional items | 0.92 | 0.57 | 0.74 | 3.26 |
* not annualised for the quarter end
8. Previous year/quarter figures have been regrouped / rearranged, to the extent necessary, to conform to current year/quarter classifications.
9. The aforementioned results were reviewed by the Audit Committee of the Board on July 20, 2012 and subsequently taken on record by the Board of Directors at its Meeting held on July 23, 2012. The statutory auditors of the company have conducted a limited review of these results.
Ratan Tata
Mumbai, July 23, 2012 (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the three months ended June 30, 2012
Rs in Lakhs
Three months ended | Audited Year Ended | |||
June2012 | March 2012 | June 2011 | March 2012 | |
1. Segment Revenue | ||||
a) Tea | 123034 | 127604 | 106051 | 480027 |
b) Coffee & Other Produce | 47053 | 43203 | 39186 | 176531 |
c) Others | 2423 | 2591 | 1411 | 6540 |
d) Unallocated | - | 12 | 5 | 18 |
Total Income from Operations (Net) | 172510 | 173410 | 146653 | 663116 |
2. Segment Results | ||||
a) Tea | 12490 | 16938 | 9008 | 50651 |
b) Coffee & Other Produce | 6261 | 5150 | 4471 | 19609 |
b) Others | (447) | (588) | (439) | (1922) |
Total | 18304 | 21500 | 13040 | 68338 |
ADD / (Less) | ||||
i) Finance Cost | (2119) | (1425) | (1400) | (7035) |
ii) Other Un-allocable items, Other Income and Exceptional Expenditure | (1400) | (7365) | 7120 | (3941) |
Profit from ordinary activities before Tax | 14785 | 12710 | 18760 | 57362 |
3. Capital Employed | ||||
a) Tea | 317764 | 306417 | 261070 | 306417 |
b) Coffee & Other Produce | 191597 | 181648 | 163860 | 181648 |
c) Others | 22793 | 21134 | 16569 | 21134 |
d) Unallocated including Investments | 69769 | 53967 | 81085 | 53967 |
Total | 601923 | 563166 | 522584 | 563166 |
Notes:
a. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:
Tea : Cultivation & manufacture of black tea and instant tea, tea buying/ blending and sale of tea in bulk or value added form. Coffee and Other Produce : Growing of coffee, pepper and other plantation crops and conversion of coffee into value added products such as roast and ground coffee & instant coffee.
Others : Sale of Natural Mineral Water , other minor crops and curing operations of coffee and trading of items required for coffee plantations.
b. The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable expenditure include expenses incurred on common services at corporate level, interest
and exceptional items. Unallocable income includes income from investments & exceptional items.
c. Previous year/quarter figures have been regrouped/rearranged to the extent necessary, to conform to current year/quarter classifications.
Ratan Tata
Mumbai, July 23, 2012 (Chairman)
Three Months Ended | Year Ended | |||
Particulars | June | March | June | March 31 |
Total Income from Operations (Net) | 1725.10 | 1734.10 | 1466.53 | 6631.16 |
Profit before Exceptionals | 153.23 | 166.60 | 98.70 | 551.08 |
Exceptionals Items (Net) | (5.38) | (39.50) | 88.90 | 22.54 |
Net Profit before Tax | 147.85 | 127.10 | 187.60 | 573.62 |
Net Profit after Tax | 98.60 | 98.15 | 173.97 | 431.91 |
Earnings per Share - Rs* | 1.26 | 0.88 | 2.60 | 5.76 |
Earnings per Share (Before Exceptionals)- on Core Operations - Rs * | 1.30 | 1.23 | 0.84 | 4.62 |
Dividend recommended - Rs per share (Face Value Re 1 per Share) | Rs 2.15 | |||
* Not annualised for the quarter