26 Jan 2012 07:00
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Financial Results For three months ended December 31, 2011
Rs. in Lakhs
Three months ended | Nine months ended | Year ended March 31 | ||||
Dec 31, 2011 | Sep 30, 2011 | Dec 31, 2010 | Dec 31, 2011 | Dec 31, 2010 | 2011 | |
Net Sales / Income from Operations | 52284 | 49816 | 47134 | 153194 | 136282 | 179262 |
Other Operating Income | 767 | 1297 | 383 | 2916 | 1402 | 1879 |
Total Operating Income | 53051 | 51113 | 47517 | 156110 | 137684 | 181141 |
(a) (Increase)/Decrease in stock in trade and work in progress | 1578 | (1685) | (872) | 2572 | 1664 | (2578) |
(b) Consumption of Raw Materials | 28057 | 32402 | 30234 | 89391 | 79529 | 109116 |
(c) Purchase of Traded Goods | - | 118 | 6 | 118 | 103 | 103 |
(d) Employees Cost | 2585 | 2428 | 2444 | 7389 | 6895 | 9478 |
(e) Depreciation & Amortization | 286 | 294 | 303 | 885 | 928 | 1236 |
(f) Other Expenditure | 14326 | 12761 | 13099 | 38992 | 37574 | 50448 |
Total Expenditure | 46832 | 46318 | 45214 | 139347 | 126693 | 167803 |
Profit from Operations before Other Income, Interest & Exceptional Items | 6219 | 4795 | 2303 | 16763 | 10991 | 13338 |
Other Income - Income from Investments(Net) | 4349 | 2725 | 5204 | 7720 | 9440 | 10288 |
Profit Before Interest & Exceptional Items | 10568 | 7520 | 7507 | 24483 | 20431 | 23626 |
Interest (Net) | 459 | 146 | 980 | 754 | 2469 | 2918 |
Profit after Interest but before exceptional items | 10109 | 7374 | 6527 | 23729 | 17962 | 20708 |
Exceptional Income / (Expenditure) (Net) | (1392) | (344) | (15) | 9188 | (2013) | 2330 |
Profit before Tax | 8717 | 7030 | 6512 | 32917 | 15949 | 23038 |
Tax Expense | ||||||
(a) Current Tax | 2981 | 2136 | 1865 | 6524 | 5402 | 5777 |
(b) Deferred Tax | (106) | (152) | (68) | (944) | (820) | (798) |
Profit after Tax | 5842 | 5046 | 4715 | 27337 | 11367 | 18059 |
Paid up Equity Share Capital | 6184 | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | - | - | - | - | - | 197275 |
Earnings per share(Basic & diluted)(Not annualised)-Rs | 0.94 | 0.82 | 0.76 | 4.42 | 1.84 | 2.92 |
Aggregate of Public Shareholding | ||||||
- Number of Shares | 400496414 | 400499810 | 400564380 | 400496414 | 400564380 | 400550547 |
- Percentage of Share holding | 64.76% | 64.76% | 64.77% | 64.76% | 64.77% | 64.77% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged/ Encumbered | ||||||
- Number of shares | 40800000 | 40800000 | 70000000 | 40800000 | 70000000 | 70000000 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 18.72% | 18.72% | 32.13% | 18.72% | 32.13% | 32.13% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 6.60% | 6.60% | 11.32% | 6.60% | 11.32% | 11.32% |
(b) Non Encumbered | ||||||
- Number of shares | 177102156 | 177098760 | 147834190 | 177102156 | 147834190 | 147848023 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 81.28% | 81.28% | 67.87% | 81.28% | 67.87% | 67.87% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 28.64% | 28.64% | 23.91% | 28.64% | 23.91% | 23.91% |
Notes:
1. Total Operating Income for the quarter at Rs 530.51 crores grew by 12% over the corresponding quarter of previous year driven primarily by improved performance in the Branded Tea operations.
2. Profit from Operations for the quarter at Rs 62.19 crores increased by 170% from the corresponding quarter of the previous year attributable to improvement in operations. The Profit before Tax at Rs 87.17 crores and the Profit after Tax at Rs 58.42 crores are also substantially higher compared to the corresponding quarter of the previous year driven by improvement in operations, lower interest charge partly offset by lower investment income and impact of exceptional items..
3. Exceptional items during the quarter represent costs on long term initiatives and new project of Rs. 14.06 crores, offset by recovery on discard of assets of Rs. 0.14 crores. Exceptional item for the previous year's corresponding period represent reorganization costs relating to restructuring of business.
4. Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 0.94 is higher than Rs 0.76 reported for the corr esponding quarter of the previous year mainly due to improved operating performance offset by adverse impact of exceptional items. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is Rs. 1.10 as compared to Rs 0. 76 for the corresponding quarter of the previous year.
5. The financial Results for the nine months ended December 31, 2011 includes under Exceptional items Profit arising out of sale of non - core investments aggregating to Rs. 137.21 crores net of provision for future payment under contractual obligation of Rs 17. 67 crores, estimated loss on discard of assets Rs 4.80 crores, provision for settlement of claims Rs 5.71 crores, costs on long term initiatives and new projects Rs 17.15 crores.
6. 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 theCompanies (Accounting Standard) Rules 2006, are not applicable.
7. Seven investor complaints were pending resolution as on October 01, 2011. Three investors' complaints were received during the three months ended December 31, 2011 and ten were resolved during the period. There were no investor complaints pending resolution as on December 31, 2011.
8. Previous period's figures have been rearranged / regrouped to the extent necessary, to conform to the current period's figures.
9. The aforementioned results were reviewed by the Audit Committee of the Board on January 24, 2012 and subsequently taken on record by the Board of Directors at its meeting held on January 25, 2012. The statutory auditor s of the company have audited these results.
Mumbai, January 25, 2012
Ratan N Tata (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Financial Results For the three months ended December 31, 2011
Rs. in Lakhs
Three months ended | Nine months ended | Year ended March 31 | ||||
Dec 31, 2011 | Sep 30, 2011 | Dec 31, 2010 | Dec 31, 2011 | Dec 31, 2010 | 2011 | |
Net Sales / Income from Operations | 179320 | 161203 | 160242 | 486115 | 442441 | 598242 |
Other Operating Income | 862 | 1778 | 354 | 3721 | 1302 | 2212 |
Total Operating Income | 180182 | 162981 | 160596 | 489836 | 443743 | 600454 |
(a) (Increase)/Decrease in stock in trade and work in progress | (2503) | (3813) | (2454) | (6415) | 115 | (6587) |
(b) Consumption of Raw Materials | 69829 | 70638 | 61586 | 199876 | 165382 | 230500 |
(c) Purchase of Traded Goods | 8417 | 6225 | 6793 | 22119 | 21466 | 28207 |
(d) Employees Cost | 16917 | 16353 | 16342 | 49121 | 47106 | 61389 |
(e) Advertisement & Sales Charges | 34062 | 26914 | 27859 | 83370 | 73569 | 101269 |
(f) Depreciation & Amortization (net profit drawn from Revaluation Reserve) | 2377 | 2279 | 2432 | 7090 | 7376 | 9944 |
(g) Other Expenditure | 35375 | 33137 | 32073 | 98340 | 91104 | 124872 |
Total Expenditure | 164474 | 151733 | 144631 | 453501 | 406118 | 549594 |
Profit from Operations before Other Income, Interest & Exceptional Items | 15708 | 11248 | 15965 | 36335 | 37625 | 50860 |
Other Income - Income from Investments(Net) | 351 | 1942 | 329 | 2872 | 2878 | 2947 |
Profit Before Interest & Exceptional Items | 16059 | 13190 | 16294 | 39207 | 40503 | 53807 |
Interest (Net) | (392) | (315) | (1521) | (759) | (4113) | (5307) |
Profit after Interest but before exceptional items | 15667 | 12875 | 14773 | 38448 | 36390 | 48500 |
Exceptional Income / (Expenditure) (Net) | (1603) | (1047) | (12) | 6204 | (4643) | 951 |
Profit before Tax | 14064 | 11828 | 14761 | 44652 | 31747 | 49451 |
Tax Expense | ||||||
(a) Current Tax | 5740 | 4257 | 6732 | 12006 | 14414 | 21076 |
(b) Deferred Tax | 173 | (257) | 51 | (730) | (573) | (829) |
Profit after Tax | 8151 | 7828 | 7978 | 33376 | 17906 | 29204 |
Share of Profit from Associates | 93 | 907 | 1789 | 462 | 3112 | 2025 |
Minority Interest in Consolidated Profit | (1838) | (1040) | (2574) | (3645) | (4109) | (5796) |
Group Consolidated Net Profit | 6406 | 7695 | 7193 | 30193 | 16909 | 25433 |
Paid up Equity Share Capital | 6184 | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | - | - | - | - | - | 385070 |
Earnings per share(Basic & diluted)(Not annualised)-Rs | 1.04 | 1.24 | 1.16 | 4.88 | 2.73 | 4.11 |
Aggregate of Public Shareholding | ||||||
- Number of Shares | 400496414 | 400499810 | 400564380 | 400496414 | 400564380 | 400550547 |
- Percentage of Share holding | 64.76% | 64.76% | 64.77% | 64.76% | 64.77% | 64.77% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged/ Encumbered | ||||||
- Number of shares | 40800000 | 40800000 | 70000000 | 40800000 | 70000000 | 70000000 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 18.72% | 18.72% | 32.13% | 18.72% | 32.13% | 32.13% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 6.60% | 6.60% | 11.32% | 6.60% | 11.32% | 11.32% |
(b) Non Encumbered | ||||||
- Number of shares | 177102156 | 177098760 | 147834190 | 177102156 | 147834190 | 147848023 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 81.28% | 81.28% | 67.87% | 81.28% | 67.87% | 67.87% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 28.64% | 28.64% | 23.91% | 28.64% | 23.91% | 23.91% |
Notes:
1 Total operating income for the quarter at Rs 1802 crores increased by 12% as compared to the corresponding period of the previous year, reflecting improved performance in most major markets also aided by the impact of price increases in some markets.
2 Whilst commodity costs continue to remain firm, profit after interest but before exceptional items for the quarter at Rs 157 crores improved by 6% as compared to the corresponding period of the previous year mainly due to improved operating performance in branded tea, coffee plantation and extraction business and lower interest costs. However, profit before tax at Rs 141 crores is lower as compared to a corresponding period of the previous year mainly due to the impact of exceptional expenditure.
3 Exceptional items for the quarter represents redundancy costs incurred in relation to business restructure of Rs 2.11 crores, and cost incurred on long term initiatives and new project of Rs 13.92 crores. In the corresponding period of the previous year exceptional items consisted of expenses relation to restructure of business amounting to Ts 6.72 crores offset by translation gain on foreign currency hedges in overseas subsidiaries of Rs 6.60 crores.
4 Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 1.04 is lower than the corresponding period 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 quarter at Rs. 1.21 is higher than Rs 1.16 as compared corresponding period of the previous year mainly due to improved operating performance and lower interest expense.
5 The major part of the Company' s business arises from operations outside India and through its subsidiaries. In view of thisthe Company has opted to publish only consolidated results for the period as permitted under SEBI guidelines. Thestandalone 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 Operating Income, Net Profit after Tax and Earnings per share of the Holding Company's standalone financial results are given below:
Three months Ended | Nine months ended | |||||
Dec 31 2011 | Sep 30 2011 | Dec 31 2010 | Dec 31 2011 | Dec 31 2010 | ||
Total Operating Income | 531 | 511 | 475 | 1561 | 1377 | |
Profit after Tax | 58 | 50 | 47 | 273 | 114 | |
Earnings per Share - Rs (not annualised) | 0.94 | 0.82 | 0.76 | 4.42 | 1.84 | |
Earnings per Share - Rs (not annualised) - excluding impact of exceptional items | 1.10 | 0.85 | 0.76 | 2.69 | 2.06 | |
6 The financial Results for the nine months ended December 31, 2011 includes under Exceptional items Profit arising out of sale of non-core investments aggregating to Rs. 137 crores net of estimated loss on discard of assets Rs 4 crores, long term initiatives and new projects of Rs 18 crores, provision for future payment under contractual obligation of Rs 20 crores, redundancy cost incurred in relation to business restructure Rs 20 crores, provision for settlement of claims Rs 6 crores and other business restructure/reorganization costs of Rs 7 crores
7 Figures f or the corresponding period of the previous year have been regrouped / rearranged, to the extent necessary, to conform to current period figures.
8 The aforementioned results were reviewed by the Audit Committee of the Board on January 24, 2012 and subsequently taken on record by the Board of Directors at its meeting held on January 25, 2012. The statutory auditors of the company have conducted a limited review of these results
Mumbai, January 25, 2012
Ratan N Tata (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 December 31, 2011
Rs. in Lakhs
Three months ended | Nine months ended | Year EndedMarch 31st 2011 Audited | ||||
Dec 31 2011 | Sep 30 2011 | Dec 31 2010 | Dec 31 2011 | Dec 31 2010 | ||
1. Segment Revenue/Other Operating Income | ||||||
a) Tea | 129927 | 116532 | 119171 | 352510 | 331291 | 451950 |
b) Coffee & Other Produce | 48887 | 45251 | 39804 | 133328 | 106883 | 142991 |
c) Others | 1353 | 1183 | 1605 | 3949 | 5520 | 5453 |
d) Unallocated | 15 | 15 | 16 | 49 | 49 | 60 |
Total Operating Income | 180182 | 162981 | 160596 | 489836 | 443743 | 600454 |
2. Segment Results - Profit / (Loss) | ||||||
a) Tea | 13459 | 11413 | 13162 | 33800 | 31546 | 42295 |
b) Coffee & Other Produce | 5909 | 4079 | 8039 | 14459 | 19630 | 24064 |
b) Others | (434) | (463) | (364) | (1334) | (906) | (1237) |
Total | 18934 | 15029 | 20837 | 46925 | 50270 | 65122 |
ADD / Less | ||||||
i) Interest (net) | (392) | (315) | (1521) | (759) | (4113) | (5307) |
ii) Other Un-allocable items, Investment Income and Exceptional items | (4478) | (2886) | (4555) | (1514) | (14410) | (10364) |
Total Profit before Tax | 14064 | 11828 | 14761 | 44652 | 31747 | 49451 |
3. Capital Employed | ||||||
a) Tea | 335714 | 298311 | 276881 | 335714 | 276881 | 263931 |
b) Coffee & Other Produce | 170205 | 166576 | 155113 | 170205 | 155113 | 166876 |
c) Others | 17810 | 17776 | 16550 | 17810 | 16550 | 16965 |
d) Unallocated including Investments | 58564 | 77507 | 54979 | 58564 | 54979 | 58748 |
Total | 582293 | 560170 | 503523 | 582293 | 503523 | 506520 |
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 the corporate level, interest and exceptional items. Unallocable income includes income from investments & exceptional items.
c. Previous periods figures have been regrouped / rearranged, to the extent necessary, to conform to current periods figures.
Mumbai, January 25, 2012
Ratan N Tata (Chairman)
Financial Highlights | ||||||
(Rs. in Crores) | ||||||
Three months ended | Nine months ended | Year EndedMarch 31st 2011 | ||||
Dec 31 2011 | Sep 30 2011 | Dec 31 2010 | Dec 31 2011 | Dec 31 2010 | ||
Total Operating Income | 1801.82 | 1629.81 | 1605.96 | 4898.36 | 4437.43 | 6004.54 |
Profit before Exceptionals | 156.67 | 128.75 | 147.73 | 384.48 | 363.90 | 485.00 |
Exceptionals (Expenditure)/Income (net) | (16.03) | (10.47) | (0.12) | 62.04 | (46.43) | 9.51 |
Net Profit Before Tax | 140.64 | 118.28 | 147.61 | 446.52 | 317.47 | 494.51 |
Net after Tax | 81.51 | 78.28 | 79.78 | 333.76 | 179.06 | 292.04 |
Earnings per Share - Rs* | 1.04 | 1.24 | 1.16 | 4.88 | 2.73 | 4.11 |
Earnings per Share (before Exceptionals) on Core Operations - Rs* | 1.21 | 1.34 | 1.16 | 3.39 | 3.15 | 3.75 |
Dividend - Rs per share (Face Value Rs 1 per Share) | Rs. 2.00 |