TGBL.L Regulatory News (TGBL)

RNS Number : 1729Q

Tata Tea Limited

29 July 2010

 

 

 

Tata Global Beverages Limited(Formerly Tata Tea Limited)Registered Office: 1 Bishop Lefroy Road Kolkata-700020

 

 

 

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Notes: 

1. The name of the Company was changed from Tata Tea Limited to Tata Global Beverages Limited with effect from July 02, 2010. Whilst, there is no change in the line of business, the change in name signals the intent to be truly global and to focus on wider branded beverage agenda.

2. Total Operating Income for the quarter at Rs 454.01 crores grew by 8% over the corresponding quarter of the previous year driven mainly by higher price realisation.

3. Profit from Operations at Rs 52.29 crores decreased by 18% from the corresponding quarter of the previous year due to hardening commodity costs, investment in brand building and inflationary increase in input costs partly offset by improvement in operations. Resultantly the Profit before Tax at Rs 50.56 crores and the Profit after Tax at Rs 36.15 crores are lower compared to the corresponding quarter of the previous year.

4. Exceptional items during the corresponding quarter of the previous year comprised of amortization of amounts incurred on Employee Separation Scheme of Rs 2.20 crores.

5. 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.

6. The Company had two investor complaints pending resolution as on April 01, 2010. Three investors' complaints were received during the three months ended June 30, 2010 and three were resolved during the period. There were two investor complaints pending resolution as on June 30, 2010.

7. Previous period's figures have been rearranged / regrouped to the extent necessary, to conform to the current period's figures.

8. With effect from record date July 02, 2010, the face value of the company's shares has been subdivided from Rs 10 per share to Re 1 per share. Accordingly, earnings per share for all the periods have been computed based on the increased number of shares.

9. The aforementioned results were reviewed by the Audit Committee of the Board on July 28, 2010 and subsequently taken on record by the Board of Directors at its Meeting held on July 29, 2010. The statutory auditors of the company have audited these results.

 

Mumbai: July 29, 2010

R. K . Krishna Kumar (Vice Chairman)

 

 

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Tata Global Beverages Limited(Formerly Tata Tea Limited)Registered Office: 1 Bishop Lefroy Road Kolkata-700020

  

 

Notes: 

1. The name of the holding Company has changed from Tata Tea Limited to Tata Global Beverages Limited with effect from July 02, 2010. Whilst, there is no change in the line of business, the change in name signals the intent to be truly global and to focus on wider branded beverage agenda. 2. Total operating income for the quarter at Rs 1380 crores increased by 7% as compared to the corresponding period of the previous year. This reflects continuing impact of price increases and acquisitions offset by adverse exchange rate movements and impact of phasing of promotional sales in key markets.

3. Profit before exceptional items for the quarter at Rs 105 crores (Operating Profit) has been impacted as compared to the corresponding period of the previous year by higher expenditure on growth initiatives, higher commodity costs, and lower interest earnings. Profit before tax is however higher at Rs 91 crores as compared to a loss of Rs 36 crores in the corresponding period of the previous year as there is no adverse translation impact on overseas foreign currency assets.

4. Exceptional items for the quarter comprises of expenses relating to restructuring of business (Rs 9 crores) and translation impact on foreign currency hedges in overseas subsidiaries (Rs 5 crores). In the corresponding period of the previous year exceptional items mainly consisted of exchange impact of translating foreign currency assets / currency hedges in overseas subsidiaries (Rs 175 crores), expense relating to restructure of business (Rs 9 crores) and other exceptionals (Rs 2 crores).

5. With effect from record date July 2, 2010, the face value of the holding company's shares has been subdivided from Rs 10 per share to Re 1 per share. Earnings per share have been computed based on the revised number of shares. Earnings per share (EPS) (basic and diluted- not annualised) for the quarter ended June 30, 2010 of Rs. 0.74 is higher than Rs (0.32) reported for the corresponding period of the previous year, due to the impact of exceptional items. Net of the impact of exceptional items the EPS (basic and diluted - not annualised) for the current quarter is Rs.0.84 as compared to Rs 1.35 for the corresponding period of the previous year.

6. The share of Profit / (loss) in Estate Management Services Limited, Sri Lanka an associate company, have not been included in the results of the quarter, as the same is not yet available. This is, however, estimated not to have a material impact on the results of the Group for the quarter.

7. The major part of the 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 this quarter 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 Operating Income, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below:

8. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's figures.

9. The aforementioned results were reviewed by the Audit Committee of the Board on July 28, 2010 and subsequently taken on record by the Board of Directors at its Meeting held on July 29, 2010 The statutory auditors of the company have conducted limited reviewed of these results.

Mumbai: July 29, 2010

R. K . Krishna Kumar (Vice Chairman)

 

 

 

Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the Three Months ended June 30, 2010
(Rs in Lakhs)
Particulars	3 months ended June 30th 2010	3 months ended June 30th 2009	year ended March 31st 2010
1. Segment Revenue / Other Operating Income
a) Tea	101431	97392	441226
b) Cofee & Other Produced	34363	30599	134601
c) Others	2187	1556	6132
d) Unallocated	16	13	133
Total Operating Income	137997	129560	582092
2. Segment Results
a) Tea	9368	15645	57391
b) Cofee & Other Produced	5835	5139	23970
c) Others	(312)	(674)	(1399)
Total	14891	20110	79962
Add/(Less)
i) Interest (Net)	(1154)	(525)	(2793)
ii) Other Un-allocable items, Investment Income and Exceptional Expenditure	(4595)	(23139)	(13071)
Total Profit before Tax	9142	(3554)	64098
3. Capital Employed
a) Tea	278834	290766	269112
b) Coffee & Other Produce	149085	137386	153175
c) Others	2317	2093	2133
d) Unallocated including Investments	63651	71639	53617
Total	493887	501884	478037

 

 

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 years figures have been regrouped/rearranged ,to the extent necessary ,to confirm to current periods.

 

 

Mumbai: July 29, 2010 R. K . Krishna Kumar  (Vice Chairman)

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Financial Highlights
(Rs in Crores)
Particulars	3 months ended June 30th 2010	3 months ended June 30th 2009	year ended March 31st 2010
Total Operating Income	1379.97	1295.60	5820.92
Profit before Exceptionals	105.35	150.27	624.85
Exceptionals (Expenditure)/Income (net)	(13.93)	(185.81)	16.13
Net Profit / (Loss) before Tax	91.42	(35.54)	640.98
Net Profit / (Loss) after Tax	58.92	(32.79)	393.31
Earnings per Share Rs*	0.74	(0.32)	6.31
Earnings per Share (Before Exceptionals) -on Core Operations - Rs*	0.84	1.35	5.11
Divident recommended - Rs per share (Face Value Rs 10 per Share)			Rs 20.00
* Not annualised for the quarter

 

 

 

 

 

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