14 Aug 2018 11:18
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Unaudited Standalone Financial Results for the quarter ended June 30, 2018
Rs. in Crores
Particulars
| Three months ended | Year ended | ||
June 30 2018 | March 31 2018 | June 30 2017 | March 31 2018 | |
Unaudited | Refer Note 4 | Unaudited | Audited | |
Revenue from Operations | 908.60 | 714.65 | 859.44 | 3217.32 |
Other Income | 59.90 | 24.10 | 45.02 | 147.58 |
Total Income | 968.50 | 738.75 | 904.46 | 3364.90 |
Cost of materials consumed | 456.77 | 458.46 | 455.02 | 1871.55 |
Purchase of stock-in-trade | 5.91 | 7.65 | 8.70 | 33.00 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | 78.56 | (49.93) | 47.73 | (1.67) |
Employees benefits expense | 55.05 | 50.10 | 51.00 | 208.13 |
Finance costs | 3.69 | 3.52 | 3.12 | 13.65 |
Depreciation and amortisation expense | 7.32 | 7.32 | 6.28 | 27.20 |
Advertisement and sales charges | 41.35 | 61.39 | 47.93 | 216.12 |
Other expenses | 104.01 | 116.79 | 88.85 | 388.81 |
Total Expenses | 752.66 | 655.30 | 708.63 | 2756.79 |
Profit before Exceptional Items and Tax | 215.84 | 83.45 | 195.83 | 608.11 |
Exceptional Items (Net) | - | (5.49) | 18.77 | 115.36 |
Profit before Tax | 215.84 | 77.96 | 214.60 | 723.47 |
Tax Expense | (68.13) | (24.80) | (62.12) | (189.15) |
Net Profit after Tax (A) | 147.71 | 53.16 | 152.48 | 534.32 |
Other Comprehensive Income | ||||
i) Items that will not be reclassified to profit or loss (net of tax) | ||||
Remeasurement of defined benefit plans | 5.31 | 5.59 | - | 12.58 |
Changes in fair valuation of equity instruments | 2.73 | (5.08) | 8.92 | 53.31 |
8.04 | 0.51 | 8.92 | 65.89 | |
ii) Items that will be reclassified to profit or loss (net of tax) | ||||
Gains/(loss) on effective portion of cash flow hedges | (1.58) | (0.85) | (0.54) | (1.76) |
Other Comprehensive Income (Net of tax) (B) | 6.46 | (0.34) | 8.38 | 64.13 |
Total Comprehensive Income (A+B) | 154.17 | 52.82 | 160.86 | 598.45 |
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserves | - | - | - | 4128.38 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. | 2.35 | 0.84 | 2.42 | 8.47 |
Notes:
1. For the quarter, Revenue from operations at Rs 909 crores increased by 6% over corresponding quarter of the previous year. Profit before exceptional items at Rs 216 crores is higher by 10% as compared to corresponding quarter of previous year reflecting improvements in operating profits and higher other income. Profit after tax at Rs 148 crores is marginally lower than corresponding quarter of previous year on account of exceptional income in the prior year.
2. The Company has organised its business into Branded Segment and Non Branded Segment. Branded Segment is further categorised as Branded Tea, Branded Coffee and the residual as Branded Others. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting", the Company's reportable activity falls within a single business segment and hence, the segment disclosure requirements are not applicable.
3. Effective April 1, 2018, the Company has adopted Ind AS 115 using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Company.
4. Figures for the quarter ended March 31, 2018 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
5. The aforementioned results were reviewed by the Audit Committee of the Board on July 31, 2018 and subsequently taken on record by the Board of Directors at its meeting held on August 01, 2018. The Statutory Auditors of the Company have conducted limited review on these results.
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: August 01, 2018 |
Ajoy Misra Managing Director and CEO |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Unaudited Consolidated Financial Results for the quarter ended June 30, 2018
Rs. in Crores
Particulars | Three months ended | Year Ended | ||
June 30,2018 | March 31,2018 | June 30,2017 | March 31,2018 | |
Unaudited | Refer Note 5 | Unaudited | Audited | |
Revenue from Operations | 1802.59 | 1688.40 | 1704.42 | 6815.35 |
Other Income | 28.52 | 25.72 | 14.34 | 94.15 |
Total Income | 1831.11 | 1714.12 | 1718.76 | 6909.50 |
Cost of Materials Consumed | 777.36 | 797.56 | 791.66 | 3203.22 |
Purchase of stock in trade | 214.69 | 198.35 | 127.98 | 542.89 |
Changes in inventories of finished goods, work in progressand stock in trade | (11.69) | (56.13) | (10.13) | (46.80) |
Employee Benefits Expense | 203.20 | 210.70 | 203.22 | 821.37 |
Finance Costs | 12.57 | 13.58 | 11.06 | 42.76 |
Depreciation and Amortisation Expense | 29.49 | 28.47 | 29.05 | 116.04 |
Advertisement and Sales charges | 118.05 | 135.28 | 118.19 | 508.91 |
Other Expenses | 252.21 | 256.94 | 229.33 | 946.85 |
Total Expenses | 1595.88 | 1584.75 | 1500.36 | 6135.24 |
Profit before Exceptional Items and Tax | 235.23 | 129.37 | 218.40 | 774.26 |
Exceptional Items (Net) | (18.18) | (1.65) | 5.11 | (21.13) |
Profit before Tax | 217.05 | 127.72 | 223.51 | 753.13 |
Tax Expense | (83.45) | (13.02) | (80.54) | (185.87) |
Net Profit after Tax | 133.60 | 114.70 | 142.97 | 567.26 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | (5.46) | (43.14) | (1.16) | (10.76) |
Group Consolidated Net Profit (A) | 128.14 | 71.56 | 141.81 | 556.50 |
Attributable to : | ||||
Owners of the Parent | 116.24 | 59.45 | 124.44 | 495.56 |
Non Controlling Interest | 11.90 | 12.11 | 17.37 | 60.94 |
Other Comprehensive Income | ||||
i) Items that will not be reclassified to profit or loss (Net of tax) | ||||
Remeasurement of the defined benefit plans | 25.88 | 16.33 | 17.02 | 59.97 |
Changes in fair valuation of equity instruments | 3.06 | (0.99) | 8.98 | 59.40 |
| 28.94 | 15.34 | 26.00 | 119.37 |
ii) Items that will be reclassified to profit or loss (Net of tax) | ||||
Exchange differences on translation of foreign operations | (0.13) | 208.69 | 111.23 | 407.80 |
Gains/(loss) on Effective portion of cash flow hedges | 2.20 | (9.01) | (11.33) | (21.86) |
| 2.07 | 199.68 | 99.90 | 385.94 |
Total Other Comprehensive Income, net of tax (B) | 31.01 | 215.02 | 125.90 | 505.31 |
Attributable to : | ||||
Owners of the Parent | 31.63 | 181.05 | 109.88 | 436.30 |
Non Controlling Interest | (0.62) | 33.97 | 16.02 | 69.01 |
Total Comprehensive Income (A+B) | 159.15 | 286.58 | 267.71 | 1061.81 |
Attributable to : | ||||
Owners of the Parent | 147.87 | 240.50 | 234.32 | 931.86 |
Non Controlling Interest | 11.28 | 46.08 | 33.39 | 129.95 |
Paid-up equity share capital (Face value of Re 1 each) | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserve | 6946.63 | |||
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 1.84 | 0.94 | 1.97 | 7.85 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter ended June 30, 2018
Rs. in Crores
Particulars | Three months ended | Year ended | ||
June 30,2018 | March 31, 2018 | June 30,2017 | March31, 2018 | |
Unaudited | Refer Note 5 | Unaudited | Audited | |
Segment Revenue | ||||
Branded Business | ||||
(a) Tea | 1314.31 | 1177.24 | 1245.66 | 4922.79 |
(b) Coffee | 291.66 | 286.44 | 249.85 | 1079.52 |
(c) Others | 10.16 | 9.67 | 8.87 | 35.73 |
Total Branded Business | 1616.13 | 1473.35 | 1504.38 | 6038.04 |
Non Branded Business | 192.85 | 219.47 | 209.36 | 815.17 |
Total Segment Revenue | 1808.98 | 1692.82 | 1713.74 | 6853.21 |
Less: Inter segment Sales | (6.39) | (4.42) | (9.32) | (37.86) |
Revenue from Operations | 1802.59 | 1688.40 | 1704.42 | 6815.35 |
Segment Results | ||||
Branded Business | ||||
(a) Tea | 210.02 | 147.06 | 183.12 | 689.72 |
(b) Coffee | 43.50 | 43.33 | 40.10 | 197.63 |
(c) Others | (3.75) | (6.87) | (3.17) | (18.24) |
Total Branded Business | 249.77 | 183.52 | 220.05 | 869.11 |
Non Branded Business | 17.70 | (10.30) | 30.73 | 41.71 |
Total Segment Results | 267.47 | 173.22 | 250.78 | 910.82 |
Add/Less | ||||
Finance Costs | (12.57) | (13.58) | (11.06) | (42.76) |
Other Unallocable items, Other Income & Exceptional Items | (37.85) | (31.92) | (16.21) | (114.93) |
Profit Before Tax | 217.05 | 127.72 | 223.51 | 753.13 |
Segment Assets | ||||
Branded Business | ||||
(a) Tea | 4339.96 | 4420.96 | 4172.69 | 4420.96 |
(b) Coffee | 1909.08 | 1772.84 | 1764.16 | 1772.84 |
(c) Others | 34.92 | 47.41 | 40.56 | 47.41 |
Total Branded Business | 6283.96 | 6241.21 | 5977.41 | 6241.21 |
Non Branded Business | 1316.07 | 1255.68 | 1021.10 | 1255.68 |
Total Segment Assets | 7600.03 | 7496.89 | 6998.51 | 7496.89 |
Unallocable Corporate Assets | 3142.56 | 3095.32 | 2857.08 | 3095.32 |
Total Assets | 10742.59 | 10592.21 | 9855.59 | 10592.21 |
Segment Liabilities | ||||
Branded Business | ||||
(a) Tea | 783.01 | 794.52 | 792.87 | 794.52 |
(b) Coffee | 177.96 | 163.78 | 165.31 | 163.78 |
(c) Others | 4.78 | 18.18 | 14.65 | 18.18 |
Total Branded Business | 965.75 | 976.48 | 972.83 | 976.48 |
Non Branded Business | 132.57 | 140.35 | 130.38 | 140.35 |
Total Segment Liabilities | 1098.32 | 1116.83 | 1103.21 | 1116.83 |
Unallocable Corporate Liabilities | 1455.44 | 1434.74 | 1315.20 | 1434.74 |
Total Liabilities | 2553.76 | 2551.57 | 2418.41 | 2551.57 |
Notes: | ||||||||||
The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as Branded Tea, Branded Coffee and the residual as Branded Others. Accordingly, the group has reported its segment results for these segments. | ||||||||||
Business Segments: The internal business segmentation and the activities encompassed therein are as follows: | ||||||||||
i) Branded Business - | ||||||||||
Branded Tea : Sale of branded tea and various value added forms | ||||||||||
Branded Coffee : Sale of branded coffee in various value added forms | ||||||||||
Branded Others : Sale of water products | ||||||||||
ii) Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce. | ||||||||||
The segment wise revenue, results, assets and liabilities figures relate to the respective amounts directly attributable or reasonably allocable to each of the segments. Finance costs are excluded from segment results. Unallocable items include expenses incurred on common services at the corporate level, other income, exceptional items and corporate assets/liabilities which are not attributable or reasonably allocable to the segments.
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| Ajoy Misra |
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| Mumbai: August 1, 2018 | (Managing Director and CEO) |
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Notes:
1. For the quarter, Revenue from branded business increased by 7% and after excluding the impact of business restructuring and at constant currency the increase is 8%, as compared to the corresponding quarter of the previous year. The reported Revenue from operations grew by 6% due to lower sales from the non-branded business. Profit before exceptional items at Rs 235 Crores is higher by 8% as compared to corresponding quarter of the previous year mainly due to improved performance of branded business and higher other income partly offset by adverse performance of non-branded business. The Group net profit for the quarter is lower due to the impact of exceptional items.
2. Exceptional items for the current quarter represent redundancy costs relating to internal restructure. Exceptional items for the corresponding quarter of the previous year represent a gain from disposal of stake in its Chinese subsidiary.
3. The Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The Total Income, Profit before tax and Profit after tax of the Company's standalone financial results are given below :
In Rs Crores | Three months ended | Year ended | ||
June 30, 2018 | March 31, 2018 | June 30, 2017 | March 31, 2018 | |
Total Income | 968.50 | 738.75 | 904.46 | 3364.90 |
Profit before Tax | 215.84 | 77.96 | 214.60 | 723.47 |
Profit after Tax | 147.71 | 53.16 | 152.48 | 534.32 |
Total Comprehensive Income | 154.17 | 52.82 | 160.86 | 598.45 |
Earnings per share - Rs (not annualised for the quarter) | 2.35 | 0.84 | 2.42 | 8.47 |
4. Effective April 1, 2018, the Group has adopted Ind AS 115 using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Group.
5. Figures for the quarter ended March 31, 2018 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
6. The aforementioned results were reviewed by the Audit Committee of the Board on July 31, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on August 1, 2018. The Statutory Auditors of the Company have conducted limited review on these results.
7. The Consolidated and Standalone result for the quarter ended June 30, 2018 are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataglobalbeverages.com).
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: August 1, 2018 |
Ajoy Misra Managing Director and CEO |