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Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

Audited Financial Results

for three months ended June 30, 2014  

Rs. In Lakhs

Notes:

1. For the quarter, Income from operations at Rs 726 crores increased by 7% over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from Operations at Rs 81 crores is marginally ahead of the corresponding quarter of the previous year. Profit after tax at Rs 59 crores is lower compared to the corresponding quarter of previous year due to impact of exceptional items in the previous year.

2. Exceptional item during the quarter of Rs. 1 crore represents expenditure on restructuring activities. Exceptional items for the corresponding quarter of previous year represents profit from sale of Non current Investment Rs 36 crores partly offset by expenditure on new product development and long term initiatives in joint ventures aggregating to Rs 7 crores and expenditure on revision of post retirement pension obligations of Rs 4 crores.

3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic and diluted) for the quarter and the year are given below:

*Not annualized for the quarter end.

4. Depreciation for the quarter has been computed applying the rates that were applicable for the previous financial year, pending assessment of useful lives/clarifications expected on the matter under the new Companies Act, 2013. Had the Company adopted the useful life as per Schedule II of the Companies Act 2013, the impact of the same is not expected to be material on the results.

5. The Board of Directors of the Company in its meeting held on November 12, 2013 had approved the scheme of merger of its subsidiary, Mount Everest Mineral Water Limited (MEMW), with the Company in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI have been obtained. Further, the scheme was approved by the shareholders at the court convened meeting held on June 4, 2014 and also by non-promoter shareholders through postal ballot. The appointed date of the scheme is April 1, 2013. The scheme would be effective on the receipt of necessary approvals and completion of formalities as laid down there under. Accordingly, the operating results of MEMW would be reflected by the Company from the appointed date of April 1, 2013 after the scheme becomes effective post obtaining all the requisite approvals. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of the Company.

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 the Companies (Accounting Standard) Rules 2006, are not applicable.

7. Investor complaints :

*Received during last week of the quarter and were since resolved.

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 July 28, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on July 28, 2014. The statutory auditors of the company have audited these results.

Mumbai, July 28, 2014 Cyrus P Mistry

(Chairman)

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

Unaudited Consolidated Financial Results

for the three months ended June 30, 2014

 Rs. In Lakhs

Notes:

1. For the quarter, Income from operations at Rs 1913 crores increased by 5% as compared to the corresponding quarter of the previous year. Profit before exceptional items at Rs 169 crores is 4% lower than the corresponding quarter of the previous year. While branded business performed well, profitability was impacted by lower crop available for sale in the plantation business and investment in new ventures. Post the impact of exceptional items, the Group Consolidated Net Profit is Rs 97 crores, lower by 13% as compared to the corresponding quarter of the previous year.

2. The financial results includes following under Exceptional items:

In Rs crores

3. Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of exceptional items (basic and diluted) for the quarter and the year are given below:

**not annualised for the quarter end

EPS, excluding the impact of exceptional items, for the year is higher by 7% as compared to the previous year due to improved performance of Associates.

4. (a) Depreciation for the quarter has been computed applying the rates that were applicable for the previous financial year, pending assessment of useful lives/ clarifications expected on the matter under the new Companies Act, 2013.

(b)The auditors of one of our Indian subsidiary Companies have invited attention to the above matter in their limited review report, without qualifying their opinion. Further, the auditors of this subsidiary have invited attention, without qualifying their opinion, to a change in the method of accounting relating to valuation of wind fallen/ extracted timber in their limited review report, which has no material impact on the results.

5. Actuarial gain (net of tax and minority interest) of Rs 0.69 crores for the quarter, relating to defined benefit pension scheme of overseas subsidiaries have been accounted in Reserves in the Consolidated Financial Statement applying the principles of Accounting Standard 21 and in line with the policy followed by the overseas subsidiaries and other companies in compliance with the relevant overseas accounting framework. 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 for the Group would have been higher by Rs 0.69 crores for the quarter.

The Statutory Auditors have invited attention to this in their Limited Review Report.

6. The Board of Directors of the Holding Company in its meeting held on November 12, 2013 had approved the scheme of merger of its subsidiary, Mount Everest Mineral Water Limited (MEMW), with the Holding Company in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI have been obtained. Further, the scheme was approved by the shareholders at the court convened meeting held on June 4, 2014 and also by non-promoter shareholders through postal ballot. The appointed date of the scheme is April 1, 2013. The scheme would be effective on the receipt of necessary approvals and completion of formalities as laid down there under. Accordingly, the operating results of MEMW would be reflected by the Holding Company from the appointed date of April 1, 2013 after the scheme becomes effective post obtaining all the requisite approvals. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of the Holding Company.

7. During the previous year, Tata Coffee Limited (TCL), Indian subsidiary of the Holding Company, had filed for merger of its wholly owned subsidiary Alliance Coffee Limited (ACL) with the Honorable High Court of Karnataka. The operating results of ACL would be reflected by TCL from the appointed date of April 1, 2013 on approval of the said scheme which is pending with Honorable High Court of Karnataka. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of TCL.

8. During the month of May'2014, an overseas subsidiary of the Holding Company acquired a 100% stake in the equity capital of Earth Rules Pty Ltd., Australia, engaged in coffee business under the 'MAP' brand, with presence in Roast & Ground coffee and coffee in Pods (single serve portions) segment in Australia.

9. 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:

*not annualised for the quarter end

Profits for the quarters ended March 31, 2014 and June 30, 2013 were higher mainly because of higher dividend income and profit on sale of non-current investments respectively.

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

11. The aforementioned results were reviewed by the Audit Committee of the Board on July 28, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on July 28, 2014. The Statutory Auditors of the company have conducted limited review of these results.

Mumbai, July 28, 2014 Cyrus P Mistry

(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, 2014

 Rs. In Lakhs

Notes:

a. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:

Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or value added forms.

Coffee and Other Produce : Cultivation, manufacture of coffee and related plantation crops and sale of coffee in various value added forms.

Others : Sale of water products and other businesses

b. The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments.

Unallocable expenditure includes expenses incurred on common services at the corporate level and exceptional items.

Unallocable income includes income from investments and exceptional items.

c. Previous periods figures have been regrouped/rearranged to the extent necessary, to conform to current period classifications.

Mumbai, July 28, 2014 Cyrus P Mistry

(Chairman)

Rs. In Crores

* Not annualised for the quarter end.