28 Jul 2009 16:57
| Tata Tea Limited | ||||
| Registered Office: 1 Bishop Lefroy Road Kolkata-700020 | ||||
| Audited Financial Results | ||||
| for three months ended June 30, 2009 | ||||
| Rs in Lakhs | ||||
|
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| Three months Ended | Year ended | |
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| June 30 | March 31 | ||
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| 2009 | 2008 | 2009 |
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| Net Sales / Income from Operations | 41783 | 31231 | 136153 |
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| Other Operating Income | 166 | 266 | 1772 |
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| Total Operating Income | 41949 | 31497 | 137925 |
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| (a) (Increase) / Decrease in stock in trade and work in progress | 412 | 1649 | (1867) |
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| (b) Consumption of raw materials | 23296 | 15581 | 78599 |
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| (c) Purchase of traded goods | - | - | 448 |
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| (d) Employees cost | 2373 | 1847 | 9175 |
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| (e) Depreciation & Amortization | 296 | 244 | 1065 |
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| (f) Other expenditure | 9189 | 7077 | 36319 |
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| Total Expenditure | 35566 | 26398 | 123739 |
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| Profit from Operations before Other Income , Interest & Exceptional Items | 6383 | 5099 | 14186 |
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| Other Income - Income from Investments (Net) | 1247 | 1215 | 14539 |
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| Profit before Interest & Exceptional Items | 7630 | 6314 | 28725 |
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| Interest (Net) | 1114 | 639 | 4860 |
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| Profit after Interest but before Exceptional Items | 6516 | 5675 | 23865 |
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| Exceptional Expenditure (Net) | 220 | 220 | 959 |
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| Profit before Tax | 6296 | 5455 | 22906 |
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| Provision for Taxation |
| ||
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| (a) Current | 2112 | 1691 | 7203 |
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| (b) Deferred | (160) | (62) | (403) |
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| (c) Fringe Benefit | 48 | 55 | 200 |
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| Profit after Tax | 4296 | 3771 | 15906 |
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| Paid-up equity share capital (face value of Rs 10 each) | 6184 | 6184 | 6184 |
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| Reserves excluding Revaluation Reserves | 171561 | ||
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| |||
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| Earnings per share (Basic & Diluted) (Not annualised) - Rs | 6.95 | 6.10 | 25.72 |
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| Aggregate of Public Shareholding |
| ||
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| -Number of Shares | 40027126 | 40001538 | 39999626 |
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| -Percentage of Shareholding | 64.73% | 64.69% | 64.68% |
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| |||
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| Promoters and Promoters Group Shareholding |
| ||
| (a) | Pledged/ Encumbered |
| ||
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| - Number of shares | 9500000 | 9500000 | |
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| -Percentage of Shares (as a percentage of the total shareholding | 43.55% | 43.50% | |
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| of the promoter and promoter group) |
| ||
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| -Percentage of Shares (as a percentage of the total share Capital | 15.36% | 15.36% | |
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| of the Company) |
| ||
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| |||
| (b) | Non Encumbered |
| ||
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| - Number of shares | 12312731 | 12340231 | |
|
| -Percentage of Shares (as a percentage of the total shareholding | 56.45% | 56.50% | |
|
| of the promoter and promoter group) |
| ||
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| -Percentage of Shares (as a percentage of the total share Capital | 19.91% | 19.96% | |
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| of the Company) |
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Notes -
Income from Operations for the quarter at Rs. 419.49 crores increased by 33%, driven by strong performance of the Company's branded tea operations reflecting both volume growth and price increases to cover input cost escalations.
Profit from Operations at Rs 63.83 crores increased by 25% from the corresponding quarter of the previous year attributable to improvement in operations, partly offset by hardening commodity costs and inflationary increase in input costs. The Profit before Tax at Rs 62.96 crores and Profit after Tax at Rs. 42.96 crores have increased by 15% and 14% respectively over the corresponding quarter of the previous year after absorbing higher interest charge.
Interest charge of Rs 1114 lakhs (previous year Rs 639 lakhs) is net of interest income of Rs 325 lakhs (Previous year Rs 890 lakhs)
Exceptional item during the quarter and in the previous year's corresponding quarter represents amortization of amounts incurred on Employee Separation Scheme.
The company, during the quarter, has increased its stake in its subsidiary Mount Everest Mineral Water Limited from 35.99% to 40.11%.
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 Standards) Rules 2006, are not applicable.
The Company did not have any investor complaints pending as on April 01, 2009 and as on June 30, 2009. There were no investors' complaints received and disposed during the three months ended June 30, 2009.
Previous period's figures have been re-arranged to the extent necessary, to conform to current period's figures.
The aforementioned results were reviewed by the Audit Committee of the Board on July 27, 2009 and taken on record by the Board of Directors at its Meeting's held on July 28, 2009. The statutory auditors of the company have audited these results.
| Ratan N Tata | |||
| Mumbai, July 28, 2009 | (Chairman) |
| Unaudited Consolidated Financial Results | ||||
| for the three months ended June 30, 2009 | ||||
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| Rs in Lakhs |
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| Particulars |
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| |
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| Three months ended | Year ended | ||
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| June 30 | March 31 | ||
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| 2009 | 2008 | 2009 | |
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|
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| Audited | |
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| Net Sales / Income from Operations | 127511 | 111329 | 484787 |
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| Other Operating Income | 2049 | 416 | 2623 |
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| (a) (Increase) / Decrease in stock in trade and work in progress | (1307) | 576 | (7169) |
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| (b) Consumption of raw materials | 45314 | 34413 | 162810 |
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| (c) Purchase of traded goods | 5803 | 4009 | 19637 |
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| (d) Employees cost | 14528 | 12655 | 55416 |
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| (e) Advertisement & sales charges | 21095 | 20603 | 88024 |
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| (f) Depreciation and Amortization (Net of amount drawn from Revaluation Reserve) | 2447 | 2222 | 9869 |
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| (g) Other expenditure | 26587 | 24892 | 103641 |
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| Total Expenditure | 114467 | 99370 | 432228 |
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| Profit from Operations before Other Income , Interest & Exceptional Items | 15093 | 12375 | 55182 |
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| Other Income - Income from Investments | 459 | 738 | 3320 |
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| Profit before Interest & Exceptional Items | 15552 | 13113 | 58502 |
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| Interest (Net) | 525 | 1090 | 5420 |
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| Profit after Interest but before Exceptional Items | 15027 | 12023 | 53082 |
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| Notional Unrealised (Loss) / gain on translation of foreign currency Assets (Note 3) | (14597) | - | 34280 |
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| Notional Unrealised (Loss) / gain on translation on foreign currency hedges | (2899) | - | - |
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| Other Exceptional Income / (Expenditure) (Net) (Note 4) | (1085) | 920 | 38269 |
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| Profit / (Loss) before Tax | (3554) | 12943 | 125631 |
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| Provision for Taxation |
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| (a) Current | (987) | 4366 | 43137 |
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| (b) Deferred | 639 | (38) | (997) |
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| (c) Fringe Benefit | 73 | 76 | 301 |
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| Profit /( Loss) after Tax | (3279) | 8539 | 83190 |
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| Share of Profit / (Loss) from Associates - (Net) | (504) | 104 | 2493 |
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| Minority Interest | 1826 | (1074) | (15628) |
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| Group Consolidated Net Profit / (Loss) | (1957) | 7569 | 70055 |
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| Paid-up equity share capital (face value of Rs 10 each) | 6184 | 6184 | 6184 |
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| Reserves excluding Revaluation Reserves |
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| 351936 |
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| Earnings per share (Basic & Diluted) (Not annualised) - Rs | (3.16) | 12.24 | 113.28 |
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| Aggregate of Public Shareholding |
|
|
|
|
| -Number of Shares | 40027126 | 40001538 | 39999626 |
|
| -Percentage of Shareholding | 64.73% | 64.69% | 64.68% |
|
| Promoters and Promoters Group Shareholding |
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|
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| (a) | Pledged/ Encumbered |
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|
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| - Number of shares | 9500000 |
| 9500000 |
|
| -Percentage of Shares (as a percentage of the total shareholding | 43.55% |
| 43.50% |
|
| of the promoter and promoter group) |
|
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 15.36% |
| 15.36% |
|
| of the Company) |
|
|
|
| (b) | Non Encumbered |
|
|
|
|
| - Number of shares | 12312731 |
| 12340231 |
|
| -Percentage of Shares (as a percentage of the total shareholding | 56.45% |
| 56.50% |
|
| of the promoter and promoter group) |
|
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 19.91% |
| 19.96% |
|
| of the Company) |
|
|
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Notes:
1. The Consolidated Income from Operations for the quarter at Rs 1275.11 crores has increased by 15% as compared to the corresponding period of the previous year due to strong performance of brands . Price increases were taken in key markets to recover input cost escalations.
2. Profit before exceptional items for the quarter at Rs 150.27 crores (Operating Profit) has increased by 25% as compared to the corresponding period of the previous year due to improved operating performance and lower interest costs.
3. During the year ended March 31, 2009 there was a notional unrealized gain of Rs 342.80 crores on translation of a short term financial asset in foreign currency held by an overseas subsidiary. During the quarter ended June 30, 2009 consequent on a subsequent change in exchange rate there is a notional unrealized loss of Rs 145.97 crores on this account.
4. Other Exceptional items for the quarter comprises of
(a) Reorganization costs of Rs 8.65 crores relating to restructuring of business.
(b) Amortization of amounts incurred on Employee Separation Scheme amounting to Rs 2.20 crores
In the corresponding period of the previous year, other exceptional items consisted of release of provision for reorganization costs offset by amortization of amounts incurred on Employee Separation Schemes and exchange gain on conversion of a short term financial asset held in foreign currency by an overseas subsidiary.
5. During the quarter, the Holding Company increased its stake in one of its subsidiary, Mount Everest Mineral Water Limited (MEMWL), from 35.99% to 40.11%.
6. The Earnings per share (EPS) (basic and diluted- not annualised) for the quarter ended June 30, 2009 of Rs. (3.16) is lower than Rs 12.24 reported for the corresponding period of the for 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. 13.46 as compared to Rs 11.45 for the corresponding period of the previous year, reflecting the improvement in the underlying performance.
j7. 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.
8. 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:
Rs. in Crores
| Three months ended June 30 | ||
| 2009 | 2008 | |
| Total Operating Income | 419.49 | 314.97 |
| Profit after Tax | 42.96 | 37.71 |
| Earnings per Share - Rs (Not Annualised) | 6.95 | 6.10 |
9. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's figures.
10. The aforementioned results were reviewed by the Audit Committee of the Board on July 27, 2009 and subsequently taken on record by the Board of Directors at its Meeting held on July 28, 2009 The statutory auditors of the company have limited reviewed these results.
Ratan N Tata
(Chairman)
Mumbai: July 28, 2009
| Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under | ||||
| Clause 41, of the Listing Agreement for the three months ended June 30, 2009 | ||||
| Rs in Lakhs | ||||
|
| Particulars |
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| |
|
| Three months ended | Year ended | ||
|
| June 30 | March 31 | ||
|
| 2009 | 2008 | 2009 | |
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| Audited |
| 1 | Segment Revenue |
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| |
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| (a) Tea | 97923 | 87890 | 378515 |
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| (b) Coffee & Other Produce | 30520 | 22628 | 104712 |
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| (c) Others | 1104 | 1217 | 4088 |
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| (d) Unallocated | 13 | 10 | 95 |
| Total Operating Income | 129560 | 111745 | 487410 | |
| 2 | Segment Results - Profit / (Loss) |
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| |
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| (a) Tea | 10173 | 10326 | 44604 |
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| (b) Coffee & Other Produce | 5144 | 2694 | 14663 |
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| (c) Others | (587) | (521) | (3233) |
| Total | 14730 | 12499 | 56034 | |
| Add/(Less) |
| |||
| i) Interest (net) | (525) | (1090) | (5420) | |
| ii) Notional Unrealised (Loss) / gain on translation of foreign currency assets | (2899) | - | - | |
| iii) Notional Unrealised (Loss) / gain on translation on foreign currency hedges | (14597) | - | 34280 | |
| iv) Other Un-allocable items and Investment Income net of | (263) | 1534 | 40737 | |
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| Exceptional Income/ (Expenditure) |
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| Total Profit / (Loss) before Tax | (3554) | 12943 | 125631 | |
| 3 | Capital Employed |
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| (a) Tea | 346751 | 262083 | 350136 |
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| (b) Coffee & Other Produce | 94132 | 84173 | 102461 |
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| (c) Others | 6739 | 3204 | 6951 |
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| (d) Unallocated including Investments | 38318 | 126673 | 7172 |
| Total | 485940 | 476133 | 466720 | |
| 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 | ||||
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| - 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 income / expenditure include income / expenditure incurred on common services at the corporate level and relates to an Indian subsidiary. | ||||
|
| ||||
| Ratan N Tata | ||||
| (Chairman) | ||||
| Mumbai: July 28, 2009 | ||||
|
| Rs Crores | |||
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|
| Financial Highlights |
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| |
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| Total Operating Income | 1295.60 | 1117.45 | 4874.10 |
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| Profit before Exceptionals | 150.27 | 120.23 | 530.82 |
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| Exceptionals (net) | (185.81) | 9.20 | 725.49 |
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| Net Profit before Tax | (35.54) | 129.43 | 1256.31 |
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| Net Profit after Tax | (32.79) | 85.39 | 831.90 |
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| Earnings per Share - Rs* | (3.16) | 12.24 | 113.28 |
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| Earnings per Share (Before Exceptionals)- on Core Operations - Rs * | 13.46 | 11.45 | 47.83 |
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| Dividend - Rs per share (Face Value Rs 10 per Share) |
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| Rs 17.50 |
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| * Not annualised for the quarter | ||||