| Audited Financial Results for the three months ended December 31, 2008 | | Rs Lakhs | | | Three months ended December 31 | Nine months ended December 31 | Year ended March 31 | | | 2008 | 2007 | 2008 | 2007 | 2008 | | Net Sales / Income from Operations | 37875 | 30845 | 101161 | 86175 | 113470 | | Other Operating Income | 400 | 563 | 1043 | 1666 | 1873 | | Total Operating Income | 38275 | 31408 | 102204 | 87841 | 115343 | | (a) (Increase)/Decrease in stock in trade and work in progress | (276) | (638) | 746 | 1459 | 1839 | | (b) Consumption of Raw Materials | 22134 | 15991 | 57087 | 42389 | 54925 | | (c) Purchase of Traded Goods | 172 | 1324 | 440 | 2106 | 2649 | | (d) Employees Cost | 1976 | 1606 | 6135 | 5502 | 7183 | | (e) Depreciation & Amortization | 288 | 282 | 791 | 836 | 1017 | | (f) Other Expenditure | 9627 | 8951 | 25393 | 23226 | 31117 | | Total Expenditure | 33921 | 27516 | 90592 | 75518 | 98730 | | Profit from Operations before Other Income, Interest & Exceptional Items | 4354 | 3892 | 11612 | 12323 | 16613 | | Other Income - Income from Investments(Net) | 4519 | 4600 | 10375 | 8884 | 10986 | | Profit Before Interest & Exceptional Items | 8873 | 8492 | 21987 | 21207 | 27599 | | Interest (Net) | 1721 | 1055 | 3390 | 1022 | 2188 | | Interest on Loans for acquisition | - | 298 | - | 2447 | 2447 | | Profit after Interest but before exceptional items | 7152 | 7139 | 18597 | 17738 | 22964 | | Exceptional Income / (Expenditure) (Net) | (219) | (219) | (144) | (329) | 15621 | | Profit before Tax | 6933 | 6920 | 18453 | 17409 | 38585 | | Provision for Taxation | | | | | | | (a) Current | 2070 | 2538 | 5584 | 5138 | 7314 | | (b) Deferred | (17) | (36) | (261) | (70) | (224) | | (c) Fringe Benefit Tax | 50 | 40 | 150 | 150 | 210 | | Profit after Tax | 4830 | 4378 | 12980 | 12191 | 31285 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 172035 | | Earnings per share(Basic & diluted)(Not annualised)-Rs | 7.81 | 7.08 | 20.99 | 19.82 | 50.79 | | Aggregate of Public Shareholding (excludes shares held against GDRs) | | | | | | | - Number of Shares | 400,03,938 | 399,28,634 | 400,03,938 | 399,28,634 | 399,78,634 | | - Percentage of Share holding | 64.69% | 64.56% | 64.69% | 64.56% | 64.65% | Notes: 1. Income from Operations for the quarter at Rs. 37875 lakhs increased by 23%, driven by strong performance of the Company's branded tea operations 2. Profit from Operations at Rs 4354 lakhs increased by 12% from the corresponding quarter of the previous year attributable to improvement in operating income partly offset by hardening commodity costs and inflationary increase in input costs. Whilst the Profit before Tax at Rs 6933 lakhs increased marginally over the corresponding quarter of the previous year impacted by higher interest charge, the Profit after Tax at Rs 4830 lakhs increased by 10% 3. Exceptional item during the quarter and in the previous year's corresponding quarter represents amortization of amounts incurred on Employee Separation Scheme. 4. 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. 5. Particulars of complaints received from the investors during the quarter, complaints resolved and those pending are as follows: | Particulars of complaints | Numbers | | Outstanding as on October 1,2008 Received during the quarter Resolved during the quarter Outstanding as on December 31,2008 | Nil 5 5 Nil | 6. Previous period's figures have been re arranged to the extent necessary, to conform to current period's figures. In particular, the comparative figures for the period ended December 31, 2007 have been restated to exclude North India Plantation Division and certain related adjustments effected to make them comparable with the current period 7. The aforementioned results were reviewed by the Audit Committee of the Board on January 28,2009 and taken on record by the Board of Directors at its Meeting's held on January 30, 2009. The statutory auditors of the company have audited these results.. | Mumbai: January 30, 2009 | Ratan N Tata(Chairman) | | | | | | Unaudited Consolidated Financial Results for the three months ended December 31, 2008 | | Rs in Lakhs | | | Three months ended December 31 | Nine months ended December 31 | Year ended March 31 | | | 2008 | 2007 | 2008 | 2007 | 2008 Audited | | Net Sales / Income from Operations | 130086 | 113556 | 363171 | 319334 | 436569 | | Other Operating Income | 593 | 807 | 1628 | 2217 | 2662 | | Total Operating Income | 130679 | 114363 | 364799 | 321551 | 439231 | | (a) (Increase)/Decrease in stock in trade and work in progress | (751) | 529 | (2937) | 2282 | 3061 | | (b) Consumption of Raw Materials | 43786 | 29188 | 118465 | 89047 | 121257 | | (c) Purchase of Traded Goods | 4830 | 6193 | 14478 | 12541 | 17267 | | (d) Employees Cost | 13701 | 11705 | 39787 | 36125 | 48902 | | (e) Advertisement & Sales Charges | 25516 | 24627 | 70854 | 64152 | 88170 | | (f) Depreciation & Amortization (net of amount drawn from Revaluation Reserve) | 2408 | 2348 | 6840 | 6873 | 9415 | | (g) Other Expenditure | 25780 | 21765 | 75990 | 64422 | 89304 | | Total Expenditure | 115270 | 96355 | 323477 | 275442 | 377376 | | Profit from Operations before Other Income, Interest & Exceptional Items | 15409 | 18008 | 41322 | 46109 | 61855 | | Other Income - Income from Investments | 320 | 473 | 3251 | 3380 | 3970 | | Profit Before Interest & Exceptional Items | 15729 | 18481 | 44573 | 49489 | 65825 | | Interest (Net) | 437 | 809 | 1489 | 6103 | 6086 | | Interest on Loans for acquisition | 1108 | 3955 | 2682 | 14162 | 16050 | | Profit after Interest but before exceptional items | 14184 | 13717 | 40402 | 29224 | 43689 | | Profit on sale of stake held in Energy Brands Inc. | - | 160474 | - | 160474 | 160752 | | Exchange gain on restatement of foreign currency deposits / loans | 58041 | 3825 | 78504 | 6031 | 5618 | | Other Exceptional Income / (Expenditure) (Net) | (553) | (7065) | (1041) | (8747) | (4132) | | Profit before Tax | 71672 | 170951 | 117865 | 186982 | 205927 | | Provision for Taxation | | | | | | | (a) Current Tax | 22076 | 4874 | 36678 | 8854 | 14233 | | (b) Deferred Tax | 167 | 108 | 128 | 305 | 816 | | (c) Fringe Benefit Tax | 76 | 61 | 222 | 207 | 291 | | Profit after Tax | 49353 | 165908 | 80837 | 177616 | 190587 | | Share of Profit from Associates | 418 | 344 | 3745 | 2506 | 2887 | | Minority Interest in Consolidated Profit | (10159) | (37030) | (15625) | (38376) | (39220) | | Group Consolidated Net Profit | 39612 | 129222 | 68957 | 141746 | 154254 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 341872 | | Earnings per share(Basic & diluted)(Not annualised)-Rs | 64.06 | 208.96 | 111.51 | 230.40 | 250.41 | | Aggregate of Public Shareholding (excludes shares held against GDRs) | | | | | | | - Number of Shares | 400,03,938 | 399,28,634 | 400,03,938 | 399,28,634 | 399,78,634 | | - Percentage of Share holding | 64.69% | 64.56% | 64.69% | 64.56% | 64.65% | | | | | | | Notes: 1.The total consolidated operating income for the quarter at Rs. 130679 lakhs grew by 14% over the corresponding quarter of the previous year, driven by strong brand performance and also by favourable exchange rate movement. 2. Profit before exceptional items at Rs 14184 lakhs have risen by 3 % as compared to the corresponding quarter of the previous year, after absorbing the adverse impact of hardening commodity prices and input costs, partly offset by savings in interest costs. Profit after tax at Rs 49353 lakhs is lower than the corresponding quarter of the previous year, mainly due to the impact of one time profit on sale of investments in Energy Brands Incorporated, during the corresponding quarter of the previous year. 3. Exchange gain for the quarter represents exchange gain consequent to the significant depreciation of sterling against the dollar on short term dollar investments held by Tata Tea GB Investments Ltd, a UK subsidiary. 4. Other exceptional expenditure in the current quarter comprises of reorganization costs and amortization of amounts incurred on Employee Separation schemes. In the corresponding quarter of the previous year, other exceptional expenditure consisted of amortization of amounts incurred on Employee Separation Schemes and reorganization costs. 5. The share of profit/(loss) in Estate Management Services Private Limited, Sri Lanka, an associate company, has not been included in the results for the current or corresponding period of the previous year, as the same were not available. This is, however, estimated not to have a material impact on the results of the Group. 6. Previous period's figures have been rearranged to the extent necessary, to conform to the current period's figures. In particular, the comparative figures for the quarter ended December 31, 2007 have been restated to exclude North India Plantation Division and certain related adjustments effected to make them comparable with the current 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 financial 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 Turnover, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below: | Rs. Lakhs | Quarter Ended 31st December 2008 | Quarter Ended 31stDecember 2007 | Nine Months Ended 31st December 2008 | Nine months Ended 31st December 2007 | | Total Operating Income | 38275 | 31408 | 102204 | 87841 | | Profit after Tax | 4830 | 4378 | 12980 | 12191 | | Earnings per Share - Rs (Not Annualised) | 7.81 | 7.08 | 20.99 | 19.82 | 8. The aforementioned results were reviewed by the Audit Committee of the Board on January 28, 2009 and taken on record by the Board of Directors at its Meeting's held on January 30, 2009. Limited review of the results has been completed by the auditors. | Mumbai: January 30, 2009 | Ratan N Tata Chairman |
| | | | | | | | | Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the Quarter ended December 31, 2008 | | | | | (Rs. in Lakhs) | | | Three months ended December 31 | Nine months ended December 31 | Year Ended March 31st 2008 Audited | | | 2008 | 2007 | 2008 | 2007 | | 1. Segment Revenue | | | | | | a) Tea | 101301 | 90220 | 280795 | 252342 | 343238 | | b) Coffee & Other Produce | 28559 | 23894 | 80781 | 67398 | 92930 | | c) Others | 819 | 249 | 3223 | 1811 | 3063 | | Total Revenue | 130679 | 114363 | 364799 | 321551 | 439231 | | 2. Segment Results | | | | | | | a) Tea | 15164 | 17126 | 39368 | 40499 | 52773 | | b) Coffee & Other Produce | 3213 | 3999 | 9830 | 10781 | 13536 | | c) Others | (1112) | 4 | (2379) | 127 | (279) | | Total | 17265 | 21129 | 46819 | 51407 | 66030 | | ADD / (Less) | | | | | | | i) Interest | (437) | (809) | (1489) | (6103) | (6086) | | ii) Interest on Loans for acquisition | (1108) | (3955) | (2682) | (14162) | (16050) | | iii) Exchange gain on reststement of foreign currency deposits/ loans | 58041 | 3825 | 78504 | 6031 | 5618 | | iv) Un-allocated (Expenditure)/Income | (2089) | 150761 | (3287) | 149809 | 156415 | | Total Profit before Tax | 71672 | 170951 | 117865 | 186982 | 205927 | | 3. Capital Employed | | | | | | | a) Tea | 275144 | 289210 | 275144 | 289210 | 264895 | | b) Coffee & Other Produce | 148504 | 126680 | 148504 | 126680 | 122117 | | c) Others | 4207 | 481 | 4207 | 481 | 3025 | | d) Unallocated | 44913 | 3756 | 44913 | 3756 | 56297 | | Total | 472768 | 420127 | 472768 | 420127 | 446334 | | | | 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 : Includes Cultivation, manufacture and sale of coffee ( including Instant Coffee) and Other Plantation Crops except Tea. 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. Un-allocated (expenditure) / Income include expenses incurred on common services at corporate level, exceptional Income/Expenditure and income from investments. | |
