5 Feb 2018 12:27
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Consolidated Financial Results for the quarter and nine months ended December 31, 2017
Rs in Crores
Particulars | Three months ended | Year to Date ended | Year ended | |||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | March 31, 2017 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 1730.39 | 1692.14 | 1740.82 | 5126.95 | 5097.58 | 6779.55 |
Other Income | 20.55 | 33.54 | 16.81 | 68.43 | 72.83 | 83.10 |
Total Income | 1750.94 | 1725.68 | 1757.63 | 5195.38 | 5170.41 | 6862.65 |
Cost of materials consumed | 836.92 | 777.08 | 848.47 | 2405.66 | 2414.30 | 3205.82 |
Purchase of stock in trade | 110.63 | 105.93 | 114.26 | 344.54 | 239.26 | 356.44 |
Changes in inventories of finished goods, work in progress and stock in trade | (20.04) | 39.50 | (28.18) | 9.33 | 76.76 | (0.69) |
Employee benefits expense | 206.71 | 200.74 | 204.33 | 610.67 | 621.74 | 834.95 |
Finance costs | 8.50 | 9.62 | 21.57 | 29.18 | 66.76 | 91.53 |
Depreciation and amortisation expense | 29.05 | 29.47 | 31.08 | 87.57 | 94.84 | 126.04 |
Advertisement and sales charges | 126.68 | 128.76 | 179.10 | 373.63 | 418.79 | 584.65 |
Other expenses | 234.41 | 226.17 | 241.36 | 689.91 | 721.06 | 1007.25 |
Total Expenses | 1532.86 | 1517.27 | 1611.99 | 4550.49 | 4653.51 | 6205.99 |
Profit before Exceptional Items and Tax | 218.08 | 208.41 | 145.64 | 644.89 | 516.90 | 656.66 |
Exceptional Items (Net) | (12.41) | (12.18) | 49.54 | (19.48) | 47.80 | 5.30 |
Profit before Tax | 205.67 | 196.23 | 195.18 | 625.41 | 564.70 | 661.96 |
Tax Expense | (19.56) | (72.75) | (50.32) | (172.85) | (185.41) | (198.31) |
Net Profit after Tax | 186.11 | 123.48 | 144.86 | 452.56 | 379.29 | 463.65 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | 2.53 | 31.01 | (0.32) | 32.38 | 24.39 | (8.85) |
Group Consolidated Net Profit (A) | 188.64 | 154.49 | 144.54 | 484.94 | 403.68 | 454.80 |
Attributable to : | ||||||
Owners of the Parent | 167.87 | 143.80 | 127.63 | 436.11 | 358.03 | 389.44 |
Non Controlling Interest | 20.77 | 10.69 | 16.91 | 48.83 | 45.65 | 65.36 |
Other Comprehensive Income | ||||||
i) Items that will not be reclassified to profit or loss | ||||||
Remeasurement of the defined benefit plan | 20.34 | 6.28 | 15.52 | 43.64 | (20.72) | 10.24 |
Changes in fair valuation of equity instruments | 8.31 | 43.10 | (26.62) | 60.39 | 146.91 | 259.37 |
| 28.65 | 49.38 | (11.10) | 104.03 | 126.19 | 269.61 |
ii) Items that will be reclassified to profit or loss | ||||||
Exchange differences on translation of foreign operations | (75.74) | 163.62 | 66.12 | 199.11 | (422.38) | (567.36) |
Gains/(loss) on effective portion of cash flow hedges | 2.75 | (4.27) | (18.70) | (12.85) | 11.42 | 19.78 |
| (72.99) | 159.35 | 47.42 | 186.26 | (410.96) | (547.58) |
Total Other Comprehensive Income, net of tax (B) | (44.34) | 208.73 | 36.32 | 290.29 | (284.77) | (277.97) |
Attributable to : | ||||||
Owners of the Parent | (36.12) | 181.49 | 42.23 | 255.25 | (219.41) | (198.83) |
Non Controlling Interest | (8.22) | 27.24 | (5.91) | 35.04 | (65.36) | (79.14) |
Total Comprehensive Income (A+B) | 144.30 | 363.22 | 180.86 | 775.23 | 118.91 | 176.83 |
Attributable to : | ||||||
Owners of the Parent | 131.75 | 325.29 | 169.86 | 691.36 | 138.62 | 190.61 |
Non Controlling Interest | 12.55 | 37.93 | 11.00 | 83.87 | (19.71) | (13.78) |
Paid-up equity share capital (Face value of Re 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserve | 6180.53 | |||||
Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs | 2.66 | 2.28 | 2.02 | 6.91 | 5.67 | 6.17 |
Notes:
1. For the quarter, after excluding the impact of sale of the company's business in Russia, the underlying Revenue from operations increased by 3%. Profit before exceptional items at Rs 218 Crores is higher by 50% as compared to the corresponding quarter of the previous year due to improved operating performance, good cost management, phasing of advertisement spends and lower finance costs. Group Consolidated net profit for the quarter at Rs 189 crores is higher by 31% as compared to the corresponding quarter of the previous year reflecting higher profit before exceptional items coupled with lower tax expense partly offset by higher exceptional expenditure.
2. Exceptional items for the current quarter represent redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores (refer Note 4 below). Exceptional item for the corresponding quarter of the previous year represents a gain of Rs 50 Crores arising out of the conversion of an overseas joint venture to a subsidiary pursuant to amendments in the operating agreement.
3. Tax expense for the quarter is after a deferred tax credit of Rs 53 Crores arising on account of the re-statement of deferred tax assets/ liabilities due to reduction in the US tax rates.
4. During the quarter, the Holding Company has divested its holding in its overseas Associate, Estate Management Services Private Limited (EMSPL). Consequently, EMSPL ceases to be an associate of the Holding Company with effect from December 28, 2017.
5. The significant 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 Total Income, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below :
In Rs Crores | Three months ended | Year to date ended | Year ended | |||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | March 31, 2017 | |
Total Income | 874.72 | 846.97 | 804.67 | 2626.15 | 2449.29 | 3160.23 |
Profit before Tax | 266.35 | 164.56 | 96.76 | 645.51 | 323.04 | 386.19 |
Net Profit after Tax | 208.43 | 120.25 | 72.46 | 481.16 | 232.04 | 276.00 |
Total Comprehensive Income | 223.98 | 160.79 | 44.89 | 545.63 | 364.23 | 516.18 |
Earnings per share - Rs (not annualised for the quarter and year to date) | 3.30 | 1.90 | 1.15 | 7.62 | 3.68 | 4.37 |
6. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of the Board on February 02, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2018. The Statutory Auditors of the Company have conducted limited review of these results.
8. The Consolidated and Standalone result for the quarter and nine months ended December 31, 2017 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).
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 and nine months ended December 31, 2017
Rs in Crores
Particulars | Three months ended | Year to Date ended | Year ended | |||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | March31, 2017 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue | ||||||
Branded Business | ||||||
(a) Tea | 1291.47 | 1208.42 | 1238.73 | 3745.55 | 3619.88 | 4803.48 |
(b) Coffee | 253.23 | 290.00 | 289.82 | 793.08 | 847.20 | 1117.84 |
(c) Others | 8.22 | 8.97 | 9.05 | 26.06 | 23.43 | 35.96 |
Total Branded Business | 1552.92 | 1507.39 | 1537.60 | 4564.69 | 4490.51 | 5957.28 |
Non Branded Business | 188.97 | 197.37 | 222.50 | 595.70 | 657.92 | 890.05 |
Total Segment Revenue | 1741.89 | 1704.76 | 1760.10 | 5160.39 | 5148.43 | 6847.33 |
Less: Inter segment Sales | (11.50) | (12.62) | (19.28) | (33.44) | (50.85) | (67.78) |
Revenue from Operations | 1730.39 | 1692.14 | 1740.82 | 5126.95 | 5097.58 | 6779.55 |
Segment Results | ||||||
Branded Business | ||||||
(a) Tea | 193.32 | 166.22 | 143.55 | 542.66 | 464.76 | 577.72 |
(b) Coffee | 63.08 | 51.12 | 30.85 | 154.30 | 129.96 | 178.92 |
(c) Others | (5.89) | (2.31) | (6.23) | (11.37) | (14.43) | (22.11) |
Total Branded Business | 250.51 | 215.03 | 168.17 | 685.59 | 580.29 | 734.53 |
Non Branded Business | 6.02 | 15.26 | 22.10 | 52.01 | 80.28 | 136.97 |
Total Segment Results | 256.53 | 230.29 | 190.27 | 737.60 | 660.57 | 871.50 |
Add/Less | ||||||
Finance Cost | (8.50) | (9.62) | (21.57) | (29.18) | (66.76) | (91.53) |
Other Unallocable items, Other Income & Exceptional Items | (42.36) | (24.44) | 26.48 | (83.01) | (29.11) | (118.01) |
Profit Before Tax | 205.67 | 196.23 | 195.18 | 625.41 | 564.70 | 661.96 |
Segment Assets | ||||||
Branded Business | ||||||
(a) Tea | 4730.62 | 4468.09 | 4652.28 | 4730.62 | 4652.28 | 4145.91 |
(b) Coffee | 1655.87 | 1778.84 | 1876.60 | 1655.87 | 1876.60 | 1763.13 |
(c) Others | 41.09 | 39.39 | 44.03 | 41.09 | 44.03 | 44.81 |
Total Branded Business | 6427.58 | 6286.32 | 6572.91 | 6427.58 | 6572.91 | 5953.85 |
Non Branded Business | 1157.09 | 1075.01 | 913.43 | 1157.09 | 913.43 | 965.55 |
Total Segment Assets | 7584.67 | 7361.33 | 7486.34 | 7584.67 | 7486.34 | 6919.40 |
Unallocable Corporate Assets | 2672.63 | 2777.18 | 2799.06 | 2672.63 | 2799.06 | 2676.58 |
Total Assets | 10257.30 | 10138.51 | 10285.40 | 10257.30 | 10285.40 | 9595.98 |
Segment Liabilities | ||||||
Branded Business | ||||||
(a) Tea | 852.30 | 826.90 | 832.61 | 852.30 | 832.61 | 795.74 |
(b) Coffee | 129.77 | 165.46 | 209.16 | 129.77 | 209.16 | 178.62 |
(c) Others | 7.96 | 12.26 | 24.20 | 7.96 | 24.20 | 40.42 |
Total Branded Business | 990.03 | 1004.62 | 1065.97 | 990.03 | 1065.97 | 1014.78 |
Non Branded Business | 120.11 | 125.09 | 116.14 | 120.11 | 116.14 | 111.25 |
Total Segment Liabilities | 1110.14 | 1129.71 | 1182.11 | 1110.14 | 1182.11 | 1126.03 |
Unallocable Corporate Liabilities | 1390.57 | 1401.28 | 1953.80 | 1390.57 | 1953.80 | 1284.95 |
Total Liabilities | 2500.71 | 2530.99 | 3135.91 | 2500.71 | 3135.91 | 2410.98 |
Notes:
a) 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.
b) 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 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.
c) The segment wise revenue, results, assets and liabilities figures relate to the respective amounts directly identifiable to each of the segments. Unallocable items includes expenses incurred on common services at the corporate level, other income and exceptional items.
Ajoy Misra
Mumbai: February 2, 2018 (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
Standalone Financial Results for the quarter and nine months ended December 31, 2017
Rs in Crores
Particulars
| Three months ended | Year to Date ended | |||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |
Revenue from Operations | 848.43 | 794.80 | 786.43 | 2502.67 | 2367.32 |
Other Income | 26.29 | 52.17 | 18.24 | 123.48 | 81.97 |
Total Income | 874.72 | 846.97 | 804.67 | 2626.15 | 2449.29 |
Cost of materials consumed | 505.69 | 452.38 | 479.96 | 1413.09 | 1403.20 |
Purchase of stock-in-trade | 9.03 | 7.62 | 8.06 | 25.35 | 14.62 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (20.02) | 20.55 | (10.48) | 48.26 | 59.19 |
Employees benefits expense | 56.55 | 50.48 | 48.83 | 158.03 | 142.41 |
Finance costs | 3.51 | 3.50 | 12.43 | 10.13 | 39.40 |
Depreciation and amortisation expense | 6.99 | 6.61 | 5.99 | 19.88 | 17.38 |
Advertisement and sales charges | 52.62 | 54.18 | 62.30 | 154.73 | 154.94 |
Other expenses | 96.08 | 87.09 | 100.82 | 272.02 | 295.11 |
Total Expenses | 710.45 | 682.41 | 707.91 | 2101.49 | 2126.25 |
Profit before Exceptional Items and Tax | 164.27 | 164.56 | 96.76 | 524.66 | 323.04 |
Exceptional Items (Net) | 102.08 | - | - | 120.85 | - |
Profit before Tax | 266.35 | 164.56 | 96.76 | 645.51 | 323.04 |
Tax Expense | (57.92) | (44.31) | (24.30) | (164.35) | (91.00) |
Net Profit after Tax (A) | 208.43 | 120.25 | 72.46 | 481.16 | 232.04 |
Other Comprehensive Income | |||||
i) Items that will not be reclassified to profit or loss | |||||
Remeasurement of defined benefit plans | 7.89 | (0.90) | (4.28) | 6.99 | (14.19) |
Changes in fair valuation of equity instruments | 6.96 | 42.51 | (26.14) | 58.39 | 144.98 |
14.85 | 41.61 | (30.42) | 65.38 | 130.79 | |
ii) Items that will be reclassified to profit or loss | |||||
Gains/(loss) on effective portion of cash flow hedges | 0.70 | (1.07) | 2.85 | (0.91) | 1.40 |
Other Comprehensive Income (Net of tax) (B) | 15.55 | 40.54 | (27.57) | 64.47 | 132.19 |
Total Comprehensive Income (A+B) | 223.98 | 160.79 | 44.89 | 545.63 | 364.23 |
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs. | 3.30 | 1.90 | 1.15 | 7.62 | 3.68 |
Notes:
1. For the quarter, Revenue from operations at Rs 848 crores increased by 8% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit before exceptional items at Rs 164 crores is higher by 70% as compared to corresponding quarter of previous year reflecting improved operating performance, lower finance costs and non-recurring items. Resultantly, coupled with exceptional income, Profit after tax at Rs 208 crores for the current quarter is significantly higher as compared to corresponding quarter of previous year.
2. Exceptional item for the current quarter mainly represents profit on divestment of stake in an Associate of Rs 105 crores.
3. During the quarter, the Company has divested its holding in its overseas Associate, Estate Management Services Private Limited (EMSPL). Consequently, EMSPL ceases to be an associate of the Company with effect from December 28, 2017.
4. The Company has organized its business into Branded Segment and Non Branded Segment. Branded Segment is further categorized 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.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on February 2, 2018 and subsequently taken on record by the Board of Directors at its meeting held on February 2, 2018. The Statutory Auditors of the Company have conducted limited review on these results.
Ajoy Misra
Mumbai: February 2, 2018 (Managing Director and CEO)