| Audited Financial Results for three months ended December 31, 2009 | | Rs in Lakhs | | | Three months ended December 31 | Nine months ended December 31 | Year ended March 31 | | | 2009 | 2008 | 2009 | 2008 | 2009 | | Net Sales / Income from Operations | 44744 | 37875 | 128960 | 101161 | 136153 | | Other Operating Income | 317 | 400 | 686 | 1043 | 1772 | | Total Operating Income | 45061 | 38275 | 129646 | 102204 | 137925 | | (a) (Increase)/Decrease in stock in trade and work in progress | (415) | (276) | 301 | 746 | (1867) | | (b) Consumption of Raw Materials | 26264 | 22134 | 74538 | 57087 | 78599 | | (c) Purchase of Traded Goods | 87 | 172 | 108 | 440 | 448 | | (d) Employees Cost | 1732 | 1976 | 6343 | 6135 | 9175 | | (e) Advertisement & Sales Charges | 4982 | 2754 | 10615 | 6185 | 9234 | | (f) Depreciation & Amortization | 325 | 288 | 917 | 791 | 1065 | | (g) Other Expenditure | 7667 | 6873 | 22998 | 19208 | 27085 | | Total Expenditure | 40642 | 33921 | 115820 | 90592 | 123739 | | Profit from Operations before Other Income, Interest & Exceptional Items | 4419 | 4354 | 13826 | 11612 | 14186 | | Other Income - Income from Investments(Net) | 2074 | 4519 | 6922 | 10375 | 14539 | | Profit Before Interest & Exceptional Items | 6493 | 8873 | 20748 | 21987 | 28725 | | Interest (Net) | 1176 | 1721 | 3509 | 3390 | 4860 | | Profit after Interest but before exceptional items | 5317 | 7152 | 17239 | 18597 | 23865 | | Exceptional Income / (Expenditure) (Net) | (219) | (219) | 24114 | (144) | (959) | | Profit before Tax | 5098 | 6933 | 41353 | 18453 | 22906 | | Tax Expense | | | | | | | (a) Current Tax | 1452 | 2070 | 7853 | 5584 | 7203 | | (b) Deferred Tax | (29) | (17) | (275) | (261) | (403) | | (c) Fringe Benefit Tax | - | 50 | - | 150 | 200 | | Profit after Tax | 3675 | 4830 | 33775 | 12980 | 15906 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 171561 | | Earnings per share(Basic & diluted)(Not annualised)-Rs | 5.94 | 7.81 | 54.62 | 20.99 | 25.72 | | Aggregate of Public Shareholding | | | | | | | - Number of Shares | 40029719 | 40021538 | 40029719 | 40021538 | 39999626 | | - Percentage of Share holding | 64.73% | 64.72% | 64.73% | 64.72% | 64.68% | | Promoters and Promoters Group Shareholding | | | | | | | (a) Pledged/ Encumbered | | | | | | | - Number of shares | 7500000 | | 7500000 | | 9500000 | | - Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 34.39% | | 34.39% | | 43.50% | | - Percentage of Shares (as a percentage of the total share capital of the Company) | 12.13% | | 12.13% | | 15.36% | | (b) Non Encumbered | | | | | | | - Number of shares | 14310138 | | 14310138 | | 12340231 | | - Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 65.61% | | 65.61% | | 56.50% | | - Percentage of Shares (as a percentage of the total share capital of the Company) | 23.14% | | 23.14% | | 19.96% | | | Notes: 1. Total operating income for the quarter at Rs 450.61 crores increased by 18%, driven by strong performance of the Company's branded tea operations. 2. Profit from Operations before other income, interest and exceptional items at Rs 44.19 crores increased from the corresponding quarter of the previous year due to improvement in branded tea operations, partly offset by hardening commodity costs, increase in advertising & selling costs driven by higher level of promotion and increased investment in brand building and new product development. 3. Investment Income of the current quarter is lower than the corresponding quarter of the previous year due to higher dividend income received during the previous period. Consequently, the Profit before tax of the current quarter at Rs. 50.98 crores is lower than the corresponding quarter of the previous year at Rs. 69.33 crores. 4. Exceptional items for the nine months ended December 31,2009 include profit arising out of sale of equity shares of Rallis India Limited amounting to Rs 247.72 crores net of amortization of amounts incurred on Employee Separation Scheme of Rs 6.58 crores. Exceptional Items for the previous year's corresponding period includes profit on sale of Long Term Investments net of amortization of amounts incurred on Employee Separation Scheme. 5. The company, during the quarter, has increased its stake in its subsidiary Mount Everest Mineral Water Limited from 40.27% to 40.92%. 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 Standards) Rules 2006, are not applicable. 7. The Company did not have any investor complaint pending as on October 01, 2009. Three investors' complaints were received during the three months ended December 31, 2009 and two were resolved during the period. There was one investor complaint pending resolution as on December 31, 2009. 8. Previous period's figures have been re-arranged to the extent necessary, to conform to current period's figures. 9. The aforementioned results were reviewed by the Audit Committee of the Board on January 27, 2010 and taken on record by the Board of Directors at its Meeting held on January 28, 2010. The statutory auditors of the company have audited these results. | Mumbai, January 28, 2010 | R K Krishna Kumar (Vice Chairman) | | | | | | | | | | Notes: 1. Operating income for the quarter at Rs 1549 crores has increased by 21% as compared to the corresponding quarter of the previous year due to strong branded performance aided by improved price realization in key markets which has offset the increase in commodity costs. The operating income includes the performance of the Russian Beverage company in which a 51% stake was acquired through a subsidiary during the quarter ended 30th September 2009. 2. Profit before exceptional items for the quarter at Rs 165 crores (Operating Profit) has increased by 17% as compared to the corresponding quarter of the previous year due to improved operating performance, and lower net interest costs. During the quarter, there has been increased investment behind advertisement and promotional support for the brands, and new product initiatives. 3. During the quarter, consequent to exchange rate movement, there is a unrealized loss on translation of short term foreign currency financial assets / options held by an overseas subsidiary whereas in the corresponding quarter of the previous year as well as the year ending 31 March 2009, favourable exchange rate movements had resulted in significant unrealized gains. 4. Other Exceptional items for the quarter comprises of: (a) Reorganization costs of Rs 1 crore relating to restructuring of business. (b) Amortization of amounts incurred on Employee Separation Scheme amounting to Rs 2 crores In the corresponding quarter of the previous year, other exceptional expenditure comprised of reorganization costs and amortization of amounts incurred on Employee Separation schemes. 5. During the quarter, the Company increased its stake in one of its subsidiaries, Mount Everest Mineral Water Limited (MEMWL), from 40.27% to 40.92%. 6. Earnings per share (EPS) (basic and diluted- not annualised) for the quarter ended December 31, 2009 of Rs. 14.91 is lower than Rs 64.06 reported for the corresponding quarter of the 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. 15.30 as compared to Rs 12.03 for the corresponding quarter of the previous year, reflecting the improved performance. 7. 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 31st December | Nine months ended 31st December | | | 2009 | 2008 | 2009 | 2008 | | Total Operating Income | 451 | 383 | 1297 | 1022 | | Profit after Tax | 37 | 48 | 338 | 130 | | Earnings per Share - Rs (Not Annualised) | 5.94 | 7.81 | 54.62 | 20.99 | 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 January 27, 2010 and subsequently taken on record by the Board of Directors at its Meeting held on January 28, 2010 The statutory auditors of the company have conducted limited review of these results. | | Mumbai: January 28, 2010 | R K Krishna Kumar (Vice Chairman) | | | | | | | | Unaudited Consolidated Financial Results for the three months ended December 31, 2009 | | | | Rs in Lakhs | | | Three months ended December 31 | Nine months ended December 31 | Audited Year ended March 31 2009 | | | 2009 | 2008 | 2009 2008 | | | Net Sales / Income from Operations | 154006 | 127751 | 421246 | 357168 | 484787 | | Other Operating Income | 917 | 593 | 3519 | 1628 | 2623 | | Total Operating Income | 154923 | 128344 | 424765 | 358796 | 487410 | | (a) (Increase)/Decrease in stock in trade and work in progress | 806 | (751) | (1938) | (2937) | (7169) | | (b) Consumption of Raw Materials | 53931 | 43786 | 149382 | 118465 | 162810 | | (c) Purchase of Traded Goods | 7269 | 4830 | 18921 | 14478 | 19637 | | (d) Employees Cost | 15470 | 13701 | 45333 | 39787 | 55416 | | (e) Advertisement & sales carges | 27996 | 23181 | 72899 | 64851 | 88024 | | (f) Depreciation & Amortization (net of amount drawn from Revaluation Reserve) | 2611 | 2408 | 7573 | 6840 | 9869 | | (g) Other Expenditure | 29861 | 25891 | 85647 | 76882 | 104130 | | Total Expenditure | 137944 | 113046 | 377817 | 318366 | 432717 | | Profit from Operations before Other Income, Interest & Exceptional Items | 16979 | 15298 | 46948 | 40430 | 54693 | | Other Income - Income from Investments (Net) | 507 | 320 | 3240 | 3251 | 3320 | | Profit Before Interest & Exceptional Items | 17486 | 15618 | 50188 | 43681 | 58013 | | Interest (Net) | 995 | 1545 | 2498 | 4171 | 5420 | | Profit after Interest but before exceptional items | 16491 | 14073 | 47690 | 39510 | 52593 | | Notional Unrealized ( Loss)/ Gain on translation of foreign currency Assets options | (9) | 58152 | (13540) | 79396 | 34769 | | Other Exceptional Income / (Expenditure) (Net) | (359) | (553) | 16600 | (1041) | 38269 | | Profit / (Loss) before Tax | 16123 | 71672 | 50750 | 117865 | 125631 | | Tax Expense | | | | | | | (a) Current Tax | 5902 | 22076 | 14735 | 36678 | 43137 | | (b) Deferred Tax | 232 | 167 | 736 | 128 | (997) | | (c) Fringe Benefit Tax | 0 | 76 | 0 | 222 | 301 | | Profit / (Loss) after Tax | 9989 | 49353 | 35279 | 80837 | 83190 | | Share of Profit from Associates | 1322 | 418 | 3253 | 3745 | 2493 | | Minority Interest | (2088) | (10159) | (2522) | (15625) | (15628) | | Group Consolidated Net Profit / Loss | 9223 | 39612 | 36010 | 68957 | 70055 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 351936 | | Earnings per share(Basic & diluted)(Not annualised)-Rs (Refer Note 6) | 14.91 | 64.06 | 58.23 | 111.51 | 113.28 | | Aggregate of Public Shareholding | | | | | | | - Number of Shares | 40029719 | 40021538 | 40029719 | 40021538 | 39999626 | | - Percentage of Share holding | 64.73% | 64.72% | 64.73% | 64.72% | 64.68% | | Promoters and Promoters Group Shareholding | | | | | | | (a) Pledged/ Encumbered | | | | | | | - Number of shares | 7500000 | | 7500000 | | 9500000 | | - Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 34.39% | | 34.39% | | 43.50% | | - Percentage of Shares (as a percentage of the total share capital of the Company) | 12.13% | | 12.13% | | 15.36% | | (a) Non Encumbered | | | | | | | - Number of shares | 14310138 | | 14310138 | | 12340231 | | - Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 65.61% | | 65.61% | | 56.50% | | - Percentage of Shares (as a percentage of the total share capital of the Company) | 23.14% | | 23.14% | | 19.96% | | | | | | | | Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the Three months ended Dec 31, 2009 | | | | | (Rs. in Lakhs) | | | Three months ended December 31 | Nine months ended December 31 | Year Ended March 31st 2009 Audited | | | 2009 2008 | 2009 | 2008 | | 1. Segment Revenue | | | | | | a) Tea | 118426 | 101274 | 322132 | 280866 | 378515 | | b) Coffee & Other Produce | 35542 | 26280 | 99469 | 74778 | 104712 | | c) Others | 937 | 779 | 3052 | 3122 | 4088 | | d) Unallocated | 18 | 11 | 112 | 30 | 95 | | Total Operating Income | 154923 | 128344 | 424765 | 358796 | 487410 | | 2. Segment Results - Profit / (Loss) | | | | | | | a) Tea | 14799 | 16226 | 43735 | 41226 | 52895 | | b) Coffee & Other Produce | 5917 | 3213 | 16734 | 9830 | 14663 | | b) Others | (391) | (854) | (1262) | (2362) | (3233) | | Total | 20325 | 18585 | 59207 | 48694 | 64325 | | ADD / (Less) | | | | | | | i) Interest(net) | (995) | (1545) | (2498) | (4171) | (5420) | | ii) Notional Unrealised (Loss) / gain on translation on foreign currency assets / options | (9) | 58152 | (13540) | 79396 | 34769 | | iii) Other Un-allocable items and Investment Income net of Exceptional Income/ (Expenditure) | (3198) | (3520) | 7581 | (6054) | 31957 | | Total Profit /( Loss) before Tax | 16123 | 71672 | 50750 | 117865 | 125631 | | 3. Capital Employed | | | | | | | a) Tea | 322442 | 275172 | 322442 | 275172 | 279074 | | b) Coffee & Other Produce | 138875 | 148504 | 138875 | 148504 | 153233 | | c) Others | 2516 | 4185 | 2516 | 4185 | 2337 | | d) Unallocated including Investments | 65778 | 45056 | 65778 | 45056 | 32076 | | Total | 529611 | 472917 | 529611 | 472917 | 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. 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. Other Unallocable income / expenditure include income / expenditure incurred on common services at the corporate level, exceptional income/ expenditure and income from investments. c. Previous years figures have been regrouped / rearranged, to the extent necessary, to conform to current periods figures. | Mumbai: January 28, 2010 | R K Krishna Kumar (Vice Chairman) | | | | | | | Financial Highlights | | | | | Three months ended December 31 | Nine months ended December 31 | Year Ended March 31st 2009 | | | 2009 | 2008 | 2009 | 2008 | | | | Total Operating Income | 1549.23 | 1283.44 | 4247.65 | 3587.96 | 4874.10 | | Profit before Exceptionals | 164.91 | 140.73 | 476.90 | 395.10 | 525.93 | | Exceptionals (net) | (3.68) | 575.99 | 30.60 | 783.55 | 730.38 | | Net Profit Before Tax | 161.23 | 716.72 | 507.50 | 1178.65 | 1256.31 | | Net Profit after Tax | 99.89 | 493.53 | 352.79 | 808.37 | 831.90 | | Earnings per Share - Rs* | 14.91 | 64.06 | 58.23 | 111.51 | 113.28 | | Earnings per Share (before Exceptionals) on Core Operations - Rs* | 15.30 | 12.03 | 46.70 | 40.62 | 47.39 | | Dividend - Rs per share (Face Value Rs 10 per Share) | | | | | 17.50 | | | | | |
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