31 Jan 2013 12:21
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Financial Results
for three months ended December 31, 2012
Rs. In Lakhs
Particulars | Three Months Ended | Six Months ended | Year Ended | |||
December 2012 | September 2012 | December 2011 | December 2012 | December 2011 | March 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 61721 | 53934 | 52284 | 171948 | 153194 | 199564 |
Other Operating Income | 808 | 1302 | 767 | 2825 | 2916 | 3965 |
Total Income from Operations (Net) | 62529 | 55236 | 53051 | 174773 | 156110 | 203529 |
a) Cost of materials consumed | 42775 | 39977 | 30940 | 114231 | 97961 | 129341 |
b) Purchase of stock-in-trade | - | - | 113 | 118 | 165 | |
c) Charges in inventories of finished goods and stock-in-trade | (1265) | 274 | 1578 | 1793 | 2572 | (978) |
d) Employee benefits expense | 2872 | 2708 | 2585 | 8344 | 7389 | 10069 |
e) Depreciation & Amortization expense | 370 | 353 | 286 | 1072 | 885 | 1204 |
f) Other Expenses | 11388 | 11164 | 11257 | 32488 | 30129 | 41755 |
Total Expenses | 56140 | 52476 | 46646 | 158041 | 139054 | 181556 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 6389 | 2760 | 6405 | 16732 | 17056 | 21973 |
Other Income | 5807 | 4166 | 4772 | 10649 | 8648 | 9409 |
Profit from ordinary activities before Finance cost & Exceptional Items | 12196 | 6926 | 11177 | 27381 | 25704 | 31382 |
Finance Cost | 1287 | 543 | 1068 | 2131 | 1975 | 2704 |
Profit from ordinary activities after Finance cost but before Exceptional Items | 10909 | 6383 | 10109 | 25250 | 23729 | 28678 |
Exceptional items (Net) | (1142) | 3642 | (1392) | 2350 | 9188 | 8313 |
Profit from ordinary activities before Tax | 9767 | 10025 | 8717 | 27600 | 32917 | 36991 |
Tax Expense | ||||||
a) Current Tax | 2716 | 926 | 2981 | 5892 | 6524 | 7614 |
b) Deferred Tax | (67) | (340) | (106) | (457) | (944) | (891) |
Net Profit for the period | 7118 | 9439 | 5842 | 22165 | 27337 | 30268 |
Paid up Equity Share Capital(face value of Rs. 1 each) | 6184 | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | 212641 | |||||
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 1.15 | 1.53 | 0.94 | 3.58 | 4.42 | 4.89 |
PARTICULARS OF SHAREHOLDING | ||||||
Public Shareholding | ||||||
- Number of Shares | 400715380 | 400715380 | 400496414 | 400715380 | 400496414 | 400715380 |
- Percentage of Shareholding | 64.80% | 64.80% | 64.76% | 64.80% | 64.76% | 64.80% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged / Encumbered | ||||||
Number of Shares | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 18.74% | 18.74% | 18.72% | 18.74% | 18.72% | 18.74% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
(b) Non Encumbered | ||||||
Number of Shares | 176883190 | 176883190 | 177102156 | 176883190 | 177102156 | 176883190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 81.26% | 81.26% | 81.28% | 81.26% | 81.28% | 81.26% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 28.60% | 28.60% | 28.64% | 28.60% | 28.64% | 28.60% |
Notes:
1. Total Operating Income for the quarter at Rs 625.29 crores grew by 18% over the corresponding quarter of the previous year driven mainly by higher volumes and better price realization.
2. The Net profit in the quarter at Rs. 71.18 crores increased by 22% over the corresponding quarter of the previous year driven by higher other income and improved performance in branded operations.
3. Exceptional items during the quarter represent costs on new product development Rs. 5.95 crores and one time ex gratia payment to pensioners Rs. 5.47 cores. Exceptional items for corresponding quarter of the previous year represent costs on long term initiatives and new projects of Rs. 14.06 crores offset by recovery from sale of assets of Rs. 0.14 crores.
4. Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 1.15 is higher than Rs 0.94 reported for the corresponding quarter of the previous year mainly due to improved operating performance and higher other income. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is Rs. 1.28 as compared to Rs. 1.10 for the corresponding quarter of the previous year.
5. 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.
6. Investor complaints :
Pending at the beginning of the Quarter | Received during the Quarter | Disposed off during the Quarter | Remaining unresolved at the end of the Quarter |
- | 4 | 2 | 2 |
7. Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures.
8. The aforementioned results were reviewed by the Audit Committee of the Board on January 30, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on January 31, 2013. The statutory auditors of the company have audited these results.
Cyrus P Mistry
Mumbai, January, 2013 (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Unaudited Consolidated Financial Results
for the three months ended December 31, 2012
Rs. In Lakhs
Particulars | Three Months Ended | Nine Months ended | Audited Year Ended | |||
December 2012 | September 2012 | December 2011 | December 2012 | December 2011 | March 31 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 190199 | 184257 | 179320 | 545944 | 486115 | 658526 |
Other Operating Income | 1357 | 1825 | 822 | 4204 | 3591 | 4590 |
Total Income from Operations (Net) | 191556 | 186082 | 180142 | 550148 | 489706 | 663116 |
(a) Cost of Material Consumed | 85096 | 82850 | 81181 | 248687 | 232902 | 309455 |
(b) Purchase of stock in trade | 8846 | 6788 | 8417 | 24024 | 22119 | 29434 |
(c) Changes in inventories of finished goods, work in progress and stock in trade | (933) | 4011 | (2503) | 530 | (6415) | (6582) |
(d) Employee Benefits Expense | 18752 | 17686 | 17649 | 53782 | 49121 | 67505 |
(e) Depreciation and Amortization Expense (net of amount drawn from Revaluation Reserve) | 2459 | 2506 | 2377 | 7464 | 7090 | 9614 |
(f) Advertisement and Sales charges | 31602 | 33350 | 34062 | 93297 | 83370 | 109967 |
(g) Other Expenses | 27870 | 25280 | 23105 | 75310 | 65021 | 91032 |
Total Expenses | 173692 | 172471 | 164288 | 503094 | 453208 | 610425 |
Profit from Operations before Other Income , Finance Costs & Exceptional Items | 17864 | 13611 | 15854 | 47054 | 36498 | 52691 |
Other Income | 1723 | 3413 | 2128 | 6999 | 7560 | 9452 |
Profit from ordinary activities before Finance Cost & Exceptional Items | 19587 | 17024 | 17982 | 54053 | 44058 | 62143 |
Finance Cost | (2383) | (1096) | (2315) | (5598) | (5610) | (7035) |
Profit from ordinary activities after Finance Cost but before Exceptional Items | 17204 | 15928 | 15667 | 48455 | 38448 | 55108 |
Exceptional Items (Net) | (1206) | (1123) | (1603) | (2867) | 6204 | 2254 |
Profit from ordinary activities before Tax | 15998 | 14805 | 14064 | 45588 | 44652 | 57362 |
Tax Expense | ||||||
(a) Current Tax | 6217 | 3108 | 5740 | 14232 | 12006 | 14795 |
(b) Deferred Tax | 485 | (1106) | 173 | (609) | (730) | (624) |
Profit after Tax | 9296 | 12809 | 8151 | 31965 | 33376 | 43191 |
Share of Profit/(Loss) from Associates | 527 | 1166 | 93 | 1050 | 462 | (1512) |
Minority Interest in Consolidated Profit | (1797) | (2071) | (1838) | (5316) | (3645) | (6065) |
Group Consolidated Net Profit | 8026 | 11904 | 6406 | 27699 | 30193 | 35614 |
Paid-up equity share capital (Face value of Re 1 each) | 6184 | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserves | 446149 | |||||
Earnings per share (Basic & Diluted)(not annualised for quarter end) - Rs | 1.30 | 1.92 | 1.04 | 4.48 | 4.48 | 5.76 |
PARTICULARS OF SHAREHOLDING | ||||||
Public Shareholding | ||||||
-Number of Shares | 400715380 | 400715380 | 400496414 | 400715380 | 400496414 | 400715380 |
-Percentage of Share holding | 64.80% | 64.80% | 64.76% | 64.80% | 64.76% | 64.80% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged/ Encumbered | ||||||
- Number of shares | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 |
-Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 18.74% | 18.74% | 18.72% | 18.74% | 18.72% | 18.74% |
-Percentage of Shares (as a percentage of the total share Capital of the Company) | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
(b) Non Encumbered | ||||||
- Number of shares | 176883190 | 176883190 | 177102156 | 176883190 | 177102156 | 176883190 |
-Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 81.26% | 81.26% | 81.28% | 81.26% | 81.28% | 81.26% |
-Percentage of Shares (as a percentage of the total share Capital of the Company) | 28.60% | 28.60% | 28.64% | 28.60% | 28.64% | 28.60% |
Notes:
1. For the quarter, Income from operations at Rs 1915 crores increased by 6% year on year reflecting improved performance coupled with favourable foreign exchange translation impact.
2. Profit from operations for the quarter at Rs. 179 crores improved by 13% year on year mainly due to improved operating performance in branded and n on branded businesses and favourable impact of cost interventions. Group Consolidated Net Profit for the quarter at Rs. 80 crores is higher by 25% as compared to corresponding period.
3. Exceptional items for the quarter represents cost relating to business restructuring of Rs 3 crores, expenditure on one time ex-gratia payment to pensioners of Rs. 5 crores, expenditure on long term initiatives and new projects of Rs. 4 crores. In the corresponding period of the previous year exceptional items consisted of redundancy cost relating to business restructure of Rs. 2 crores and cost incurred for on long term initiatives and new projects of Rs. 14 corres.
4. Earnings per share (EPS) (basic and diluted) for the quarter at Rs 1.30 is higher than the corresponding period of previous year by 25% mainly due to the improved performance. Net of the impact of exceptional items, EPS (basic and diluted) for the quarter at Rs 1.42 is higher by 17% as compared to the corresponding period of the previous year mainly due to improved operating performance.
5. The estimated actuarial losses relating to defined benefit pension scheme of overseas subsidiaries of Rs 19.45 crores (net of tax and minority interest) for the quarter 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 for the quarter and six months ended December 2012 would have been lower by Rs 19.45 crores and Rs 37.23 crores respectively. The net profit for the interim periods as well as year reported is comparable and excludes the impact of actuarial gain/losses.
The Statutory Auditors have invited attention to this in their review report.
6. An overseas subsidiary's shareholding in The Rising Beverages Company LLC in excess of 50% continues to be accounted as an associate, as the increase in stake in excess of 50% is intended to be temporary.
7. 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:
In Rs Crores | Three Months Ended | Nine Months ended | Year Ended | |||
Dec. 31 2012 | Sept. 30 2012 | Dec. 31 2011 | Dec. 31 2012 | Dec. 31 2011 | March 31 2012 | |
Total Income from Operations (Net) | 625 | 552 | 531 | 1748 | 1561 | 2035 |
Net Profit for the period | 71 | 94 | 58 | 222 | 273 | 303 |
Earnings per share - Rs* | 1.15 | 1.53 | 0.94 | 3.58 | 4.42 | 4.89 |
Earnings per share - Rs* excluding impact of exceptional items | 1.28
| 0.86
| 1.10
| 3.06
| 2.69
| 3.26
|
* not annualised for the quarter end
8. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
9. The aforementioned results were reviewed by the Audit Committee of the Board on January 30, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on January 31, 2013. The Statutory Auditors of the company have conducted a limited review of these results.
Cyrus P Mistry
Mumbai, January, 2013 (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 December 31, 2012
Rs. In Lakhs
Particulars | Three Months Ended | Nine Months ended | Audited Year Ended | |||
December 2012 | September 2012 | December 2011 | December 2012 | December 2011 | March 2012 | |
1. Segment Revenue | ||||||
(a) Tea | 142044 | 131062 | 130017 | 396140 | 352510 | 480027 |
(b) Coffee & Other Produce | 48154 | 53503 | 48752 | 148710 | 133193 | 176531 |
(c) Others | 1350 | 1492 | 1353 | 5265 | 3949 | 6540 |
(d) Unallocated | 8 | 25 | 20 | 33 | 54 | 18 |
Total Income from Operations (Net) | 191556 | 186082 | 180142 | 550148 | 489706 | 663116 |
2. Segment Results | ||||||
(a) Tea | 14647 | 9462 | 13843 | 36599 | 34094 | 50651 |
(b) Coffee & Other Produce | 7101 | 8418 | 5909 | 21780 | 14459 | 19609 |
(c) Others | (995) | (654) | (434) | (2096) | (1334) | (1922) |
Total | 20753 | 17226 | 19318 | 56283 | 47219 | 68338 |
Add/(Less) | ||||||
i) Finance Cost | (2383) | (1096) | (2315) | (5598) | (5610) | (7035) |
ii) Other Un-allocable items, Investment Income and Exceptional Items | (2372) | (1325) | (2939) | (5097) | 3043 | (3941) |
Profit from ordinary activities before Tax | 15998 | 14805 | 14064 | 45588 | 44652 | 57362 |
3. Capital Employed | ||||||
(a) Tea | 381929 | 341358 | 335714 | 381929 | 335714 | 306417 |
(b) Coffee & Other Produce | 202719 | 197106 | 170205 | 202719 | 170205 | 181648 |
(c) Others | 24415 | 22434 | 17810 | 24415 | 17810 | 21134 |
(d) Unallocated including Investments | 21286 | 36147 | 58564 | 21286 | 58564 | 53967 |
Total | 630349 | 597045 | 582293 | 630349 | 582293 | 563166 |
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. Unallocable expenditure include expenses incurred on common services at corporate level, finance costs and exceptional items. Unallocable other income includes other income and exceptional items.
c. Previous period's figures have been regrouped/rearranged to the extent necessary, to conform to current period's classifications.
Cyrus P Mistry
Mumbai, January, 2013 (Chairman)
Particulars | Three Months Ended | Nine Months ended | Year Ended | |||
December 2012 | September 2012 | December 2011 | December 2012 | December 2011 | March 2012 | |
Total Income from Operations (Net) | 1915.56 | 1860.82 | 1801.42 | 5501.48 | 4897.06 | 6631.16 |
Profit before Exceptionals | 172.04 | 159.28 | 156.67 | 484.55 | 384.48 | 551.08 |
Exceptionals Items (Net) | (12.06) | (11.23) | (16.03) | (28.67) | 62.04 | 22.54 |
Net Profit before Tax | 159.98 | 148.05 | 140.64 | 455.88 | 446.52 | 573.62 |
Net Profit after Tax | 92.96 | 128.09 | 81.51 | 319.65 | 333.76 | 431.91 |
Earnings per Share - Rs* | 1.30 | 1.92 | 1.04 | 4.48 | 4.88 | 5.76 |
Earnings per Share (Before Exceptionals)- on Core Operations - Rs * | 1.42 | 1.70 | 1.21 | 4.42 | 3.39 | 4.62 |
Dividend - Rs per share (Face Value Re 1 per Share) | Rs 2.15 | |||||
* Not annualised for the quarter