8 Feb 2022 09:42
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2021
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | ||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | March 31, 2021 |
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Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
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Revenue from Operations | 3208.38 | 3033.12 | 3069.56 | 9249.96 | 8564.81 | 11602.03 |
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Other Income | 25.04 | 39.62 | 19.49 | 92.67 | 78.42 | 121.38 |
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Total Income | 3233.42 | 3072.74 | 3089.05 | 9342.63 | 8643.23 | 11723.41 |
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Cost of Materials Consumed | 1161.58 | 1232.02 | 1392.56 | 3707.24 | 3614.52 | 4937.45 |
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Purchase of stock in trade | 551.64 | 485.15 | 528.40 | 1579.47 | 1580.70 | 2114.40 |
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Changes in inventories of finished goods, work in progress and stock in trade | 93.36 | 19.12 | (11.40) | 38.57 | (138.89) | (149.54) |
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Employee Benefits Expense | 258.91 | 255.64 | 241.23 | 779.96 | 700.01 | 970.23 |
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Finance Costs | 16.16 | 19.78 | 18.09 | 56.37 | 53.24 | 68.69 |
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Depreciation and Amortisation Expense | 69.80 | 69.31 | 64.40 | 205.90 | 188.87 | 254.74 |
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Advertisement and Sales charges | 245.34 | 211.88 | 209.71 | 615.43 | 509.85 | 726.27 |
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Other Expenses | 435.89 | 416.01 | 347.73 | 1254.84 | 1055.06 | 1459.46 |
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Total Expenses | 2832.68 | 2708.91 | 2790.72 | 8237.78 | 7563.36 | 10381.70 |
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Profit before Exceptional Items and Tax | 400.74 | 363.83 | 298.33 | 1104.85 | 1079.87 | 1341.71 |
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Exceptional Items (Net) | (13.18) | (16.31) | (6.13) | (33.41) | 33.28 | (30.65) |
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Profit before Tax | 387.56 | 347.52 | 292.20 | 1071.44 | 1113.15 | 1311.06 |
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Tax Expense |
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Current tax | (62.95) | (50.03) | (20.17) | (174.14) | (72.45) | (98.16) |
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Deferred tax | (36.93) | (36.10) | (35.00) | (107.58) | (180.25) | (219.11) |
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Total Tax Expense (Net) | (99.88) | (86.13) | (55.17) | (281.72) | (252.70) | (317.27) |
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Net Profit after Tax | 287.68 | 261.39 | 237.03 | 789.72 | 860.45 | 993.79 |
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Share of net profit/(loss) in Associates and Joint Ventures using equity method | 2.39 | 24.41 | 0.35 | (13.61) | (4.34) | (63.33) |
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Group Consolidated Net Profit (A) | 290.07 | 285.80 | 237.38 | 776.11 | 856.11 | 930.46 |
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Attributable to : |
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Owners of the Parent | 265.05 | 268.04 | 218.17 | 718.24 | 802.79 | 856.69 |
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Non Controlling Interest | 25.02 | 17.76 | 19.21 | 57.87 | 53.32 | 73.77 |
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Other Comprehensive Income |
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i) Items that will not be reclassified to profit or loss (net of Tax) |
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Remeasurement of the defined benefit plans | 54.18 | (37.26) | (67.10) | 15.53 | (136.01) | (145.58) |
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Changes in fair valuation of equity instruments | (0.18) | 3.48 | 2.27 | 4.69 | 4.94 | 5.88 |
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| 54.00 | (33.78) | (64.83) | 20.22 | (131.07) | (139.70) |
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Tax impact on above items | (10.90) | 5.81 | 12.66 | (17.34) | 20.52 | 22.06 |
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| 43.10 | (27.97) | (52.17) | 2.88 | (110.55) | (117.64) |
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ii) Items that will be reclassified to profit or loss (net of tax) |
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Exchange differences on translation of foreign operations | 18.44 | (141.78) | 195.54 | (0.31) | 215.23 | 262.68 |
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Gains/(loss) on Effective portion of cash flow hedges | (14.01) | 21.77 | 25.42 | 41.80 | 17.99 | 3.56 |
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| 4.43 | (120.01) | 220.96 | 41.49 | 233.22 | 266.24 |
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Tax impact on above items | 2.74 | (4.53) | (6.45) | (12.90) | (4.80) | 0.82 |
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| 7.17 | (124.54) | 214.51 | 28.59 | 228.42 | 267.06 |
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Total Other Comprehensive Income (B) | 50.27 | (152.51) | 162.34 | 31.47 | 117.87 | 149.42 |
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Attributable to : |
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Owners of the Parent | 44.52 | (134.54) | 137.91 | 22.40 | 99.27 | 127.49 |
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Non Controlling Interest | 5.75 | (17.97) | 24.43 | 9.07 | 18.60 | 21.93 |
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Total Comprehensive Income (A+B) | 340.34 | 133.29 | 399.72 | 807.58 | 973.98 | 1079.88 |
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Attributable to : |
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Owners of the Parent | 309.57 | 133.50 | 356.08 | 740.64 | 902.06 | 984.18 |
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Non Controlling Interest | 30.77 | (0.21) | 43.64 | 66.94 | 71.92 | 95.70 |
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Paid-up equity share capital (Face value of Re 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
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Reserves excluding Revaluation Reserve |
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| 14420.49 |
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Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs | 2.88 | 2.91 | 2.37 | 7.79 | 8.71 | 9.30 |
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Notes:
1. For the quarter, Revenue from operations increased by 5% (4% in constant currency) as compared to corresponding quarter of the previous year. Profit before exceptional items and tax at Rs 401 Crores is higher by 34%. Group Consolidated Net Profit at Rs 290 Crores is higher by 22%.
2. Exceptional item for the current quarter of Rs 13 Crores mainly represent costs relating to the business restructure and redundancy. Exceptional item for the corresponding quarter of the previous year mainly represent costs relating to the business integration in India of Rs 6 Crores.
3. During the quarter, the Parent Company has acquired:
(a) 100% equity of Tata SmartFoodz Limited, pursuant to a share purchase agreement, on November 16, 2021. The acquisition will add Ready-to-Eat packaged food products under the brand 'Tata Q' in its portfolio and a manufacturing facility for expansion in food products;
(b) control of TRIL Constructions Limited, consequent to a revised shareholder agreement which converted the associate into a subsidiary with effect from November 17, 2021.
4. During the quarter ended December 31, 2021, Group's performance experienced some adverse impact due to Covid pandemic. There can be future business uncertainties depending on developments in relation to the pandemic, particularly those arising from third wave in India, which could include market closures, supply constraints and commodity cost volatility.
5. Share of profits/(loss) in Associates and Joint Ventures include the profits/(loss) of an Associate operating in North India plantations, which are seasonal in nature.
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, 2022 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
8. The Consolidated and Standalone result for the quarter and nine months ended December 31, 2021 are available on the BSE website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataconsumer.com).
Sunil D'Souza
Managing Director and CEO
Mumbai: February 02, 2022
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended December 31, 2021
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | |||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | March 31, 2021 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue |
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Branded Business |
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India - Beverages | 1277.68 | 1265.86 | 1264.83 | 3810.63 | 3361.41 | 4561.55 |
India - Foods | 732.36 | 712.22 | 630.64 | 2149.25 | 1800.01 | 2441.69 |
International Business | 896.62 | 781.27 | 936.76 | 2445.47 | 2628.52 | 3508.43 |
Total Branded Business | 2906.66 | 2759.35 | 2832.23 | 8405.35 | 7789.94 | 10511.67 |
Non Branded Business | 312.25 | 279.91 | 246.47 | 869.80 | 798.53 | 1122.17 |
Total Segment Revenue | 3218.91 | 3039.26 | 3078.70 | 9275.15 | 8588.47 | 11633.84 |
Others | 4.50 | 6.28 | 8.39 | 13.51 | 12.70 | 13.45 |
Less: Inter segment Sales | (15.03) | (12.42) | (17.53) | (38.70) | (36.36) | (45.26) |
Revenue from Operations | 3208.38 | 3033.12 | 3069.56 | 9249.96 | 8564.81 | 11602.03 |
Segment Results |
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Branded Business |
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India - Beverages | 220.27 | 169.68 | 77.18 | 540.68 | 434.04 | 487.87 |
India - Foods | 42.62 | 74.84 | 93.36 | 213.46 | 300.87 | 387.66 |
International Business | 144.21 | 109.69 | 124.73 | 349.90 | 358.71 | 467.32 |
Total Branded Business |
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Non Branded Business | 407.10 | 354.21 | 295.27 | 1104.04 | 1093.62 | 1342.85 |
Total Segment Results | 23.17 | 21.54 | 20.36 | 63.34 | 52.42 | 90.89 |
Add/(Less) | 430.27 | 375.75 | 315.63 | 1167.38 | 1146.04 | 1433.74 |
Other Income |
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Finance Cost | 18.94 | 32.71 | 16.11 | 76.19 | 69.37 | 95.82 |
Unallocable items | (16.16) | (19.78) | (18.09) | (56.37) | (53.24) | (68.69) |
Exceptional Items | (32.31) | (24.85) | (15.32) | (82.35) | (82.30) | (119.16) |
Profit Before Tax | (13.18) | (16.31) | (6.13) | (33.41) | 33.28 | (30.65) |
Segment Assets |
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Branded Business |
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India - Beverages | 2422.92 | 2143.98 | 2753.21 | 2422.92 | 2753.21 | 2311.90 |
India - Foods | 6968.67 | 6499.12 | 6163.14 | 6968.67 | 6163.14 | 6442.40 |
International Business | 5338.40 | 5256.56 | 5448.38 | 5338.40 | 5448.38 | 5206.59 |
Total Branded Business | 14729.99 | 13899.66 | 14364.73 | 14729.99 | 14364.73 | 13960.89 |
Non Branded Business | 1646.85 | 1637.48 | 1521.20 | 1646.85 | 1521.20 | 1577.24 |
Total Segment Assets | 16376.84 | 15537.14 | 15885.93 | 16376.84 | 15885.93 | 15538.13 |
Unallocable Corporate Assets | 4072.81 | 4254.35 | 3981.94 | 4072.81 | 3981.94 | 4717.74 |
Total Assets | 20449.65 | 19791.49 | 19867.87 | 20449.65 | 19867.87 | 20255.87 |
Segment Liabilities |
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Branded Business |
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India - Beverages | 1290.97 | 1176.23 | 1098.76 | 1290.97 | 1098.76 | 1309.12 |
India - Foods | 400.33 | 314.05 | 257.62 | 400.33 | 257.62 | 293.77 |
International Business | 716.98 | 692.98 | 758.32 | 716.98 | 758.32 | 756.98 |
Total Branded Business | 2408.28 | 2183.26 | 2114.70 | 2408.28 | 2114.70 | 2359.87 |
Non Branded Business | 158.58 | 195.84 | 162.65 | 158.58 | 162.65 | 174.35 |
Total Segment Liabilities | 2566.86 | 2379.10 | 2277.35 | 2566.86 | 2277.35 | 2534.22 |
Unallocable Corporate Liabilities | 1809.38 | 1716.85 | 1970.17 | 1809.38 | 1970.17 | 2094.61 |
Total Liabilities | 4376.24 | 4095.95 | 4247.52 | 4376.24 | 4247.52 | 4628.83 |
Notes:
a. The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Beverages, India Foods and International Business. Accordingly, the Group has reported its segment results for these segments. A business unit has been regrouped between the segments in the current year, the corresponding segment information for the comparative periods have been restated as per the requirements of Ind AS 108.
b. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:
i) Branded Business -
India Beverages : Sale of branded Tea, Coffee and Water in various value added forms
India Foods : Sale of food products in various value added forms
International Business : Sale of branded Tea, Coffee & Water and sale of food products in various value added forms
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 excludes allocable income to segment results.
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2021
Rs. In Crores
Particulars
| Three months ended | Year to date ended | Year ended | |||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | March 31, 2021 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 2030.48 | 1987.50 | 1962.73 | 5983.87 | 5304.30 | 7154.36 |
Other Income | 23.80 | 31.05 | 25.02 | 201.08 | 104.29 | 133.01 |
Total Income | 2054.28 | 2018.55 | 1987.75 | 6184.95 | 5408.59 | 7287.37 |
Cost of materials consumed | 746.38 | 826.54 | 1061.64 | 2459.77 | 2528.69 | 3421.65 |
Purchase of stock-in-trade | 440.47 | 403.04 | 367.97 | 1260.45 | 1061.98 | 1425.63 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | 57.64 | 19.05 | (57.43) | 56.58 | (139.55) | (116.90) |
Employees benefits expense | 90.91 | 88.87 | 80.18 | 268.14 | 229.40 | 321.58 |
Finance costs | 7.28 | 7.65 | 7.22 | 22.59 | 20.21 | 28.13 |
Depreciation and amortisation expense | 35.73 | 36.09 | 32.41 | 106.70 | 92.84 | 126.21 |
Advertisement and sales charges | 150.14 | 132.90 | 126.64 | 369.18 | 273.17 | 396.83 |
Other expenses | 264.30 | 248.39 | 186.62 | 746.48 | 574.09 | 787.00 |
Total Expenses | 1792.85 | 1762.53 | 1805.25 | 5289.89 | 4640.83 | 6390.13 |
Profit before Exceptional Items and Tax | 261.43 | 256.02 | 182.50 | 895.06 | 767.76 | 897.24 |
Exceptional Items (Net) | (9.41) | (7.19) | (6.37) | (16.60) | (46.67) | (61.10) |
Profit before Tax | 252.02 | 248.83 | 176.13 | 878.46 | 721.09 | 836.14 |
Tax Expense |
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Current Tax | (28.31) | (30.64) | 5.11 | (101.39) | 2.15 | 1.05 |
Deferred Tax | (36.23) | (29.85) | (45.12) | (97.51) | (185.42) | (217.68) |
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Total Tax Expense ( net of reversals) | (64.54) | (60.49) | (40.01) | (198.90) | (183.27) | (216.63) |
Net Profit after Tax (A) | 187.48 | 188.34 | 136.12 | 679.56 | 537.82 | 619.51 |
Other Comprehensive Income |
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i) Items that will not be reclassified to profit or loss |
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Remeasurement of defined benefit plans | 2.62 | 0.81 | (3.49) | (1.31) | (15.11) | (4.44) |
Changes in fair valuation of equity instruments | (0.18) | 3.48 | 2.27 | 4.69 | 4.94 | 5.87 |
| 2.44 | 4.29 | (1.22) | 3.38 | (10.17) | 1.43 |
Tax impact of above items | (0.69) | (1.05) | 0.86 | (0.55) | 3.80 | 0.01 |
| 1.75 | 3.24 | (0.36) | 2.83 | (6.37) | 1.44 |
ii) Items that will be reclassified to profit or loss |
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Gains/(loss) on effective portion of cash flow hedges | (0.61) | 1.55 | (0.64) | 0.89 | 1.19 | 2.62 |
Tax impact of above item | 0.16 | (0.39) | 0.16 | (0.22) | (0.30) | (0.66) |
| (0.45) | 1.16 | (0.48) | 0.67 | 0.89 | 1.96 |
Other Comprehensive Income (B) | 1.30 | 4.40 | (0.84) | 3.50 | (5.48) | 3.40 |
Total Comprehensive Income (A+B) | 188.78 | 192.74 | 135.28 | 683.06 | 532.34 | 622.91 |
Paid-up equity share capital (Face value of Re. 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
Reserves excluding Revaluation Reserves |
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| 11110.08 |
Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date end) - Rs. | 2.03 | 2.04 | 1.48 | 7.37 | 5.84 | 6.72 |
Notes:
1. For the quarter, Revenue from operations at Rs 2030 Crores increased by 3% over corresponding quarter of the previous year driven by growth in branded business. Profit before tax at Rs 252 Crores is higher by 43% as compared to corresponding quarter of previous year mainly on account of revenue growth and improved gross margin which has been partly offset by higher spends behind brands. Profit after tax is higher by 38% over the corresponding quarter of previous year.
2. Exceptional item for the current quarter primarily represents costs relating to business restructure and redundancy cost of Rs 9 Crores. Exceptional item for the corresponding quarter of previous year represents costs relating to the business integration of foods business of Rs 6 Crores.
3. During the quarter, the Company has acquired:
(c) 100% equity of Tata SmartFoodz Limited, pursuant to a share purchase agreement, on November 16, 2021. The acquisition will add Ready-to-Eat packaged food products under the brand 'Tata Q' in its portfolio and manufacturing facilities for expansion of the foods business;
(d) control of TRIL Constructions Limited, consequent to a revised shareholder agreement which converted the associate into a subsidiary with effect from November 17, 2021.
4. During the quarter ended December 31, 2021, Company's performance experienced some adverse impact due to Covid pandemic. There can be future business uncertainties depending on developments in relation to the pandemic, particularly those arising from the third wave in India, which could include market closures, supply constraints and commodity cost volatility.
5. In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated financial results, and therefore, no separate disclosure on segment information is given in these standalone financial results.
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, 2022 and subsequently taken on record by the Board of Directors at its meeting held on February 02, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
Sunil D'Souza
Managing Director and CEO
Mumbai: February 02, 2022