6 Feb 2019 07:20
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2018
Rs. in Crores
Particulars
| Three months ended | Year to date ended | Year ended | |||
December 31, 2018 | September30, 2018 | December31, 2017 | December 31, 2018 | December31, 2017 | March 31, 2018 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 889.73 | 847.28 | 848.43 | 2645.61 | 2502.67 | 3217.32 |
Other Income | 21.85 | 74.15 | 26.29 | 155.90 | 123.48 | 147.58 |
Total Income | 911.58 | 921.43 | 874.72 | 2801.51 | 2626.15 | 3364.90 |
Cost of materials consumed | 562.67 | 535.67 | 505.69 | 1555.11 | 1413.09 | 1871.55 |
Purchase of stock-in-trade | 4.81 | 4.68 | 9.03 | 15.40 | 25.35 | 33.00 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (27.59) | (19.96) | (20.02) | 31.01 | 48.26 | (1.67) |
Employees benefits expense | 55.99 | 56.14 | 56.55 | 167.18 | 158.03 | 208.13 |
Finance costs | 3.56 | 2.69 | 3.51 | 9.94 | 10.13 | 13.65 |
Depreciation and amortisation expense | 7.91 | 7.72 | 6.99 | 22.95 | 19.88 | 27.20 |
Advertisement and sales charges | 54.62 | 67.73 | 52.62 | 163.70 | 154.73 | 216.12 |
Other expenses | 125.25 | 104.74 | 96.08 | 334.00 | 272.02 | 388.81 |
Total Expenses | 787.22 | 759.41 | 710.45 | 2299.29 | 2101.49 | 2756.79 |
Profit before Exceptional Items and Tax | 124.36 | 162.02 | 164.27 | 502.22 | 524.66 | 608.11 |
Exceptional Items (Net) | - | - | 102.08 | - | 120.85 | 115.36 |
Profit before Tax | 124.36 | 162.02 | 266.35 | 502.22 | 645.51 | 723.47 |
Tax Expense (Net of reversal) | (34.70) | (41.72) | (57.92) | (144.55) | (164.35) | (189.15) |
Net Profit after Tax (A) | 89.66 | 120.30 | 208.43 | 357.67 | 481.16 | 534.32 |
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 defined benefit plans | (8.75) | (0.52) | 7.89 | (3.96) | 6.99 | 12.58 |
Changes in fair valuation of equity instruments | 3.92 | (2.02) | 6.96 | 4.63 | 58.39 | 53.31 |
| (4.83) | (2.54) | 14.85 | 0.67 | 65.38 | 65.89 |
ii) Items that will be reclassified to profit or loss (net of tax) |
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Gains/(loss) on effective portion of cash flow hedges | 5.28 | (1.94) | 0.70 | 1.76 | (0.91) | (1.76) |
Other Comprehensive Income (Net of tax) (B) | 0.45 | (4.48) | 15.55 | 2.43 | 64.47 | 64.13 |
Total Comprehensive Income (A+B) | 90.11 | 115.82 | 223.98 | 360.10 | 545.63 | 598.45 |
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 Reserves |
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| 4128.38 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. | 1.42 | 1.90 | 3.30 | 5.67 | 7.62 | 8.47 |
Notes:
1. For the quarter, Revenue from operations at Rs 890 crores increased by 5% over corresponding quarter of the previous year. Profit before tax at Rs 124 crores is lower as compared to corresponding quarter of previous year on account of higher commodity costs and discretionary/one off items. Consequently Profit after tax at Rs 90 crores is lower.
2. Exceptional item for the corresponding quarter of the previous year mainly represents profit on divestment of stake in an Associate of Rs 105 crores.
3. 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.
4. Effective April 1, 2018, the Company has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Company.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to confirm to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on February 4, 2019 and subsequently taken on record by the Board of Directors at its meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: February 5, 2019 |
Ajoy Misra 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
Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2018
Rs. in Crores
Particulars | Three months ended | Year to Date ended | Year Ended | |||
December31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | March 31, 2018 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 1912.58 | 1760.87 | 1730.39 | 5476.04 | 5126.95 | 6815.35 |
Other Income | 22.59 | 70.79 | 20.55 | 121.90 | 68.43 | 94.15 |
Total Income | 1935.17 | 1831.66 | 1750.94 | 5597.94 | 5195.38 | 6909.50 |
Cost of Materials Consumed | 861.77 | 842.00 | 836.92 | 2481.13 | 2405.66 | 3203.22 |
Purchase of stock in trade | 148.69 | 174.86 | 110.63 | 538.24 | 344.54 | 542.89 |
Changes in inventories of finished goods, work in progress and stock in trade | 46.47 | (18.85) | (20.04) | 15.93 | 9.33 | (46.80) |
Employee Benefits Expense | 205.14 | 194.95 | 206.71 | 603.29 | 610.67 | 821.37 |
Finance Costs | 12.95 | 11.47 | 8.50 | 36.99 | 29.18 | 42.76 |
Depreciation and Amortisation Expense | 29.62 | 30.48 | 29.05 | 89.59 | 87.57 | 116.04 |
Advertisement and Sales charges | 155.23 | 144.65 | 126.68 | 417.93 | 373.63 | 508.91 |
Other Expenses | 299.06 | 256.61 | 234.41 | 807.88 | 689.91 | 946.85 |
Total Expenses | 1758.93 | 1636.17 | 1532.86 | 4990.98 | 4550.49 | 6135.24 |
Profit before Exceptional Items and Tax | 176.24 | 195.49 | 218.08 | 606.96 | 644.89 | 774.26 |
Exceptional Items (Net) | - | (6.72) | (12.41) | (24.90) | (19.48) | (21.13) |
Profit before Tax | 176.24 | 188.77 | 205.67 | 582.06 | 625.41 | 753.13 |
Tax Expense (Net of reversal) | (54.92) | (63.68) | (19.56) | (202.05) | (172.85) | (185.87) |
Net Profit after Tax | 121.32 | 125.09 | 186.11 | 380.01 | 452.56 | 567.26 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | (12.43) | 58.87 | 2.53 | 40.98 | 32.38 | (10.76) |
Group Consolidated Net Profit (A) | 108.89 | 183.96 | 188.64 | 420.99 | 484.94 | 556.50 |
Attributable to : |
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Owners of the Parent | 99.32 | 169.73 | 167.87 | 385.29 | 436.11 | 495.56 |
Non Controlling Interest | 9.57 | 14.23 | 20.77 | 35.70 | 48.83 | 60.94 |
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 | (13.19) | 16.88 | 20.34 | 29.57 | 43.64 | 59.97 |
Changes in fair valuation of equity instruments | 4.15 | (2.11) | 8.31 | 5.10 | 60.39 | 59.40 |
| (9.04) | 14.77 | 28.65 | 34.67 | 104.03 | 119.37 |
ii) Items that will be reclassified to profit or loss (Net of tax) |
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Exchange differences on translation of foreign operations | (288.81) | 267.83 | (75.74) | (21.11) | 199.11 | 407.80 |
Gains/(loss) on Effective portion of cash flow hedges | 7.02 | (15.80) | 2.75 | (6.58) | (12.85) | (21.86) |
| (281.79) | 252.03 | (72.99) | (27.69) | 186.26 | 385.94 |
Total Other Comprehensive Income, net of tax (B) | (290.83) | 266.80 | (44.34) | 6.98 | 290.29 | 505.31 |
Attributable to : |
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Owners of the Parent | (248.06) | 227.33 | (36.12) | 10.90 | 255.25 | 436.30 |
Non Controlling Interest | (42.77) | 39.47 | (8.22) | (3.92) | 35.04 | 69.01 |
Total Comprehensive Income (A+B) | (181.94) | 450.76 | 144.30 | 427.97 | 775.23 | 1061.81 |
Attributable to : |
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Owners of the Parent | (148.74) | 397.06 | 131.75 | 396.19 | 691.36 | 931.86 |
Non Controlling Interest | (33.20) | 53.70 | 12.55 | 31.78 | 83.87 | 129.95 |
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 |
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| 6946.63 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 1.57 | 2.69 | 2.66 | 6.10 | 6.91 | 7.85 |
Notes:
1. For the quarter, Revenue from operations increased by 12% after excluding the impact of business exit as compared to the corresponding quarter of the previous year. At constant currency revenue growth is 7%. Profit before tax at Rs 176 Crores is lower as compared to corresponding quarter of the previous year mainly due to higher commodity cost, increased spends behind brands and discretionary/one off items. The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 Crores recognised in corresponding quarter of the previous year arising on account of changes in US tax legislation reducing the tax rates, and lower share of profits from Associates and Joint Ventures.
2. Exceptional items for the corresponding quarter of the previous year represents redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores.
3. Share of profits in Associates and Joint Ventures include results of an Associate, operating in North India plantations which are seasonal in nature.
4. Effective April 1, 2018, the Group has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Group.
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 4, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
7. The Consolidated and Standalone result for the quarter and nine months ended December 31, 2018 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).
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: February 5, 2019 |
Ajoy Misra 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
Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter and nine months ended December 31, 2018
Rs. in Crores
Particulars | Three months ended | Year to Date ended | Year ended | |||
December 31, 2018 | September 30, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | March 31, 2018 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue |
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Branded Business |
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(a) Tea | 1389.11 | 1248.22 | 1291.47 | 3951.64 | 3745.55 | 4922.79 |
(b) Coffee | 326.25 | 303.47 | 253.23 | 921.38 | 793.08 | 1079.52 |
(c) Others | 6.95 | 6.36 | 8.22 | 23.47 | 26.06 | 35.73 |
Total Branded Business | 1722.31 | 1558.05 | 1552.92 | 4896.49 | 4564.69 | 6038.04 |
Non Branded Business | 198.75 | 209.66 | 188.97 | 601.26 | 595.70 | 815.17 |
Total Segment Revenue | 1921.06 | 1767.71 | 1741.89 | 5497.75 | 5160.39 | 6853.21 |
Less: Inter segment Sales | (8.48) | (6.84) | (11.50) | (21.71) | (33.44) | (37.86) |
Revenue from Operations | 1912.58 | 1760.87 | 1730.39 | 5476.04 | 5126.95 | 6815.35 |
Segment Results |
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Branded Business |
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(a) Tea | 168.16 | 165.01 | 193.32 | 543.19 | 542.66 | 689.72 |
(b) Coffee | 44.06 | 38.14 | 63.08 | 125.70 | 154.30 | 197.63 |
(c) Others | (4.74) | (6.51) | (5.89) | (15.00) | (11.37) | (18.24) |
Total Branded Business | 207.48 | 196.64 | 250.51 | 653.89 | 685.59 | 869.11 |
Non Branded Business | 5.96 | 10.06 | 6.02 | 33.72 | 52.01 | 41.71 |
Total Segment Results | 213.44 | 206.70 | 256.53 | 687.61 | 737.60 | 910.82 |
Add/Less |
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Finance Cost | (12.95) | (11.47) | (8.50) | (36.99) | (29.18) | (42.76) |
Unallocable items | (24.25) | (6.46) | (42.36) | (68.56) | (83.01) | (114.93) |
Profit Before Tax | 176.24 | 188.77 | 205.67 | 582.06 | 625.41 | 753.13 |
Segment Assets |
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Branded Business |
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(a) Tea | 5048.26 | 4965.22 | 4730.62 | 5048.26 | 4730.62 | 4420.96 |
(b) Coffee | 1880.21 | 2022.07 | 1655.87 | 1880.21 | 1655.87 | 1772.84 |
(c) Others | 41.61 | 41.39 | 41.09 | 41.61 | 41.09 | 47.41 |
Total Branded Business | 6970.08 | 7028.68 | 6427.58 | 6970.08 | 6427.58 | 6241.21 |
Non Branded Business | 1430.23 | 1426.49 | 1157.09 | 1430.23 | 1157.09 | 1255.68 |
Total Segment Assets | 8400.31 | 8455.17 | 7584.67 | 8400.31 | 7584.67 | 7496.89 |
Unallocable Corporate Assets | 2631.17 | 2890.27 | 2672.63 | 2631.17 | 2672.63 | 3095.32 |
Total Assets | 11031.48 | 11345.44 | 10257.30 | 11031.48 | 10257.30 | 10592.21 |
Segment Liabilities |
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Branded Business |
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(a) Tea | 783.79 | 811.48 | 852.30 | 783.79 | 852.30 | 794.52 |
(b) Coffee | 212.63 | 216.17 | 129.77 | 212.63 | 129.77 | 163.78 |
(c) Others | 17.63 | 11.05 | 7.96 | 17.63 | 7.96 | 18.18 |
Total Branded Business | 1014.05 | 1038.70 | 990.03 | 1014.05 | 990.03 | 976.48 |
Non Branded Business | 189.33 | 183.22 | 120.11 | 189.33 | 120.11 | 140.35 |
Total Segment Liabilities | 1203.38 | 1221.92 | 1110.14 | 1203.38 | 1110.14 | 1116.83 |
Unallocable Corporate Liabilities | 1580.42 | 1689.02 | 1390.57 | 1580.42 | 1390.57 | 1434.74 |
Total Liabilities | 2783.80 | 2910.94 | 2500.71 | 2783.80 | 2500.71 | 2551.57 |
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, unallocable other income and exceptional items.
Ajoy Misra
Mumbai: February 5, 2019 (Managing Director and CEO)