10 Jun 2009 16:03
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
| Tata Tea Limited | |||
| Registered Office: 1 Bishop Lefroy Road Kolkata-700020 | |||
|
|
|
|
|
| Audited Financial Results | |||
| for year ended March 31, 2009 | |||
|
|
|
| Rs in Lakhs |
|
|
|
|
|
|
|
| Year ended | |
|
|
| March 31 | |
|
|
| 2009 | 2008 |
|
| Net Sales / Income from Operations | 136153 | 113470 |
|
| Other Operating Income | 1772 | 1873 |
|
| Total Operating Income | 137925 | 115343 |
|
| (a) (Increase) / Decrease in stock in trade and work in Progress | (1867) | 1839 |
|
| (b) Consumption of raw materials | 78599 | 54925 |
|
| (c) Purchase of traded goods | 448 | 2649 |
|
| (d) Employees Cost | 9175 | 7183 |
|
| (e) Depreciation & Amortization | 1065 | 1017 |
|
| (f) Other Expenditure | 36319 | 31116 |
|
| Total Expenditure | 123739 | 98729 |
|
| Profit from Operations before Other Income , Interest & Exceptional Items | 14186 | 16614 |
|
| Other Income - Income from Investments (Net) | 14539 | 10986 |
|
| Profit Before Interest & Exceptional Items | 28725 | 27600 |
|
| Interest (Net) | 4860 | 4635 |
|
| Profit after Interest but before exceptional Items | 23865 | 22965 |
|
| Exceptional Income / (Expenditure) (Net) | (959) | 15621 |
|
| Profit before Tax | 22906 | 38586 |
|
| Provision for Taxation |
|
|
|
| (a) Current | 7203 | 7314 |
|
| (b) Deferred | (403) | (224) |
|
| (c) Fringe Benefit Tax | 200 | 210 |
|
| Profit after Tax | 15906 | 31286 |
|
| Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 |
|
| Reserves excluding Revaluation Reserves | 171561 | 172035 |
|
| Earnings per share (Basic & diluted) (Not annualised) - Rs | 25.72 | 50.79 |
|
|
|
|
|
|
| Aggregate of Public Shareholding |
|
|
|
| -Number of Shares | 399,99,626 | 400,01,538 |
|
| -Percentage of Share holding | 64.68% | 64.69% |
|
|
|
|
|
|
| Promoters and Promoters Group Shareholding |
|
|
| (a) | Pledged/ Encumbered |
|
|
|
| - Number of shares | 95,00,000 |
|
|
| -Percentage of Shares (as a percentage of the total shareholding | 43.50% |
|
|
| of the promoter and promoter group) |
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 15.36% |
|
|
| of the Company) |
|
|
|
|
|
|
|
| (b) | Non Encumbered |
|
|
|
| - Number of shares | 123,40,231 |
|
|
| -Percentage of Shares (as a percentage of the total shareholding | 56.50% |
|
|
| of the promoter and promoter group) |
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 19.96% |
|
|
| of the Company) |
|
|
|
|
|
|
|
Notes:
1. Total Operating Income for the year at Rs 1379.25 crores grew by 20 % over the previous year driven by strong branded tea performance reflecting higher realization and volume growth.
2. The Profit before Tax and exceptional items at Rs 238.65 crores improved by 4% over the previous year though impacted by higher input costs, adverse movement of exchange rates and higher actuarial charge on revaluation of employee benefits. However, Profit before Tax at Rs 229.06 crores and the Profit after Tax at Rs 159.06 crores were lower compared to the previous year due to one time profit on sale of the North India Plantations Division amounting to Rs 161.69 crores in the previous year.
3. Exceptional items during the year comprises of amortization of amounts incurred on Employee Separation Scheme of Rs 8.78 crores and costs on new business initiatives Rs 5.95 crores reduced by profit on sale of long term investments of Rs 5.14 crores.
4. The Earnings per Share (Basic and Diluted) for the year ended 31st March 2009 is Rs. 25.72 compared to Rs. 50.79 for the previous year. The Earnings per Share (Basic and Diluted) for the year ended 31st March 2009 on Profit prior to Exceptionals (net of tax thereon) is Rs. 26.63 compared to Rs. 25.82 for 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. Particulars of complaints received from the investors during the quarter, complaints resolved and those pending are as follows:
| Particulars of Complaints | Numbers |
| Outstanding as on January 1, 2009 Received during the quarter Resolved during the quarter Outstanding as on March 31, 2009 | Nil 2 2 Nil |
7. Previous year's figures have been rearranged / regrouped to the extent necessary, to conform to the current period's figures.
8. The Board of Directors have recommended a dividend payment of Rs. 17.50 per share (Face value Rs. 10 each) for the year ended 31st March 2009.
9. The aforementioned results were reviewed by the Audit Committee of the Board on May 29, 2009 and subsequently taken on record by the Board of Directors at its Meeting held on June 10, 2009. The statutory auditors of the company have audited these results.
Ratan N Tata
Mumbai: June 10, 2009 (Chairman)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tata Tea Limited | |||
|
| Registered Office: 1 Bishop Lefroy Road Kolkata-700020 | |||
|
|
|
|
|
|
|
| Audited Consolidated Financial Results | |||
|
| for the Year Ended ended March 31st, 2009 | |||
|
|
|
|
| Rs Lakhs |
|
|
|
|
|
|
|
|
| Particulars | Twelve months ended | |
|
|
|
| March 31 | |
|
|
|
|
|
|
|
|
|
| 2009 | 2008 |
|
|
|
|
|
|
|
|
| Net Sales | 484787 | 430965 |
|
|
|
|
|
|
|
|
| Other Operating Income | 2623 | 2662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Income | 487410 | 433627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) (Increase) / Decrease in stock in trade and work in Progress | (7169) | 3061 |
|
|
| (b) Consumption of raw materials | 162810 | 121257 |
|
|
| (c) Purchase of traded goods | 19637 | 17267 |
|
|
| (d) Employees Cost | 55416 | 48902 |
|
|
| (e) Advertisement & Sales charges | 88024 | 82521 |
|
|
| (f) Depreciation and Amortization (net of amount drawn from Revaluation Reserve) | 9869 | 9163 |
|
|
| (g) Other Expenditure | 103641 | 89753 |
|
|
|
|
|
|
|
|
| Total Expenditure | 432228 | 371924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit from Operations before Other Income , Interest & Exceptional Items | 55182 | 61703 |
|
|
|
|
|
|
|
|
| Other Income - Income from Investments | 3320 | 3970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit Before Interest & Exceptional Items | 58502 | 65673 |
|
|
|
|
|
|
|
|
| Interest (Net) | 5420 | 21983 |
|
|
|
|
|
|
|
|
| Profit after Interest but before exceptional Items | 53082 | 43690 |
|
|
|
|
|
|
|
|
| Exceptional Income/Expenditure (net) |
|
|
|
|
| Profit on sale of stake held in Energy Brands Inc. | - | 160752 |
|
|
| Exchange gain / (loss) (net) | 81391 | 5618 |
|
|
|
|
|
|
|
|
| Other Exceptional Income/ (Expenditure) (Net) | (8842) | (4132) |
|
|
|
|
|
|
|
|
| Profit before Tax | 125631 | 205928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for Taxation |
|
|
|
|
| (a) Current | 43137 | 14233 |
|
|
| (b) Deferred | (997) | 816 |
|
|
| (c) Fringe Benefit Tax | 301 | 291 |
|
|
|
|
|
|
|
|
| Profit after Tax | 83190 | 190588 |
|
|
| Share of Profit/(Loss) from Associates | 2493 | 2887 |
|
|
| Minority Interest in Consolidated Profit | (15628) | (39220) |
|
|
|
|
|
|
|
|
| Group Consolidated Net Profit | 70055 | 154255 |
|
|
|
|
|
|
|
|
| Paid up Equity Share Capital(face value of Rs 10 each) | 6184 | 6184 |
|
|
|
|
|
|
|
|
| Reserves excluding Revaluation Reserves | 351936 | 330777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (Basic & Diluted ) (Not annualised) - Rs | 113.28 | 250.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate of Public Shareholding (excludes shares held against GDRs) |
|
|
|
|
| -Percentage of Share holding | 399,99,626 | 400,01,538 |
|
|
| -Number of Shares | 64.68% | 64.69% |
|
|
|
|
|
|
|
|
| Promoters and Promoters Group Shareholding |
|
|
|
| (a) | Pledged/ Encumbered |
|
|
|
|
| - Number of shares | 95,00,000 |
|
|
|
| -Percentage of Shares (as a percentage of the total shareholding | 43.50% |
|
|
|
| of the promoter and promoter group) |
|
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 15.36% |
|
|
|
| of the Company) |
|
|
|
|
|
|
|
|
|
| (b) | Non Encumbered |
|
|
|
|
| - Number of shares | 123,40,231 |
|
|
|
| -Percentage of Shares (as a percentage of the total shareholding | 56.50% |
|
|
|
| of the promoter and promoter group) |
|
|
|
|
| -Percentage of Shares (as a percentage of the total share Capital | 19.96% |
|
|
|
| of the Company) |
|
|
|
|
|
|
|
|
Notes:
1. The Consolidated operating income for the year at Rs 4874.10 crores is 12% higher than the previous year, driven by improvement in branded sales and favourable exchange rate movements.
2. Profit before exceptional items (Operating Profit) at Rs. 530.82 crores has increased by 21% as compared to the previous year. The impact of hardening of commodity prices and costs relating to new initiatives have been offset by savings in interest costs. Profit before tax at Rs. 1256.31 crores is lower than the previous year, mainly due to the absence of one time profit on sale of investments in Energy Brands Incorporated during the previous year.
3. Exchange gain included under exceptional income represents gains made by conversion/translation on short term deployment of cash of Rs.813.91 crores (including realized gain of Rs. Rs. 471.11 crores).
4. Other Exceptional items for the year comprises of
In the previous year, other exceptional items consisted of Profit on sale of North India Plantation Operation, Profit on sale of assets of South India Operations, Unamortised refinance costs written off, Reorganisation costs, Actuarial loss on defined benefit schemes and amortization of amounts incurred in Employee Separation scheme.
5. During the year, the Holding Company purchased an additional 4.26% stake in Mount Everest Mineral Water Limited (MEMWL) from the market thereby increasing its stake to 35.99%. Further, an additional 16.70% stake was acquired in Consolidated Coffee Inc by Tata Tea (GB) Capital Ltd, a UK subsidiary resulting in the entire shareholding being held by the Group.
6. Under Indian GAAP, Tata Tea (GB) Ltd, (The Tetley Group), the Company's 78.79% UK subsidiary, reported a total operating turnover for the Financial Year 2008/09 of Rs. 2406.26 crores compared to Rs. 2301.39 crores in the previous year, a growth of 4.6% and reported a PAT of Rs. 775.77 crores compared to Rs. 1701.42 crores during the previous year. Previous year's PAT included profit on sale of shares in Energy Brands Inc of Rs. 1607.52 crores.
7. During the year, consequent to the conversion of the Loan Notes held by the holding Company in the Tetley Group into equity shares, the percentage holding in the Tetley Group has increased from 77.78% to 78.79%.
8. During the year the Tetley Group entered into an agreement to acquire 51% stake in an existing Russian Beverage company jointly with the European Bank for Reconstruction and Development. The Joint Venture will cover the Russian and neighbouring countries for various beverage products.
9. The Earnings per share (EPS) (basic and diluted) for the year ended 31st March 2009 of Rs. 113.28 is lower than Rs 250.41 reported last year which was due to the impact of exceptional items in the previous year. Excluding exceptional items, EPS ( basic and diluted) for the year is Rs. 47.83 as compared to Rs 41.50 for the previous year, reflecting an improvement in underlying core operational performance.
10. Previous period's figures have been regrouped, to the extent necessary, to conform to current period's figures.
11. 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 financial 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 Operating Income, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below:
| Rs. Crores | Year Ended 31st March 2009 | Year Ended 31st March 2008 |
| Total Operating Income | 1379.25 | 1153.43 |
| Profit after Tax | 159.06 | 312.86 |
| Earnings per Share - Rs (Not Annualised) | 25.72 | 50.79 |
12. The aforementioned results were reviewed by the Audit Committee of the Board on May 29, 2009 and subsequently taken on record by the Board of Directors at its Meeting held on June 10, 2009 The statutory auditors of the company have audited these results.
Ratan N Tata
(Chairman)
Mumbai: June 10, 2009
| Tata Tea Limited | |||||||||||||||||||||
| Registered Office : 1 Bishop Lefroy Road Kolkata 700020 | |||||||||||||||||||||
| Audited Consolidated Segment wise Revenue, Results and Capital Employed, under | |||||||||||||||||||||
| Clause 41, of the Listing Agreement for the Year ended March 31, 2009 | |||||||||||||||||||||
| Rs in Lakhs | |||||||||||||||||||||
|
| Particulars | Year Ended March 31st 2009 | Previous year ended March 31st 2008 | ||||||||||||||||||
| 1. | Segment Revenue |
|
| ||||||||||||||||||
|
| (a) Tea | 378515 | 342996 | ||||||||||||||||||
|
| (b) Coffee & Other Produce | 104712 | 87523 | ||||||||||||||||||
|
| (c) Others | 4088 | 3092 | ||||||||||||||||||
|
| (d) Unallocated | 95 | 16 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||
| Total Operating Income | 487410 | 433627 | |||||||||||||||||||
|
|
|
|
| ||||||||||||||||||
| 2. | Segment Results |
|
| ||||||||||||||||||
|
| (a) Tea | 44604 | 47513 | ||||||||||||||||||
|
| (b) Coffee & Other Produce | 14663 | 14879 | ||||||||||||||||||
|
| (c) Others | (3233) | (279) |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||
| Total | 56034 | 62113 | |||||||||||||||||||
| Add/(Less) |
|
| |||||||||||||||||||
| i) Interest (net) | (5420) | (21983) | |||||||||||||||||||
|
| ii) Exchange gain/(loss) (net) | 81391 | 5618 | ||||||||||||||||||
| iii) Other Un-allocable items and Investment Income net of | (6374) | 160180 | |||||||||||||||||||
|
| Exceptional Expenditure |
|
| ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||
| Total Profit before Tax | 125631 | 205928 | |||||||||||||||||||
| 3. | Capital Employed |
|
| ||||||||||||||||||
|
| (a) Tea | 350136 | 237085 | ||||||||||||||||||
|
| (b) Coffee & Other Produce | 102461 | 79900 | ||||||||||||||||||
|
| (c) Others | 6951 | 3055 | ||||||||||||||||||
|
| (d) Unallocated including Investments | 7172 | 122534 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||
| Total | 466720 | 442574 | |||||||||||||||||||
| 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 income / expenditure include income / expenses incurred on common services at the corporate level and relates to an Indian subsidiary. | |||||||||||||||||||||
| Ratan N Tata | |||||||||||||||||||||
| (Chairman) | |||||||||||||||||||||
| Mumbai: June 10, 2009 |
| ||||||||||||||||||||
| Financial Highlights | |||||||||||||||||||||
|
| Rs in Crores |
| |||||||||||||||||||
|
|
| Twelve Months Ended | |||||||||||||||||||
|
| Particulars | March 31 | |||||||||||||||||||
|
|
| 2009 2009 | 2008 | ||||||||||||||||||
|
| 2009 |
| |||||||||||||||||||
|
|
|
| |||||||||||||||||||
|
| Total Operating Income | 4874.10 | 4336.27 | ||||||||||||||||||
|
| Profit before Exceptionals | 530.82 | 436.90 | ||||||||||||||||||
|
| Exceptionals (net) | 725.49 | 1622.38 | ||||||||||||||||||
|
| Net Profit Before Tax | 1256.31 | 2059.28 | ||||||||||||||||||
|
| Net Profit after Tax | 831.90 | 1905.88 | ||||||||||||||||||
|
| Earnings per Share - Rs | 113.28 | 250.41 | ||||||||||||||||||
|
| Earnings per Share (Before Exceptionals)- on Core Operations - Rs | 47.83 | 41.50 | ||||||||||||||||||
|
| Dividend recommended - Rs per share (Face Value Rs 10 per Share) | Rs 17.50 | Rs 35.00 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||||