26 Apr 2019 13:46
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Consolidated Financial Results for the quarter and year ended March 31, 2019
Rs. in Crores
Particulars | Three months ended | Year Ended | |||
March 31, 2019 | December 31, 2018 | March 31, 2018 | March 31, 2019 | March 31, 2018 | |
Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited | |
Revenue from Operations | 1775.46 | 1912.58 | 1688.40 | 7251.50 | 6815.35 |
Other Income | 35.23 | 22.59 | 25.72 | 157.13 | 94.15 |
Total Income | 1810.69 | 1935.17 | 1714.12 | 7408.63 | 6909.50 |
Cost of Materials Consumed | 813.05 | 861.77 | 797.56 | 3294.18 | 3203.22 |
Purchase of stock in trade | 189.63 | 148.69 | 198.35 | 727.87 | 542.89 |
Changes in inventories of finished goods, work in progress and stock in trade | (30.34) | 46.47 | (56.13) | (14.41) | (46.80) |
Employee Benefits Expense | 203.01 | 205.14 | 210.70 | 806.30 | 821.37 |
Finance Costs | 15.48 | 12.95 | 13.58 | 52.47 | 42.76 |
Depreciation and Amortisation Expense | 32.98 | 29.62 | 28.47 | 122.57 | 116.04 |
Advertisement and Sales charges | 129.59 | 155.23 | 135.28 | 547.52 | 508.91 |
Other Expenses | 296.25 | 299.06 | 256.94 | 1104.13 | 946.85 |
Total Expenses | 1649.65 | 1758.93 | 1584.75 | 6640.63 | 6135.24 |
Profit before Exceptional Items and Tax | 161.04 | 176.24 | 129.37 | 768.00 | 774.26 |
Exceptional Items (Net) | (8.39) | - | (1.65) | (33.29) | (21.13) |
Profit before Tax | 152.65 | 176.24 | 127.72 | 734.71 | 753.13 |
Tax Expense (Net of reversal) | (58.83) | (54.92) | (13.02) | (260.88) | (185.87) |
Net Profit after Tax | 93.82 | 121.32 | 114.70 | 473.83 | 567.26 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | (57.83) | (12.43) | (43.14) | (16.85) | (10.76) |
Group Consolidated Net Profit (A) | 35.99 | 108.89 | 71.56 | 456.98 | 556.50 |
Attributable to : |
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Owners of the Parent | 22.90 | 99.32 | 59.45 | 408.19 | 495.56 |
Non Controlling Interest | 13.09 | 9.57 | 12.11 | 48.79 | 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 | 43.80 | (13.19) | 16.33 | 73.37 | 59.97 |
Changes in fair valuation of equity instruments | (10.47) | 4.15 | (0.99) | (5.37) | 59.40 |
| 33.33 | (9.04) | 15.34 | 68.00 | 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 | 38.15 | (288.81) | 208.69 | 17.04 | 407.80 |
Gains/(loss) on Effective portion of cash flow hedges | (4.60) | 7.02 | (9.01) | (11.18) | (21.86) |
| 33.55 | (281.79) | 199.68 | 5.86 | 385.94 |
Total Other Comprehensive Income, net of tax (B) | 66.88 | (290.83) | 215.02 | 73.86 | 505.31 |
Attributable to : |
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Owners of the Parent | 59.68 | (248.06) | 181.05 | 70.58 | 436.30 |
Non Controlling Interest | 7.20 | (42.77) | 33.97 | 3.28 | 69.01 |
Total Comprehensive Income (A+B) | 102.87 | (181.94) | 286.58 | 530.84 | 1061.81 |
Attributable to : |
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Owners of the Parent | 82.58 | (148.74) | 240.50 | 478.77 | 931.86 |
Non Controlling Interest | 20.29 | (33.20) | 46.08 | 52.07 | 129.95 |
Paid-up equity share capital (Face value of Re 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserve |
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| 7246.72 | 6946.63 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 0.36 | 1.57 | 0.94 | 6.47 | 7.85 |
Notes:
1. For the quarter, Revenue from operations increased by 5%. At constant currency revenue growth is 2%. Profit before exceptional items and tax at Rs 161 Crores is higher by 24% as compared to corresponding quarter of the previous year mainly due to higher sales, lower commodity cost in International markets and improved performance of non-branded business partly offset by higher tea cost in India and discretionary/one off items. Tax expense for the quarter is not comparable to that of the corresponding quarter of the previous year due to one time tax credits which significantly reduced the tax expense for the prior quarter and due to adjustments to deferred tax assets during the current quarter. Share of losses from JVs/ Associates increased primarily due to the impact of seasonal and one off items. Resultantly, Group net profit reported a decline during the quarter.
2. Exceptional item for the current quarter represent past service cost of Rs 8 Crores recognised for UK pension scheme based on recent judicial ruling in the UK. Exceptional items for the corresponding quarter of the previous year represent reorganisation and restructuring cost of Rs 12 Crores and gains on assets held for sale of Rs 10 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. Figures for the quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
6. Consolidated Statement of Asset and Liabilities as at March 31, 2019 along with comparatives is annexed.
7. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2019.
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 April 22, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on April 23, 2019. The Statutory Auditors of the Company have audited the annual results.
10. The Consolidated and Standalone result for the quarter and year ended March 31, 2019 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: April 23, 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 year ended March 31, 2019
Rs. in Crores
Particulars | Three months ended | Year to Date ended | |||
March 31, 2019 | December 31, 2018 | March 31, 2018 | March 31, 2019 | March 31, 2018 | |
Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited | |
Segment Revenue |
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Branded Business |
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(a) Tea | 1250.95 | 1389.11 | 1177.24 | 5202.59 | 4922.79 |
(b) Coffee | 281.46 | 326.25 | 286.44 | 1202.84 | 1079.52 |
(c) Others | 7.30 | 6.95 | 9.67 | 30.77 | 35.73 |
Total Branded Business | 1539.71 | 1722.31 | 1473.35 | 6436.20 | 6038.04 |
Non Branded Business | 241.21 | 198.75 | 219.47 | 842.47 | 815.17 |
Total Segment Revenue | 1780.92 | 1921.06 | 1692.82 | 7278.67 | 6853.21 |
Less: Inter segment Sales | (5.46) | (8.48) | (4.42) | (27.17) | (37.86) |
Revenue from Operations | 1775.46 | 1912.58 | 1688.40 | 7251.50 | 6815.35 |
Segment Results |
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Branded Business |
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(a) Tea | 151.19 | 168.16 | 147.06 | 694.38 | 689.72 |
(b) Coffee | 52.63 | 44.06 | 43.33 | 178.33 | 197.63 |
(c) Others | (6.22) | (4.74) | (6.87) | (21.22) | (18.24) |
Total Branded Business | 197.60 | 207.48 | 183.52 | 851.49 | 869.11 |
Non Branded Business | 7.86 | 5.96 | (10.30) | 41.58 | 41.71 |
Total Segment Results | 205.46 | 213.44 | 173.22 | 893.07 | 910.82 |
Add/Less |
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Finance Cost | (15.48) | (12.95) | (13.58) | (52.47) | (42.76) |
Unallocable items | (37.33) | (24.25) | (31.92) | (105.89) | (114.93) |
Profit Before Tax | 152.65 | 176.24 | 127.72 | 734.71 | 753.13 |
Segment Assets |
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Branded Business |
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(a) Tea | 4683.26 | 5048.26 | 4420.96 | 4683.26 | 4420.96 |
(b) Coffee | 1846.10 | 1880.21 | 1772.84 | 1846.10 | 1772.84 |
(c) Others | 30.31 | 41.61 | 47.41 | 30.31 | 47.41 |
Total Branded Business | 6559.67 | 6970.08 | 6241.21 | 6559.67 | 6241.21 |
Non Branded Business | 1483.92 | 1430.23 | 1255.68 | 1483.92 | 1255.68 |
Total Segment Assets | 8043.59 | 8400.31 | 7496.89 | 8043.59 | 7496.89 |
Unallocable Corporate Assets | 2895.13 | 2631.17 | 3095.32 | 2895.13 | 3095.32 |
Total Assets | 10938.72 | 11031.48 | 10592.21 | 10938.72 | 10592.21 |
Segment Liabilities |
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Branded Business |
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(a) Tea | 722.98 | 783.79 | 794.52 | 722.98 | 794.52 |
(b) Coffee | 155.39 | 212.63 | 163.78 | 155.39 | 163.78 |
(c) Others | 7.87 | 17.63 | 18.18 | 7.87 | 18.18 |
Total Branded Business | 886.24 | 1014.05 | 976.48 | 886.24 | 976.48 |
Non Branded Business | 169.88 | 189.33 | 140.35 | 169.88 | 140.35 |
Total Segment Liabilities | 1056.12 | 1203.38 | 1116.83 | 1056.12 | 1116.83 |
Unallocable Corporate Liabilities | 1523.23 | 1580.42 | 1434.74 | 1523.23 | 1434.74 |
Total Liabilities | 2579.35 | 2783.80 | 2551.57 | 2579.35 | 2551.57 |
Notes: |
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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. |
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b. Business Segments: The internal business segmentation and the activities encompassed therein are as follows: |
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i) Branded Business - |
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Branded Tea : Sale of branded tea and various value added forms |
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Branded Coffee : Sale of coffee in various value added forms |
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Branded Others : Sale of water products |
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ii) Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce. |
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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. |
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Ajoy Misra |
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Mumbai: April 23, 2019 |
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Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2019
Rs. in Crores
| 2019 | 2018 |
ASSETS |
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Non-Current Assets |
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Property Plant and Equipment | 808.80 | 739.71 |
Capital Work in Progress | 413.30 | 129.52 |
Investment Property | 51.60 | 50.33 |
Goodwill | 3785.07 | 3723.50 |
Other Intangible Assets | 267.84 | 284.64 |
Intangible Assets under Development | 11.11 | 5.64 |
Investments accounted for using Equity method | 287.60 | 262.84 |
Financial Assets |
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Investments | 316.90 | 329.96 |
Loans | 17.09 | 21.02 |
Other Financial Assets | 28.62 | 40.22 |
Deferred Tax Assets (Net) | 58.04 | 131.77 |
Non-current Tax Assets (net) | 86.26 | 56.48 |
Other Non Current Assets | 258.52 | 281.57 |
| 6390.75 | 6057.20 |
Current Assets |
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Inventories | 1609.86 | 1448.31 |
Financial Assets |
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Investments | 583.16 | 568.53 |
Trade Receivables | 680.55 | 648.28 |
Cash and Cash Equivalent | 967.02 | 933.49 |
Other Bank balances | 66.59 | 304.65 |
Loans | 245.01 | 272.25 |
Other Financial Assets | 131.40 | 107.22 |
Current Tax Assets (net) | 2.38 | 40.64 |
Other Current Assets | 224.83 | 173.78 |
| 4510.80 | 4497.15 |
Assets of disposal group | 37.17 | 37.86 |
TOTAL ASSETS | 10938.72 | 10592.21 |
EQUITY AND LIABILITIES |
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Equity |
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Equity Share Capital | 63.11 | 63.11 |
Other Equity | 7268.58 | 6968.49 |
Equity attributable to the equity holders of the company | 7331.69 | 7031.60 |
Non Controlling Interest | 1027.68 | 1009.04 |
Total Equity | 8359.37 | 8040.64 |
Non-Current Liabilities |
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Financial Liabilities |
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Borrowings | 787.24 | 655.99 |
Other Financial Liabilities | 7.61 | 6.37 |
Provisions | 152.21 | 144.22 |
Deferred Tax Liabilities (Net) | 145.45 | 131.45 |
Non Current Tax Liabilities | 16.90 | 16.97 |
| 1109.41 | 955.00 |
Current Liabilities |
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Financial Liabilities |
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Borrowings | 329.66 | 400.19 |
Trade Payables |
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Total outstanding dues of Micro enterprises and Small enterprises | 4.23 | 4.75 |
Total outstanding dues of creditors other than Micro enterprises and Small enterprises | 660.67 | 700.98 |
Other Financial Liabilities | 304.77 | 261.75 |
Other Current Liabilities | 81.38 | 88.98 |
Provisions | 49.51 | 98.80 |
Current Tax Liabilities (net) | 27.95 | 30.59 |
| 1458.17 | 1586.04 |
Liabilities of disposal group | 11.77 | 10.53 |
TOTAL EQUITY AND LIABILITIES | 10938.72 | 10592.21 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com,
Website : www.tataglobalbeverages.com
Standalone Financial Results for the quarter and year ended March 31, 2019
Rs. in Crores
Particulars | Three months ended | Year ended | Year ended | ||
| March 31 2019 | December 31 2018 | March 31 2018 | March 31 2019 | March 31 2018 |
| Refer Note 4 | Unaudited | Refer Note 4 | Audited | Audited |
Revenue from Operations | 784.05 | 889.73 | 714.65 | 3429.66 | 3217.32 |
Other Income | 26.61 | 21.85 | 24.10 | 182.51 | 147.58 |
Total Income | 810.66 | 911.58 | 738.75 | 3612.17 | 3364.90 |
Cost of materials consumed | 500.86 | 562.67 | 458.46 | 2055.97 | 1871.55 |
Purchase of stock-in-trade | 8.25 | 4.81 | 7.65 | 23.65 | 33.00 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (30.85) | (27.59) | (49.93) | 0.16 | (1.67) |
Employees benefits expense | 49.67 | 55.99 | 50.10 | 216.85 | 208.13 |
Finance costs | 3.24 | 3.56 | 3.52 | 13.18 | 13.65 |
Depreciation and amortisation expense | 8.73 | 7.91 | 7.32 | 31.68 | 27.20 |
Advertisement and sales charges | 62.85 | 54.62 | 61.39 | 226.55 | 216.12 |
Other expenses | 134.21 | 125.25 | 116.79 | 468.21 | 388.81 |
Total Expenses | 736.96 | 787.22 | 655.30 | 3036.25 | 2756.79 |
Profit before Exceptional Items and Tax | 73.70 | 124.36 | 83.45 | 575.92 | 608.11 |
Exceptional Items (Net) | - | - | (5.49) | - | 115.36 |
Profit before Tax | 73.70 | 124.36 | 77.96 | 575.92 | 723.47 |
Tax Expense (Net of reversals) | (20.44) | (34.70) | (24.80) | (164.99) | (189.15) |
Net Profit after Tax (A) | 53.26 | 89.66 | 53.16 | 410.93 | 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 | 7.00 | (8.75) | 5.59 | 3.04 | 12.58 |
Changes in fair valuation of equity instruments | (8.57) | 3.92 | (5.08) | (3.94) | 53.31 |
| (1.57) | (4.83) | 0.51 | (0.90) | 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 | 0.99 | 5.28 | (0.85) | 2.75 | (1.76) |
Other Comprehensive Income (Net of tax) (B) | (0.58) | 0.45 | (0.34) | 1.85 | 64.13 |
Total Comprehensive Income (A+B) | 52.68 | 90.11 | 52.82 | 412.78 | 598.45 |
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserves |
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| 4358.71 | 4128.38 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. | 0.84 | 1.42 | 0.84 | 6.51 | 8.47 |
Notes:
1. For the quarter, Revenue from operations at Rs. 784 crores increased by 10% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit after tax was impacted on account of higher commodity costs and discretionary/one off items.
2. 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.
3. 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.
4. Figures of the quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
5. Statement of Assets and Liabilities as at March 31, 2019 along with comparatives is annexed.
6. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2019.
7. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
8. The aforementioned results were reviewed by the Audit Committee of the Board on April 22, 2019 and subsequently taken on record by the Board of Directors at its meeting held on April 23, 2019. The Statutory Auditors of the Company have audited 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: April 23, 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
Audited Statement of Assets and Liabilities as at March 31, 2019
Rs. in Crores
| As at March 31 2019 | As at March 31 2018 |
ASSETS |
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Non-Current Assets |
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Property, Plant and Equipment | 223.84 | 207.59 |
Capital work-in-progress | 10.52 | 11.49 |
Investment Property | 0.65 | 0.67 |
Intangible Assets | 18.06 | 19.21 |
Intangible Assets under development | 6.73 | 1.16 |
Financial Assets |
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Investments | 2318.59 | 2284.28 |
Loans | 16.77 | 20.44 |
Other Financial Assets | 20.41 | 22.05 |
Deferred Tax Assets (Net) | 33.86 | 99.01 |
Non-Current Tax Assets (Net) | 63.38 | 42.90 |
Other Non-Current Assets | 83.49 | 82.94 |
| 2796.30 | 2791.74 |
Current Assets |
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Inventories | 846.91 | 744.40 |
Financial Assets |
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Investments | 497.74 | 536.98 |
Trade Receivables | 181.92 | 136.66 |
Cash and Cash Equivalents | 408.96 | 232.80 |
Other Bank Balances | 63.99 | 302.47 |
Loans | 8.13 | 8.10 |
Other Financial Assets | 37.42 | 34.09 |
Other Current Assets | 163.08 | 104.93 |
| 2208.15 | 2100.43 |
TOTAL ASSETS | 5004.45 | 4892.17 |
EQUITY AND LIABILITIES |
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Equity |
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Equity Share Capital | 63.11 | 63.11 |
Other Equity | 4380.57 | 4150.24 |
TOTAL EQUITY | 4443.68 | 4213.35 |
Non-Current Liabilities |
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Provisions | 115.25 | 109.65 |
| 115.25 | 109.65 |
Current Liabilities |
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Financial Liabilities |
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Borrowings | 4.53 | 84.25 |
Trade Payables |
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Total outstanding dues of Micro enterprises and Small enterprises | 3.50 | 4.17 |
Total outstanding dues of creditors otherthan Micro enterprises and Small enterprises | 235.92 | 244.29 |
Other Financial Liabilities | 99.17 | 91.33 |
Other Current Liabilities | 65.31 | 71.88 |
Provisions | 20.65 | 47.30 |
Current Tax Liabilities (Net) | 16.44 | 25.95 |
| 445.52 | 569.17 |
TOTAL EQUITY AND LIABILITIES | 5004.45 | 4892.17 |