TGBL.L Regulatory News (TGBL)

RNS Number : 7384Z

Tata Global Beverages Limited

31 May 2016

 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com

Audited Financial Results for the three months ended March 31, 2016

 Rs. In Crores

Particulars	Three Months Ended			Year to date ended
	March 31 2016	December 31  2015	March 31 2015	March 31 2016	March 31 2015
Net Sales / Income from Operations (Net of excise duty)	668.56	765.90	649.14	2984.49	2797.71
Other Operating Income	31.62	19.60	22.35	99.43	86.81
Total Income from Operations (Net)	700.18	785.50	671.49	3083.92	2884.52
a) Cost of materials consumed	443.74	496.35	460.08	1888.96	1872.87
b) Purchase of stock-in-trade	4.09	6.02	0.68	11.93	1.53
c) Changes in inventories of finished goods and stock-in-trade	(32.37)	(20.91)	(62.56)	(3.95)	(27.99)
d) Employees benefits expense	46.04	51.13	48.10	186.88	161.92
e) Depreciation and Amortization expense	6.10	5.63	5.54	22.79	19.94
f) Advertisement and Sales charges	56.44	73.83	40.32	279.64	207.66
g) Other Expenses	111.13	89.28	98.29	378.23	351.59
Total Expenses	635.17	701.33	590.45	2764.48	2587.52
Profit from Operations before Other Income, Finance Costs & Exceptional Items	65.01	84.17	81.04	319.44	297.00
Other Income	23.60	3.11	13.39	106.57	155.16
Profit from ordinary activities before Finance costs & Exceptional Items	88.61	87.28	94.43	426.01	452.16
Finance Costs	(9.17)	(11.88)	(10.15)	(29.61)	(34.19)
Profit from ordinary activities after Finance costs but before Exceptional Items	79.44	75.40	84.28	396.40	417.97
Exceptional items (Net)	268.54	(0.97)	(67.62)	264.57	(68.92)
Profit from ordinary activities before Tax	347.98	74.43	16.66	660.97	349.05
Tax Expense	(11.48)	(23.51)	26.25	(97.30)	(60.05)
Net Profit for the period	336.50	50.92	42.91	563.67	289.00
Paid-up equity share capital (Face value of Re 1 each)	63.11	63.11	63.11	63.11	63.11
Reserve excluding Revaluation Reserves	-	-	-	2810.93	2416.68
Earnings per share (Basic & Diluted) (not annualised for quarter ended) - Rs	5.33	0.81	0.68	8.93	4.58

 

 

 

 

 

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, 2016

 Rs. In Crores

Particulars		As at March 31 2016	As at March 31 2015
		Audited	Audited
A	EQUITY AND LIABILITIES
1	SHAREHOLDERS' FUNDS
	(a) Share Capital	63.11	61.84
	(b) Reserves and Surplus	2832.79	2438.54
	(c) Share Suspense Account	-	1.27
	Sub-total - Shareholders' funds	2895.90	2501.65
2	Non-current liabilities
	(a) Long-term borrowings	-	325.00
	(b) Other long-term liabilities	-	72.54
	(c) Long-term provisions	177.87	114.02
	Sub-total - Non-current liabilities	177.87	511.56
3	Current Liabilities
	(a) Short-term borrowings	52.61	152.50
	(b) Trade Payables	198.38	143.88
	(c) Other current liabilities	544.95	153.48
	(d) Short-term provisions	195.21	192.61
	Sub-total - Current liabilities	991.15	642.47
TOTAL - EQUITY AND LIABILITIES		4064.92	3655.68
B	ASSETS
1	Non-current assets
	(a) Fixed Assets	209.36	204.61
	(b) Non-current investments	2264.34	2231.86
	(c) Deferred tax Assets	39.48	45.75
	(d) Long-term loans and advances	120.50	71.79
	(e) Other non-current assets	70.50	70.50
	Sub-total - Non-current assets	2704.18	2624.51
2	Current assets
	(a) Inventories	889.71	819.27
	(b) Trade Receivables	124.09	93.62
	(c) Cash & Bank balance	239.20	21.01
	(d) Short-term loans and advances	104.47	93.36
	(e) Other current assets	3.27	3.91
	Sub-total - Current assets	1360.74	1031.17
TOTAL ASSETS		4064.92	3655.68

 

 

 

Notes:

 

1. For the financial year, Income from operations at Rs 3084 crores increased by 7% over the previous year driven by improved performance in branded tea operations. Profit from Operations at Rs 319 crores is higher than the previous year reflecting improved operating performance. Profit after tax at Rs 564 crores is significantly higher than previous year on account of exceptional items.

 

2. For the quarter, Income from Operations at Rs 700 crores increased by 4% over the corresponding quarter of previous year. Profit from Operations for the quarter was lower on account of impact of new product launches. Profit after tax for the quarter at Rs 337 crores is significantly higher as compared to corresponding quarter of previous year on account of exceptional items.

3. The financial results include the following under Exceptional Items :

 

In Rs Crores

Particulars	Year ended
	Mar 31 2016	Mar 31 2015
Profit on sale of Non-Core Investments	328	-
Levy relating to past demerged business	(3)	-
Provision for retrospective amendment of legislation relating to employee benefit	(1)	-
Expenditure on new initiatives and restructuring activities	-	(7)
Provision for Impairment/obligations relating to an Overseas Joint Venture Company	(52)	(62)
Provision for Impairment of Intangible	(7)	-
Income/(Expenditure) - Net	265	(69)

 

 

 

 

4. The Company is primarily engaged in tea with some presence in coffee and water. As per the threshold limits prescribed under Accounting Standard (AS-17) on "Segment Reporting" specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, the Company's reportable activity falls within a single business segment, viz "Buying / Blending and Sale of tea in bulk and value added form" and hence the disclosure requirements are not applicable.

5. Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures. Consequent to a scheme of amalgamation, figures for current periods include the results of erstwhile Mount Everest Mineral Water Limited and hence are not strictly comparable with the periods of the last financial year.

6. Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for financial year ended 31st March 2016:

 

Particulars	As at 31st March 2016
Credit Rating	Credit rating by ICRA for the NCD programme is AA+
Asset Cover	1.3
Debt Equity Ratio	0.13
Previous due date for : Payment of Interest Principal	23rd October 2015 Not Applicable
Next due date for : Payment of Interest Principal	22nd October 2016 22nd October 2016
Debt Service Coverage Ratio	14.39
Interest Service Coverage Ratio	14.39
Outstanding Redeemable Preference Shares	Nil
Capital Redemption Reserves	Nil
Debenture Redemption Reserves	Rs 81.25 crores
Net Worth	Rs 2895.90 crores
Net Profit after tax	Rs 563.67 crores
Earnings per share (Rs)	8.93
Security on Outstanding Debentures of Rs 325 crores	Secured by way of a first mortgage on certain immovable assets of the company and partly by pledge of shares of certain companies held as investments.

 

 

7. Figures of the quarter ended March 31, 2016 and March 31, 2015 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.

8. Statement of Asset and Liabilities as at March 31, 2016 along with comparatives is annexed.

9. The Board of Directors has recommended a dividend payment of Rs. 2.25 per share (Face value Re. 1 each) for the year ended March 31, 2016.

10. The aforementioned results were reviewed by the Audit Committee of the Board on May 23, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on May 24, 2016. The statutory auditors of the company have audited these results.

 

 

 

	Cyrus P Mistry
Mumbai, May 24, 2016	(Chairman)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 three months ended March 31, 2016

 Rs. In Crores

Particulars	Unaudited Three Months Ended			Audited Year Ended
	March 31 2016	December 31  2015	March 31 2015	March 31 2016	March 31 2015
Income from Operations
Net Sales / Income from Operations (Net of excise duty)	1927.99	2050.63	1874.58	7981.70	7832.67
Other Operating Income	37.58	30.84	48.07	128.81	160.72
Total Income from Operations (Net)	1965.57	2081.47	1922.65	8110.51	7993.39
a) Cost of materials consumed	850.09	898.59	919.21	3605.00	3625.12
b) Purchase of stock-in-trade	86.41	81.54	66.61	330.54	263.47
c) Changes in inventories of finished goods, work in progress and stock-in-trade	(28.61)	12.54	(97.79)	(10.13)	(51.25)
d) Employee benefits expense	229.29	238.57	221.27	902.01	857.67
e) Depreciation and Amortization Expenses	33.87	38.02	25.66	142.93	133.11
f) Advertisement and Sales charges	337.47	359.10	307.91	1368.77	1325.57
g) Other Expenses	324.90	318.99	317.08	1239.66	1197.95
Total Expenses	1833.42	1947.35	1759.95	7578.78	7351.64
Profit from Operations before Other Income, Finance Costs & Exceptional Items	132.15	134.12	162.70	531.73	641.75
Other Income	15.73	9.46	8.47	70.60	69.98
Profit from ordinary activities before Finance costs & Exceptional Items	147.88	143.58	171.17	602.33	711.73
Finance Costs	(18.15)	(22.68)	(18.37)	(68.77)	(81.86)
Profit from ordinary activities after Finance costs but before Exceptional Items	129.73	120.90	152.80	533.56	629.87
Exceptional items (Net)	30.00	(10.46)	(102.52)	11.88	(129.99)
Profit from ordinary activities before Tax	159.73	110.44	50.28	545.44	499.88
Tax Expense	(51.87)	(48.17)	(35.58)	(210.40)	(215.52)
Net Profit after Tax	107.86	62.27	14.70	335.04	284.36
Share of Profit/(Loss) from Associates	(22.82)	6.22	(24.02)	(1.41)	(10.88)
Minority Interest in Consolidated Profit	21.49	(9.34)	13.22	(7.72)	(25.66)
Group Consolidated Net Profit	106.53	59.15	3.90	325.91	247.82
Paid-up equity share capital (Face value of Re 1 each)	63.11	63.11	63.11	63.11	63.11
Reserve excluding Revaluation Reserves	-	-	-	5614.58	5388.45
Earnings per share (Basic & Diluted) (not annualised for quarter end) - Rs	1.69	0.94	0.06	5.16	3.93

 

 

 

 

 

 

 

Notes:

 

1. For the financial year, Income from operations at Rs 8111 Crores increased by 3% in constant currency terms. Profit from operations at Rs 532 Crores is lower than the previous year due to spend on new initiatives, new launches and higher competitive intensity in certain key markets. Post the impact of exceptional items, the Group Consolidated Net Profit at Rs 326 crores reflects an increase of 32%.

 

 

2. For the quarter, Income from operations at Rs 1966 Crores increased by 1% in constant currency terms. Profit from operations at Rs 132 Crores is lower than the corresponding quarter of the previous year due to spends on new initiatives, new launches and higher competitive intensity in certain key markets. Post the impact of exceptional items, the Group Consolidated Net Profit is Rs 103 Crores higher than the corresponding quarter of the previous year.

 

3. The financial results includes the following under Exceptional Items :

 

In Rs Crores

Particulars	Year ended
	Mar 31 2016	Mar 31 2015
Profit/(loss) on sale of long term investments	328	(18)
Write back on change in Accounting Policy*	17	-
Impairment of intangible / other assets**	(288)	(95)
Reorganisation and Restructuring cost	(19)	(18)
Acquisition related expenditure	(13)	-
Provision for retrospective amendment of legislation relating to employee benefits	(5)	-
Levy relating to past demerged business	(3)	-
Other exceptional items	(5)	1
Income/(Expenditure) - Net	12	(130)

 

 

 

 

 

 

 

 

 

 

 

* During the year, an Indian subsidiary of the Company has revised its policy of providing depreciation on fixed assets with effect from April 1, 2015. Depreciation is now provided on a straight line basis for all assets as against the policy of providing on written down value basis for certain assets. The adoption of new policy resulted in depreciation for the year 2015-16 being lower by Rs 3 Crores and the write back of depreciation amounting to Rs. 17 Crores relating to earlier years.

** Represents non-cash impairment loss mainly on goodwill relating to the branded businesses in Eastern Europe and branded tea business in the US. While the Company is actively pursuing various growth opportunities, the accounting impairment has been recognised due to factors like macro-economic instability, decline in category growth rate and higher competitive intensity. In addition the group also provided for partial diminution in the value of certain inventory items.

 

 

4. Actuarial loss (net of tax and minority interest) of Rs 24.77 Crores for the quarter, relating to defined benefit pension scheme of overseas subsidiaries 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. Further, the current policy is consistent with IND-AS 19 - Employee Benefits (mandatorily applicable from April 1, 2016) wherein, the actuarial gains and losses on defined benefit plans are not required to be recognised in the Statement of Profit and Loss. 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 would have been lower by Rs 24.77 Crores and Rs 37.77 Crores for the quarter and the year ended March 31, 2016 respectively.

The Statutory Auditors have invited attention to this in their Audit Report.

 

 

 

 

 

5. 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 Total Income from Operations, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below:

In Rs Crores	Three months ended			Year ended
	Mar 31 2016	Dec 31 2015	Mar 31 2015	Mar 31 2016	Mar 31 2015
Total Income from Operations (Net)	700	786	671	3084	2885
Profit before Tax	348	74	17	661	349
Profit after Tax	336	51	43	564	289
Earnings per share - Rs* *not annualised for the quarter end	5.33	0.81	0.68	8.93	4.58

 

 

 

 

 

 

 

6. Figures for the quarter ended March 31, 2016 and March 31, 2015 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.

 

7. Consolidated statement of Asset and Liabilities as at March 31, 2016 along with comparatives is annexed.

 

8. The Board of Directors has recommended a dividend payment of Rs 2.25 per share (Face value Re. 1 each) for the year ended March 31, 2016.

 

9. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

10. The aforementioned results were reviewed by the Audit Committee of the Board on May 23, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on May 24, 2016. The Statutory Auditors of the company have audited the annual results.

 

11. The Consolidated and Standalone result for the quarter and the year ended March'2016 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).

 

 

 

 

 

 

 

Cyrus P Mistry

(Chairman)

Mumbai: May 24, 2016

 

 

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, 2016

 Rs. In Crores

Particulars		As at March 31 2016	As at March 31 2015
A	EQUITY AND LIABILITIES
1	SHAREHOLDERS' FUNDS
	(d) Share Capital	63.11	61.84
	(e) Reserves and Surplus	5655.81	5429.68
	(f) Share Suspense Account	-	1.27
	Sub-total - Shareholders' funds	5718.92	5492.79
2	Minority Interest	880.69	876.21
3	Non-current liabilities
	(a) Long-term borrowings	505.53	883.94
	(b) Deferred tax liabilities (net)	179.81	156.42
	(c) Other long-term liabilities	6.09	79.58
	(d) Long-term provisions	260.28	224.99
	Sub-total - Non-current liabilities	951.71	1344.93
4	Current Liabilities
	(a) Short-term borrowings	293.07	382.03
	(b) Trade Payables	758.22	759.37
	(c) Other current liabilities	741.27	387.32
	(d) Short-term provisions	273.86	269.18
	Sub-total - Current liabilities	2066.42	1797.90
TOTAL - EQUITY AND LIABILITIES		9617.74	9511.83
B	ASSETS
1	Non-current assets
	(a) Fixed Assets	1101.18	1076.74
	(b) Goodwill on Consolidation	3791.79	3892.12
	(c) Non-current investments	600.57	617.76
	(d) Deferred tax Assets (net)	42.28	54.25
	(e) Long-term loans and advances	240.40	189.32
	(f) Other non-current assets	70.50	70.50
	Sub-total - Non-current assets	5846.72	5900.69
2	Current assets
	(a) Current investments	8.59	4.26
	(b) Inventories	1728.11	1625.30
	(c) Trade Receivables	632.08	616.09
	(d) Cash & Bank balance	538.93	544.24
	(e) Short-term loans and advances	819.17	791.59
	(f) Other current assets	44.14	29.66
	Sub-total - Current assets	3771.02	3611.14
TOTAL ASSETS		9617.74	9511.83

 

 

 

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 and Capital Employed,

under Clause 41, of the Listing Agreement for the three months ended March 31, 2016

 Rs. In Crores

Particulars	Unaudited Three Months Ended			Audited Year ended
	March 31  2016	December 31  2015	March 31 2015	March 31  2016	March 31 2015
1. Segment Revenue
(a) Tea	1417.79	1517.46	1376.02	5931.43	5880.24
(b) Coffee & Other Produce	525.83	539.68	520.04	2068.25	2010.33
(c) Others	21.95	24.33	26.59	110.83	102.82
Total Income from Operations (Net)	1965.57	2081.47	1922.65	8110.51	7993.39
2. Segment Results
(a) Tea	144.24	139.40	152.85	580.05	614.97
(b) Coffee & Other Produce	54.14	63.11	83.26	214.40	264.38
(c) Others	(16.09)	(6.55)	(13.75)	(41.42)	(44.26)
Total	182.29	195.96	222.36	753.03	835.09
Add/(Less)
i) Finance Cost	(18.15)	(22.68)	(18.37)	(68.77)	(81.86)
ii) Other Un-allocable items, Other Income and Exceptional Items	(4.41)	(62.84)	(153.71)	(138.82)	(253.35)
Profit from ordinary activities before Tax	159.73	110.44	50.28	545.44	499.88
3. Capital Employed
(a) Tea	3982.76	4399.32	3964.43	3982.76	3964.43
(b) Coffee & Other Produce	2446.69	2480.21	2368.68	2446.69	2368.68
(c) Others	32.10	53.09	54.65	32.10	54.65
(d) Unallocated including Investments	138.06	(135.63)	(18.76)	138.06	(18.76)
Total	6599.61	6796.99	6369.00	6599.61	6369.00

 

Notes:

 

a. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:

 

Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or value added forms

Coffee and Other Produce : Cultivation of coffee and related plantation crops and sale of coffee in various value added forms.

Others : Sale of water products and other businesses.

 

b. The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable expenditures includes expenses incurred on common services at the corporate level, and exceptional items. Unallocable income includes income from investments and exceptional items.

 

c. Previous periods figures have been regrouped/rearranged to the extent necessary, to conform to current period classifications.

 

 

 

 

 

 

Mumbai : May 24, 2016 Cyrus P Mistry

 

(Chairman)

 

 

 

 

 

Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for financial year ended 31st March 2016:

 

 

Particulars	As at 31st March 2016
Credit Rating	Credit rating by ICRA for the NCD programme is AA+
Asset Cover	1.3
Debt Equity Ratio	0.13
Previous due date for : Payment of Interest Principal	23rd October 2015 Not Applicable
Next due date for : Payment of Interest Principal	22nd October 2016 22nd October 2016
Debt Service Coverage Ratio	14.39
Interest Service Coverage Ratio	14.39
Outstanding Redeemable Preference Shares	Nil
Capital Redemption Reserves	Nil
Debenture Redemption Reserves	Rs 81.25 crores
Net Worth	Rs 2895.90 crores
Net Profit after tax	Rs 563.67 crores
Earnings per share (Rs)	8.93
Security on Outstanding Debentures of Rs 325 crores	Secured by way of a first mortgage on certain immovable assets of the company and partly by pledge of shares of certain companies held as investments.

 

 

This information is provided by RNS

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