TGBL.L Regulatory News (TGBL)

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN L15491WB1962PLC031425, Email : Investor.relations@tataglobalbeverages.com,

Website : www.tataglobaIbeverages.com

Audited Financial Results for three months ended March 31, 2015

 Rs. In Lakhs

Notes:

1. Pursuant to the Scheme of Amalgamation and Arrangement (the "Scheme") sanctioned by the Honorable High Court of Calcutta vide its order dated February, 16 2015 received on April 20, 2015and the Honorable High Court of Himachal Pradesh vide its order dated March, 23 2015 received on April 27, 2015, Mount Everest Mineral Water Limited ("MEMW") a subsidiary of the Company engaged in sourcing and selling of natural mineral water, merged with the Company with effect from April 1, 2014 (the "appointed date"). The Scheme came into effect on May 18, 2015, the day on which both the orders were filed with the Registrar of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties and obligations of MEMW have been transferred to and vested in the Company with effect from April 1, 2014. Accordingly, the stand-alone results for the current quarter include financial results of MEMW from April 1, 2015, resultantly figures for the current quarter/year are not comparable to those of the previous quarter/year.

2. For the financial year including impact of amalgamation, Income from operations at Rs 2885 crores increased by 8% over the previous year driven by improved performance in branded tea operations. Profit from Operations at Rs 297 crores is higher than the previous year reflecting improved operating performance. Post impact of exceptional items, Profit after tax is Rs 289 crores.

3. For the quarter including impact of amalgamation, Income from operations at Rs 671 crores increased by 6% over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from operations at Rs 81 crores is higher than corresponding quarter of previous year reflecting improved operating performance. Tax expense for the quarter includes credit of Rs 48 crores on account of tax losses available on amalgamation and tax write backs relating to earlier years. Post impact of exceptional items, Profit after tax is Rs 43 crores.

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

In Rs Crores

*Relates to non branded business in China on account of delays technology for an enhanced product range. 

5. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic and diluted) for the quarter and the year are given below :

*not annualised for the quarter end

6. During the year, the Company has with effect from 1 April 2015, adopted estimated useful life of fixed assets as stipulated by Schedule II to the Companies Act 2014 or re-assessed useful life based on technical evaluation. The consequential impact (after considering the transition provision specified in Part C of Schedule II of Companies Act, 2014) on the depreciation charged and on the results for the quarter and year to date is not material

7. As the Company's reportable 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" specified under section 133 of the Companies Act, 2014 read with Rule 7 of the Companies (Accounts) Rules, 2015, are not applicable.

8. Investor complaints :

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

10. Figures of the quarter ended March 31, 2015 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.

11. Statement of Asset and Liabilities as at march 31, 2015 along with comparatives is annexed.

12. 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, 2015.

13. The aforementioned results were reviewed by the Audit Committee of the Board on May 27, 2015 and subsequently taken on record by the Board of Directors at its Meeting held on May 28, 2015. The statutory auditors of the company have audited these results.

Cyrus P Mistry

(Chairman)

Mumbai: May 28, 2015

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN L15491WB1962PLC031425, Email : Investor.relations@tataglobalbeverages.com,

Website : www.tataglobaIbeverages.com

Audited Statement of Assets and Liabilities as at March 31, 2015

 Rs. In Lakhs

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN L15491WB1962PLC031425, Email : Investor.relations@tataglobalbeverages.com,

Website : www.tataglobaIbeverages.com

 Rs. In Lakhs

(*) includes 127.31 Lakhs shares to tar issued consequent to the amalgamation between Mount Everest Mineral Water Ltd and the Holding Company.

Notes:

1. For the financial year, Income from operations at Rs 7993 crores increased by 3% despite adverse translation impact. At previous year exchange rate the increase is 5%. Profit from operations of Rs 642 crores is 3% higher than the previous year. The increase in profits is mainly attributable to improved performance in branded business partially offset by lower profits in the non-branded business and higher spends on new entures. Post the adverse impact of exceptional items, the Group Consolidated Net Profit is Rs 248 crores.

2. For the quarter, Income from operations at Rs 1923 crores increased by 1% as compared to corresponding quarter of the previous year. At previous year exchange rate the increase is 7%. Profit from operations Rs 163 crores is 6% higher than the comparative quarter of the previous year. The increase in profits is mainly attributable to improved performance in some branded  business coupled with improvements in plantation business. Post the adverse impact of exceptional items, the Group Consolidated Net Profit is Rs 4 crores.

3. The financial results includes following under Exceptional items:

In Rs Crores

* During the quarter, the Holding Company recognized a non-cash impairment loss relating to its businesses in China and Eastern Europe. The impairment relating to the China business is on account of delays in start up and stabilization of technology for an enhanced product range.In the case of Eastern Europe, the goodwill impairment mainly relates to Russia and to a lesser extent to Eastern European branded business. In Russia, the impairment is arising due to adverse macroeconomic environment with resultant adverse impact on interest and discounting rates used for impairment assessment.

4. Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of exceptional items (basic and diluted) for the quarter and the year are given below:

*not annualised for the quarter end

EPS, excluding the impact of exceptional items, for the year is in line with previous year.

5. During the year, the group has, with effect from April 1, 2014, reassessed the estimated useful life of fixed assets as stipulated by Schedule II of Companies Act 2013 or as appropriate based on technical evaluation. The consequential impact (after considering the transition provision specified in Part C of Schedule II to Companies Act 2013) on the depreciation charged and on the results for the quarter and year to date is not material.

6. Actuarial loss (net of tax and minority interest) of Rs 42.65 crores for the year (gain of Rs 19.14crores 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 42.65 crores for the year (higher by Rs 19.14 crores for the quarter).

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

 7. Pursuant to the Scheme of Amalgamation and Arrangement (the Scheme") sanctioned by the Honorable High Court of Calcutta vide its order dated February 16, 2015 received on April 20,2015 and the Honorable High Court of Himachal Pradesh vide its order dated April 27, 2015,Mount Everest Mineral Water Limited (MEMW") a subsidiary of the Holding Company engaged in sourcing and selling of natural mineral water, merged with the Holding Company with effect from April 1, 2013 (the "appointed date"). The Scheme came into effect on May 18, 2015, the day on which both the orders were delivered to the respective Registrars of the Companies, and pursuant thereto the entire business and all the assets and liabilities, duties and obligations of MEMW have been transferred to and vested in the Holding Company with effect from April 1, 2013.

8. During the year, Tata Coffee Limited (TCL), Indian subsidiary of the Holding Company, has

merged with itself Alliance Coffee Limited (ACL), its wholly owned subsidiary vide the order dated November 20, 2014 of The High Court of Karnataka approving the scheme of merger with effect from April 1,2013 (the "appointed date").

9. 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 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 Income from Operations, Net Profit for the period and Earnings per share of the Holding Company's standalone financial results are given below:

1. Previous p

*not annualised for the quarter end

*not annualised for the quarter end

# reported numbers include impact of amalgamation of Mount Everest Mineral Water Ltd with the Holding Company which is not material.

10. Figures for the quarter ended March 31, 2015 and March 31, 2014 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.

11. Consolidated statement of Asset and Liabilities as at March 31, 2015 along with comparatives is annexed.

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

13. The aforementioned results were reviewed by the Audit Committee of the Board on May 27, 2015 and subsequently taken on record by the Board of Directors at its Meeting held on may 28, 2015. The statutory auditors of the company have audited the annual results.

Cyrus P Mistry

(Chairman)

Mumbai: May 28, 2015

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN L15491WB1962PLC031425, Email : Investor.relations@tataglobalbeverages.com,

Website : www.tataglobaIbeverages.com

Audited Consolidated Segment wise Revenue, Results and Capital Employed,

under Clause 41, of the Listing Agreement for the three months ended March 31, 2015

 Rs. In Lakhs

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 expenditure include expenses incurred on common services at the corporate level, finance costs 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 periods classifications.

Mumbai : May 28, 2015 Cyrus P Mistry

(Chairman)

*not annualised for the quarter end

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN L15491WB1962PLC031425, Email : Investor.relations@tataglobalbeverages.com,

Website : www.tataglobaIbeverages.com

Audited Consolidated Statement of Assets and Liabilities as at March 31, 2015

Rs. In Lakhs