28 May 2013 13:00
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Financial Results
for three months ended March 31, 2013
Rs. In Lakhs
Particulars | Three Months Ended | Year Ended | |||
March 2013 | December 2012 | March 2012 | March 2013 | March 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 55836 | 61721 | 46370 | 227784 | 199564 |
Other Operating Income | 2001 | 808 | 1049 | 4826 | 3965 |
Total Income from Operations (Net) | 57837 | 62529 | 47419 | 232610 | 203529 |
a) Cost of materials consumed | 40696 | 42775 | 31380 | 154927 | 129341 |
b) Purchase of stock-in-trade | - | - | 47 | 113 | 165 |
c) Charges in inventories of finished goods and stock-in-trade | (5647) | (1265) | (3550) | (3854) | (978) |
d) Employee benefits expense | 3662 | 2872 | 2680 | 12006 | 10069 |
e) Depreciation & Amortization expense | 567 | 370 | 319 | 1639 | 1204 |
f) Other Expenses | 13079 | 11388 | 11625 | 45567 | 41755 |
Total Expenses | 52357 | 56140 | 42501 | 210398 | 181556 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 5480 | 6389 | 4918 | 22212 | 21973 |
Other Income | 648 | 5807 | 761 | 11297 | 9409 |
Profit from ordinary activities before Finance cost & Exceptional Items | 6128 | 12196 | 5679 | 33509 | 31382 |
Finance Cost | 1070 | 1287 | 729 | 3201 | 2704 |
Profit from ordinary activities after Finance cost but before Exceptional Items | 5058 | 10909 | 4950 | 30308 | 28678 |
Exceptional items (Net) | (563) | (1142) | (875) | 1787 | 8313 |
Profit from ordinary activities before Tax | 4495 | 9767 | 4075 | 32095 | 36991 |
Tax Expense | |||||
a) Current Tax | 887 | 2716 | 1090 | 6779 | 7614 |
b) Deferred Tax | (92) | (67) | 53 | (549) | (891) |
Net Profit for the period | 3700 | 7118 | 2932 | 25865 | 30268 |
Paid up Equity Share Capital(face value of Rs. 1 each) | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | 223459 | 212641 | |||
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 0.60 | 1.15 | 0.47 | 4.18 | 4.89 |
Debt Service Coverage Ratio (DSCR) | 10.47 | 11.61 | |||
Interest Service Coverage Ratio (ISCR) | 10.47 | 11.61 | |||
PARTICULARS OF SHAREHOLDING | |||||
Public Shareholding | |||||
- Number of Shares | 400715380 | 400715380 | 400715380 | 400715380 | 400715380 |
- Percentage of Shareholding | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% |
Promoters and Promoters Group Shareholding | |||||
(a) Pledged / Encumbered | |||||
Number of Shares | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 18.74% | 18.74% | 18.74% | 18.74% | 18.74% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
(b) Non Encumbered | |||||
Number of Shares | 176883190 | 176883190 | 176883190 | 176883190 | 176883190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 81.26% | 81.26% | 81.26% | 81.26% | 81.26% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 28.60% | 28.60% | 28.60% | 28.60% | 28.60% |
Note:- DSCR = Earnings before Interest, Exceptional items and Tax / Gross Interest and Principal repayment of long term loan
ISCR = Earnings before Interest, Exceptional items and Tax / Gross Interest
Notes:
1. Total Operating Income for the quarter at Rs 578 crores has increased by 22% over the corresponding quarter of previous year driven primarily by improved performance in the Branded Tea operations. Profit from Operations for the quarter at Rs 55 crores is higher by 11 % from the corresponding quarter of the previous year driven by improved operating performance. Profit after Tax for the quarter at Rs. 37 crores improved by 26% over the corresponding quarter of the previous year.
2. Total Operating Income for the year at Rs 2326 crores increased by 14% over the previous year driven by higher volumes and improved performance in branded tea operations. Profit from Operations for the year at Rs 222 crores as well as Profit before Exceptionals at Rs. 303 crores are higher compared to the previous year attributable to improvement in operations.
3. Exceptional items during the quarter represent costs on new product development Rs 5.65 crores, expenditure on post retirement benefits obligation Rs 1.34 crores, cost on long term Initiatives Rs 1.17 crores offset by profit arising from sale of Non Core Investment Rs 2.53 crores. Exceptional items for corresponding quarter of the previous yearrepresent costs on long term initiatives Rs 2.77 crores , Costs on new product development Rs 5.72 crores and expenditure on post retirement benefits obligation Rs 0.33 crores offset by recovery from sale of assets of Rs 0.07 crores.
4. Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 0.60 is higher than Rs 0.47 reported for the corresponding quarter of the previous year mainly due to improved operating performance. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is Rs. 0.65 as compared to Rs 0.57 for the corresponding quarter of 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. Investor complaints :
Pending at the beginning of the Quarter | Received during the Quarter | Disposed of during the Quarter | Remaining unresolved at the end of the Quarter |
2 | 4 | 4 | 2 |
7. Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures.
8. Figures of the quarter ended March 31, 2013 and March 31, 2012 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.
9. Statement of Asset and Liabilities as at March 31, 2013 along with comparatives is annexed.
10. The Board of Directors has recommended a dividend payment of Rs. 2.15 per share (Face value Re. 1 each) for the year ended 31st March 2013.
11. The aforementioned results were reviewed by the Audit Committee of the Board on May 27, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on May 28, 2013. The statutory auditors of the company have audited these results.
Cyrus P Mistry | |
Mumbai, May 28, 2013 | (Chairman) |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Statement of Assets and Liabilities as at March 31, 2013
Rs. In Lakhs
Particulars | As at March 31 2013 | As at March 31 2012 | |
A | EQUITY AND LIABILITIES | ||
1 | SHAREHOLDERS' FUNDS | ||
Share Capital | 6184 | 6184 | |
Reserves and Surplus | 225645 | 214827 | |
Sub-total - Shareholders' funds | 231829 | 221011 | |
2 | Non-current liabilities | ||
(a) Long-term borrowings | - | 32503 | |
(b) Other long-term liabilities | - | 6346 | |
(c) Long-term provisions | 7997 | 6471 | |
Sub-total - Non-current liabilities | 7997 | 45320 | |
3 | Current Liabilities | ||
(a) Short-term borrowings | 18357 | 4182 | |
(b) Trade Payables | 14850 | 14010 | |
(c) Other current liabilities | 51464 | 12073 | |
(d) Short-term provisions | 19524 | 19962 | |
Sub-total - Current liabilities | 104195 | 50227 | |
TOTAL - EQUITY AND LIABILITIES | 344021 | 316558 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed Assets | 15045 | 14278 | |
(b) Non-current investments | 222514 | 216361 | |
(c) Deferred tax Assets | 2320 | 1771 | |
(d) Long-term loans and advances | 4208 | 3740 | |
(e) Other non-current assets | - | 3060 | |
Sub-total - Non-current assets | 244087 | 239210 | |
2 | Current assets | ||
(a) Current investments | - | 4209 | |
(b) Inventories | 65156 | 45347 | |
(c) Trade Receivables | 10911 | 9064 | |
(d) Cash & Bank balance | 5052 | 1747 | |
(e) Short-term loans and advances | 18171 | 16366 | |
(f) Other current assets | 644 | 615 | |
Sub-total - Current assets | 99934 | 77348 | |
TOTAL ASSETS | 344021 | 316558 | |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Consolidated Financial Results
for the three months ended March 31, 2013
Rs. In Lakhs
Particulars | Three Months Ended | Audited Year Ended | |||
March 2013 | December 2012 | March 2012 | March 31 2013 | March 31 2012 | |
Net Sales / Income from Operations (Net of excise duty) | 181089 | 190199 | 172411 | 727033 | 658526 |
Other Operating Income | 3861 | 1357 | 1451 | 8065 | 5478 |
Total Income from Operations (Net) | 184950 | 191556 | 173862 | 735098 | 664004 |
a) Cost of materials consumed | 81571 | 87369 | 76553 | 336476 | 309282 |
b) Purchase of stock-in-trade | 6571 | 6573 | 7315 | 24377 | 29434 |
c) Charges in inventories of finished goods and stock-in-trade | (4684) | (933) | (167) | (4154) | (6582) |
d) Employee benefits expense | 20229 | 18752 | 18548 | 74011 | 68133 |
e) Depreciation & Amortization (Net of amount drawn from Revaluation Reserve) | 3046 | 2459 | 2524 | 10510 | 9614 |
f) Advertisement and Sales Charges | 30599 | 31602 | 26638 | 123896 | 109970 |
g) Other Expenses | 28333 | 27870 | 26258 | 103643 | 91462 |
Total Expenses | 165665 | 173692 | 157669 | 668759 | 611313 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 19285 | 17864 | 16193 | 66339 | 52691 |
Other Income | 1602 | 1723 | 1892 | 8601 | 9452 |
Profit from ordinary activities before Finance cost & Exceptional Items | 20887 | 19587 | 18085 | 74940 | 62143 |
Finance Cost | (2846) | (2383) | (1425) | (8444) | (7035) |
Profit from ordinary activities after Finance cost but before Exceptional Items | 18041 | 17204 | 16660 | 66496 | 55108 |
Exceptional items (Net) | 50 | (1206) | (3950) | (2817) | 2254 |
Profit from ordinary activities before Tax | 18091 | 15998 | 12710 | 63679 | 57362 |
Tax Expense | |||||
a) Current Tax | (3483) | (6217) | (2789) | (17715) | (14795) |
b) Deferred Tax | 699 | (485) | (106) | 1308 | 624 |
Profit after Tax | 15307 | 9296 | 9815 | 47272 | 43191 |
Share of Profit/(Loss) from Associates | (3816) | 527 | (1974) | (2766) | (1512) |
Minority Interest in Consolidated Profit | (1915) | (1797) | (2420) | (7231) | (6065) |
Group Consolidated Net Profit | 9576 | 8026 | 5421 | 37275 | 35614 |
Paid-up equity share capital (Face value of Re 1 each) | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserve excluding Revaluation Reserves | 470448 | 446149 | |||
Earnings per share (Basic & Diluted) (not annulised for quarter end) - Rs | 1.55 | 1.30 | 0.88 | 6.03 | 5.76 |
PARTICULARS OF SHAREHOLDING | |||||
Public Shareholding | |||||
- Number of Shares | 400715380 | 400715380 | 400715380 | 400715380 | 400715380 |
- Percentage of Shareholding | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% |
Promoters and Promoters Group Shareholding | |||||
(a) Pledged / Encumbered | |||||
- Number of Shares | 40800000 | 40800000 | 40800000 | 40800000 | 40800000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 18.74% | 18.74% | 18.74% | 18.74% | 18.74% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% |
(b) Non Encumbered | |||||
- Number of Shares | 176883190 | 176883190 | 176883190 | 176883190 | 176883190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 81.26% | 81.26% | 81.26% | 81.26% | 81.26% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 28.60% | 28.60% | 28.60% | 28.60% | 28.60% |
Notes:
1. For the financial year, Income from operations at Rs 7351 crores increased by 11% aided by improved performance coupled with favourable foreign exchange translation impact. Profit before exceptional items at Rs 665 crores as compared to Rs 551 crores is 20% higher than the previous year reflecting improved performance in major markets and favourable impact of cost interventions. After considering the impact of exceptional items the increase in Profit after tax is 9 %.
2. For the quarter, Income from operations at Rs 1849 crores increased by 6% year on year reflecting improved performance coupled with favourable foreign exchange translation impact. Profit before exceptional items at Rs 180 crores as compared to Rs 167 crores is 8% higher. The results for this quarter include the impact of higher spend on advertising compared with the same period in the previous year. After considering exceptional items Profit after tax is 56% higher than the same period in the previous year.
3. Exceptional items for the quarter represents sale of non-core investments of Rs 3 crores and exchange gain of Rs 7 crs partly offset by cost relating to product development of Rs 7 crores and other expenses of Rs 2 crores. In the corresponding period of the previous year exceptional items consisted of cost incurred for long term initiatives and new projects of Rs 10 crores, Loss on assets relating to discontinued business of Rs 13 crores, product development cost of Rs 6 crores and redundancy/ re-organisation cost relating to business restructuring of Rs 11 crores.
4. Earning per Share (EPS) (basic and Diluted) and EPS, net of impact of exceptional items (basic and diluted) for the quarter and the year is given below
In Rs | Three months ended | Year ended | |||
Mar 31 2013 | Dec 31 2012 | Mar31 2012 | Mar 31 2013 | Mar 31 2012 | |
Earnings Per Share - Rs* | 1.55 | 1.30 | 0.88 | 6.03 | 5.76 |
Earnings Per Share - Rs* excluding the impact of exceptional items | 1.53 | 1.42 | 1.23 | 5.95 | 4.62 |
***not annualised for the quarter end
EPS, excluding the impact of exceptional items, for the quarter and year is higher by 24% and 29%, respectively as compared to the corresponding period of the prior year reflecting improvement in underlying performance.
5. The reduction in actuarial losses relating to defined benefit pension scheme of overseas subsidiaries of Rs 10.28 crores (net of tax and minority interest) for the quarter 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. 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 for the quarter would have been higher by Rs 10.28 crores and for the year ended March 2013 would have been lower by Rs 26.95 crores. The net profit for the interim periods as well as year reported is comparable and excludes the impact of actuarial gain/losses.
The Statutory Auditors have invited attention to this in their Audit report.
6. 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:
In Rs Crores | Three months ended | Year ended | |||
Mar 31 2013 | Dec 31 2012 | Mar31 2012 | Mar 31 2013 | Mar 31 2012 | |
Total Income from Operations (Net) | 578 | 625 | 474 | 2326 | 2035 |
Net Profit for the period | 37 | 71 | 29 | 259 | 303 |
Earnings per share - Rs* | 0.60 | 1.15 | 0.47 | 4.18 | 4.89 |
Earnings per share - Rs* Excluding the impact of exceptional items | 0.65 | 1.28 | 0.57 | 3.71 | 3.26 |
*not annualised for the quarter end
7. Figures for the quarter ended March 31, 2013 and March 31, 2012 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. Consolidated statement of Asset and Liabilities as at March 31, 2013 along with comparatives is annexed.
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 27, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on May 28, 2013. The Statutory Auditors of the company have audited the annual results.
Cyrus P Mistry
(Chairman)
Mumbai: May 28, 2013
Tata Global Beverages 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 three months ended March 31, 2013
Rs. In Lakhs
Particulars | Three Months Ended | Year ended | |||
March 2013 (Unaudited) | December 2012 (Unaudited) | March 2012 (Unaudited) | March 2013 | March 2012 | |
1. Segment Revenue | |||||
(a) Tea | 136656 | 142044 | 127819 | 532796 | 480814 |
(b) Coffee & Other Produce | 45952 | 48154 | 43438 | 194662 | 176631 |
(c) Others | 2333 | 1350 | 2592 | 7598 | 6541 |
(d) Unallocated | 8 | 8 | 12 | 41 | 18 |
Total Income from Operations (Net) | 184950 | 191556 | 173862 | 735098 | 664004 |
2. Segment Results | |||||
(a) Tea | 17833 | 14647 | 16556 | 54432 | 50650 |
(b) Coffee & Other Produce | 7139 | 7101 | 5150 | 28919 | 19609 |
(c) Others | (464) | (995) | (588) | (2560) | (1922) |
Total | 24509 | 20753 | 21119 | 80792 | 68338 |
Add/(Less) | |||||
i) Finance Cost | (2846) | (2383) | (1425) | (9444) | (7035) |
ii) Other Un-allocable items, Other Income and Exceptional Items | (3571) | (2372) | (6984) | (8668) | (3941) |
Profit from ordinary activities before Tax | 18091 | 15998 | 12710 | 63679 | 57362 |
3. Capital Employed | |||||
(a) Tea | 335921 | 379256 | 313789 | 335921 | 313789 |
(b) Coffee & Other Produce | 207928 | 205392 | 184424 | 207928 | 184424 |
(c) Others | 22460 | 24415 | 21472 | 22460 | 21472 |
(d) Unallocated including Investments | (3906) | 21286 | 43481 | (3906) | 43481 |
Total | 562403 | 630349 | 563166 | 562403 | 563166 |
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 and sales thereof.
Others : Sale of Natural Mineral Water, other minor crops and curing operations of coffee and trading of items required for coffee plantations.
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 corporate level, finance costs and exceptional items. Unallocable other income includes other income and exceptional items.
Previous year/quarter figures have been regrouped/rearranged to the extent necessary, to conform to current year/quarter classifications.
Cyrus P Mistry
(Chairman)
Financial Highlights | |||||
Rs. In Crores | |||||
Particulars | Three Months Ended | Year ended | |||
March 2013 | December 2012 | March 2012 | March 2013 | March 2012 | |
Total Income from Operations (Net) | 1849.50 | 1915.56 | 1738.62 | 7350.98 | 6640.04 |
Profit before Exceptionals | 180.41 | 172.04 | 166.60 | 664.96 | 551.08 |
Exceptionals Items (Net) | 0.50 | (12.06) | (39.50) | (28.17) | 22.54 |
Net Profit before Tax | 180.91 | 159.98 | 127.10 | 636.79 | 573.62 |
Net Profit after Tax | 153.07 | 92.96 | 98.15 | 472.72 | 431.91 |
Earnings per Share - Rs* | 1.55 | 1.30 | 0.88 | 6.03 | 5.76 |
Earnings per Share (Before Exceptionals)- on Core Operations - Rs * | 1.53 | 1.42 | 1.23 | 5.95 | 4.62 |
Dividend recommended - Rs per share (Face Value Re 1 per Share) | Rs. 2.15 | Rs. 2.15 | |||
* Not annualised for the quarter
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2013
Rs. In Lakhs
Particulars | As at March 31 2013 | As at March 31 2012 | |
A | EQUITY AND LIABILITIES | ||
1 | Shareholders' Funds | ||
Share Capital | 6184 | 6184 | |
Reserves and Surplus | 474828 | 450390 | |
Sub-total - Shareholders' funds | 481012 | 456574 | |
2 | Minority Interest | 81391 | 106592 |
3 | Non-current Liabilities | ||
(a) Long-term borrowings | 67270 | 73934 | |
(b) Deferred Tax liabilities (Net) | 5396 | 6572 | |
(c) Other Long-term liabilities | 9241 | 15577 | |
(d) Long-term provisions | 20315 | 17399 | |
Sub-total - Non-current liabilities | 102222 | 113482 | |
4 | Current Liabilities | ||
(a) Short-term borrowings | 34413 | 14892 | |
(b) Trade Payables | 80335 | 80522 | |
(c) Other current liabilities | 69016 | 29457 | |
(d) Short-term provisions | 30999 | 26363 | |
Sub-total - Current liabilities | 214763 | 151234 | |
TOTAL - EQUITY AND LIABILITIES | 879388 | 827882 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed Assets | 92689 | 82406 | |
(b) Goodwill on Consolidation | 359812 | 346873 | |
(c) Non-current investments | 57603 | 47352 | |
(d) Long-term loans and advances | 8365 | 8827 | |
(e) Other non-current assets | - | 3332 | |
Sub-total - Non-current assets | 518468 | 488790 | |
2 | Current assets | ||
(a) Current investments | 191 | 9301 | |
(b) Inventories | 138292 | 116074 | |
(c) Trade Receivables | 71292 | 65181 | |
(d) Cash & Bank balance | 69770 | 73616 | |
(e) Short-term loans and advances | 79241 | 73208 | |
(f) Other current assets | 2133 | 1712 | |
Sub-total - Current assets | 360920 | 339092 | |
TOTAL ASSETS | 879388 | 827882 | |