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Final Results

30 May 2008 15:12

RNS Number : 6518V

Tata Tea Limited

30 May 2008

Tata Tea Limited Registered Office: 1 Bishop Lefroy Road, Kolkata-700020

Audited Financial Results

for three months ended March 31, 2008

						Rs in crores
	Nine months ended December	Quarter ended			Year ended
		March 31			March 31
	2007	2008		2007	2008	2007
Income from Operations	878.41	275.02		251.23	1153.43	1070.35
Other Income - Income from Investments (Net)	88.84	21.02		7.80	109.86	75.76
Total Expenditure	735.81	251.48		240.93	987.29	891.21
(a) (Increase) / Decrease in stock	14.59	3.80		23.48	18.39	(15.59)
(b) Consumption of raw materials	410.78	138.47		79.39	549.25	322.63
(c) Purchase of traded goods	26.14	0.35		0.20	26.49	32.55
(d) Staff Costs	52.16	19.67		40.59	71.83	179.15
(e) Advertisement & Sales charges	76.99	23.21		24.44	100.20	92.75
(f) Depreciation & Amortization	7.80	2.37		4.66	10.17	18.54
(g) Other Expenditure	147.35	63.61		68.17	210.96	261.18
Profit before Interest	231.44	44.56		18.10	276.00	254.90
Interest (Net)	17.16	4.72		2.16	21.88	11.63
Interest on Loans for acquisition	24.47	-		14.27	24.47	26.68
Profit before Tax and exceptional items	189.81	39.84		1.67	229.65	216.59
Exceptional Income / (Expenditure) (Net)	(3.29)	159.50		6.03	156.21	133.18
Profit before Tax	186.52	199.34		7.70	385.86	349.77
Provision for Taxation
(a) Current	51.72	21.42		2.25	73.14	40.30
(b) Deferred	(0.70)	(1.54)		0.76	(2.24)	0.25
(c) Fringe Benefit Tax	1.50	0.60		0.80	2.10	2.65
Profit after Tax	134.00	178.86		3.89	312.86	306.57
Paid up Equity Share Capital (face value of Rs 10 each)	61.84	61.84		59.03	61.84	59.03
Reserves excluding Revaluation Reserves	-				1720.35	1462.83

Earnings per share (Basic & diluted) (Not annualised) - Rs	21.78	28.92		0.66	50.79	53.56
Aggregate of Public Shareholding (excludes shares held against GDRs)
-Number of Shares	399,28,634	399,78,634	399,17,866		399,78,634	399,17,866
-Percentage of Share holding	64.56%	64.65%	67.62%		64.65%	67.62%

Notes:

Income from operations for the year at Rs 1153.43 crores grew by 8 % over the previous year driven by strong branded tea performance.

The Profit before Tax and exceptional items at Rs 229.65 crores improved by 6% over the previous year. Whilst Profit before Tax at Rs 385.86 crores improved by 10% over the previous year, the Profit after Tax at Rs 312.86 crores increased by 2% over the previous year.

In terms of the Scheme of Arrangement approved by the Hon'ble High Court at Calcutta by an Order dated 9th April 2008, which was filed with the Registrar of Companies, West Bengal, Kolkata on 30th April 2008, the North India Plantation Division (NIPD) of the company stood transferred to Amalgamated Plantations Private Limited (APPL) with effect from the appointed date of April 1, 2007 for an aggregate consideration of Rs 365.65 crores. Consequently the results for the financial year 2007-08 exclude the performance of NIPD. The effect of the scheme has been incorporated in the Accounts. Subsequently on 15th May 2008, an appeal has been filed by the Regional Director, Ministry of Corporate Affairs, Calcutta against the above referred order, before the Division Bench of Hon'ble High Court at Calcutta. The said appeal has been listed on 5th June 2008.

Exceptional items during the year include profit on transfer of NIPD of Rs. 161.69 crores as reduced by amortization of amounts incurred on Employee Separation Scheme of Rs 8.78 crores.

During the year on May 2, 2007, 28,10,000 share warrants issued to Tata Sons Ltd were exercised and an equal number of equity shares (nominal value of Rs. 10 ) were issued at a price of Rs. 726.45 per share, as per applicable regulations. The Earnings per Share has been calculated considering the pro-rata increase in equity share capital.

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, 2008

Received during the quarter

Resolved during the quarter

Outstanding as on March 31, 2008

Nil

7. Previous period's figures have been rearranged to the extent necessary, to conform to the current period's figures. These figures are strictly not comparable with the figures reported in the current year, due to the transfer of North India Plantation Division during the current year. Figures for the nine months ended December 31, 2007 have been restated to exclude NIPD consequent to its transfer to APPL.

8. The Board of Directors has recommended a normal dividend payment of 150% (Previous year 150%) and a special onetime dividend of 200%.

9. The aforementioned results were reviewed by the Audit Committee of the Board on May 28, 2008 and subsequently taken on record by the Board of Directors at its Meeting held on May 30, 2008. The statutory auditors of the company have audited these results.

Ratan N Tata

Mumbai: May 30, 2008 (Chairman)

Audited Consolidated Financial Results
for the year ended March 31, 2008
						Rs in crores

		Nine months ended December	Three months ended		Year Ended
			March 31		March 31
		2007	2008	2007	2008	2007
	Income from Operations	3215.51	1176.80	1159.10	4392.31	4044.55
	Other Income - Income from Investments (Net)	33.80	5.90	3.49	39.70	58.67
	Total Expenditure	2735.04	1038.72	1017.74	3773.76	3437.05
	(a) (Increase) / Decrease in stock	22.82	7.79	21.94	30.61	(47.31)
	(b) Consumption of raw materials	877.36	335.21	262.02	1212.57	921.25
	(c) Purchase of traded goods	130.49	42.18	55.57	172.67	172.96
	(d) Staff Costs	318.71	115.19	140.70	433.90	520.02
	(e) Advertisement & Sales charges	682.18	255.61	258.81	937.79	846.70
	(f) Depreciation and Amortization (net of amount drawn from Revaluation Reserve)	68.18	23.45	24.49	91.63	96.71
	(g) Other Expenditure	635.30	259.29	254.21	894.59	926.72
	Profit before Interest	514.27	143.98	144.85	658.25	666.17
	Interest Expense (Net)	67.98	(7.12)	30.76	60.86	106.82
	Interest on Loans for acquisition	141.62	18.88	76.64	160.50	166.11
	Exchange gain / (loss)	60.31	(4.13)	1.66	56.18	34.72
	Profit before Tax and exceptional items	364.98	128.09	39.11	493.07	427.96
	Exceptional Income/(Expenditure) (Net)
	- Profit on sale of Investments in Energy Brands Inc. (Refer Note 2)	1604.74	2.78	-	1607.52	-
	- Actuarial (Loss)/ /Gain on defined benefit scheme.	-	(27.28)	27.49	(27.28)	27.49
	- Others	(87.47)	73.44	2.65	(14.03)	110.16
	Profit before Tax	1882.25	177.03	69.25	2059.28	565.61
	Provision for Taxation
	(a) Current Tax	88.88	53.45	5.53	142.33	96.35
	(b) Deferred Tax	3.05	5.11	(1.70)	8.16	3.38
	(c) Fringe Benefit Tax	2.07	0.84	5.48	2.91	7.87
	Profit after Tax	1788.25	117.63	59.94	1905.88	458.01
	Share of Profit from Associates	25.06	3.81	9.14	28.87	17.95
	Minority Interest in Consolidated Profit	(383.76)	(8.44)	(17.07)	(392.20)	(32.61)
	Group Consolidated Net Profit	1429.55	113.00	52.01	1542.55	443.35
	Paid up Equity Share Capital(face value of	61.84	61.84	59.03	61.84	59.03
	Rs 10 each)
	Reserves excluding Revaluation Reserves	-	-	-	3373.90	2044.20
	Earnings per share (Basic & Diluted ) (Not annualised) - Rs	232.36	18.27	8.81	250.41	77.46
	Aggregate of Public Shareholding (excludes shares held against GDRs)
	-Number of Shares	399,28,634	399,78,634	399,17,866	399,78,634	39,917,866
	-Percentage of Share holding	64.56%	64.65%	67.62%	64.65%	67.62%

Ratan N Tata

Mumbai: May 30, 2008 (Chairman)

Notes:

The Consolidated Income from Operations for the year at Rs 4392.31 crores is 9% higher than the previous year, driven by improvement in branded sales across key markets and by acquisitions. At constant exchange rates the sales growth is 15 %.

The sale of investment held in Energy Brands Inc (EBI) was concluded in October 2007 for an aggregate consideration of $1.02 billion and has resulted in a pre-tax profit of $421.54 million in the Company's UK subsidiary The Tetley Group. The company has been advised that no tax is payable on the profit on sale of this investment. After necessary adjustments the profit considered in the consolidated results is Rs. 1607.52 Crores.

Profit before Tax and exceptional items at Rs 493.07 crores increased by 15% over the previous year, driven by lower interest costs as well as by Exchange gain on loans and investments despite higher outlay on Advertisement and Promotional expenditure.

In terms of the Scheme of Arrangement approved by the Hon'ble High Court at Calcutta by an Order dated 9th April 2008, which was filed with the Registrar of Companies, West Bengal, Kolkata on 30th April 2008, the North India Plantation Division (NIPD) of the Holding company stood transferred to Amalgamated Plantations Private Limited (APPL) with effect from the appointed date of April 1, 2007 for an aggregate consideration of Rs 365.65 crores. Consequently the results for the financial year 2007-08 exclude the performance of NIPD. The effect of the scheme has been incorporated in the Accounts and a pre-tax profit of Rs. 161.69 crores on transfer of NIPD has been shown under Exceptional item in the Profit and Loss Accounts of the holding company. Subsequently on 15th May 2008, an appeal has been filed by the Regional Director, Ministry of Corporate Affairs, Calcutta against the above referred order, before the Division Bench of Hon'ble High Court at Calcutta. The said appeal has been listed on 5th June 2008.

The Company has during the year acquired a stake in Mount Everest Mineral Water Limited (MEMW). In accordance with the Articles of Association of MEMW and the Shareholders' Agreement with its promoters, the company has the right to appoint majority of the Board of Directors of MEMW. Consequently based on legal opinion MEMW has been treated as a subsidiary of the company with effect from 22nd August 2007.

Zhejiang Tata Tea Extraction Company Ltd, the company's Joint venture in China in which it holds the majority stake has been consolidated as a subsidiary with effect from November 22nd 2007.

Under Indian GAAP, The Tetley Group's (the Company's 77.78% UK subsidiary) turnover for the Financial Year 2007/08 was Rs 2301 crores compared to Rs 2298 crores in the previous year. The turnover increased by 6% over the previous year at constant exchange rates. The Tetley Group, inclusive of profit on sale of investment in EBI, reported a PAT of Rs 1697.72 crores compared to Rs 126.63 crores during the previous year.

Amalgamated Plantations Private Limited (APPL) has been treated as associate. Since the APPL's accounts for the year 2007-08, being the first year of operation, is under compilation and audit and hence the same has not been consolidated. However the unrealized profit on transactions with APPL has been eliminated to the extent of company shareholding in APPL as at 31st March 2008, as per applicable accounting standard.

Previous period's figures have been regrouped, to the extent necessary, to conform to current period's figures. The figures are not strictly comparable due to business acquisitions and due to the transfer of NIPD by the holding Company during the current year. Figures for the nine months ended December 31, 2007 of holding company have been restated to exclude results of NIPD .

The aforementioned results were reviewed by the Audit Committee of the Board on May 28, 2007 and subsequently taken on record by the Board of Directors at its Meeting held on May 30, 2008. The statutory auditors of the company have audited these results.

Ratan N Tata (Chairman)

Mumbai: May 30, 2008

Audited Consolidated Segment wise Revenue, Results and Capital Employed, under
Clause 41, of the Listing Agreement for the Year ended March 31, 2008
					Rs in crores

	Particulars	Nine months ended December 31st 2007	3 months ended March 31st 2008	Year Ended March 31st 2008	Previous year ended March 31st 2007
1.	Segment Revenue
	(a) Tea	2523.42	908.96	3432.38	3332.19
	(b) Coffee & Other Produce	673.98	255.32	929.30	692.26
	(c) Others	13.42	18.87	32.29	18.79
	(d) Unallocated	38.49	(0.45)	38.04	59.98
Total Revenue		3249.31	1182.70	4432.01	4103.22
2.	Segment Results
	(a) Tea	413.01	114.72	527.73	551.34
	(b) Coffee & Other Produce	107.81	27.55	135.36	101.90
	(c) Others	1.27	(4.06)	(2.79)	1.13
Total		522.09	138.21	660.30	654.37
Add/(Less)
i) Interest		(67.98)	7.12	(60.86)	(106.82)
	ii) Interest on loans for acquisition	(141.62)	(18.88)	(160.50)	(166.11)
	iii) Exchange gain	60.31	(4.13)	56.18	34.72
iv) Other Un-allocable Income net of Un-allocable Expenditure		1509.45	54.71	1564.16	149.45
Total Profit before Tax		1882.25	177.03	2059.28	565.61
3.	Capital Employed
	(a) Tea	2909.54	2648.95	2648.95	2957.01
	(b) Coffee & Other Produce	1266.80	1221.17	1221.17	1278.84
	(c) Others	4.81	30.25	30.25	6.22
	(d) Unallocated	29.20	562.97	562.97	(1459.39)
Total		4210.35	4463.34	4463.34	2782.68

	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 and sales of coffee, pepper and other plantation crops and sales of coffee converted 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 expenditure include expenses incurred on common services at the corporate level and includes
	Exceptional items. Unallocable income includes income from investments.

	c. Comparative quarterly figures for previous period have not been given as segment results are being reported, as required under the
	clause 41 of the listing agreement, with effect from the current year.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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