14 May 2018 11:35
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 year ended March 31, 2018
Rs. in Crores
Particulars
| Three months ended | Year ended | Year ended | ||
March 31, 2018 | December 31, 2017 | March 31, 2017 | March 31, 2018 | March 31, 2017 | |
Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited | |
Revenue from Operations | 714.65 | 848.43 | 696.57 | 3217.32 | 3063.89 |
Other Income | 24.10 | 26.29 | 14.37 | 147.58 | 96.34 |
Total Income | 738.75 | 874.72 | 710.94 | 3364.90 | 3160.23 |
Cost of materials consumed | 458.46 | 505.69 | 464.52 | 1871.55 | 1867.72 |
Purchase of stock-in-trade | 7.65 | 9.03 | 8.41 | 33.00 | 23.03 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (49.93) | (20.02) | (60.98) | (1.67) | (1.79) |
Employees benefits expense | 50.10 | 56.55 | 45.41 | 208.13 | 187.82 |
Finance costs | 3.52 | 3.51 | 9.70 | 13.65 | 49.10 |
Depreciation and amortisation expense | 7.32 | 6.99 | 6.32 | 27.20 | 23.70 |
Advertisement and sales charges | 61.39 | 52.62 | 66.43 | 216.12 | 221.37 |
Other expenses | 116.79 | 96.08 | 107.98 | 388.81 | 403.09 |
Total Expenses | 655.30 | 710.45 | 647.79 | 2756.79 | 2774.04 |
Profit before Exceptional Items and Tax | 83.45 | 164.27 | 63.15 | 608.11 | 386.19 |
Exceptional Items (Net) | (5.49) | 102.08 | - | 115.36 | - |
Profit before Tax | 77.96 | 266.35 | 63.15 | 723.47 | 386.19 |
Tax Expense | (24.80) | (57.92) | (19.19) | (189.15) | (110.19) |
Net Profit after Tax (A) | 53.16 | 208.43 | 43.96 | 534.32 | 276.00 |
Other Comprehensive Income | |||||
i) Items that will not be reclassified to profit or loss | |||||
Remeasurement of defined benefit plans | 5.59 | 7.89 | (3.39) | 12.58 | (17.58) |
Changes in fair valuation of equity instruments | (5.08) | 6.96 | 110.57 | 53.31 | 255.55 |
0.51 | 14.85 | 107.18 | 65.89 | 237.97 | |
ii) Items that will be reclassified to profit or loss | |||||
Gains/(loss) on effective portion of cash flow hedges | (0.85) | 0.70 | 0.81 | (1.76) | 2.21 |
Other Comprehensive Income (Net of tax) (B) | (0.34) | 15.55 | 107.99 | 64.13 | 240.18 |
Total Comprehensive Income (A+B) | 52.82 | 223.98 | 151.95 | 598.45 | 516.18 |
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 | 4128.38 | 3699.58 | |||
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. | 0.84 | 3.30 | 0.70 | 8.47 | 4.37 |
Notes:
1. For the year, Revenue from operations at Rs.3217 crores increased by 5% over previous year reflecting improved performance in the branded tea operations. Profit before exceptional item at Rs. 608 crores is higher by 57% as compared to previous year reflecting improved operating performance, higher other income, lower finance costs and non-recurring items. Consequently after exceptional income, Profit after tax at Rs. 534 crores for the year is higher by 94% as compared to previous year.
2. For the quarter, Revenue from operations at Rs 715 crores increased by 3% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit before exceptional items at Rs 83 crores is higher by 32% as compared to corresponding quarter of previous year reflecting improved operating performance, lower finance costs and higher other Income. Resultantly, Profit after tax at Rs 53 crores for the current quarter is higher by 21% as compared to corresponding quarter of previous year.
3. Exceptional item for the current year mainly represents profit on divestment of stake held in an Associate/ Subsidiary of Rs 124 crores.
4. 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.
5. Figures of the quarter ended March 31, 2018 and March 31, 2017 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. Statement of Assets and Liabilities as at March 31, 2018 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, 2018.
8. The aforementioned results were reviewed by the Audit Committee of the Board on May 11, 2018 and subsequently taken on record by the Board of Directors at its meeting held on May 11, 2018. 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-10018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: May 11, 2018 |
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, 2018
Rs. in Crores
As at March 31 2018 | As at March 31 2017 | |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 207.58 | 197.76 |
Capital work-in-progress | 11.49 | 7.38 |
Investment Property | 0.67 | 0.69 |
Intangible Assets | 19.21 | 16.03 |
Intangible Assets under development | 1.16 | 4.12 |
Financial Assets | ||
Investments | 2284.28 | 2903.97 |
Loans | 20.44 | 24.73 |
Other Financial Assets | 22.05 | 21.07 |
Deferred Tax Assets (Net) | 99.01 | 38.86 |
Non-Current Tax Assets (Net) | 42.90 | 79.95 |
Other Non-Current Assets | 82.94 | 84.23 |
2791.74 | 3378.79 | |
Current assets | ||
Inventories | 744.40 | 764.19 |
Financial Assets | ||
Investments | 536.98 | 67.70 |
Trade Receivables | 136.66 | 99.62 |
Cash and Cash Equivalents | 232.80 | 13.76 |
Other Bank Balances | 302.47 | 7.02 |
Loans | 8.10 | 11.97 |
Other Financial Assets | 34.09 | 26.80 |
Other Current Assets | 104.93 | 45.69 |
2100.43 | 1036.75 | |
TOTAL ASSETS | 4892.17 | 4415.54 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 63.11 | 63.11 |
Other Equity | 4150.24 | 3721.44 |
TOTAL EQUITY | 4213.35 | 3784.55 |
Non-Current Liabilities | ||
Provisions | 109.65 | 119.91 |
109.65 | 119.91 | |
Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 84.25 | 32.26 |
Trade Payables | 248.46 | 244.33 |
Other Financial Liabilities | 91.33 | 88.06 |
Other Current Liabilities | 71.88 | 72.32 |
Provisions | 47.30 | 57.05 |
Current Tax Liabilities (Net) | 25.95 | 17.06 |
569.17 | 511.08 | |
TOTAL EQUITY AND LIABILITIES | 4892.17 | 4415.54 |
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, 2018
Rs. in Crores
Particulars | Three months ended | Year ended | |||
March 31, 2018 | December 31, 2017 | March 31, 2017 | March 31, 2018 | March 31, 2017 | |
Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited | |
Revenue from Operations | 1688.40 | 1730.39 | 1681.97 | 6815.35 | 6779.55 |
Other Income | 25.72 | 20.55 | 10.27 | 94.15 | 83.10 |
Total Income | 1714.12 | 1750.94 | 1692.24 | 6909.50 | 6862.65 |
Cost of Materials Consumed | 797.56 | 836.92 | 791.52 | 3203.22 | 3205.82 |
Purchase of stock in trade | 198.35 | 110.63 | 117.18 | 542.89 | 356.44 |
Changes in inventories of finished goods, work in progress and stock in trade | (56.13) | (20.04) | (77.45) | (46.80) | (0.69) |
Employee Benefits Expense | 210.70 | 206.71 | 213.21 | 821.37 | 834.95 |
Finance Costs | 13.58 | 8.50 | 24.77 | 42.76 | 91.53 |
Depreciation and Amortisation Expenses | 28.47 | 29.05 | 31.20 | 116.04 | 126.04 |
Advertisement and Sales charges | 135.28 | 126.68 | 165.86 | 508.91 | 584.65 |
Other Expenses | 256.94 | 234.41 | 286.19 | 946.85 | 1007.25 |
Total Expenses | 1584.75 | 1532.86 | 1552.48 | 6135.24 | 6205.99 |
Profit before Exceptional Items and Tax | 129.37 | 218.08 | 139.76 | 774.26 | 656.66 |
Exceptional Items (Net) | (1.65) | (12.41) | (42.50) | (21.13) | 5.30 |
Profit before Tax | 127.72 | 205.67 | 97.26 | 753.13 | 661.96 |
Tax Expense | (13.02) | (19.56) | (12.90) | (185.87) | (198.31) |
Net Profit after Tax | 114.70 | 186.11 | 84.36 | 567.26 | 463.65 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | (43.14) | 2.53 | (33.24) | (10.76) | (8.85) |
Group Consolidated Net Profit (A) | 71.56 | 188.64 | 51.12 | 556.50 | 454.80 |
Attributable to : | |||||
Owners of the Parent | 59.45 | 167.87 | 31.41 | 495.56 | 389.44 |
Non Controlling Interest | 12.11 | 20.77 | 19.71 | 60.94 | 65.36 |
Other Comprehensive Income | |||||
i) Items that will not be reclassified to profit and loss | |||||
Remeasurement of the defined benefit plan | 16.33 | 20.34 | 30.96 | 59.97 | 10.24 |
Changes in fair valuation of equity instruments | (0.99) | 8.31 | 112.46 | 59.40 | 259.37 |
| 15.34 | 28.65 | 143.42 | 119.37 | 269.61 |
ii) Items that will be reclassified to profit and loss | |||||
Exchange differences on translation of foreign operations | 208.69 | (75.74) | (144.98) | 407.80 | (567.36) |
Gains/(loss) on Effective portion of cash flow hedges | (9.01) | 2.75 | 8.36 | (21.86) | 19.78 |
| 199.68 | (72.99) | (136.62) | 385.94 | (547.58) |
Total Other Comprehensive Income, net of tax (B) | 215.02 | (44.34) | 6.80 | 505.31 | (277.97) |
Attributable to : | |||||
Owners of the Parent | 181.05 | (36.12) | 20.59 | 436.30 | (198.83) |
Non Controlling Interest | 33.97 | (8.22) | (13.79) | 69.01 | (79.14) |
Total Comprehensive Income (A+B) | 286.58 | 144.30 | 57.92 | 1061.81 | 176.83 |
Attributable to : | |||||
Owners of the Parent | 240.50 | 131.75 | 52.00 | 931.86 | 190.61 |
Non Controlling Interest | 46.08 | 12.55 | 5.92 | 129.95 | (13.78) |
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 | 6946.63 | 6180.53 | |||
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 0.94 | 2.66 | 0.50 | 7.85 | 6.17 |
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, 2018
Rs. in Crores
Particulars | Three months ended | Year ended | |||
March 31, 2018 | December 31, 2017 | March 31, 2017 | March 31, 2018 | March 31,2017 | |
Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited | |
Segment Revenue | |||||
Branded Business | |||||
(a) Tea | 1177.24 | 1291.47 | 1183.60 | 4922.79 | 4803.48 |
(b) Coffee | 286.44 | 253.23 | 270.64 | 1079.52 | 1117.84 |
(c) Others | 9.67 | 8.22 | 12.53 | 35.73 | 35.96 |
Total Branded Business | 1473.35 | 1552.92 | 1466.77 | 6038.04 | 5957.28 |
Non Branded Business | 219.47 | 188.97 | 232.13 | 815.17 | 890.05 |
Total Segment Revenue | 1692.82 | 1741.89 | 1698.90 | 6853.21 | 6847.33 |
Less: Inter segment Sales | (4.42) | (11.50) | (16.93) | (37.86) | (67.78) |
Revenue from Operations | 1688.40 | 1730.39 | 1681.97 | 6815.35 | 6779.55 |
Segment Results | |||||
Branded Business | |||||
(a) Tea | 147.06 | 193.32 | 112.96 | 689.72 | 577.72 |
(b) Coffee | 43.33 | 63.08 | 48.96 | 197.63 | 178.92 |
(c) Others | (6.87) | (5.89) | (7.68) | (18.24) | (22.11) |
Total Branded Business | 183.52 | 250.51 | 154.24 | 869.11 | 734.53 |
Non Branded Business | (10.30) | 6.02 | 56.69 | 41.71 | 136.97 |
Total Segment Results | 173.22 | 256.53 | 210.93 | 910.82 | 871.50 |
Add/Less | |||||
Finance Cost | (13.58) | (8.50) | (24.77) | (42.76) | (91.53) |
Other Unallocable items, Other Income & Exceptional Items | (31.92) | (42.36) | (88.90) | (114.93) | (118.01) |
Profit Before Tax | 127.72 | 205.67 | 97.26 | 753.13 | 661.96 |
Segment Assets | |||||
Branded Business | |||||
(a) Tea | 4420.96 | 4730.62 | 4145.91 | 4420.96 | 4145.91 |
(b) Coffee | 1772.84 | 1655.87 | 1763.13 | 1772.84 | 1763.13 |
(c) Others | 47.41 | 41.09 | 44.81 | 47.41 | 44.81 |
Total Branded Business | 6241.21 | 6427.58 | 5953.85 | 6241.21 | 5953.85 |
Non Branded Business | 1255.68 | 1157.09 | 965.55 | 1255.68 | 965.55 |
Total Segment Assets | 7496.89 | 7584.67 | 6919.40 | 7496.89 | 6919.40 |
Unallocable Corporate Assets | 3095.32 | 2672.63 | 2693.99 | 3095.32 | 2693.99 |
Total Assets | 10592.21 | 10257.30 | 9613.39 | 10592.21 | 9613.39 |
Segment Liabilities | |||||
Branded Business | |||||
(a) Tea | 794.52 | 852.30 | 795.74 | 794.52 | 795.74 |
(b) Coffee | 163.78 | 129.77 | 178.62 | 163.78 | 178.62 |
(c) Others | 18.18 | 7.96 | 40.42 | 18.18 | 40.42 |
Total Branded Business | 976.48 | 990.03 | 1014.78 | 976.48 | 1014.78 |
Non Branded Business | 140.35 | 120.11 | 111.25 | 140.35 | 111.25 |
Total Segment Liabilities | 1116.83 | 1110.14 | 1126.03 | 1116.83 | 1126.03 |
Unallocable Corporate Liabilities | 1434.74 | 1390.57 | 1302.36 | 1434.74 | 1302.36 |
Total Liabilities | 2551.57 | 2500.71 | 2428.39 | 2551.57 | 2428.39 |
Notes:
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.
b. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:
i) Branded Business -
Branded Tea : Sale of branded tea and various value added forms
Branded Coffee : Sale of coffee in various value added forms
Branded Others : Sale of water products
ii) Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce.
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, other income and exceptional items.
Ajoy Misra
Mumbai: May 11, 2018 (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 Consolidated Statement of Assets and Liabilities as at March 31, 2018
Rs. in Crores
2018 | 2017 | |
ASSETS | ||
Non-Current Assets | ||
Property Plant and Equipment | 739.71 | 698.17 |
Capital Work in Progress | 129.52 | 56.24 |
Investment Property | 50.33 | 68.66 |
Goodwill | 3723.50 | 3497.91 |
Other Intangible Assets | 284.64 | 307.85 |
Intangible Assets under Development | 5.64 | 6.95 |
Investments accounted for using Equity method | 262.84 | 345.36 |
Financial Assets | ||
Investments | 329.96 | 939.33 |
Loans | 21.02 | 58.70 |
Other Financial Assets | 40.22 | 37.67 |
Deferred Tax Assets (Net) | 131.77 | 61.98 |
Non-current Tax Assets (net) | 56.48 | 91.40 |
Other Non Current Assets | 281.57 | 89.23 |
6057.20 | 6259.45 | |
Current Assets | ||
Inventories | 1448.31 | 1452.96 |
Financial Assets | ||
Investments | 568.53 | 166.35 |
Trade Receivables | 648.28 | 592.45 |
Cash and Cash Equivalent | 933.49 | 565.72 |
Other Bank balances | 304.65 | 9.10 |
Loans | 272.25 | 277.57 |
Other Financial Assets | 107.22 | 82.51 |
Current Tax Assets (net) | 40.64 | 13.98 |
Other Current Assets | 173.78 | 141.47 |
4497.15 | 3302.11 | |
Assets of disposal group | 37.86 | 51.83 |
TOTAL ASSETS | 10592.21 | 9613.39 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity Share Capital | 63.11 | 63.11 |
Other Equity | 6968.49 | 6202.39 |
Equity attributable to the equity holders of the company | 7031.60 | 6265.50 |
Non Controlling Interest | 1009.04 | 919.50 |
Total Equity | 8040.64 | 7185.00 |
Non-Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 655.99 | 450.10 |
Other Financial Liabilities | 6.37 | 6.71 |
Provisions | 144.22 | 198.92 |
Deferred Tax Liabilities (Net) | 131.45 | 207.36 |
Non Current Tax Liabilities | 16.97 | - |
955.00 | 863.09 | |
Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 400.19 | 320.23 |
Trade Payables | 705.73 | 737.76 |
Other Financial Liabilities | 261.75 | 244.08 |
Other Current Liabilities | 88.98 | 78.57 |
Provisions | 98.80 | 125.90 |
Current Tax Liabilities (net) | 30.59 | 33.01 |
1586.04 | 1539.55 | |
Liabilities of disposal group | 10.53 | 25.75 |
TOTAL EQUITY AND LIABILITIES | 10592.21 | 9613.39 |
Notes:
1. For the year, after excluding the impact of sale and restructuring of the Group's businesses Revenue from operations has increased by 2% in constant currency on a comparable basis. Profit before exceptional items at Rs 774 Crores is higher by 18% as compared to previous year due to better operating performance of the branded business, restructuring, good cost management and lower finance costs. Group Consolidated net profit for the year at Rs 556 crores is higher by 22% as compared to the previous year. While operating profits from the branded segment was 18% higher, profits from the non-branded segment were lower than the previous year. Performance of the non-branded business was adversely impacted by abnormal and extreme weather conditions resulting in substantially lower coffee crop harvested. This was further accentuated by lower commodity prices.
2. For the quarter, after excluding the impact of sale and restructuring of the Group's businesses, Revenue from operations increased by 4% in constant currency on a comparable basis. While the profit for the branded business segment grew by 19%, Profit before exceptional items at Rs 129 Crores is lower by 7% as compared to corresponding quarter of the previous year mainly due to the adverse performance of non-branded business as explained above. The Group net profit for the quarter grew by 40% as compared to the corresponding quarter of the previous year due to lower level of exceptional expenditure.
3. The financial results includes following under Exceptional items:
Rs in Crores
Particulars | Three months ended | Year ended | ||
March 31, 2018 | March 31, 2017 | March 31, 2018 | March 31, 2017 | |
Gain on sale of Businesses* | - | - | 34 | - |
Gain on conversion of a Joint Venture into a subsidiary | - | - | - | 50 |
Reorganisation and Restructuring cost** | (12) | (9) | (65) | (11) |
Gain / (Loss) on assets held for sale *** | 10 | (7) | 10 | (7) |
Impairment of intangible / other assets | - | (27) | - | (27) |
Income / (Expenditure) (net) | (2) | (43) | (21) | 5 |
* Mainly represents gain on divestment of overseas Associate,
** Represents redundancy and restructuring expenditure in various markets.
*** Represent adjustment to net assets, relating to a business in East Europe, classified as held for sale.
4. The Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The Total Income, Profit before tax and Profit after tax of the Company's standalone financial results are given below :
In Rs Crores | Three months ended | Year ended | |||
March 31, 2018 | December 31, 2017 | March 31, 2017 | March 31, 2018 | March 31, 2017 | |
Total Income | 738.75 | 874.72 | 710.94 | 3364.90 | 3160.23 |
Profit before Tax | 77.96 | 266.35 | 63.15 | 723.47 | 386.19 |
Profit after Tax | 53.16 | 208.43 | 43.96 | 534.32 | 276.00 |
Total Comprehensive Income | 52.82 | 223.98 | 151.95 | 598.45 | 516.18 |
Earnings per share - Rs (not annualised for the quarter) | 0.84 | 3.30 | 0.70 | 8.47 | 4.37 |
5. Figures for the quarter ended March 31, 2018 and March 31, 2017 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, 2018 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, 2018.
8. The aforementioned results were reviewed by the Audit Committee of the Board on May 11, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on May 11, 2018. The Statutory Auditors of the Company have audited the annual results.
9. The Consolidated and Standalone result for the year ended March 31, 2018 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-10018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: May 11, 2018 |
Ajoy Misra Managing Director and CEO
|