26 Oct 2022 08:47
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2022
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | ||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | March 31, 2022 |
| |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
| |
Revenue from Operations | 3363.05 | 3326.83 | 3033.12 | 6689.88 | 6041.58 | 12425.37 |
|
Other Income | 29.31 | 35.34 | 39.62 | 64.65 | 67.63 | 140.06 |
|
Total Income | 3392.36 | 3362.17 | 3072.74 | 6754.53 | 6109.21 | 12565.43 |
|
Cost of Materials Consumed | 1327.27 | 1360.48 | 1232.02 | 2687.75 | 2545.66 | 4908.36 |
|
Purchase of stock in trade | 677.49 | 693.47 | 485.15 | 1370.96 | 1027.83 | 2215.39 |
|
Changes in inventories of finished goods, work in progress and stock in trade | (45.55) | (144.87) | 19.12 | (190.42) | (54.79) | (39.78) |
|
Employee Benefits Expense | 273.83 | 277.44 | 255.64 | 551.27 | 521.05 | 1048.00 |
|
Finance Costs | 19.55 | 16.27 | 19.78 | 35.82 | 40.21 | 72.78 |
|
Depreciation and Amortisation Expense | 73.14 | 72.92 | 69.31 | 146.06 | 136.10 | 278.01 |
|
Advertisement and Sales charges | 216.90 | 211.60 | 211.88 | 428.50 | 370.09 | 840.99 |
|
Other Expenses | 479.27 | 471.41 | 416.01 | 950.68 | 818.95 | 1733.63 |
|
Total Expenses | 3021.90 | 2958.72 | 2708.91 | 5980.62 | 5405.10 | 11057.38 |
|
Profit before Exceptional Items and Tax | 370.46 | 403.45 | 363.83 | 773.91 | 704.11 | 1508.05 |
|
Exceptional Items (Net) | 111.22 | (23.97) | (16.31) | 87.25 | (20.23) | (52.06) |
|
Profit before Tax | 481.68 | 379.48 | 347.52 | 861.16 | 683.88 | 1455.99 |
|
Tax Expense |
|
|
| ||||
Current tax | (108.79) | (82.65) | (50.03) | (191.44) | (111.19) | (220.24) |
|
Deferred tax | (17.91) | (20.32) | (36.10) | (38.23) | (70.65) | (156.80) |
|
Total Tax Expense (Net) | (126.70) | (102.97) | (86.13) | (229.67) | (181.84) | (377.04) |
|
Net Profit after Tax | 354.98 | 276.51 | 261.39 | 631.49 | 502.04 | 1078.95 |
|
Share of net profit/(loss) in Associates and Joint Ventures using equity method | 34.45 | 0.21 | 24.41 | 34.66 | (16.00) | (63.79) |
|
Group Consolidated Net Profit (A) | 389.43 | 276.72 | 285.80 | 666.15 | 486.04 | 1015.16 |
|
Attributable to : |
| ||||||
Owners of the Parent | 327.96 | 255.46 | 268.04 | 583.42 | 453.19 | 935.78 |
|
Non Controlling Interest | 61.47 | 21.26 | 17.76 | 82.73 | 32.85 | 79.38 |
|
Other Comprehensive Income |
|
|
| ||||
i) Items that will not be reclassified to profit or loss |
|
|
| ||||
Remeasurement of the defined benefit plans | (50.79) | (3.26) | (37.26) | (54.05) | (38.65) | 55.91 |
|
Changes in fair valuation of equity instruments | 14.18 | (0.25) | 3.48 | 13.93 | 4.87 | 4.67 |
|
| (36.61) | (3.51) | (33.78) | (40.12) | (33.78) | 60.58 |
|
Tax impact on above items | 9.71 | 0.28 | 5.81 | 9.99 | (6.44) | (25.61) |
|
| (26.90) | (3.23) | (27.97) | (30.13) | (40.22) | 34.97 |
|
ii) Items that will be reclassified to profit or loss |
|
|
| ||||
Exchange differences on translation of foreign operations | (188.33) | (76.78) | (141.78) | (265.11) | (18.75) | 12.74 |
|
Gains/(loss) on Effective portion of cash flow hedges | (5.73) | (9.74) | 21.77 | (15.47) | 55.81 | 10.63 |
|
| (194.06) | (86.52) | (120.01) | (280.58) | 37.06 | 23.37 |
|
Tax impact on above items | (0.91) | 3.65 | (4.53) | 2.74 | (15.64) | 0.90 |
|
| (194.97) | (82.87) | (124.54) | (277.84) | 21.42 | 24.27 |
|
Total Other Comprehensive Income (B) | (221.87) | (86.10) | (152.51) | (307.97) | (18.80) | 59.24 |
|
Attributable to : |
|
|
| ||||
Owners of the Parent | (198.12) | (78.99) | (134.54) | (277.11) | (22.12) | 50.78 |
|
Non Controlling Interest | (23.75) | (7.11) | (17.97) | (30.86) | 3.32 | 8.46 |
|
Total Comprehensive Income (A+B) | 167.56 | 190.62 | 133.29 | 358.18 | 467.24 | 1074.40 |
|
Attributable to : |
|
|
| ||||
Owners of the Parent | 129.84 | 176.47 | 133.50 | 306.31 | 431.07 | 986.56 |
|
Non Controlling Interest | 37.72 | 14.15 | (0.21) | 51.87 | 36.17 | 87.84 |
|
Paid-up equity share capital (Face value of Re 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
|
Reserves excluding Revaluation Reserve |
|
| 15027.92 |
| |||
Earnings per share (not annualised for the quarter and year to dateended) |
|
|
| ||||
Basic - Rs | 3.56 | 2.77 | 2.91 | 6.33 | 4.92 | 10.15 |
|
Diluted - Rs | 3.56 | 2.77 | 2.91 | 6.33 | 4.92 | 10.15 |
|
Notes:
1. For the quarter, Revenue from operations increased by 11% (10% in constant currency) as compared to corresponding quarter of the previous year, mainly driven by underlying growth of 9% in India Business, 6% in International Business and 30% in Non-Branded Business. Profit before exceptional items and tax at Rs 370 Crores is 2% higher as compared to corresponding quarter of the previous year reflecting the impact of inflationary pressures, weakness in currency and some lag in pricing. Group Consolidated Net Profit at Rs 389 Crores is higher by 36% mainly aided by exceptional income and improved performance of Joint ventures and Associates.
2. The Board of Directors of the Holding Company in its meeting held on March 29, 2022, had approved the composite scheme of arrangement (the Scheme), amongst the Holding Company and its subsidiaries, Tata Coffee Limited (TCL) and TCPL Beverages & Foods Limited (TBFL), in terms of Section 230-232 and other applicable provisions of Companies Act, 2013. The Scheme inter alia provides for the demerger of the Plantation Business (as defined in the Scheme) of TCL into TBFL and as consideration, issue equity shares of the Holding Company to all the shareholders of TCL (other than to itself) in accordance with the Share Entitlement Ratio mentioned in the Scheme. This would be followed immediately by the amalgamation of the TCL comprising of the Remaining Business (as defined in the Scheme) with the Holding Company and as consideration, issue equity shares of the Holding Company to all the shareholders of TCL (other than to itself) in accordance with the Share Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as mentioned in the Scheme. Pending receipt of necessary approvals, no effect of the Scheme has been given in the financial results for the quarter and six months ended September 30, 2022.
3. Exceptional items for the current quarter mainly represent profit on sale of land of Rs 147 Crores and costs relating to the business restructure & reorganisation of Rs 35 Crores and cost relating to scheme of arrangement of Rs 1 Crore. Exceptional item for the corresponding quarter of the previous year represents costs relating to the business restructure and redundancy of Rs 16 Crores.
4. Share of profits/(loss) in Associates and Joint Ventures include the profits/(loss) of an Associate operating in North India plantations, which are seasonal in nature.
5. The Consolidated Statement of Assets and Liabilities as at September 30, 2022 and Consolidated Cash Flow Statement for the period ended September 30, 2022 is annexed.
6. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of the Board on October 19, 2022 and subsequently taken on record by the Board of Directors at its Meeting held on October 20, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
8. The Consolidated and Standalone results for the quarter and six months ended September 30, 2022 are available on the BSE Limited's website (URL: www.bseindia.com), the National Stock Exchange of India Limited's website (URL: www.nseindia.com) and on the Company's website (URL: www.tataconsumer.com).
Sunil D'SouzaManaging Director and CEO
Mumbai: October 20, 2022
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and six months ended September 30, 2022
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | |||
September 30, 2022 | June 30,2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | March 31,2022 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue |
|
|
|
|
|
|
Branded Business | ||||||
India Business | 2159.95 | 2145.20 | 1978.08 | 4305.15 | 3949.84 | 7913.54 |
International Business | 838.87 | 836.62 | 781.27 | 1675.49 | 1548.85 | 3335.66 |
Total Branded Business | 2998.82 | 2981.82 | 2759.35 | 5980.64 | 5498.69 | 11249.20 |
Non Branded Business | 371.80 | 351.70 | 279.91 | 723.50 | 557.55 | 1214.44 |
Total Segment Revenue | 3370.62 | 3333.52 | 3039.26 | 6704.14 | 6056.24 | 12463.64 |
Others | 13.71 | 7.41 | 6.28 | 21.12 | 9.01 | 13.78 |
Less: Inter segment Sales | (21.28) | (14.10) | (12.42) | (35.38) | (23.67) | (52.05) |
Revenue from Operations | 3363.05 | 3326.83 | 3033.12 | 6689.88 | 6041.58 | 12425.37 |
Segment Results |
|
| ||||
Branded Business |
|
| ||||
India Business | 307.68 | 273.15 | 244.52 | 580.83 | 491.25 | 1011.67 |
International Business | 59.71 | 104.46 | 109.69 | 164.17 | 205.69 | 478.37 |
Total Branded Business | 367.39 | 377.61 | 354.21 | 745.00 | 696.94 | 1490.04 |
Non Branded Business | 29.98 | 39.41 | 21.54 | 69.39 | 40.17 | 92.65 |
Total Segment Results | 397.37 | 417.02 | 375.75 | 814.39 | 737.11 | 1582.69 |
Add/(Less) |
|
| ||||
Other Income | 25.41 | 33.13 | 32.71 | 58.54 | 57.25 | 109.94 |
Finance Cost | (19.55) | (16.27) | (19.78) | (35.82) | (40.21) | (72.78) |
Unallocable items | (32.77) | (30.43) | (24.85) | (63.20) | (50.04) | (111.80) |
Exceptional Items | 111.22 | (23.97) | (16.31) | 87.25 | (20.23) | (52.06) |
Profit Before Tax | 481.68 | 379.48 | 347.52 | 861.16 | 683.88 | 1455.99 |
Segment Assets |
|
| ||||
Branded Business |
|
| ||||
India Business | 9197.90 | 8631.72 | 8643.10 | 9197.90 | 8643.10 | 9099.75 |
International Business | 5420.05 | 5410.88 | 5256.56 | 5420.05 | 5256.56 | 5384.58 |
Total Branded Business | 14617.95 | 14042.60 | 13899.66 | 14617.95 | 13899.66 | 14484.33 |
Non Branded Business | 1831.69 | 1796.75 | 1637.48 | 1831.69 | 1637.48 | 1752.27 |
Total Segment Assets | 16449.64 | 15839.35 | 15537.14 | 16449.64 | 15537.14 | 16236.60 |
Unallocable Corporate Assets | 4361.56 | 4428.12 | 4254.35 | 4361.56 | 4254.35 | 4880.99 |
Total Assets | 20811.20 | 20267.47 | 19791.49 | 20811.20 | 19791.49 | 21117.59 |
Segment Liabilities |
|
| ||||
Branded Business |
|
| ||||
India Business | 1692.93 | 1278.53 | 1490.28 | 1692.93 | 1490.28 | 1756.03 |
International Business | 805.77 | 680.26 | 692.98 | 805.77 | 692.98 | 785.88 |
Total Branded Business | 2498.70 | 1958.79 | 2183.26 | 2498.70 | 2183.26 | 2541.91 |
Non Branded Business | 194.04 | 199.96 | 195.84 | 194.04 | 195.84 | 178.91 |
Total Segment Liabilities | 2692.74 | 2158.75 | 2379.10 | 2692.74 | 2379.10 | 2720.82 |
Unallocable Corporate Liabilities | 2041.66 | 2197.18 | 1716.85 | 2041.66 | 1716.85 | 2103.21 |
Total Liabilities | 4734.40 | 4355.93 | 4095.95 | 4734.40 | 4095.95 | 4824.03 |
Notes:
a. The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Business and International Business. 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 -
India Business : Sale of branded Tea, Coffee & Water and sale of food products in various value added forms
International Business : Sale of branded Tea, Coffee & Water and sale of food products in various value added forms
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 excludes allocable income to segment results.
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2022
Rs. In Crores
As at September 30, 2022 | As at March 31, 2022 | |
Unaudited | Audited | |
ASSETS |
| |
Non-Current Assets |
| |
Property Plant and Equipment | 1512.41 | 1480.31 |
Capital Work in Progress | 245.03 | 209.44 |
Investment Property | 14.95 | 17.31 |
Investment Property under Development | 214.78 | 214.78 |
Right of Use Assets | 383.88 | 378.44 |
Goodwill | 7687.34 | 7754.11 |
Other Intangible Assets | 2754.45 | 2754.40 |
Intangible Assets under Development | 8.01 | 37.53 |
Investments accounted for using Equity method | 250.46 | 234.31 |
Financial Assets |
| |
Investments | 427.22 | 364.94 |
Loans | 14.98 | 14.01 |
Other Financial Assets | 40.28 | 35.69 |
Deferred Tax Assets (Net) | 42.15 | 42.72 |
Non-current Tax Assets (Net) | 138.02 | 141.66 |
Other Non Current Assets | 230.92 | 302.26 |
13964.88 | 13981.91 | |
Current Assets |
| |
Inventories | 2581.86 | 2266.51 |
Financial Assets |
| |
Investments | 362.17 | 198.03 |
Trade Receivables | 860.09 | 835.15 |
Cash and Cash Equivalent | 1005.61 | 1497.97 |
Other Bank balances | 738.89 | 1101.92 |
Loans | 750.58 | 659.94 |
Other Financial Assets | 151.38 | 184.30 |
Current Tax Assets (net) | 15.98 | 1.33 |
Other Current Assets | 379.76 | 390.53 |
| 6846.32 | 7135.68 |
TOTAL ASSETS | 20811.20 | 21117.59 |
EQUITY AND LIABILITIES |
| |
Equity |
| |
Equity Share Capital | 92.16 | 92.16 |
Other Equity | 14797.29 | 15049.78 |
Equity attributable to the equity holders of the company | 14889.45 | 15141.94 |
Non Controlling Interest | 1187.35 | 1151.62 |
Total Equity | 16076.80 | 16293.56 |
Non-Current Liabilities |
| |
Financial Liabilities |
| |
Borrowings | 225.43 | 241.87 |
Lease Liability | 356.73 | 350.91 |
Other Financial Liabilities | 94.08 | 93.14 |
Provisions | 174.11 | 175.59 |
Deferred Tax Liabilities (Net) | 795.28 | 776.41 |
Non Current Tax Liabilities | 12.46 | 13.49 |
1658.09 | 1651.41 | |
Current Liabilities |
| |
Financial Liabilities |
| |
Borrowings | 661.26 | 768.72 |
Lease Liability | 51.00 | 50.51 |
Trade Payables | 1889.84 | 1915.85 |
Other Financial Liabilities | 216.30 | 211.78 |
Other Current Liabilities | 115.99 | 132.15 |
Provisions | 106.14 | 73.21 |
Current Tax Liabilities (net) | 35.78 | 20.40 |
| 3076.31 | 3172.62 |
TOTAL EQUITY AND LIABILITIES | 20811.20 | 21117.59 |
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Statement of Cash Flows for the six months ended September 30, 2022
Rs. In Crores
| Particulars | September 30,2022 | September 30,2021 |
A. | Cash Flow from Operating Activities | ||
Net Profit before Tax | 861.16 | 683.88 | |
Adjusted for : |
|
| |
Depreciation and Amortisation | 146.06 | 136.10 | |
Finance Cost | 35.82 | 40.21 | |
Dividend Income | (2.51) | (2.54) | |
Profit on sale of current investments (net) | (6.50) | (5.01) | |
Fair value movement in Financial instruments at fair value through profit or loss | 1.20 | (4.41) | |
Interest Income | (50.79) | (45.23) | |
Unrealised foreign exchange (gain) / loss | (3.00) | (0.47) | |
Impairment loss recognised in trade receivables & advances (net of reversal) | 1.58 | - | |
Debts and advances written off | 0.86 | - | |
(Profit) / Loss on sale of Property, Plant & Equipment including Investment property (net) | 0.43 | (2.07) | |
Rental Income from Investment Property | (0.64) | (1.24) | |
Exceptional items - | |||
Profit on sale of Investment Property | (147.04) | - | |
Other Exceptional Items | 59.79 | 20.23 | |
| Operating Profit before working capital changes | 896.42 | 819.45 |
Adjustments for: |
|
| |
Trade Receivables & Other Assets | (21.02) | 16.77 | |
Inventories | (316.96) | (32.38) | |
Trade payables & Other Liabilities | (74.30) | (130.99) | |
Cash generated from /(used in) operations | 484.14 | 672.85 | |
Direct taxes paid (net) | (187.99) | (130.03) | |
| Net Cash from /(used in) Operating Activities | 296.15 | 542.82 |
B. | Cash Flow from Investing Activities |
|
|
Payment for Property, Plant and Equipment including Intangibles assets | (140.32) | (88.75) | |
Sale of Property, Plant and Equipment / Investment Property | 151.07 | 0.59 | |
Rental Income from Investment Property | 0.64 | 1.24 | |
Sale of Non Current Investments carried at Fair value through OCI | - | 0.15 | |
Investments in Joint Ventures | - | (61.00) | |
Investments in Associate | (50.00) | (150.00) | |
Dividend Income received (including dividend from Associates & JVs) | 7.90 | 9.13 | |
Interest Income received | 41.52 | 34.83 | |
(Purchase) / Sale of Current Investments (net) | (157.69) | 152.80 | |
Fixed deposits Placed | (719.81) | (1158.02) | |
Fixed Deposits Redeemed | 1085.25 | 843.50 | |
Inter Corporate Deposits and Loans Placed (including FX) | (756.67) | (132.68) | |
Inter Corporate Deposits and Loans Redeemed (including FX) | 562.75 | 81.75 | |
| Net cash from /(used in) Investing Activities | 24.64 | (466.46) |
C. | Cash Flow from Financing Activities |
|
|
Proceeds from / (Repayment of) Long term borrowings (net) | (32.89) | (465.42) | |
Proceeds from / (Repayment of) Short term borrowings (net) | 12.74 | (0.73) | |
Payment of Lease Liabilities | (27.14) | (26.07) | |
Dividend paid | (573.23) | (398.45) | |
Finance Cost paid | (28.42) | (33.17) | |
Refund of Dividend Distribution Tax paid in an earlier year | - | 13.38 | |
| Net Cash from / (used in) Financing Activities | (648.94) | (910.46) |
| Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) | (328.15) | (834.10) |
| Opening balance of Cash and Cash Equivalent | 977.11 | 1773.18 |
| Exchange Gain/ (Loss) on translation of foreign currency Cash and Cash equivalents | (31.49) | 6.89 |
| Closing Cash and Cash Equivalent | 617.47 | 945.97 |
| Reconciliation with Balance Sheet | ||
Cash and Cash Equivalents | 617.47 | 945.97 | |
Add : Bank Overdraft | 388.14 | 268.76 | |
| Balance at the end of the period | 1005.61 | 1214.73 |
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2022
Rs. In Crores
Particulars
| Three months ended | Year to date ended | Year ended | |||
September 30 | June 30 | September 30 | September 30 | September 30 | March 31 | |
2022 | 2022 | 2021 | 2022 | 2021 | 2022 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 2130.78 | 2076.88 | 1987.50 | 4207.66 | 3953.39 | 7932.29 |
Other Income | 24.09 | 53.90 | 31.05 | 77.99 | 177.28 | 238.96 |
Total Income | 2154.87 | 2130.78 | 2018.55 | 4285.65 | 4130.67 | 8171.25 |
Cost of materials consumed | 791.57 | 747.94 | 826.54 | 1539.51 | 1713.39 | 3195.72 |
Purchase of stock-in-trade | 551.73 | 551.55 | 403.04 | 1103.28 | 819.98 | 1701.63 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (49.10) | (10.26) | 19.05 | (59.36) | (1.06) | 46.40 |
Employees benefits expense | 95.65 | 97.86 | 88.87 | 193.51 | 177.23 | 348.41 |
Finance costs | 7.30 | 7.14 | 7.65 | 14.44 | 15.31 | 29.78 |
Depreciation and amortisation expense | 36.19 | 35.09 | 36.09 | 71.28 | 70.97 | 141.75 |
Advertisement and sales charges | 144.27 | 127.48 | 132.90 | 271.75 | 219.04 | 511.25 |
Other expenses | 260.62 | 255.48 | 248.39 | 516.10 | 482.18 | 1017.99 |
Total Expenses | 1838.23 | 1812.28 | 1762.53 | 3650.51 | 3497.04 | 6992.93 |
Profit before Exceptional Items and Tax | 316.64 | 318.50 | 256.02 | 635.14 | 633.63 | 1178.32 |
Exceptional Items (Net) | (6.95) | (11.10) | (7.19) | (18.05) | (7.19) | (27.23) |
Profit before Tax | 309.69 | 307.40 | 248.83 | 617.09 | 626.44 | 1151.09 |
Tax Expense |
|
| ||||
Current Tax | (67.37) | (61.82) | (30.64) | (129.19) | (73.08) | (130.09) |
Deferred Tax | (12.80) | (12.75) | (29.85) | (25.55) | (61.28) | (135.25) |
Total Tax Expense ( net of reversals) | (80.17) | (74.57) | (60.49) | (154.74) | (134.36) | (265.34) |
Net Profit after Tax (A) | 229.52 | 232.83 | 188.34 | 462.35 | 492.08 | 885.75 |
Other Comprehensive Income |
|
| ||||
i) Items that will not be reclassified to profit or loss |
|
| ||||
Remeasurement of defined benefit plans | (0.22) | 9.91 | 0.81 | 9.69 | (3.93) | 30.15 |
Changes in fair valuation of equity instruments | 14.19 | (0.26) | 3.48 | 13.93 | 4.87 | 4.98 |
13.97 | 9.65 | 4.29 | 23.62 | 0.94 | 35.13 | |
Tax impact of above items | (1.56) | (2.46) | (1.05) | (4.02) | 0.14 | (9.06) |
12.41 | 7.19 | 3.24 | 19.60 | 1.08 | 26.07 | |
ii) Items that will be reclassified to profit or loss |
|
| ||||
Gains/(loss) on effective portion of cash flow hedges | (0.54) | (0.22) | 1.55 | (0.76) | 1.50 | (1.65) |
Tax impact of above item | 0.13 | 0.06 | (0.39) | 0.19 | (0.38) | 0.41 |
(0.41) | (0.16) | 1.16 | (0.57) | 1.12 | (1.24) | |
Other Comprehensive Income (Net of tax) (B) | 12.00 | 7.03 | 4.40 | 19.03 | 2.20 | 24.83 |
Total Comprehensive Income (A+B) | 241.52 | 239.86 | 192.74 | 481.38 | 494.28 | 910.58 |
Paid-up equity share capital (Face value of Re. 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
Reserves excluding Revaluation Reserves |
|
|
| 11647.89
| ||
Earnings per Shares ( not annualised for the quarter and year to date ended) |
|
| ||||
Basic - Rs | 2.49 | 2.53 | 2.04 | 5.02 | 5.34 | 9.61 |
Diluted - Rs | 2.49 | 2.53 | 2.04 | 5.02 | 5.34 | 9.61 |
Notes:
1. For the quarter, Revenue from operations at Rs 2131 Crores increased by 7% over corresponding quarter of the previous year driven by growth in branded business. Profit before tax at Rs 310 Crores is higher by 24% as compared to corresponding quarter of previous year on account of revenue growth and improved gross margin. Consequently, Profit after tax is also higher over the corresponding quarter of previous year.
2. The Board of Directors of the Company in its meeting held on March 29, 2022, have approved the composite scheme of arrangement (the Scheme), amongst the Company and its subsidiaries, Tata Coffee Limited (TCL) and TCPL Beverages & Foods Limited (TBFL), in terms of Section 230-232 and other applicable provisions of Companies Act, 2013. The Scheme inter alia provides for the demerger of the Plantation Business (as defined in the Scheme) of TCL into TBFL and as consideration, issue equity shares of the Company to all the shareholders of TCL (other than to itself) in accordance with the Share Entitlement Ratio mentioned in the Scheme. This would be followed immediately by the amalgamation of the TCL comprising of the Remaining Business (as defined in the Scheme) with the Company and as consideration, issue equity shares of the Company to all the shareholders of TCL (other than to itself) in accordance with the Share Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as mentioned in the Scheme. Pending receipt of necessary approvals, no effect of the Scheme has been given in the financial results for the quarter and six months ended September 30, 2022.
3. Exceptional items for the current quarter represent costs relating to the business restructure and reorganisation of Rs 6 Crores and cost pertaining to Scheme of arrangement of Rs 1 Crore.
4. In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated financial results, and therefore, no separate disclosure on segment information is given in these standalone financial results.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on October 19, 2022 and subsequently taken on record by the Board of Directors at its meeting held on October 20, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
Sunil D'Souza Managing Director and CEO |
Mumbai: October 20, 2022
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Statement of Assets and Liabilities as at September 30, 2022
Rs. In Crores
| September 30 2022 | March 31 2022 |
| Unaudited | Audited |
ASSETS |
|
|
Non-Current Assets |
|
|
Property, Plant and Equipment | 293.56 | 296.93 |
Capital work-in-progress | 4.39 | 2.58 |
Right of Use Assets | 209.82 | 210.97 |
Goodwill | 3578.51 | 3578.51 |
Other Intangible Assets | 2483.30 | 2477.64 |
Intangible Assets under development | 7.54 | 37.18 |
Financial Assets |
| |
Investments | 3519.02 | 3368.76 |
Loans | 14.77 | 13.80 |
Other Financial Assets | 108.47 | 104.44 |
Non-Current Tax Assets (Net) | 119.20 | 121.97 |
Other Non-Current Assets | 89.91 | 86.27 |
10428.49 | 10299.05 | |
Current assets |
| |
Inventories | 1412.42 | 1271.94 |
Financial Assets |
| |
Investments | 253.73 | 156.94 |
Trade Receivables | 379.98 | 281.76 |
Cash and Cash Equivalents | 117.86 | 327.40 |
Other Bank Balances | 630.82 | 1001.21 |
Loans | 620.72 | 559.70 |
Other Financial Assets | 39.58 | 48.75 |
Other Current Assets | 266.08 | 279.46 |
3721.19 | 3927.16 | |
TOTAL ASSETS | 14149.68 | 14226.21 |
EQUITY AND LIABILITIES |
| |
Equity |
| |
Equity Share Capital | 92.16 | 92.16 |
Other Equity | 11595.35 | 11669.75 |
TOTAL EQUITY | 11687.51 | 11761.91 |
Non-Current Liabilities |
| |
Financial Liabilities |
| |
Lease Liability | 205.38 | 205.19 |
Other Financial Liabilities | 80.38 | 76.91 |
Provisions | 132.67 | 135.32 |
Deferred Tax Liabilities | 540.60 | 511.22 |
959.03 | 928.64 | |
Current Liabilities |
| |
Financial Liabilities |
| |
Lease Liability | 31.25 | 29.71 |
Trade Payables |
| |
Total outstanding dues of Micro enterprises and Small enterprises | 25.25 | 29.64 |
Total outstanding dues of creditors otherthan Micro enterprises and Small enterprises | 1251.47 | 1234.10 |
Other Financial Liabilities | 55.59 | 77.68 |
Other Current Liabilities | 71.50 | 96.66 |
Provisions | 62.95 | 62.74 |
Current Tax Liabilities (Net) | 5.13 | 5.13 |
1503.14 | 1535.66 | |
TOTAL EQUITY AND LIABILITIES | 14149.68 | 14226.21 |
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Standalone Statement of Cash Flows for the six months ended September 30, 2022
Rs. In Crores
| Particulars | September 30,2022 | September 30,2021 |
A. | Cash Flow from Operating Activities | ||
Net Profit before Tax | 617.09 | 626.44 | |
Adjusted for : |
|
| |
Depreciation and Amortisation | 71.28 | 70.97 | |
Dividend Income | (34.84) | (130.80) | |
Unrealised Exchange (Gain) / Loss | (0.62) | (0.08) | |
Finance Cost | 14.44 | 15.31 | |
Fair value movement in Financial instruments at fair value through profit and loss | 1.19 | (4.41) | |
Interest Income | (38.91) | (37.80) | |
Profit on sale of current investments (net) | (5.40) | (4.14) | |
Impairment loss recognised in trade receivables & advances (net of reversal) | 1.37 | - | |
(Profit) / Loss on sale of Property, Plant & Equipment including Investment Property (net) | 0.08 | 0.51 | |
Exceptional Items | 18.05 | 7.19 | |
| Operating Profit before working capital changes | 643.73 | 543.19 |
Adjustments for: |
|
| |
Trade Receivables & Other Assets | (80.60) | (20.76) | |
Inventories | (140.48) | 78.70 | |
Trade payables & Other Liabilities | (47.75) | (111.69) | |
Cash generated from Operations | 374.90 | 489.44 | |
Direct Taxes paid (net) | (126.42) | (76.22) | |
| Net Cash from/(used in) Operating Activities | 248.48 | 413.22 |
B. | Cash Flow from Investing Activities |
|
|
Payment for Property, Plant and Equipment and Intangibles | (31.80) | (41.29) | |
Sale of Property, Plant and Equipment | 0.27 | 0.33 | |
Investment in Associate | (50.00) | (150.00) | |
Acquisition of a Joint Ventures | - | (61.00) | |
Investment in Subsidiary | (87.52) | - | |
Dividend Income received | 34.84 | 130.80 | |
Interest Income received | 38.57 | 29.47 | |
(Purchase) / Sale of Current Investments (net) | (91.39) | 153.64 | |
Fixed deposits Placed | (584.07) | (981.99) | |
Fixed Deposits Redeemed | 957.01 | 675.69 | |
Inter Corporate Deposits and Loans Placed | (619.00) | (85.00) | |
Inter Corporate Deposits and Loans Redeemed | 557.50 | 1.75 | |
Net cash from / (used in) Investing Activities | 124.41 | (327.60) | |
C. | Cash Flow from Financing Activities |
|
|
Payment of Lease Liabilities | (15.05) | (15.52) | |
Dividend paid | (557.54) | (373.23) | |
Finance Cost paid | (9.84) | (10.58) | |
Refund of Dividend Distribution Tax paid in an earlier year | - | 13.38 | |
Net Cash from / (used in) Financing Activities | (582.43) | (385.95) | |
| Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) | (209.54) | (300.33) |
| Opening balance of Cash & Cash equivalent | 327.40 | 644.74 |
| Closing Cash & Cash Equivalent | 117.86 | 344.41 |