30 Nov 2016 07:30
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425 Email : investor.relations@tgbl.com, Website: www.tataglobalbeverages.com
Unaudited Financial Results for the quarter and six month ended September 30, 2016
Rs. In Crores
Particulars | Unaudited Three Months Ended | Unaudited Year to date ended
| ||||||
September 30 2016 | June 30 2016 | September 30 2015 | September 30 2016 | September 30 2015 | ||||
Income from Operations | ||||||||
Net Sales / Income from Operations | 736.85 | 805.79 | 722.55 | 1542.64 | 1507.81 | |||
Other Operating Income | 22.27 | 15.98 | 25.68 | 38.25 | 41.13 | |||
Total Income from Operations | 759.12 | 821.77 | 748.23 | 1580.89 | 1548.94 | |||
a) Cost of materials consumed | 458.51 | 464.73 | 468.72 | 923.24 | 945.81 | |||
b) Purchase of stock in trade | 5.25 | 1.31 | 0.69 | 6.56 | 1.82 | |||
c) Charges in inventories of finished goods work in progress and stock in trade | 3.31 | 66.36 | 8.06 | 69.67 | 49.50 | |||
d) Employee benefits expense | 47.48 | 46.10 | 40.86 | 93.58 | 83.56 | |||
e) Depreciation & Amortization expense | 5.83 | 5.56 | 5.75 | 11.39 | 11.16 | |||
f) Advertisement and Sales Charges | 56.33 | 36.31 | 68.31 | 92.64 | 108.49 | |||
g) Other Expenses | 103.42 | 90.87 | 88.54 | 194.29 | 173.10 | |||
Total Expenses | 680.13 | 711.24 | 680.93 | 1391.37 | 1373.44 | |||
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 78.99 | 110.53 | 67.30 | 189.52 | 175.50 | |||
Other Income | 50.99 | 12.74 | 77.83 | 63.73 | 81.67 | |||
Profit from ordinary activities before Finance cost & Exceptional Items | 129.98 | 123.27 | 145.13 | 253.25 | 257.17 | |||
Finance Cost | (14.79) | (12.18) | (12.28) | (26.97) | (24.09) | |||
Profit from ordinary activities after Finance cost but before Exceptional Items | 115.19 | 111.09 | 132.85 | 226.28 | 233.08 | |||
Exceptional items (Net) | - | - | (3.00) | - | (3.00) | |||
Profit from ordinary activities before Tax | 115.19 | 111.09 | 129.85 | 226.28 | 230.08 | |||
Tax Expense | (28.87) | (37.83) | (24.21) | (66.70) | (59.00) | |||
Net Profit after Tax (A) | 86.32 | 73.26 | 105.64 | 159.58 | 171.08 | |||
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | |||
Paid-up Debt Capital | 325.00 | 325.00 | ||||||
Debenture Redemption Reserve | 81.25 | 81.25 | ||||||
Earnings per share (Basic & Diluted) (not annualised) - Rs. | 1.37 | 1.16 | 1.67 | 2.53 | 2.71 | |||
Debt Equity Ratio | 0.17 | 0.17 | ||||||
Debt Service Coverage Ratio(DSCR) | 9.39 | 10.68 | ||||||
Interest Service Coverage Ratio(ISCR) | 9.39 | 10.68 | ||||||
Other Comprehensive Income (B) | 95.75 | 64.01 | (94.25) | 159.76 | (151.16) | |||
Total Comprehensive Income (A+B) | 182.07 | 137.27 | 11.39 | 319.34 | 19.92 | |||
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Note:- DSCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest and Principal repayment of long term loan |
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| ISCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest |
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Notes:
1. The Company has adopted, Indian Accounting Standards (Ind AS) from 1st April 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 - Interim Financials Reporting prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India. Financial results of all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.
2. For the quarter, Income from operations at Rs. 759 crores increased over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from operations is higher than corresponding quarter of previous year reflecting improved operating performance. Profit after tax at Rs. 86 crores is lower than corresponding quarter of previous year mainly on account of lower dividend income.
3. (a). Reconciliation between standalone financial results, as previously reported referred to as previous GAAP and Ind AS are as under:
Adjustments under Ind AS |
| ||||
For the Quarter In Rs. Crores | Previous GAAP | Revenue
(Note i) | Amortised cost adjustment on Long term borrowings (Note ii) |
Others
(Note iii) | Ind AS |
September 30,2015 | September 30,2015 | ||||
Total Income from Operations (Net) | 775.09 | (26.86) | - | - | 748.23 |
Profit from Operations | 63.86 | - | - | 3.44 | 67.30 |
Net Profit after Tax | 108.31 | - | (3.96) | 1.29 | 105.64 |
Adjustments under Ind AS |
| ||||
For the Year to date In Rs. Crores | Previous GAAP | Revenue
(Note i) | Amortised cost adjustment on Long term borrowings (Note ii) |
Others
(Note iii) | Ind AS |
September 30,2015 | September 30,2015 | ||||
Total Income from Operations (Net) | 1598.24 | (49.30) | - | - | 1548.94 |
Profit from Operations | 170.16 | - | - | 5.34 | 175.50 |
Net Profit after Tax | 176.15 | - | (7.89) | 2.82 | 171.08 |
Note i - Expenditure required to be offset from sales on account of measurement criteria for Revenue.
Note ii - Recognition of finance cost under effective interest rate method for redemption premium on debentures, which was adjusted to reserves under previous GAAP.
Note iii - Others mainly include agricultural produce required to be fair valued, impact of actuarial gain/ losses and impact of fair value measurement of financial instruments.
(b) Other comprehensive income comprises of income / (expenditure):
In Rs Crores | Three months ended | Year to date ended | |||
Sep 30, 2016 | June 30, 2016 | Sep 30, 2015 | Sep 30, 2016 | Sep 30, 2015 | |
Fair value changes in the carrying value of investments which under previous GAAP was accounted at cost | 105.69 | 65.43 | (92.74) | 171.12 | (146.70) |
Amount accounted under hedging reserves which under previous GAAP were accounted directly into reserves | (0.92) | (0.53) | (0.18) | (1.45) | (2.70) |
Actuarial gain/(loss) on employee benefits which, under the previous GAAP were accounted in the Statement of Profit and Loss.
| (9.02) | (0.89) | (1.33) | (9.91) | (1.76) |
Total Other Comprehensive Income | 95.75 | 64.01 | (94.25) | 159.76 | (151.16) |
4. With effect from 1st April 2016, 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" prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India, the Company's reportable activity falls within a single business segment and hence the disclosure requirements are not applicable.
5. Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for period ended 30th September 2016
Particulars | As at 30th September 2016 |
Credit Rating | Credit rating by ICRA for the NCD programme is AA+ |
Asset Cover | 1.79 |
Debt Equity Ratio | 0.17 |
Previous due date for : a) Payment of Interest
|
23rd October 2015 |
b) Principal | Not Applicable |
Next due date for : a) Payment of Interest
|
24th October 2016 |
b) Principal | 24th October 2016 |
Debt Service Coverage Ratio | 9.39 |
Interest Service Coverage Ratio | 9.39 |
Outstanding Redeemable Preference Shares | Nil |
Capital Redemption Reserves | Nil |
Debenture Redemption Reserves | Rs 81.25 crores |
Net Worth | Rs 3584.85 crores |
Net Profit after tax | Rs 159.58 crores |
Earnings per share (Rs) | 2.53 |
Security on Outstanding Debentures of Rs 325 crores | Secured by way of a first mortgage on certain immovable assets of the company and partly by pledge of shares of certain companies held as investments. |
6. Statement of Assets and Liabilities as at September 30, 2016 is annexed.
7. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
8. The aforementioned results were reviewed by the Audit Committee of the Board on November 15, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on November 15, 2016. The statutory auditors of the company have conducted limited review on these results.
Cyrus P Mistry
(Chairman)
Mumbai: November 15, 2016
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425 Email : investor.relations@tgbl.com, Website: www.tataglobalbeverages.com
Unaudited Statement of Assets and Liabilities as at September 30, 2016
Rs. In Crores
Particulars | As atSeptember 30 2016 | |
ASSETS | ||
1 | Non-current assets | |
(a) Property, Plant and Equipment | 185.95 | |
(b) Capital work-in-progress | 8.29 | |
(c) Intangible Assets | 14.38 | |
(d) Financial assets | ||
(i) Investments | 2810.10 | |
(ii) Loans | 46.11 | |
(e) Deferred tax assets | 41.23 | |
(f) Other non-current assets | 74.38 | |
Sub-total - Non-current Assets | 3180.44 | |
2 | Current assets | |
(a) Inventories | 810.20 | |
(b) Financial assets | ||
(i) Trade Receivables | 266.81 | |
(ii) Cash and Cash Equivalents | 325.60 | |
(iii) Bank balances other than (ii) above | 106.57 | |
(iv) Loans | 37.72 | |
(v) Other Financial assets | 40.61 | |
(c) Current tax assets (Net) | 62.26 | |
(d) Other current assets | 61.67 | |
Sub-total - Current Assets | 1711.44 | |
TOTAL - ASSETS | 4891.88 | |
EQUITY AND LIABILITIES | ||
A | EQUITY | |
(a) Equity share capital | 63.11 | |
(b) Other equity | 3521.74 | |
Sub-total - Equity | 3584.85 | |
B | LIABILITIES | |
1 | Non-current liabilities | |
(a) Provisions | 121.46 | |
Sub-total - Non-current liabilities | 121.46 | |
2 | Current liabilities | |
(a) Financial liabilities | ||
(i) Borrowings | 277.00 | |
(ii) Trade Payables | 313.58 | |
(iii) Other financial Liabilities | 491.70 | |
(b) Other current liabilities | 67.78 | |
(c) Provisions | 35.51 | |
Sub-total - Current liabilities | 1185.57 | |
TOTAL EQUITY AND LIABILITIES | 4891.88 | |
Cyrus P Mistry
(Chairman)
Mumbai: November 15, 2016