7 Nov 2019 07:00
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2019
Rs. In Crores
Particulars | Three months ended | Year to Date ended | Year Ended | |||
September 30, 2019 | June 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | March 31, 2019 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 1834.06 | 1897.13 | 1760.87 | 3731.19 | 3563.46 | 7251.50 |
Other Income | 25.29 | 30.53 | 70.79 | 55.82 | 99.31 | 157.13 |
Total Income | 1859.35 | 1927.66 | 1831.66 | 3787.01 | 3662.77 | 7408.63 |
Cost of Materials Consumed | 857.27 | 832.48 | 842.00 | 1689.75 | 1619.36 | 3294.18 |
Purchase of stock in trade | 174.62 | 164.13 | 174.86 | 338.75 | 389.55 | 727.87 |
Changes in inventories of finished goods, work in progress and stock in trade | (21.63) | 60.66 | (18.85) | 39.03 | (30.54) | (14.41) |
Employee Benefits Expense | 199.00 | 202.10 | 194.95 | 401.10 | 398.15 | 806.30 |
Finance Costs | 20.07 | 18.24 | 11.47 | 38.31 | 24.04 | 52.47 |
Depreciation and Amortisation Expense | 46.82 | 46.00 | 30.48 | 92.82 | 59.97 | 122.57 |
Advertisement and Sales charges | 136.69 | 108.36 | 144.65 | 245.05 | 262.70 | 547.52 |
Other Expenses | 253.46 | 264.60 | 256.61 | 518.06 | 508.82 | 1104.13 |
Total Expenses | 1666.30 | 1696.57 | 1636.17 | 3362.87 | 3232.05 | 6640.63 |
Profit before Exceptional Items and Tax | 193.05 | 231.09 | 195.49 | 424.14 | 430.72 | 768.00 |
Exceptional Items (Net) | (1.50) | (8.06) | (6.72) | (9.56) | (24.90) | (33.29) |
Profit before Tax | 191.55 | 223.03 | 188.77 | 414.58 | 405.82 | 734.71 |
Tax Expense |
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Current tax | (32.17) | (72.78) | (54.56) | (104.95) | (134.82) | (256.03) |
Deferred tax | (16.15) | (1.14) | (9.12) | (17.29) | (12.31) | (4.85) |
Total Tax Expense (Net) | (48.32) | (73.92) | (63.68) | (122.24) | (147.13) | (260.88) |
Net Profit after Tax | 143.23 | 149.11 | 125.09 | 292.34 | 258.69 | 473.83 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | 9.24 | (7.43) | 58.87 | 1.81 | 53.41 | (16.85) |
Group Consolidated Net Profit (A) | 152.47 | 141.68 | 183.96 | 294.15 | 312.10 | 456.98 |
Attributable to : |
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Owners of the Parent | 137.74 | 125.33 | 169.73 | 263.07 | 285.97 | 408.19 |
Non Controlling Interest | 14.73 | 16.35 | 14.23 | 31.08 | 26.13 | 48.79 |
Other Comprehensive Income |
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i) Items that will not be reclassified to profit or loss |
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Remeasurement of the defined benefit plans | 20.75 | (3.86) | 20.00 | 16.89 | 52.80 | 86.47 |
Changes in fair valuation of equity instruments | (4.25) | 4.04 | (2.11) | (0.21) | 0.95 | (5.20) |
| 16.50 | 0.18 | 17.89 | 16.68 | 53.75 | 81.27 |
Tax impact on above items | (4.78) | 2.61 | (3.12) | (2.17) | (10.04) | (13.27) |
| 11.72 | 2.79 | 14.77 | 14.51 | 43.71 | 68.00 |
ii) Items that will be reclassified to profit or loss |
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Exchange differences on translation of foreign operations | 30.88 | (90.61) | 267.83 | (59.73) | 267.70 | 17.04 |
Gains/(loss) on effective portion of cash flow hedges | (24.06) | 22.92 | (21.81) | (1.14) | (20.98) | (12.06) |
| 6.82 | (67.69) | 246.02 | (60.87) | 246.72 | 4.98 |
Tax impact on above items | 4.63 | (5.67) | 6.01 | (1.04) | 7.38 | 0.88 |
| 11.45 | (73.36) | 252.03 | (61.91) | 254.10 | 5.86 |
Total Other Comprehensive Income (B) | 23.17 | (70.57) | 266.80 | (47.40) | 297.81 | 73.86 |
Attributable to : |
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Owners of the Parent | 21.40 | (57.80) | 227.33 | (36.40) | 258.96 | 70.58 |
Non Controlling Interest | 1.77 | (12.77) | 39.47 | (11.00) | 38.85 | 3.28 |
Total Comprehensive Income (A+B) | 175.64 | 71.11 | 450.76 | 246.75 | 609.91 | 530.84 |
Attributable to : |
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Owners of the Parent | 159.14 | 67.53 | 397.06 | 226.67 | 544.93 | 478.77 |
Non Controlling Interest | 16.50 | 3.58 | 53.70 | 20.08 | 64.98 | 52.07 |
Paid-up equity share capital (Face value of Re 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserve |
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| 7246.72 |
Earnings per share (Basic & Diluted) (not annualised for the period) - Rs | 2.18 | 1.99 | 2.69 | 4.17 | 4.53 | 6.47 |
Notes:
1. (a) For the quarter, Revenue from operations increased by 4% driven by improvements in both branded and non-branded business. At constant currency revenue growth is 5%. Profit before taxes, excluding one-off items included under Other Income in the prior year, is higher by 28%. Improvement is driven by branded business, both India and International, coupled with stable performance in non-branded businesses. Further, during the quarter, tax has been provided for, wherever applicable, at the reduced rate in accordance with the Taxation Laws (Amendment) Ordinance, 2019. The one time impact of the tax rate change on the Group Consolidated Net Profit of the current quarter is a charge of Rs 9 Crores, arising mainly on account of reversal of opening net deferred tax assets (inclusive of impact referred to in note b below).
(b) Share of profits in Associates and JV's for the current quarter includes a charge of Rs 14 Crores due to reversal of opening deferred tax assets as a result of reduced tax rate whereas the quarter ended 30th September 2018 had a credit of Rs 37 Crores on recognition of deferred tax assets in a Joint Venture.
(c) Group Consolidation Net Profit, excluding the impact of one off items as explained above, is higher by 45% as compared to corresponding quarter of the previous year.
2. a) The Board of Directors of the Holding Company in its meeting held on May 15, 2019, as a part of business reorganisation, had approved the scheme of merger of consumer product business of Tata Chemicals Limited with the Company in terms of a scheme of arrangement under Section 230-232 and other applicable provisions of the Companies Act, 2013. The appointed date of the scheme is April 1, 2019. The Scheme would become effective after receipt of all requisite statutory and NCLT approvals, including shareholders' approval. The results of the said business will be included in the consolidated results, with effect from the appointed date, on receipt of all requisite approvals.
b) The Holding Company during the current quarter completed the acquisition of the branded tea business of Dhunseri Tea and Industries Limited.
3. Exceptional item for the current quarter represent costs relating to the proposed scheme of merger and acquisition (Refer Note 2). Exceptional items for the corresponding quarter of the previous year represent redundancy costs relating to internal restructure.
4. Share of profits/(loss) in Associates and Joint Ventures include the profits of an Associate operating in North India plantations, which are seasonal in nature.
5. Effective April 1, 2019, the Group has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustment to retained earnings. Accordingly, comparatives for the year ended March 31, 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 63 Crores being debited to retained earnings, net of taxes.
6. The Consolidated Statement of Assets and Liabilities as at September 30, 2019 and Consolidated Cash Flow Statement for the period ended September 30, 2019 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 October 29, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on October 30, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
9. The Consolidated and Standalone result for the quarter and six months ended September 30, 2019 are available on the BSE 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-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: October 30, 2019 |
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
Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter and six months ended September 30, 2019
Rs. In Crores
Particulars | Three months ended | Year to Date ended | Yearended | |||
September 30, 2019 | June 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | March 31, 2019 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue |
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Branded Business |
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(a) Tea | 1299.72 | 1372.63 | 1248.22 | 2672.35 | 2562.53 | 5202.59 |
(b) Coffee | 292.53 | 283.02 | 303.47 | 575.55 | 595.13 | 1202.84 |
(c) Others | 7.00 | 6.04 | 6.36 | 13.04 | 16.52 | 30.77 |
Total Branded Business | 1599.25 | 1661.69 | 1558.05 | 3260.94 | 3174.18 | 6436.20 |
Non Branded Business | 242.23 | 242.92 | 209.66 | 485.15 | 402.51 | 842.47 |
Total Segment Revenue | 1841.48 | 1904.61 | 1767.71 | 3746.09 | 3576.69 | 7278.67 |
Less: Inter segment Sales | (7.42) | (7.48) | (6.84) | (14.90) | (13.23) | (27.17) |
Revenue from Operations | 1834.06 | 1897.13 | 1760.87 | 3731.19 | 3563.46 | 7251.50 |
Segment Results |
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Branded Business |
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(a) Tea | 163.52 | 197.63 | 165.01 | 361.15 | 375.03 | 694.38 |
(b) Coffee | 57.81 | 50.89 | 38.14 | 108.70 | 81.64 | 178.33 |
(c) Others | (3.61) | (3.30) | (6.51) | (6.91) | (10.26) | (21.22) |
Total Branded Business | 217.72 | 245.22 | 196.64 | 462.94 | 446.41 | 851.49 |
Non Branded Business | 15.18 | 20.55 | 10.06 | 35.73 | 27.76 | 41.58 |
Total Segment Results | 232.90 | 265.77 | 206.70 | 498.67 | 474.17 | 893.07 |
Add/Less |
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Finance Cost | (20.07) | (18.24) | (11.47) | (38.31) | (24.04) | (52.47) |
Unallocable items | (21.28) | (24.50) | (6.46) | (45.78) | (44.31) | (105.89) |
Profit Before Tax | 191.55 | 223.03 | 188.77 | 414.58 | 405.82 | 734.71 |
Segment Assets |
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Branded Business |
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(a) Tea | 5013.36 | 4606.71 | 4965.22 | 5013.36 | 4965.22 | 4683.26 |
(b) Coffee | 1948.23 | 1907.18 | 2022.07 | 1948.23 | 2022.07 | 1846.10 |
(c) Others | 41.44 | 36.10 | 41.39 | 41.44 | 41.39 | 30.31 |
Total Branded Business | 7003.03 | 6549.99 | 7028.68 | 7003.03 | 7028.68 | 6559.67 |
Non Branded Business | 1540.06 | 1541.49 | 1426.49 | 1540.06 | 1426.49 | 1483.92 |
Total Segment Assets | 8543.09 | 8091.48 | 8455.17 | 8543.09 | 8455.17 | 8043.59 |
Unallocable Corporate Assets | 2851.39 | 2968.15 | 2890.27 | 2851.39 | 2890.27 | 2895.13 |
Total Assets | 11394.48 | 11059.63 | 11345.44 | 11394.48 | 11345.44 | 10938.72 |
Segment Liabilities |
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Branded Business |
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(a) Tea | 977.30 | 913.28 | 811.48 | 977.30 | 811.48 | 722.98 |
(b) Coffee | 274.42 | 230.01 | 216.17 | 274.42 | 216.17 | 155.39 |
(c) Others | 14.02 | 12.57 | 11.05 | 14.02 | 11.05 | 7.87 |
Total Branded Business | 1265.74 | 1155.86 | 1038.70 | 1265.74 | 1038.70 | 886.24 |
Non Branded Business | 161.29 | 155.34 | 183.22 | 161.29 | 183.22 | 169.88 |
Total Segment Liabilities | 1427.03 | 1311.20 | 1221.92 | 1427.03 | 1221.92 | 1056.12 |
Unallocable Corporate Liabilities | 1645.48 | 1595.83 | 1689.02 | 1645.48 | 1689.02 | 1523.23 |
Total Liabilities | 3072.51 | 2907.03 | 2910.94 | 3072.51 | 2910.94 | 2579.35 |
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, unallocable other income and exceptional items.
Ajoy Misra
Mumbai: October 30, 2019 (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
Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2019
Rs. In Crores
| As at September 30, 2019 | As at March 31, 2019 |
| Unaudited | Audited |
ASSETS |
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|
Non-Current Assets |
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|
Property Plant and Equipment | 1174.02 | 808.80 |
Capital Work in Progress | 61.94 | 413.30 |
Investment Property | 51.15 | 51.60 |
Right of Use Assets | 253.98 | - |
Goodwill | 3799.33 | 3785.07 |
Other Intangible Assets | 350.74 | 267.84 |
Intangible Assets under Development | 6.08 | 11.11 |
Investments accounted for using Equity method | 307.93 | 287.60 |
Financial Assets |
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|
Investments | 316.27 | 316.90 |
Loans | 20.11 | 17.09 |
Other Financial Assets | 28.46 | 28.62 |
Deferred Tax Assets (Net) | 60.78 | 58.04 |
Non-current Tax Assets (net) | 52.77 | 86.26 |
Other Non Current Assets | 266.84 | 258.52 |
| 6750.40 | 6390.75 |
Current Assets |
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|
Inventories | 1628.55 | 1609.86 |
Financial Assets |
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Investments | 280.93 | 583.16 |
Trade Receivables | 848.21 | 680.55 |
Cash and Cash Equivalent | 934.89 | 967.02 |
Other Bank balances | 355.28 | 66.59 |
Loans | 162.06 | 245.01 |
Other Financial Assets | 139.21 | 131.40 |
Current Tax Assets (net) | 2.55 | 2.38 |
Other Current Assets | 257.60 | 224.83 |
| 4609.28 | 4510.80 |
Assets of disposal group | 34.80 | 37.17 |
TOTAL ASSETS | 11394.48 | 10938.72 |
EQUITY AND LIABILITIES |
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Equity |
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Equity Share Capital | 63.11 | 63.11 |
Other Equity | 7241.75 | 7268.58 |
Equity attributable to the equity holders of the company | 7304.86 | 7331.69 |
Non Controlling Interest | 1017.11 | 1027.68 |
Total Equity | 8321.97 | 8359.37 |
Non-Current Liabilities |
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Financial Liabilities |
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Borrowings | 804.46 | 787.24 |
Lease Liability | 233.46 | - |
Other Financial Liabilities | 8.75 | 7.61 |
Provisions | 163.32 | 152.21 |
Deferred Tax Liabilities (Net) | 158.48 | 145.45 |
Non Current Tax Liabilities | 15.52 | 16.90 |
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| 1383.99 | 1109.41 |
Current Liabilities |
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Financial Liabilities |
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Borrowings | 417.40 | 329.66 |
Lease Liability | 47.60 | - |
Trade Payables |
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Total outstanding dues of Micro enterprises and Small enterprises | 3.23 | 4.23 |
Total outstanding dues of creditors other than Micro enterprises and Small enterprises | 757.39 | 660.67 |
Other Financial Liabilities | 287.31 | 304.77 |
Other Current Liabilities | 85.74 | 81.38 |
Provisions | 49.44 | 49.51 |
Current Tax Liabilities (net) | 26.05 | 27.95 |
| 1674.16 | 1458.17 |
Liabilities of disposal group | 14.36 | 11.77 |
TOTAL EQUITY AND LIABILITIES | 11394.48 | 10938.72 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Consolidated Statement of Cash Flows for the six months ended September 30, 2019
Rs. In Crores
Particulars | September 30,2019 | September 30,2018 |
A. Cash Flow from Operating Activities |
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Net Profit before Tax | 414.58 | 405.82 |
Adjusted for : |
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Depreciation and amortisation | 92.82 | 59.97 |
Finance Cost | 38.31 | 24.04 |
Dividend Income | (3.24) | (3.89) |
Profit on sale of current investments (net) | (18.06) | (11.84) |
Fair value movement in Financial instruments at fair value through profit and loss | (1.24) | (11.40) |
Interest Income | (27.81) | (27.13) |
Unrealised foreign exchange (gain) / loss | (1.83) | (3.49) |
Impairment loss recognised in trade receivables | 0.12 | 0.44 |
Other non operating income | (1.83) | (25.21) |
(Profit) / Loss on sale of Property, Plant & Equipment including investment property (net) | 0.03 | (13.96) |
Rental Income from Investment Property | (1.21) | (1.02) |
Operating Profit before working capital changes | 490.64 | 392.33 |
Adjustments for: |
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|
Trade Receivables & Other Assets | (159.58) | (274.77) |
Inventories | (21.96) | (208.21) |
Trade payables & Other Liabilities | 22.37 | 42.21 |
Cash generated from /(used in) operations | 331.47 | (48.44) |
Direct taxes paid | (73.39) | (55.68) |
Net Cash from /(used in) Operating Activities | 258.08 | (104.12) |
B. Cash Flow from Investing Activities |
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|
Payment for Property, Plant and Equipment including Intangibles | (89.67) | (164.09) |
Sale of Property, Plant and Equipment | 1.75 | 22.03 |
Acquisition of Business | (101.01) | - |
Rental Income from Investment Property | 1.21 | 1.02 |
Purchase of Non-Current Investments | (0.16) | - |
Investments in Joint Ventures | (53.00) | (17.00) |
(Purchase) / Sale of Current Investments (net) | 321.27 | 258.78 |
Dividend Income received (including dividend from associates & JVs) | 4.73 | 5.14 |
Interest Income received | 15.01 | 23.27 |
(Placement) / Redemption Fixed deposits (net) | (288.00) | 220.00 |
Inter Corporate Loans and Deposits (net) | 86.04 | (23.26) |
Net cash from /(used in) Investing Activities | (101.83) | 325.89 |
C. Cash Flow from Financing Activities |
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|
Proceeds / (Repayment) from Long term borrowings (net) | (2.24) | 89.23 |
Availment / (Repayment) of short term borrowings (net) | 76.24 | (3.01) |
Payment of Lease Liabilities | (19.10) | - |
Dividend & Dividend Tax paid | (216.06) | (215.33) |
Finance Cost paid | (34.28) | (20.44) |
Net Cash used in Financing Activities | (195.44) | (149.55) |
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) | (39.19) | 72.22 |
Opening balance of Cash & Cash Equivalent | 737.48 | 698.17 |
Exchange Gain/ (Loss) on translation of foreign currency cash/cash equivalents | (8.13) | 8.19 |
Closing Cash & Cash Equivalent | 690.16 | 778.58 |
Reconciliation with Balance Sheet |
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Cash and Cash Equivalents | 690.16 | 778.58 |
Add : Bank Overdraft | 244.73 | 242.27 |
Less : Cash and Cash Equivalents relating to disposal group | - | - |
Balance at the end of the period | 934.89 | 1020.85 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2019
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 | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 914.14 | 968.82 | 847.28 | 1882.96 | 1755.88 | 3429.66 |
Other Income | 32.53 | 38.40 | 74.15 | 70.93 | 134.05 | 182.51 |
Total Income | 946.67 | 1007.22 | 921.43 | 1953.89 | 1889.93 | 3612.17 |
Cost of materials consumed | 547.20 | 532.14 | 535.67 | 1079.34 | 992.44 | 2055.97 |
Purchase of stock-in-trade | 13.10 | 6.50 | 4.68 | 19.60 | 10.59 | 23.65 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | (3.59) | 66.03 | (19.96) | 62.44 | 58.60 | 0.16 |
Employees benefits expense | 57.75 | 56.23 | 56.14 | 113.98 | 111.19 | 216.85 |
Finance costs | 5.57 | 5.49 | 2.69 | 11.06 | 6.38 | 13.18 |
Depreciation and amortisation expense | 15.34 | 13.68 | 7.72 | 29.02 | 15.04 | 31.68 |
Advertisement and sales charges | 70.66 | 49.73 | 67.73 | 120.39 | 109.08 | 226.55 |
Other expenses | 105.33 | 111.30 | 104.74 | 216.63 | 208.75 | 468.21 |
Total Expenses | 811.36 | 841.10 | 759.41 | 1652.46 | 1512.07 | 3036.25 |
Profit before Exceptional Items and Tax | 135.31 | 166.12 | 162.02 | 301.43 | 377.86 | 575.92 |
Exceptional Items (Net) | (1.50) | (8.06) | - | (9.56) | - | - |
Profit before Tax | 133.81 | 158.06 | 162.02 | 291.87 | 377.86 | 575.92 |
Tax Expense |
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Current Tax | (13.28) | (54.51) | (33.65) | (67.79) | (101.91) | (160.57) |
Deferred Tax | (20.83) | 2.55 | (8.07) | (18.28) | (7.94) | (4.42) |
Total Tax Expense ( net of reversals) | (34.11) | (51.96) | (41.72) | (86.07) | (109.85) | (164.99) |
Net Profit after Tax (A) | 99.70 | 106.10 | 120.30 | 205.80 | 268.01 | 410.93 |
Other Comprehensive Income |
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i) Items that will not be reclassified to profit or loss |
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Remeasurement of defined benefit plans | (5.47) | (10.59) | (0.80) | (16.06) | 7.36 | 4.67 |
Changes in fair valuation of equity instruments | (3.69) | 3.48 | (2.02) | (0.21) | 0.71 | (3.77) |
| (9.16) | (7.11) | (2.82) | (16.27) | 8.07 | 0.90 |
Tax impact of above items | (0.31) | 3.70 | 0.28 | 3.39 | (2.57) | (1.80) |
| (9.47) | (3.41) | (2.54) | (12.88) | 5.50 | (0.90) |
ii) Items that will be reclassified to profit or loss |
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|
Gains/(loss) on effective portion of cash flow hedges | (2.78) | 0.12 | (2.99) | (2.66) | (5.41) | 4.23 |
Tax impact of above item | 0.92 | (0.04) | 1.05 | 0.88 | 1.89 | (1.48) |
| (1.86) | 0.08 | (1.94) | (1.78) | (3.52) | 2.75 |
Other Comprehensive Income (B) | (11.33) | (3.33) | (4.48) | (14.66) | 1.98 | 1.85 |
Total Comprehensive Income (A+B) | 88.37 | 102.77 | 115.82 | 191.14 | 269.99 | 412.78 |
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserves |
|
|
|
|
| 4358.71 |
Earnings per share (Basic & Diluted) (not annualised for the period) - Rs. | 1.58 | 1.68 | 1.91 | 3.26 | 4.25 | 6.51 |
Notes:
1. For the quarter, Revenue from operations at Rs. 914 crores increased by 8% over corresponding quarter of the previous year mainly on account of branded business. Profit before exceptional items at Rs. 135 crores is lower as compared to corresponding quarter of previous year on account of phasing of dividend Income and due to one-time credits in the corresponding quarter of the previous year. Consequently Profit before tax is lower than corresponding quarter of the previous year. Further, during the quarter, tax has been provided for at the reduced rate in accordance with the Taxation Laws (Amendment) Ordinance, 2019. The impact of the reduced rate has been recognised in the current quarter.
2. a) The Board of Directors of the Company in its meeting held on May 15, 2019, as a part of business reorganisation, had approved the scheme of merger of consumer product business of Tata Chemicals Limited with the Company in terms of a scheme of arrangement under Section 230-232 and other applicable provisions of the Companies Act, 2013. The appointed date of the scheme is April 1, 2019. The Scheme would become effective after receipt of all requisite statutory and NCLT approvals, including Shareholders approval. The results of the said business will be included in the standalone results, with effect from the appointed date, on receipt of all requisite approvals.
b) The Company during the current quarter completed the acquisition of the branded tea business of Dhunseri Tea and Industries Limited.
3. Exceptional item for the quarter represents costs incurred in relation to the proposed scheme of merger and acquisition (Refer note 2).
4. The Company has organised its business into Branded Segment and Non Branded Segment. Branded Segment is further categorised 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. Effective April 1, 2019, the Company has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustments to retained earnings. Accordingly, comparatives for the year ended March, 31 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 15 cores being debited to retained earnings, net of taxes.
6. Statement of Assets and Liabilities as at September 30, 2019 along with Cash flow statement for the period ended September 30, 2019 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 October 29, 2019 and subsequently taken on record by the Board of Directors at its meeting held on October 30, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
In terms of our report attached For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: October 30, 2019 |
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
Unaudited Statement of Assets and Liabilities as at September 30, 2019
Rs. In Crores
| As at September 30, 2019 | As at March 31, 2019 |
Unaudited | Audited | |
ASSETS |
|
|
Non-Current Assets |
|
|
Property, Plant and Equipment | 222.65 | 223.84 |
Capital work-in-progress | 5.00 | 10.52 |
Investment Property | 0.65 | 0.65 |
Right of Use Assets | 80.08 | - |
Goodwill | 16.10 | - |
Other Intangible Assets | 106.61 | 18.06 |
Intangible Assets under development | 3.75 | 6.73 |
Financial Assets |
|
|
Investments | 2343.30 | 2318.59 |
Loans | 19.25 | 16.77 |
Other Financial Assets | 47.92 | 20.41 |
Deferred Tax Assets (Net) | 28.18 | 33.86 |
Non-Current Tax Assets (Net) | 35.58 | 63.38 |
Other Non-Current Assets | 80.76 | 83.49 |
| 2989.83 | 2796.30 |
Current assets |
|
|
Inventories | 850.30 | 846.91 |
Financial Assets |
|
|
Investments | 214.18 | 497.74 |
Trade Receivables | 358.33 | 181.92 |
Cash and Cash Equivalents | 240.04 | 408.96 |
Other Bank Balances | 352.74 | 63.99 |
Loans | 3.99 | 8.13 |
Other Financial Assets | 45.62 | 37.42 |
|
| 0.00 |
Other Current Assets | 178.73 | 163.08 |
| 2243.93 | 2208.15 |
TOTAL ASSETS | 5233.76 | 5004.45 |
EQUITY AND LIABILITIES |
|
|
Equity |
|
|
Equity Share Capital | 63.11 | 63.11 |
Other Equity | 4369.95 | 4380.57 |
TOTAL EQUITY | 4433.06 | 4443.68 |
Non-Current Liabilities |
|
|
Financial Liabilities |
|
|
Lease Liability | 73.70 | - |
Provisions | 124.51 | 115.25 |
| 198.21 | 115.25 |
Current Liabilities |
|
|
Financial Liabilities |
|
|
Borrowings | 35.88 | 4.53 |
Lease Liability | 28.39 | - |
Trade Payables |
|
|
Total outstanding dues of Micro enterprises and Small enterprises | 2.61 | 3.50 |
Total outstanding dues of creditors other than Micro enterprises and Small enterprises | 338.89 | 235.92 |
Other Financial Liabilities | 84.37 | 99.17 |
Other Current Liabilities | 61.69 | 65.31 |
Provisions | 29.68 | 20.65 |
Current Tax Liabilities (Net) | 20.98 | 16.44 |
| 602.49 | 445.52 |
TOTAL EQUITY AND LIABILITIES | 5233.76 | 5004.45 |
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 Cash Flows for the six months ended September 30, 2019
Rs. In Crores
Particulars | September 30,2019 | September 30,2018 |
A. Cash Flow from Operating Activities |
|
|
Net Profit before Tax | 291.87 | 377.86 |
Adjusted for : |
|
|
Depreciation and Amortisation | 29.02 | 15.04 |
Finance Cost | 11.06 | 6.38 |
Dividend Income | (32.89) | (67.38) |
Profit on sale of current investments (net) | (17.26) | (10.78) |
Fair value movement in Financial instruments at fair value through profit and loss | (0.41) | (10.35) |
Interest Income | (18.11) | (20.38) |
Unrealised Exchange (Gain) / Loss | (0.02) | (1.33) |
Other Non Operating Income | - | (25.21) |
(Profit) / Loss on sale of Property, Plant & Equipment (net) | 0.01 | 0.12 |
Operating Profit before working capital changes | 263.27 | 263.97 |
Adjustments for: |
|
|
Trade Receivables & Other Assets | (197.23) | (229.68) |
Inventories | (3.39) | (154.22) |
Trade payables & Other Liabilities | 80.58 | 66.44 |
Cash generated from/(used in) Operations | 143.23 | (53.49) |
Direct Taxes paid (net) | (35.45) | (47.19) |
Net Cash from/(used in) Operating Activities | 107.78 | (100.68) |
B. Cash Flow from Investing Activities |
|
|
Payment for Property, Plant and Equipment and Intangibles | (9.83) | (16.87) |
Sale of Property, Plant and Equipment | 0.01 | 0.05 |
Acquisition of Business | (101.01) | - |
Investment in Joint Ventures | (53.00) | (17.00) |
(Purchase) / Sale of Current Investments (net) | 300.98 | 285.78 |
Dividend Income received | 32.89 | 67.38 |
Interest Income received | 12.80 | 20.33 |
(Placement) / Redemption Fixed deposits (net) | (288.00) | 220.00 |
Inter Corporate Deposits and Loans (net) | 1.75 | (48.25) |
Net cash from / (used in) Investing Activities | (103.41) | 511.42 |
C. Cash Flow from Financing Activities |
|
|
Availment/( Repayment) of short term borrowings (net) | 35.88 | (25.00) |
Payment of Lease Liabilities | (11.08) | - |
Dividend & Dividend Tax paid | (186.90) | (182.45) |
Finance Cost paid | (6.66) | (2.56) |
Net Cash from / (used in) Financing Activities | (168.76) | (210.01) |
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) | (164.39) | 200.73 |
Opening balance of Cash & Cash equivalent | 404.43 | 208.55 |
Closing Cash & Cash Equivalent | 240.04 | 409.28 |