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Half Yearly Report

30 Oct 2009 11:55

RNS Number : 6765B

Tata Tea Limited

30 October 2009

Tata Tea Limited Registered Office: 1 Bishop Lefroy Road Kolkata - 700020 Audited Financial Results For three months ended September 30, 2009
Rs Lakhs
	Three months ended September 30		Six months ended September 30		Year ended March 31
	2009	2008	2009	2008	2009
Net Sales / Income from Operations	42433	32055	84216	63286	136153
Other Operating Income	203	377	369	643	1772
Total Operating Income	42636	32432	84585	63929	137925
(a) (Increase)/Decrease in stock in trade and work in progress	304	(627)	716	1022	(1867)
(b) Consumption of Raw Materials	24978	19372	48274	34953	78599
(c) Purchase of Traded Goods	21	268	21	268	448
(d) Employees Cost	2238	2312	4611	4159	9175
(e) Depreciation & Amortization	296	259	592	503	1065
(f) Other Expenditure	11775	8689	20964	15766	36319
Total Expenditure	39612	30273	75178	56671	123739
Profit from Operations before Other Income, Interest & Exceptional Items	3024	2159	9407	7258	14186
Other Income - Income from Investments(Net)	3601	4641	4848	5856	14539
Profit Before Interest & Exceptional Items	6625	6800	14255	13114	28725
Interest (Net)	1219	1030	2333	1669	4860
Profit after Interest but before exceptional items	5406	5770	11922	11445	23865
Exceptional Income / (Expenditure) (Net)	24553	295	24333	75	(959)
Profit before Tax	29959	6065	36255	11520	22906
Provision for Taxation
(a) Current	4289	1823	6401	3514	7203
(b) Deferred	(86)	(182)	(246)	(244)	(403)
(c) Fringe Benefit Tax	(48)	45	-	100	200
Profit after Tax	25804	4379	30100	8150	15906
Paid up Equity Share Capital (face value of Rs 10 each)	6184	6184	6184	6184	6184
Reserves excluding Revaluation Reserve	-	-	-	-	171561
Earnings per share(Basic & diluted)(Not annualised)-Rs	41.73	7.08	48.67	13.18	25.72
Debt Service Coverage Ratio (DSCR)			4.67	1.82	2.41
Interest Service Coverage Ratio (ISCR)			5.20	4.55	3.92
Aggregate of Public Shareholding
- Number of Shares	40039626	40021538	40039626	40021538	39999626
- Percentage of Share holding	64.75%	64.72%	64.75%	64.72%	64.68%
Promoters and Promoters Group Shareholding
(a) Pledged/ Encumbered
- Number of shares	7500000		7500000		9500000
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group)	34.40%		34.40%		43.50%
- Percentage of Shares (as a percentage of the total share capital of the Company)	12.13%		12.13%		15.36%
(b) Non Encumbered
- Number of shares	14300231		14300231		12340231
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group)	65.60%		65.60%		56.50%
- Percentage of Shares (as a percentage of the total share capital of the Company)	23.12%		23.12%		19.96%
Note:- DSCR = Earnings before Interest and Tax / Gross Interest and Principal repayment of long term loans during the period ISCR = Earnings before Interest and Tax / Gross Interest

Notes:

1.	Total operating income for the quarter at Rs 426.36 crores increased by 31%, driven by strong performance of the Company’s branded tea operations.
2.	Profit from Operations before other income, interest and exceptional items at Rs 30.24 crores increased by 40% from the corresponding quarter of the previous year attributable to improvement in branded tea operations, partly offset by hardening commodity costs and inflationary increase in input costs.
3.	Provision for current tax for the quarter is net of reversal of Rs. 1.66 crores relating to earlier year. The provision for Fringe Benefit Tax charged in the first quarter of the current year has been reversed in the current quarter pursuant to abolition of the same as per Finance Act, 2009.
4.	The Earnings per Share (Basic and Diluted) for the six months ended 30th September 2009 is Rs 48.67 compared to Rs 13.18 for the previous year’s corresponding six months. The Earnings per Share (Basic and Diluted) prior to exceptional items (net of tax thereon) for the six months ended 30th September 2009 is Rs 13.62 compared to Rs 13.01 forthe previous year’s corresponding six months.
5.	The company, during the quarter, has sold 29,38,713 equity shares of Rallis India Limited. Exceptional items include profit arising out of the aforesaid sale amounting to Rs 247.72 crores net of amortization of amounts incurred on Employee Separation Scheme of Rs 2.19 crores. Exceptional Items for the previous year’s corresponding quarter includes profit on sale of Long Term Investments net of amortization of amounts incurred on Employee Separation Scheme.
6.	The company, during the quarter, has increased its stake in its subsidiary Mount Everest Mineral Water Limited from 40.11% to 40.27%.
7.	As the Company’s activity falls within a single business segment, viz “Buying / Blending and Sale of tea in bulk and value added form” the disclosure requirements of Accounting Standard (AS-17) on “Segment Reporting”, notified by the Companies (Accounting Standards) Rules 2006, are not applicable.
8.	The Company did not have any investor complaints pending as on July 01, 2009 and as on September 30, 2009. Three investors’ complaints were received and disposed during the three months ended September 30, 2009.
9.	Previous period’s figures have been re-arranged to the extent necessary, to conform to current period’s figures.
10.	The aforementioned results were reviewed by the Audit Committee of the Board on October 26, 2009 and taken on record by the Board of Directors at its Meeting held on October 28, 2009. The statutory auditors of the company have audited these results.

Mumbai: October 28, 2009

R K Krishna Kumar (Vice Chairman)

Unaudited Consolidated Financial Results for the three months ended September 30, 2009


Rs Lakhs
	Three months ended September 30		Six months ended September 30		Audited Year ended March 31
	2009	2008	2009	2008	2009
Net Sales / Income from Operations	139729	118088	267240	229417	484787
Other Operating Income	553	619	2602	1035	2623
Total Operating Income	140282	118707	269842	230452	487410
(a) (Increase)/Decrease in stock in trade and work in progress	(1437)	(2762)	(2744)	(2186)	(7169)
(b) Consumption of Raw Materials	50137	40266	95451	74679	162810
(c) Purchase of Traded Goods	5849	5639	11652	9648	19637
(d) Employees Cost	15335	13431	29863	26086	55416
(e) Advertisement & sales carges	23808	21067	44903	41670	88024
(f) Depreciation & Amortization (net of amount drawn from Revaluation Reserve)	2515	2210	4962	4432	9869
(g) Other Expenditure	29199	26099	55786	50991	104130
Total Expenditure	125406	105950	239873	205320	432717
Profit from Operations before Other Income, Interest & Exceptional Items	14876	12757	29969	25132	54693
Other Income - Income from Investments	2274	2193	2733	2931	3320
Profit Before Interest & Exceptional Items	17150	14950	32702	28063	58013
Interest (Net)	978	1536	1503	2626	5420
Profit after Interest but before exceptional items	16172	13414	31199	25437	52593
Notional Unrealized ( Loss)/ Gain on translation of foreign currency Assets	3196	20463	(11401)	20463	34280
Notional Unrealized ( Loss)/ Gain on translation of foreign currency options	769	-	(2130)	781	489
Other Exceptional Income / (Expenditure) (Net)	18044	(627)	16959	(488)	38269
Profit before Tax	38181	33250	34627	46193	125631
Provision for Taxation
(a) Current	9820	10236	8833	14602	43137
(b) Deferred	(135)	(1)	504	(39)	(997)
(c) Fringe Benefit Tax	(73)	70	-	146	301
Profit after Tax	28569	22945	25290	31484	83190
Share of Profit from Associates	2435	3223	1931	3327	2493
Minority Interest in Consolidated Profit	(2260)	(4392)	(434)	(5466)	(15628)
Group Consolidated Net Profit	28744	21776	26787	29345	70055
Paid up Equity Share Capital (face value of Rs 10 each)	6184	6184	6184	6184	6184
Reserves excluding Revaluation Reserve	-	-	-	-	351936
Earnings per share(Basic & diluted)(Not annualised)-Rs	46.48	35.21	43.32	47.45	113.28
Aggregate of Public Shareholding
- Number of Shares	40039626	40021538	40039626	40021538	39999626
- Percentage of Share holding	64.75%	64.72%	64.75%	64.72%	64.68%
Promoters and Promoters Group Shareholding
(a) Pledged/ Encumbered
- Number of shares	7500000		7500000		9500000
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group)	34.40%		34.40%		43.50%
- Percentage of Shares (as a percentage of the total share capital of the Company)	12.13%		12.13%		15.36%
(a) Non Encumbered
- Number of shares	14300231		14300231		12340231
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group)	65.60%		65.60%		56.50%
- Percentage of Shares (as a percentage of the total share capital of the Company)	23.12%		23.12%		19.96%

Notes:

1. The Consolidated Income from Operations for the quarter at Rs 1397 crores has increased by 18% as compared to the corresponding period of the previous year due to strong branded performance aided by improved price realization in key markets which offset the increase in commodity costs.2. Profit before exceptional items for the quarter at Rs 162 crores (Operating Profit) has increased by 21% as compared to the corresponding period of the previous year due to improved operating performance and lower net interest costs.

3. During the quarter, consequent to a favourable exchange rate movement, there is a notional unrealized gain on translation of short term foreign currency financial assets held by an overseas subsidiary, reversing the trend of unfavourable exchange rate movements experienced during the first quarter of this year. During the year ended 31st March 2009, favourable exchange rate movements had resulted in significant unrealized gains.

4.Other Exceptional items for the quarter comprises of (a) Reorganization costs of Rs 3 crores relating to restructuring of business. (b) Amortization of amounts incurred on Employee Separation Scheme amounting to Rs 2 crores (c) Profit on sale of shares held in Rallis India Ltd of Rs 186 crores computed after adjustment for share of profit of the associate (net of dividend) accounted for in earlier years in accordance with the relevant accounting standard In the corresponding period of the previous year, other exceptional expenditure comprised of reorganization costs and amortization of amounts incurred on Employee Separation schemes partially offset by profit on sale of shares.

5. During the quarter, the Company increased its stake in one of its subsidiaries, Mount Everest Mineral Water Limited (MEMWL), from 40.11% to 40.27%. Further, due to the issue of fresh shares, by Amalgamated Plantations Private Limited (APPL), the shareholding of the company in APPL has reduced from 49.78% to 49.07%.

6. Consequent to the sale of shares in Rallis India Limited on August 20, 2009 it ceased to be an associate of the Company.

7. With effect from 1st September 2009, the Tetley Group through its subsidiary, which has financial participation by European Bank for Reconstruction and Development, acquired 51% stake in an existing Russian beverage company. Accordingly, the Russian beverage company has been consolidated as a subsidiary in these results.

8. Earnings per share (EPS) (basic and diluted- not annualised) for the quarter ended September 30, 2009 of Rs. 46.48 is higher than Rs 35.21 reported for the corresponding period of the previous year , due to the impact of exceptional items. Net of the impact of exceptional items the EPS (basic and diluted - not annualised) for the current quarter is Rs. 17.93 as compared to Rs 17.12 for the corresponding period of the previous year, reflecting the improved performance.

9. The share of Profit / (loss) in Estate Management Services Limited, Sri Lanka, an associate company, have not been included in the results of the quarter, as the same is not yet available. This is, however, estimated not to have a material impact on the results of the Group for the quarter.

10. The major part of the Company's business arises from operations outside India and through its subsidiaries. In view of this the company has opted to publish only consolidated results for this quarter as permitted under SEBI guidelines. The standalone results shall be available on the Company's website as well as on the website of the stock exchanges where the Company's shares are listed. The Total Operating Income, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below:

Rs. in Crores	Quarter Ended 30th September		Half Year Ended 30th September
	2009-10	2008-09	2009-10	2008-09
Total Operating Income	426	324	846	639
Profit after Tax	258	44	301	82
Earnings per Share - Rs (Not Annualised)	41.73	7.08	48.67	13.18

11. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's figures.

12. The aforementioned results were reviewed by the Audit Committee of the Board on October 26, 2009 and subsequently taken on record by the Board of Directors at its Meeting held on October 28, 2009 The statutory auditors of the company have limited reviewed these results.


Mumbai: October 28, 2009	R K Krishna Kumar (Vice Chairman)

Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the Three months ended Sept 30, 2009


(Rs. in Lakhs)
	Three months ended September		Six months ended September		Year Ended March 31st 2009 Audited
	2009	2008	2009	2008
1. Segment Revenue/ Other Operating Income
a) Tea	106328	91702	203706	179592	378515
b) Coffee & Other Produce	32862	25870	63927	48498	104712
c) Others	1011	1126	2115	2343	4088
d) Unallocated	81	9	94	19	95
Total Operating Income	140282	118707	269842	230452	487410
2. Segment Results - Profit / (Loss)
a) Tea	10131	9994	20347	20320	44115
b) Coffee & Other Produce	5126	3990	10227	6684	14663
b) Others	(284)	(987)	(871)	(1508)	(3233)
Total	14973	12997	29703	25496	55545
ADD / (Less)
i) Interest(net)	(978)	(1536)	(1503)	(2626)	(5420)
ii) Notional Unrealised (Loss) / gain on translation of foreign currency assets	3196	20463	(11401)	20463	34280
iii) Notional Unrealised (Loss) / gain on translation on foreign currency options	769	-	(2130)	781	489
iv) Other Un-allocable items and Investment Income net of Exceptional Income/ (Expenditure)	20221	1326	19958	2079	40737
Total Profit before Tax	38181	33250	34627	46193	125631
3. Capital Employed
a) Tea	355876	303449	355876	303449	350136
b) Coffee & Other Produce	101831	93786	101831	93786	102461
c) Others	6677	2467	6677	2467	6951
d) Unallocated including Investments	60909	93183	60909	93183	7172
Total	525293	492885	525293	492885	466720

Notes:

a. Business Segments: The internal business segmentation and the activities encompassed therein are as follows: Tea : Cultivation & manufacture of black tea and instant tea, tea buying/ blending and sale of tea in bulk or value added form. Coffee and Other Produce : Growing of coffee, pepper and other plantation crops and conversion of coffee into value added products such as roast and ground coffee & instant coffee. Others : Sale of natural Mineral Water , other minor crops and curing operations of coffee and trading of items required for coffee plantations.

b. The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable income / expenditure include income / expenditure incurred on common services at the corporate level and relates to an Indian subsidiary.

Mumbai: October 28, 2009

R K Krishna Kumar (Vice Chairman)


Financial Highlights
(Rs. in Crores)
	Three months ended September		Six months ended September		Year Ended March 31st 2009
	2009	2008	2009	2008

Total Operating Income	1402.82	1187.07	2698.42	2304.52	4874.10
Profit before Exceptionals	161.72	134.14	311.99	254.37	525.93
Exceptionals (net)	220.09	198.36	34.28	207.56	730.38
Net Profit Before Tax	381.81	332.50	346.27	461.93	1256.31
Net Profit after Tax	285.69	229.45	252.90	314.84	831.90
Earnings per Share - Rs*	46.48	35.21	43.32	47.45	113.28
Earnings per Share (before Exceptionals) on Core Operations - Rs*	17.93	17.12	31.40	28.58	47.83
Dividend recommended - Rs per share (Face Value Rs 10 per Share)					17.50

* Not annualised for the quarter and half year

This information is provided by RNS

The company news service from the London Stock Exchange

END

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