31 Oct 2012 13:38
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
Audited Financial Results
for three months ended September 30, 2012
Rs. in Lakhs
Particulars | Three months ended
September June September 2012 2012 2011 | Six Months ended
September 2012 2011 | Year ended
March 2012 |
Net Sales / Income from Operations (Net of excise duty) Other Operating Income | 53934 56293 49816 1302 715 1297 | 110227 100910 2017 2149 | 199564 3965 |
Total Income from Operations(Net) | 55236 57008 51113 | 112244 103059 | 203529 |
(a) Cost of materials consumed (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods and stock-in-trade (d) Employees benefits expense (e) Depreciation and amortization expense (f) Other expense | 37977 33479 35249 - 113 118 274 2784 (1685) 2708 2764 2428 353 349 294 11164 9936 9886 | 71456 67021 113 118 3058 994 5472 4804 702 599 21100 18872 | 129341 165 (978) 10069 1204 41755 |
Total Expenses | 52476 49425 46290 | 101901 92408 | 181556 |
Profit from Operations before Other Income , Finance costs & Exceptional Items Other Income | 2760 7583 4823
4166 676 2992 | 10343 10651
4842 3876 | 21973
9409 |
Profit from ordinary activities before Finance costs & Exceptional Items
Finance Costs | 6926 8259 7815
543 301 441 | 15185 14527
844 907 | 31382
2704 |
Profit from ordinary activities after Finance costs but before Exceptional Items Exceptional Items(Net) | 6383 7958 7374
3642 (150) (344) | 14341 13620
3492 10580 | 28678
8313 |
Profit from ordinary activities before Tax | 10025 7808 7030 | 17833 24200 | 36991 |
Tax Expense (a) Current Tax (b) Deferred Tax |
926 2250 2136 (340) (50) (152) |
3176 3543 (390) (838) |
7614 (891) |
Net Profit for the period | 9439 5608 5046 | 15047 21495 | 30268 |
Paid-up equity share capital (Face value of Re 1 each) Reserves excluding Revaluation Reserves | 6184 6184 6184 | 6184 6184 | 6184 212641 |
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs Debt Service Coverage Ratio (DSCR) Interest Service Coverage Ratio (ISCR) | 1.53 0.91 0.82 | 2.43 3.48 17.99 18.02 17.99 18.02 | 4.89 11.61 11.61 |
PARTICULARS OF SHAREHOLDING Public Shareholding -Number of Shares -Percentage of Shareholding
Promoters and Promoters Group Shareholding (a) Pledged/ Encumbered - Number of shares -Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) -Percentage of Shares (as a percentage of the total share capital of the Company)
(b) Non Encumbered - Number of shares -Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) -Percentage of Shares (as a percentage of the total share capital of the Company) |
400715380 400715380 400499810 64.80% 64.80% 64.76%
40800000 40800000 40800000 18.74% 18.74% 18.72%
6.60% 6.60% 6.60%
176883190 176883190 177098760 81.26% 81.26% 81.28%
28.60% 28.60% 28.64% |
400715380 400499810 64.80% 64.76%
40800000 40800000 18.74% 18.72%
6.60% 6.60%
176883190 177098760 81.26% 81.28%
28.60% 28.64% |
400715380 64.80%
40800000 18.74%
6.60%
176883190 81.26%
28.60% |
Note:- DSCR = Earnings before Interest,Exceptional items and Tax / Gross Interest and Principalrepayment of long term loa
ISCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest
Notes:
1. Total Operating Income for the quarter at Rs 552.36 crores grew by 8% over the corresponding quarter of the previous year driven mainly by higher volumes and better price realization.
2. The Net profit in the quarter at Rs. 94.39 crores increased by 87% year on year driven by higher investment income and Profit on sale of Non Core investments. Operating profits for thequarter were impacted by higher commodity cost increases which were partly recovered through pricing during the quarter.
3. Exceptional items during the quarter represent profit arising from sale of Non Core investment Rs50.73 crores net of expenditure on post retirement benefit obligations Rs
10.47 crores and expenditure on new product development Rs 3.84 crores. Exceptional
items for corresponding quarter of the previous year represent costs on long term initiatives Rs 2.73 crores and estimated loss on discard of assets Rs 0.71 crores. Expenditure on post retirement benefit obligations of Rs 10.47 crores (net) accounted during current quarter are provisions made based on adoption of new policy and mainly relates to past service of qualifying employees/directors.
4. Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 1.53 is higher than Rs 0.82 reported for the corresponding quarter of the previous year mainly due to the favourable impact of exceptional items. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is Rs. 0.86 as compared to Rs 0.85 for the corresponding quarter of the previous year.
5. 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 Standard) Rules 2006, are not applicable.
6. Investor complaints :
Pending at the beginning of the Quarter | Received during the Quarter | Disposed of during the Quarter | Remaining unresolved at the end of the Quarter |
1 | 6 | 7 | - |
7. Statement of Assets and Liabilities as at September 30, 2012 is annexed.
8. Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures.
9. The aforementioned results were reviewed by the Audit Committee of the Board on October
29, 2012 and subsequently taken on record by the Board of Directors at its Meeting held on
October 31, 2012. The statutory auditors of the company have audited these results.
R K Krishna Kumar
Mumbai, October 31, 2012 (Vice Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
Audited Statement ofAssets and Liabilities as at September 30, 2012
Rs in Lakhs
Particulars | As at September 30 2012 | As at March 31 2012 | |
Audited | Audited | ||
A
1
2
3 | EQUITY AND LIABILITIES SHAREHOLDERS' FUNDS Share Capital Reserves and Surplus Sub-total - Shareholders' funds
Non-current liabilities (a) Long-term borrowings (b) Other long-term liabilities (c) Long-term provisions Sub-total - Non-current liabilities
Current Liabilities (a) Short-term borrowings (b) Trade Payables (c) Other current liabilities (d) Short-term provisions Sub-total - Current liabilities |
6184 230107 |
6184 214827 |
236291 | 221011 | ||
32500 6346 7637 |
32503 6346 6471 | ||
46483 | 45320 | ||
33058 23140 11894 5074 |
4182 14010 12073 19962 | ||
73166 | 50227 | ||
TOTAL - EQUITY AND LIABILITIES | 355940 | 316558 | |
B
1
2 |
ASSETS
Non-current assets (a) Fixed Assets (b) Non-current investments (c) Deferred tax Assets (d) Long-term loans and advances (e) Other non-current assets Sub-total - Non-current assets
Current assets (a) Current investments (b) Inventories (c) Trade Receivables (d) Cash & Bank balance (e) Short-term loans and advances (f) Other current assets Sub-total - Current assets |
14566 219859 2161 4073 3060 |
14278 216361 1771 3740 3060 |
243719 | 239210 | ||
2209 71798 16977 1757 18441 1039 |
4209 45347 9064 1747 16366 615 | ||
112221 | 77348 | ||
TOTAL ASSETS | 355940 | 316558 | |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
Unaudited Consolidated Financial Results for the three months ended September 30,2012
Rs in Lakhs
Particulars | Three months ended
September June September 2012 2012 2011 | Six months ended
September 2012 2011 | Audited Year ended March 2012 |
Net Sales / Income from Operations (Net of excise duty) Other Operating Income | 184257 171488 161203 1825 1022 1708 | 355745 306795 2847 2769 | 658526 4590 |
Total Income from Operations (Net) | 186082 172510 162911 | 358592 309564 | 663116 |
(a) Cost of Material Consumed (b) Purchase of stock in trade (c) Changes in inventories of finished goods, work in progress and stock in trade (d) Employee Benefits Expense (e) Depreciation and Amortization Expense (net of amount drawn from Revaluation Reserve) (f) Advertisement and Sales charges (g) Other Expenses | 82850 80741 82141 6788 8390 6225 4011 (2548) (3813)
17686 17344 15954 2506 2499 2279
33350 28345 26914 25280 22160 21969 | 163591 151721 15178 13702 1463 (3912)
35030 31472 5005 4713
61695 49308 47440 41916 | 309455 29434 (6582)
67505 9614
109967 91032 |
Total Expenses | 172471 156931 151669 | 329402 288920 | 610425 |
Profit from Operations before Other Income , Finance Costs & Exceptional Items Other Income |
13611 15579 11242
3413 1863 3564 |
29190 20644
5276 5432 |
52691
9452 |
Profit from ordinary activities before Finance Cost & Exceptional Items Finance Cost |
17024 17442 14806 (1096) (2119) (1895) |
34466 26076 (3215) (3295) |
62143 (7035) |
Profit from ordinary activities after Finance Cost but before Exceptional Items Exceptional Items (Net) | 15928 15323 12911
(1123) (538) (1083) | 31251 22781
(1661) 7807 | 55108
2254 |
Profit from ordinary activities before Tax | 14805 14785 11828 | 29590 30588 | 57362 |
Tax Expense (a) Current Tax (b) Deferred Tax |
3102 4913 4257 (1106) 12 (257) |
8015 6266 (1094) (903) |
14795 (624) |
Profit after Tax Share of Profit/(Loss) from Associates Minority Interest in Consolidated Profit | 12809 9860 7828 1166 (643) 907 (2071) (1448) (1040) | 22669 25225 523 369 (3519) (1807) | 43191 (1512) (6065) |
Group Consolidated Net Profit | 11904 7769 7695 | 19673 23787 | 35614 |
Paid-up equity share capital (Face value of Re 1 each) Reserves excluding Revaluation Reserves | 6184 6184 6184 | 6184 6184 | 6184 446149 |
Earnings per share (Basic & Diluted)(not annualised for quarter end) - Rs |
1.92 1.26 1.24 |
3.18 3.85 |
5.76 |
PARTICULARS OF SHAREHOLDING Public Shareholding -Number of Shares -Percentage of Share holding Promoters and Promoters Group Shareholding (a) Pledged/ Encumbered - Number of shares -Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) -Percentage of Shares (as a percentage of the total share Capital of the Company) (b) Non Encumbered - Number of shares -Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) -Percentage of Shares (as a percentage of the total share Capital of the Company) |
400715380 400715380 400499810 64.80% 64.80% 64.76%
40800000 40800000 40800000 18.74% 18.74% 18.72%
6.60% 6.60% 6.60%
176883190 176883190 177098760 81.26% 81.26% 81.28%
28.60% 28.60% 28.64% |
400715380 400499810 64.80% 64.76%
40800000 40800000 18.74% 18.72%
6.60% 6.60%
176883190 177098760 81.26% 81.28%
28.60% 28.64% |
400715380 64.80%
40800000 18.74%
6.60%
176883190 81.26%
28.60% |
Notes:
1. For the quarter, Income from operations at Rs 1861 crores increased by 14% year on year reflecting improved performance coupled with favourable foreign exchange translation impact.
2. Profit after finance costs and before exceptional items for the quarter at Rs 159 crores improved by23% year on year mainly due to improved operating performance in branded and non branded businesses and lower finance costs. Resultantly, Profit from ordinary activities before tax for the quarter at Rs 148 crores is higher by 25% as compared to corresponding period.
3. Exceptional items for the quarter represents cost relating to business restructuring of Rs 37 crores, expenditure on post retirement benefit obligations of Rs 20 crores (net), expenditure on long term initiatives and new projects of Rs 6 crores. These costs have been partly offset by profit on sale of non-core investments of Rs 51 crores. In the corresponding period of the previous year exceptional items consisted of redundancy cost relating to business restructure of Rs 4 crores, long term initiatives of Rs 4 crores and other expenses relating to business restructure of Rs 2 crores. Expenditure on post retirement benefit obligations of Rs 20 crores (net) accounted during the current quarter are provisions made based on adoption of new policy and mainly relates to past service of qualifying employees/directors
4. Earnings per share (EPS) (basic and diluted) for the quarter at Rs 1.92 is higher than the corresponding period of previous year by 55% mainly due to the improved performance. Net of the impact of exceptional items, EPS (basic and diluted) for the quarter at Rs 1.76 is higher by 31% as compared to the corresponding period of the previous year mainly due to improved operating performance.
5. The estimated actuarial losses relating to defined benefit pension scheme of overseas subsidiaries of Rs 3.18 crores (net of tax and minority interest) for the quarter have been accounted in Reserves in the Consolidated Financial Statement applying the principles of Accounting Standard
21 and in line with the policy followed by the overseas subsidiaries and other companies in
compliance with the relevant overseas accounting framework. Had the accounting policy of recognising the actuarial gains and losses of pension scheme of the overseas subsidiaries in the Statement of Profit and Loss been followed, the consolidated Net profit for the Group for the quarter and six months ended September 2012 would have been lower by Rs 3.18 crores and Rs
17.78 crores respectively. The net profit for the interim periods as well as year reported is comparable and excludes the impact of actuarial gain/losses.
The Statutory Auditors have invited attention to this in their review report.
6. a) During the quarter, an overseas subsidiary, increased its shareholding in Suntyco Holdings Limited (the Holding Company for Russian beverage business) from 51% to 100% pursuant to an exercise of a call option.
b) An overseas subsidiary's shareholding in The Rising Beverages Company LLC in excess of
50% continues to be accounted as an associate, as the increase in stake in excess of50% is intended to be temporary.
7. The major part of the Holding 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 the year 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 Income from Operations, Net Profit for the period and Earnings per share of the Holding Company's standalone financial results are given below:
In Rs Crores | Three months ended | Six months ended | Year ended | |||
Sep 30 | June 30 | Sep 30 | Sep 30 | Sep 30 | March 31 | |
2012 | 2012 | 2011 | 2012 | 2011 | 2012 | |
Total Income from Operations (Net) | 552 | 570 | 511 | 1122 | 1031 | 2035 |
Net Profit for the period | 94 | 56 | 50 | 150 | 215 | 303 |
Earnings per share - Rs* | 1.53 | 0.91 | 0.82 | 2.43 | 3.48 | 4.89 |
Earnings per share - Rs* excluding impact of exceptional items |
0.86 |
0.92 |
0.85 |
1.78 |
1.59 |
3.26 |
* not annualised for the quarter end
8. Statement of Assets and Liabilities as at September 30, 2012 is annexed.
9. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform tocurrent period's classifications.
10. The aforementioned results were reviewed by the Audit Committee of the Board on October 29,
2012 and subsequently taken on record by the Board of Directors at its Meeting held on October
31, 2012. The Statutory Auditors of the company have conducted a limited review of these results.
Mumbai: October 31, 2012
R K Krishna Kumar
(Vice-Chairman)
Tata Global Beverages Limited
Registered Office : 1 Bishop Lefroy Road Kolkata 700020
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed,
under Clause 41,of the Listing Agreementfor the three months ended September 30, 2012
Rs in Lakhs
Particulars | Three months ended | Six months ended | Audited Year Ended March 2012 | |||
September 2012 | June 2012 | September 2011 | September 2012 | September 2011 | ||
1. Segment Revenue (a) Tea (b) Coffee & Other Produce (c) Others (d) Unallocated |
131062 53503 1492 25 |
123034 47053 2423 - |
116442 45255 1185 29 |
254096 100556 3915 25 |
222493 84441 2596 34 |
480027 176531 6540 18 |
Total Income from Operations (Net) | 186082 | 172510 | 162911 | 358592 | 309564 | 663116 |
2. Segment Results (a) Tea (b) Coffee & Other Produce (c) Others |
9462 8418 (654) |
12490 6261 (447) |
11243 4079 (461) |
21952 14679 (1101) |
20251 8550 (900) |
50651 19609 (1922) |
Total | 17226 | 18304 | 14861 | 35530 | 27901 | 68338 |
Add/(Less) i) Finance Cost ii) Other Un-allocable items, Investment Income and Exceptional Items |
(1096) (1325) |
(2119) (1400) |
(1895) (1138) |
(3215) (2725) |
(3295) 5982 |
(7035) (3941) |
Profit from ordinary activities before Tax | 14805 | 14785 | 11828 | 29590 | 30588 | 57362 |
3. Capital Employed (a) Tea (b) Coffee & Other Produce (c) Others (d) Unallocated including Investments |
341358 197106 22434 36147 |
317764 191597 22793 69769 |
292754 166576 17776 83064 |
341358 197106 22434 36147 |
292754 166576 17776 83064 |
306417 181648 21134 53967 |
Total | 597045 | 601923 | 560170 | 597045 | 560170 | 563166 |
Notes:
a. BusinessSegments: The internalbusiness segmentation and the activitiesencompassed therein are as follows:
Tea : Cultivation & manufacture of black tea and instant tea, tea buying/ blendingand 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 MineralWater , other minor crops and curing operations of coffee and trading of items requiredfor coffee plantations.
b. The segmentwise revenue, results,capital employed figuresrelate to the respective amountsdirectly identifiable to each of the segments.Unallocable expenditureinclude expenses incurredon common servicesat corporate level,interest
and exceptional items.Unallocable income includesincome from investments and exceptional items.
c. Previousperiod's figures have been regrouped/rearranged to the extent necessary, to conform to current period'sclassifications.
R K Krishna Kumar
Mumbai: October31, 2012 (Vice-Chairman)
Rs in Crores
* Not annualised for the quarter
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2012
Rs in Lakhs
Particulars | As at September 30 2012 | As at March 31 2012 | |
A
1
2
3
4
B
1
2 | EQUITY AND LIABILITIES Shareholders' Funds Share Capital Reserves and Surplus Sub-total - Shareholders' Funds
Minority Interest
Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions Sub-total - Non-current liabilities
Current Liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions Sub-total - Current liabilities
TOTAL - EQUITY AND LIABILITIES ASSETS Non-current assets (a) Fixed Assets (b) Goodwill on Consolidation (c) Non-current investments (d) Long-term loans and advances (e) Other non-current assets Sub-total - Non-current assets
Current assets (a) Current investments (b) Inventories (c) Trade Receivables (d) Cash and Bank balance (e) Short-term loans and advances (f) Other current assets Sub-total - Current assets
TOTAL ASSETS |
6184 487824 |
6184 450390 |
494008 | 456574 | ||
103037 | 106592 | ||
50927 5793 15585 19348 |
73934 6572 15577 17399 | ||
91653 | 113482 | ||
49750 93826 62163 12313 |
14892 80522 28399 27421 | ||
218052 | 151234 | ||
906750 | 827882 | ||
84597 365514 52456 9262 3704 |
82406 346873 47352 8600 3332 | ||
515533 | 488563 | ||
7722 145344 83454 68726 84214 1757 |
9301 116074 65181 73616 73435 1712 | ||
391217 | 339319 | ||
906750 | 827882 | ||