11 Nov 2015 11:15
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Audited Financial Results
for three months ended September 30, 2015
Rs. In Lakhs
Particulars | Three Months Ended | Six Months Ended | Year Ended | |||
Sep 30 2015 | Jun 30 2015 | Sep 30 2014 | Sep 30 2015 | Sep 30 2014 | Mar 31 2015 | |
Net Sales / Income from Operations (Net of excise duty) | 74538 | 80465 | 68190 | 155003 | 138943 | 279771 |
Other Operating Income | 2971 | 1850 | 3047 | 4821 | 4899 | 8681 |
Total Income from Operations (Net) | 77509 | 82315 | 71237 | 159824 | 143842 | 288452 |
a) Cost of materials consumed | 47116 | 47771 | 49066 | 94887 | 91317 | 187287 |
b) Purchase of stock-in-trade | 69 | 113 | 50 | 182 | 80 | 153 |
c) Changes in inventories of finished goods and stock-in-trade | 808 | 4125 | (1694) | 4933 | 3522 | (2799) |
d) Employees benefits expense | 4462 | 4509 | 3738 | 8971 | 7338 | 16192 |
e) Depreciation & Amortization expense | 575 | 541 | 483 | 1116 | 934 | 1994 |
f) Advertisement and sales charges | 9064 | 5873 | 5318 | 14937 | 10206 | 20766 |
g) Other Expense | 9029 | 8753 | 8883 | 17782 | 16984 | 35159 |
Total Expenses | 71123 | 71685 | 65844 | 142808 | 130381 | 258752 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 6386 | 10630 | 5393 | 17016 | 13461 | 29700 |
Other Income | 7752 | 234 | 11923 | 7986 | 12678 | 15516 |
Profit from ordinary activities before Finance cost & Exceptional Items | 14138 | 10864 | 17316 | 25002 | 26139 | 45216 |
Finance Cost | (448) | (408) | (625) | (856) | (1052) | (3419) |
Profit from ordinary activities after Finance cost but before Exceptional Items | 13690 | 10456 | 16691 | 24146 | 25087 | 41797 |
Exceptional Items (Net) | (300) | (35) | (300) | (130) | (6892) | |
Profit from ordinary activities before Tax | 13390 | 10456 | 16656 | 23846 | 24957 | 34905 |
Tax Expense | (2559) | (3672) | (3534) | (6231) | (5909) | (6005) |
Net Profit for the period | 10831 | 6784 | 13122 | 17615 | 19048 | 28900 |
Paid up Equity Share Capital(face value of Re. 1 each)(*) | 6311 | 6311 | 6184 | 6311 | 6184 | 6311 |
Reserves excluding Revaluation Reserve | 241667 | |||||
Earnings per share (Basic & Diluted) (not annualised) - Rs | 1.72 | 1.07 | 2.12 | 2.79 | 3.08 | 4.58 |
Debt Service Coverage Ratio (DSCR) | 29.21 | 0.78 | 13.23 | |||
Interest Service Coverage Ratio (ISCR) | 29.21 | 24.85 | 13.23 | |||
PARTICULARS OF SHAREHOLDING | ||||||
Public Shareholding | ||||||
- Number of Shares | 413494490 | 401315380 | 401315380 | 413494490 | 401315380 | 401315380 |
- Percentage of Shareholding | 65.57% | 64.90% | 64.90% | 65.57% | 64.90% | 64.90% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged / Encumbered | ||||||
Number of Shares | 11500000 | 11500000 | 11500000 | 11500000 | 11500000 | 11500000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 5.30% | 5.30% | 5.30% | 5.30% | 5.30% | 5.30% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 1.82% | 1.86% | 1.86% | 1.82% | 1.86% | 1.86% |
(b) Non Encumbered | ||||||
- Number of Shares | 205628190 | 205583190 | 205583190 | 205628190 | 205583190 | 205583190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 94.70% | 94.70% | 94.70% | 94.70% | 94.70% | 94.70% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 32.61% | 33.24% | 33.24% | 32.61% | 33.24% | 33.24% |
(*) - Includes 127.31 Lakh shares to be issued consequent to the amalgamation between Mount Everest Mineral Water Ltd. out of which 122.24 Lakh shares have been allotted on 2nd July 2015 and 5.07 Lakh shares have been allotted on 13th October 2015.
Note:- DSCR = Earnings before Interest, Exceptional Items and Tax / Gross Interest and Principal repayment of long term loan
ISCR = Earnings before Interest, Exceptional Items and Tax / Gross Interest
Notes:
1. For the quarter, Income from operations at Rs 775 crores increased by 9% over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from Operations during the quarter at Rs 64 crores is higher by 18% than corresponding quarter of previous year reflecting improved operating performance. Profit after tax Rs 108 crores is lower as compared to corresponding quarter of previous year on account lower dividend income.
2. Exceptional Items during the quarter of Rs. 3 crore represent levy relating to a past demerged business.
3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic and diluted) for the quarter, six months ended and the year are given below:
In Rupees | Three Months Ended | Six Months ended | Year Ended | |||
Sep 30 2015 | Jun 30 2015 | Sep 30 2014 | Sep 30 2015 | Sep 30 2014 | Mar 31 2015 | |
Earnings Per Share - Rs* | 1.72 | 1.07 | 2.12 | 2.79 | 3.08 | 4.58 |
Earnings per share - Rs* (excluding impact of exceptional items) | 1.75
| 1.07
| 2.13
| 2.82
| 3.09
| 5.63
|
* not annualised for the quarter ended and six month ended.
4. As per the threshold limits prescribed under Accounting Standard (AS-17) on "Segment Reporting" specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, the company's reportable activity falls within a single business segment, viz "Buying / Blending and Sale of tea in bulk and value added form", hence the disclosure requirements are not applicable.
5. Investor complaints :
Pending at the beginning of the Quarter | Received during the Quarter | Disposed off during the Quarter | Remaining unresolved at the end of the Quarter |
3 | 4 | 6 | 1 |
6. Statement of Assets and liabilities as at September 30, 2015 is annexed.
7. Previous periods' figures have been rearranged / regrouped, to the extent necessary, to conform to the current period's figures. Consequent to a scheme of amalgamation, figures for current periods include the results of erstwhile Mount Everest Mineral Water Limited and hence are not strictly comparable with the periods of the last financial year.
8. The aforementioned results were reviewed by the Audit Committee of the Board on November 5, 2015 and subsequently taken on record by the Board of Directors at its Meeting held on November 5, 2015. The statutory auditors of the company have audited these results.
Cyrus P Mistry
Mumbai, November 5, 2015 (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Audited Statement of Assets and Liabilities as at September 30, 2015
Rs. In Lakhs
Particulars | As at Sep 30, 2015 Audited | As at March 31, 2015 Audited | |
A | EQUITY AND LIABILITIES | ||
1 | SHAREHOLDERS' FUNDS | ||
(a) Share Capital | 6306 | 6184 | |
(b) Reserves and Surplus | 261943 | 243854 | |
(c) Shares Suspense Account | 5 | 127 | |
Sub-total - Shareholders' funds | 268254 | 250165 | |
2 | Non-current liabilities | ||
(a) Long-term borrowings | 32500 | 32500 | |
(b) Other long-term liabilities | 7254 | 7254 | |
(c) Long-term provisions | 11726 | 11402 | |
Sub-total - Non-current liabilities | 51480 | 51156 | |
3 | Current Liabilities | ||
(a) Short term borrowings | 25762 | 15250 | |
(b) Trade Payables | 33588 | 14388 | |
(c) Other Current liabilities | 15620 | 15348 | |
(d) Short-term provisions | 3287 | 19261 | |
Sub-total - Current Liabilities | 78257 | 64247 | |
TOTAL - EQUITY AND LIABILITIES | 397991 | 365568 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed Assets | 20679 | 20461 | |
(b) Non-current investments | 223884 | 223186 | |
(c) Deferred tax Assets | 4379 | 4575 | |
(d) Long-term loans and advances | 6639 | 7179 | |
(e) Other Non Current Assets | 7056 | 7050 | |
Sub-total - Non-current assets | 262637 | 262451 | |
2 | Current assets | ||
(a) Current Investments | 2233 | - | |
(b) Inventories | 96867 | 81927 | |
(c) Trade Receivables | 24193 | 9362 | |
(d) Cash & Bank balance | 1264 | 2101 | |
(e) Short-term loans and advances | 10501 | 9336 | |
(f) Other current assets | 296 | 391 | |
Sub-total - Current assets | 135354 | 103117 | |
TOTAL ASSETS | 397991 | 365568 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Financial Results for the three months ended September 30, 2015
Rs. In Lakhs
Particulars | Unaudited Three Months Ended | Unaudited Year to date ended | Audited Year Ended | |||
Sep 30 2015 | Jun 30 2015 | Sep 30 2014 | Sep 30 2015 | Sep 30 2014 | Mar 31 2015 | |
Net Sales / Income from Operations (Net of excise duty) | 199909 | 200399 | 196441 | 400308 | 384836 | 783267 |
Other Operating Income | 3539 | 2500 | 5467 | 6039 | 8138 | 16072 |
Total Income from Operations (Net) | 203448 | 202899 | 201908 | 406347 | 392974 | 799339 |
a) Cost of materials consumed | 95140 | 90492 | 92492 | 185632 | 174579 | 362512 |
b) Purchase of stock in trade | 9126 | 7133 | 6288 | 16259 | 13638 | 26347 |
c) Changes in inventories of finished goods work in progress and stock in trade | (3057) | 3651 | (731) | 594 | 3313 | (5125) |
d) Employee benefits expense | 22188 | 21227 | 21449 | 43415 | 42351 | 85767 |
e) Depreciation & Amortization expenses (net of amount drawn from Revaluation Reserve) | 3591 | 3513 | 3441 | 7104 | 6941 | 13311 |
f) Advertisement and Sales Charges | 34611 | 32609 | 35480 | 67220 | 64060 | 132557 |
g) Other Expenses | 30624 | 28953 | 28332 | 59577 | 56305 | 119795 |
Total Expenses | 192223 | 187578 | 186751 | 379801 | 361187 | 735164 |
Profit from Operations before Other Income, Finance Cost & Exceptional Items | 11225 | 15321 | 15157 | 26546 | 31787 | 64175 |
Other Income | 3377 | 1164 | 3191 | 4541 | 4990 | 6998 |
Profit from ordinary activities before Finance cost & Exceptional Items | 14602 | 16485 | 18348 | 31087 | 36777 | 71173 |
Finance Cost | (1375) | (1419) | (2160) | (2794) | (3671) | (8186) |
Profit from ordinary activities after Finance Cost but before Exceptional Items | 13227 | 15066 | 16188 | 28293 | 33106 | 62987 |
Exceptional items (Net) | (488) | (278) | (2478) | (766) | (2747) | (12999) |
Profit from ordinary activities before Tax | 12739 | 14788 | 13710 | 27527 | 30359 | 49988 |
Tax Expense | (5044) | (5992) | (6813) | (11036) | (12219) | (21552) |
Profit after Tax | 7695 | 8796 | 6897 | 16491 | 18140 | 28436 |
Share of Profit / (Loss) from Associates | 1209 | 310 | 651 | 1519 | 653 | (1088) |
Minority Interest in Consolidated Profit | (1112) | (875) | (1303) | (1987) | (2825) | (2566) |
Group Consolidated Net Profit | 7792 | 8231 | 6245 | 16023 | 15968 | 24782 |
Paid-up equity share capital (face value of Re. 1 each)* | 6311 | 6311 | 6184 | 6311 | 6184 | 6311 |
Reserves excluding Revaluation Reserves | 538845 | |||||
Earnings per share (basic & diluted) (not annualised) - Rs. | 1.24 | 1.30 | 1.01 | 2.54 | 2.58 | 3.93 |
PARTICULARS OF SHAREHOLDING | ||||||
Public Shareholding | ||||||
- Number of Shares | 413494490 | 401315380 | 401315380 | 413494490 | 401315380 | 401315380 |
- Percentage of Shareholding | 65.57% | 64.90% | 64.90% | 65.57% | 64.90% | 64.90% |
Promoters and Promoters Group Shareholding | ||||||
(a) Pledged / Encumbered | ||||||
- Number of Shares | 11500000 | 11500000 | 11500000 | 11500000 | 11500000 | 11500000 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 5.30% | 5.30% | 5.30% | 5.30% | 5.30% | 5.30% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 1.82% | 1.86% | 1.86% | 1.82% | 1.86% | 1.86% |
(b) Non Encumbered | ||||||
- Number of Shares | 205628190 | 205583190 | 205583190 | 205628190 | 205583190 | 205583190 |
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) | 94.70% | 94.70% | 94.70% | 94.70% | 94.70% | 94.70% |
- Percentage of shares ( as a percentage of the total share capital of the company) | 32.61% | 33.24% | 33.24% | 32.61% | 33.24% | 33.24% |
(*) includes 127.31 lakh shares to be issued consequent to the amalgamation between Mount Everest Mineral Water Ltd. and the Holding Company, out of which 122.24 lakh shares have been allotted on 2nd July 2015 and 5.07 lakh shares have been allotted on 13th October 2015.
Notes:
1. For the quarter, Income from operations at Rs 2034 crores increased by 1% as compared to corresponding quarter of the previous year. At previous year exchange rate the increase is 3%. Profit from operations at Rs 112 crores is lower than the comparative quarter of the previous year mainly due to higher coffee commodity cost, lower non-recurring income and higher spends on new initiatives. Post the impact of exceptional items, the Group Consolidated Net Profit at Rs 78 crores reflects an increase of 25%.
2. Exceptional items for the current quarter represents cost relating to business restructuring of Rs 2 crores and levy relating to a past demerged business of Rs 3 crores. In the corresponding quarter of the previous year exceptional items consisted of cost relating to business restructuring of Rs 8 crores and diminution in the value of long term investments of Rs 17 crores.
3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of impact of exceptional items (basic and diluted) for the quarter and the year are given below:
In Rs | Three months ended | Year to date ended | Year ended | |||
Sep 30 | Jun 30 | Sep 30 | Sep30 | Sep 30 | Mar31 | |
2015 | 2015 | 2014 | 2015 | 2014 | 2015 | |
Earnings Per Share - Rs* | 1.24 | 1.30 | 1.01 | 2.54 | 2.58 | 3.93 |
Earnings Per Share - Rs* excluding the impact of exceptional items | 1.29 | 1.34 | 1.34 | 2.63 | 2.94 | 5.52 |
*not annualised for the quarter end
4. Actuarial loss (net of tax and minority interest) of Rs 27.98 crores for the quarter, relating to defined benefit pension scheme of overseas subsidiaries 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. Further, the current policy is consistent with IND-AS 19 - Employee Benefits (mandatorily applicable from April 1, 2016) wherein, the actuarial gains and losses on defined benefit plans are not required to be recognised in the Statement of Profit and Loss. 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 2015 would have been lower by Rs 27.98 crores and Rs 24.53 crores respectively.
The Statutory Auditors have invited attention to this in their Limited Review Report.
5. 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 | Three months ended | Year to date ended | Year ended | |||
Sep 30# | Jun 30# | Sep 30 | Sep30# | Sep 30 | Mar31# | |
2015 | 2015 | 2014 | 2015 | 2014 | 2015 | |
Total Income from Operations (Net) | 775 | 823 | 712 | 1598 | 1438 | 2885 |
Net Profit for the period | 108 | 68 | 131 | 176 | 190 | 289 |
Earnings per share - Rs* | 1.72 | 1.07 | 2.12 | 2.79 | 3.08 | 4.58 |
Earnings per share - Rs* excluding impact of exceptional items | 1.75 | 1.07 | 2.13 | 2.82 | 3.09 | 5.63 |
*not annualised for the quarter end
# reported numbers include impact of amalgamation of Mount Everest Mineral Water Ltd with the Holding Company, which is not material.
Lower profit for the current quarter as compared to corresponding quarter of the previous year, is mainly due to lower dividend from investments.
6. Statement of Asset and Liabilities as at September 30, 2015 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 5, 2015 and subsequently taken on record by the Board of Directors at its Meeting held on November 5, 2015. The Statutory Auditors of the company have conducted limited review of these results.
Cyrus P Mistry
(Chairman)
Mumbai: November 5, 2015
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed,
under Clause 41, of the Listing Agreement for the three months ended September 30, 2015
Rs. In Lakhs
Particulars | Unaudited Three Months Ended | Unaudited Year to date ended | Audited Year Ended | |||
Sep 30 2015 | Jun 30 2015 | Sep 30 2014 | Sep 30 2015 | Sep 30 2014 | Mar 31 2015 | |
1. Segment Revenue | ||||||
(a) Tea | 147131 | 152487 | 146584 | 299618 | 291694 | 588024 |
(b) Coffee & Other Produce | 53398 | 46876 | 52725 | 100274 | 95504 | 201033 |
(c) Others | 2919 | 3536 | 2599 | 6455 | 5776 | 10282 |
Total Income from Operations (Net) | 203448 | 202899 | 201908 | 406347 | 392974 | 799339 |
2. Segment Results | ||||||
(a) Tea | 12961 | 16962 | 12437 | 29943 | 29295 | 61497 |
(b) Coffee & Other Produce | 5365 | 4350 | 7474 | 9715 | 13129 | 26438 |
(c) Others | (912) | (966) | (1033) | (1878) | (1581) | (4426) |
Total | 17414 | 20366 | 18878 | 37780 | 40843 | 83509 |
Add/(Less) | ||||||
i) Finance Cost | (1375) | (1419) | (2160) | (2794) | (3671) | (8186) |
ii) Other Un-allocable items, Other Income and Exceptional Items | (3300) | (4159) | (3008) | (7459) | (6813) | (25335) |
Profit from ordinary activities before Tax | 12739 | 14788 | 13710 | 27527 | 30359 | 49988 |
3. Capital Employed | ||||||
(a) Tea | 429271 | 394307 | 431571 | 429271 | 431571 | 396443 |
(b) Coffee & Other Produce | 246991 | 241279 | 253728 | 246991 | 253728 | 236868 |
(c) Others | 4736 | 5748 | 24855 | 4736 | 24855 | 5465 |
(d) Unallocated including Investments | (3299) | 35539 | (14256) | (3299) | (14256) | (1876) |
Total | 677699 | 676873 | 695898 | 677699 | 695898 | 536900 |
Notes:
a. Business Segments: The internal business segmentation and the activities encompassed therein are as follows :
Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or value added forms
Coffee and Other Produce : Cultivation of coffee and related plantation crops and sale of coffee in various value added forms
Others : Sale of water products and other businesses
b. The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments.
Unallocable expenditure includes expenses incurred on common services at the corporate level and exceptional items.
Unallocable income includes income from investments and exceptional items.
c. Previous periods figures have been regrouped/rearranged to the extent necessary, to conform to current period classifications.
Cyrus P Mistry
Mumbai, November 5, 2015 (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2015
Rs. In Lakhs
Particulars | As at Sep 30 2015 | Audited March 31 2015 | |
A | EQUITY AND LIABILITIES | ||
1 | Shareholders' Funds | ||
(a) Share Capital | 6306 | 6184 | |
(b) Reserves and Surplus | 579782 | 542968 | |
(c) Share Suspense Account | 5 | 127 | |
Sub-total - Shareholders' funds | 586093 | 549279 | |
2 | Minority Interest | 91606 | 87622 |
3 | Non-current liabilities | ||
(a) Long-term borrowings | 88110 | 88394 | |
(b) Deferred tax liabilities (net) | 16472 | 15642 | |
(c) Other long-term liabilities | 7907 | 7957 | |
(d) Long-term provisions | 25818 | 22499 | |
Sub-total - Non-current liabilities | 138307 | 134492 | |
4 | Current liabilities | ||
(a) Short-term borrowings | 50896 | 38203 | |
(b) Trade payables | 88570 | 75937 | |
(c) Other current liabilities | 36324 | 38732 | |
(d) Short-term provisions | 9050 | 26918 | |
Sub-total - current liabilities | 184840 | 179790 | |
TOTAL - EQUITY AND LIABLITIES | 1000846 | 951183 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed Assets | 109835 | 107674 | |
(b) Goodwill on Consolidation | 406616 | 389212 | |
(c) Non-current investments | 60874 | 61776 | |
(d) Deferred tax assets (Net) | 5088 | 5425 | |
(e) Long-term loans and advances | 20269 | 18932 | |
(f) Other non-current assets | 7056 | 7050 | |
Sub-total - Non-current assets | 609738 | 590069 | |
2 | Current assets | ||
(a) Current investments | 3068 | 426 | |
(b) Inventories | 185107 | 162530 | |
(c) Trade Receivables | 73369 | 61609 | |
(s) Cash & Bank balance | 40689 | 54424 | |
(e) Short-term loans and advances | 85780 | 79159 | |
(f) Other current assets | 3095 | 2966 | |
Sub-total - Current assets | 391108 | 361114 | |
TOTAL ASSETS | 1000846 | 951183 |