29 Oct 2010 10:37
Audited Financial Results for three months ended September 30, 2010
Rs Lakhs | |||||
Three months endedSeptember 30 | Six months endedSeptember 30 | Year ended March 31, 2010 | |||
2010 | 2009 | 2010 | 2009 | 2010 | |
Net Sales / Income from Operations | 44047 | 42433 | 89148 | 84216 | 169792 |
Other Operating Income | 719 | 203 | 1019 | 369 | 1769 |
Total Operating Income | 44766 | 42636 | 90167 | 84585 | 171561 |
(a) (Increase) / Decrease in stock in trade and work in progress | 1886 | 304 | 2536 | 716 | (1469) |
(b) Consumption of Raw Materials | 24186 | 25053 | 49295 | 48349 | 99383 |
(c) Purchase of Traded Goods | 37 | 21 | 97 | 21 | 157 |
(d) Employees Cost | 2349 | 2238 | 4451 | 4611 | 9503 |
(e) Depreciation & Amortization | 311 | 296 | 625 | 592 | 1232 |
(f) Other Expenditure | 12538 | 11700 | 24475 | 20889 | 44842 |
Total Expenditure | 41307 | 39612 | 81479 | 75178 | 153648 |
Profit from Operations before Other Income, Interest & Exceptional Items | 3459 | 3024 | 8688 | 9407 | 17913 |
Other Income - Income from Investments(Net) | 3706 | 3601 | 4236 | 4848 | 12123 |
Profit Before Interest & Exceptional Items | 7165 | 6625 | 12924 | 14255 | 30036 |
Interest (Net) | 786 | 1219 | 1489 | 2333 | 4506 |
Profit after Interest but before exceptional items | 6379 | 5406 | 11435 | 11922 | 25530 |
Exceptional Income / (Expenditure) (Net) | (1998) | 24553 | (1998) | 24333 | 24013 |
Profit before Tax | 4381 | 29959 | 9437 | 36255 | 49543 |
Tax Expense | |||||
(a) Current | 2038 | 4289 | 3537 | 6401 | 10858 |
(b) Deferred | (694) | (86) | (752) | (246) | (462) |
(c) Fringe Benefit Tax | - | (48) | - | - | - |
Profit after Tax | 3037 | 25804 | 6652 | 30100 | 39147 |
Paid up Equity Share Capital * | 6184 | 6184 | 6184 | 6184 | 6184 |
Reserves excluding Revaluation Reserve | - | - | - | - | 199414 |
Earnings per share(Basic & diluted)(Not annualised)-Rs * | 0.49 | 4.17 | 1.08 | 4.87 | 6.33 |
Debt Service Coverage Ratio (DSCR) | - | - | 5.10 | 4.53 | 4.84 |
Interest Service Coverage Ratio (ISCR) | - | - | 5.97 | 5.05 | 5.40 |
Aggregate of Public Shareholding | |||||
- Number of Shares * | 400466794 | 40039626 | 400466794 | 40039626 | 39975888 |
- Percentage of Share holding | 64.76% | 64.75% | 64.76% | 64.75% | 64.64% |
Promoters and Promoters Group Shareholding | |||||
(a) Pledged/ Encumbered | |||||
- Number of shares * | 70000000 | 7500000 | 70000000 | 7500000 | 7500000 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 32.12% | 34.40% | 32.12% | 34.40% | 34.30% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 11.32% | 12.13% | 11.32% | 12.13% | 12.13% |
(b) Non Encumbered | |||||
- Number of shares | 147931776 | 14300231 | 147931776 | 14300231 | 14363969 |
- Percentage of Shares (as a percentage of the total shareholding of the promoter and promoter group) | 67.88% | 65.60% | 67.88% | 65.60% | 65.70% |
- Percentage of Shares (as a percentage of the total share capital of the Company) | 23.92% | 23.12% | 23.92% | 23.12% | 23.23% |
* Face value of Re 1 each, previous year Rs. 10 each | |||||
DSCR = Earning before Interest and Tax / Gross Interest and principal repayment of long term loanISCR = Earning before Interest and Tax / Gross InterestIn computing DSCR / ISCR, Profit on sale of shares of Rallis India limited of Rs. 24772 lakhs has not been considered for 6 months ended Sep 30, 2009 and year ended MAr 31, 2010 | |||||
Notes
1. The Board today approved the signing of a 50:50 Joint Venture with PepsiCo India Holdings Private Limited in the area of non-carbonated Ready to Drink beverages focused on health and enhanced wellness. The mandate of the Joint Venture is to develop its business internationally.
2. The Company's overseas subsidiary acquired a minority stake of 10% in Activate TMperformance beverage and bottled water company in United States. The subsidiary has an option to increase its stake in this Company.
3. Total Operating Income for the quarter at Rs 447.66 crores grew by 5%, driven by improvement in branded tea operations.
4. Profit from Operations at Rs 34.59 crores increased by 14% from the corresponding quarter of the previous year attributable to improvement in operations partly offset by higher spends on Advisement and Promotions on brands. The Profit before Tax at Rs 43.81 crores and the Profit after Tax at Rs 30.37 crores are lower compared to the corresponding quarter of the previous year mainly on account of exceptional income on sale of equity shares of Rallis India Limited in previous year.
5. Exceptional items during the quarter represent reorganization costs relating to restructuring of business. Previous period includes profit on sale of equity shares of Rallis India Limited amounting to Rs 247.72 crores net of amortization of amount incurred on Employee Separation Schemes of Rs 2.19 crores.
6. With effect from July 2, 2010, the face value of the company's shares has been subdivided from Rs 10 per share to Rs 1 per share. Earnings per share have been computed based on the revised number of shares. Earnings per shares (basic and diluted-not annualised) for the quarter ended September 30, 2010 of Rs 0.49 is lower than Rs 4.17 as reported for the corresponding period of the previous year due to the impact of exceptional items. Net of the impact of the exceptional items, EPS (basic and diluted-not annualised) for the quarter is Rs 0.71 as compared to Rs 0.64 for the corresponding period of the previous year.
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 Standard) Rules 2006, are not applicable.
8. The Company had two investor complaints pending resolution as on July 01, 2010. Two investors' complaints were received during the three months ended September 30, 2010 and four were resolved during the period. There were no investor complaints pending resolution as on September 30, 2010.
9. Statement of Assets and Liabilities as at September 30, 2010 along with comparatives is annexed.
10. Previous period's figures have been rearranged / regrouped to the extent necessary, to conform to the current period's figures.
11. The aforementioned results were reviewed by the Audit Committee of the Board on October 27, 2010 and subsequently taken on record by the Board of Directors at its meeting held on October 28, 2010. The statutory auditors of the company have audited these results.
Mumbai: October 28, 2010 R K Krishna Kumar
(Vice Chairman)
Statement of Assets and Liabilities as at September 30, 2010
Rs in Lakhs | ||
Particulars | As at September 30, 2010 | As at September 30, 2009 |
Audited | Unaudited | |
SOURCES OF FUNDS | ||
Shareholder's Funds | ||
(a) Capital | 6184 | 6184 |
(b) Reserves and Surplus | 208351 | 205617 |
Loan Funds | 61372 | 70862 |
Deferred Tax Liability | - | 134 |
Total | 275907 | 282797 |
APPLICATION OF FUNDS | ||
Fixed Assets | 11079 | 10794 |
Investments | 230688 | 242862 |
Deferred Tax Assets | 834 | - |
CURRENT ASSETS, LOAND AND ADVANCES | ||
(a) Inventories | 48203 | 40116 |
(b) Sundry Debtors | 15892 | 16298 |
(c) Cash & Bank Balances | 811 | 1096 |
(d) Other Current Assets | 1107 | 1333 |
(e) Loans and Advances | 13066 | 13587 |
Less: Current Liabilities & Provisions | ||
(a) Liabilities | 41596 | 39726 |
(b) Provisions | 4177 | 3884 |
Miscellaneous Expenditure (not written off or adjusted ) | - | 321 |
Total | 275907 | 282797 |