| Tata Tea Limited Registered Office: 1, Bishop Lefroy Road, Kolkata - 700 020 Audited Financial Results For the three months ended Sept 30, 2008 | | Rs Lakhs | | | Three months ended September 30 | Six months ended September 30 | Year ended March 31 | | | 2008 | 2007 | 2008 | 2007 | 2008 | | Net Sales / Income from Operations | 32055 | 27894 | 63286 | 55330 | 113470 | | Other Operating Income | 377 | 478 | 643 | 1103 | 1873 | | Total Operating Income | 32432 | 28372 | 63929 | 56433 | 115343 | | (a) (Increase)/Decrease in stock in trade and work in progress | (627) | 103 | 1022 | 2097 | 1839 | | (b) Consumption of Raw Materials | 19372 | 14082 | 34953 | 26398 | 54925 | | (c) Purchase of Traded Goods | 268 | 773 | 268 | 782 | 2649 | | (d) Employees Cost | 2312 | 2171 | 4159 | 3896 | 7183 | | (e) Depreciation & Amortization | 259 | 292 | 503 | 554 | 1017 | | (f) Other Expenditure | 8689 | 7737 | 15766 | 14275 | 31117 | | Total Expenditure | 30273 | 25158 | 56671 | 48002 | 98730 | | Profit from Operations before Other Income, Interest & Exceptional Items | 2159 | 3214 | 7258 | 8431 | 16613 | | Other Income - Income from Investments(Net) | 4641 | 2900 | 5856 | 4284 | 10986 | | Profit Before Interest & Exceptional Items | 6800 | 6114 | 13114 | 12715 | 27599 | | Interest (Net) | 1030 | (29) | 1669 | (33) | 2188 | | Interest on Loans for acquisition | - | 1060 | - | 2149 | 2447 | | Profit after Interest but before exceptional items | 5770 | 5083 | 11445 | 10599 | 22964 | | Exceptional Income / (Expenditure) (Net) | 295 | (195) | 75 | (110) | 15621 | | Profit before Tax | 6065 | 4888 | 11520 | 10489 | 38585 | | Provision for Taxation | | | | | | | (a) Current | 1823 | 1178 | 3514 | 2600 | 7314 | | (b) Deferred | (182) | (30) | (244) | (34) | (224) | | (c) Fringe Benefit Tax | 45 | 50 | 100 | 110 | 210 | | Profit after Tax | 4379 | 3690 | 8150 | 7813 | 31285 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 172035 | | Earnings per share(Basic & diluted)(Not annualised)-Rs | 7.08 | 5.97 | 13.18 | 12.73 | 50.79 | | Aggregate of Public Shareholding (excludes shares held against GDRs) | | | | | | | - Number of Shares | 3,99,98,634 | 399,19,634 | 3,99,98,634 | 399,19,634 | 399,78,634 | | - Percentage of Share holding | 64.68% | 64.55% | 64.68% | 64.55% | 64.65% | Notes: 1. Income from Operations for the quarter at Rs 32055 lakhs increased by 15% driven by strong performance of the Company's domestic branded tea operations. 2. Profit from Operations at Rs 2159 lakhs declined from the corresponding quarter of the previous year mainly impacted by hardening commodity costs and inflationary increase in input costs. However, the Profit before Tax at Rs 6065 lakhs and Profit after Tax at Rs. 4379 lakhs increased by 24% and 19%, respectively, over the corresponding quarter of previous year mainly supported by higher investment income including dividends from Company's overseas subsidiary, The Tetley Group. 3. Exceptional items during the quarter represent profit on sale of shares of Rs 514 lakhs net of amortization of amounts incurred on Employee Separation Scheme of Rs 219 lakhs. In the previous year's corresponding quarter exceptional items included amortization of amounts incurred on Employee Separation Scheme of Rs 219 lakhs net of profit on sale of land in South India of Rs 24 lakhs. 4. Particulars of complaints received from the investors during the quarter, complaints resolved and those pending are as follows: | Particulars of complaints | Numbers | | Outstanding as on July 1,2008 Received during the quarter Resolved during the quarter Outstanding as on September 30,2008 | Nil 1 1 Nil | 5. Previous period's figures have been re arranged to the extent necessary, to conform to current period's figures. In particular, the comparative figures for the period ended September 30, 2007 have been restated to exclude North India Plantation Division and certain related adjustments effected to make them comparable with the current period. 6.The aforementioned results were reviewed by the Audit Committee of the Board and taken on record by the Board of Directors at its Meeting's held on October 27, 2008. The statutory auditors of the company have audited these results. | Mumbai: October 27, 2008 | R K Krishna Kumar (Vice-Chairman) | | | | | | | | Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the Quarter ended Sept 30, 2008 | | | | | (Rs. in Lakhs) | | | Three months ended September 30th 2008 | Six months ended September 30th 2008 | Year Ended March 31st 2008 | | | 2008 | 2007 | 2008 | 2007 | | 1. Segment Revenue | | | | | | a) Tea | 91656 | 82631 | 179494 | 162122 | 343238 | | b) Coffee & Other Produce | 27870 | 22731 | 52222 | 43504 | 92930 | | c) Others | 1125 | 494 | 2343 | 1009 | 3229 | | d) Unallocated | 2193 | 2301 | 2992 | 3460 | 3804 | | Total Revenue | 122844 | 108157 | 237051 | 210095 | 443201 | | 2. Segment Results | | | | | | | a) Tea | 11798 | 12176 | 24204 | 23373 | 52773 | | b) Coffee & Other Produce | 3923 | 3707 | 6617 | 6782 | 13536 | | b) Others | (872) | 71 | (1267) | 123 | (279) | | Total | 14849 | 15954 | 29554 | 30278 | 66030 | | ADD / (Less) | | | | | | | i) Interest | (199) | (2672) | (30) | (5294) | (6087) | | i) Interest on Loans for acquisition | (1337) | (3646) | (2596) | (10207) | (16050) | | i) Exchange gain | 20463 | 962 | 20463 | 2206 | 5618 | | i) Un-allocated (Expenditure)/Income | (526) | (804) | (1198) | (953) | 156416 | | Total Profit before Tax | 33250 | 9795 | 46193 | 16031 | 205927 | | 3. Capital Employed | | | | | | | a) Tea | 283914 | 299174 | 283914 | 299174 | 264895 | | b) Coffee & Other Produce | 143032 | 127083 | 143032 | 127083 | 122117 | | c) Others | 2467 | 574 | 2467 | 574 | 3025 | | d) Unallocated | 63346 | (132658) | 63346 | (132658) | 56297 | | Total | 492759 | 294173 | 492759 | 294173 | 446334 | | | | 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 and sales of coffee, pepper and other plantation crops and sales of coffee converted 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. Un-allocated (expenditure) / Income include expenses incurred on common services at corporate level, exceptional Income/Expenditure and income from investments. | | R K Krishna Kumar (Vice Chairman) | | | | | Notes: 1. The total operating income for the quarter at Rs. 120651 lakhs grew by 14% over the corresponding quarter of the previous year, driven by strong brand performance across all key markets. 2. The consolidated Profit before Tax for the quarter at Rs. 33250 lakhs and the Profit after Tax at Rs. 22945 lakhs are higher by 239% and 237% respectively compared to the corresponding quarter of the previous year mainly due to lower interest cost and higher exchange gain. The operating profit has been impacted by hardening of commodity prices, inflationary increase in other input cost and higher level of advertisement expenditure during the quarter. 3. Other exceptional expenditure in the current quarter comprises of reorganization costs and amortization of amounts incurred on Employee Separation schemes partially offset by profit on sale of shares. In the corresponding quarter of the previous year, other exceptional expenditure mainly consisted of amortization of amounts incurred on Employee Separation Schemes and reorganization and other one time costs. 4. The share of profit/(loss) in Estate Management Services Limited, Sri Lanka, an associate company, have not been included in the results for the current or corresponding period of the previous year, as the same were not available. This is, however, not estimated to have a material impact on the results of the Group. 5. Previous period's figures have been rearranged to the extent necessary, to conform to the current period's figures. In particular, the comparative figures for the quarter ended September 30, 2007 have been restated to exclude North India Plantation Division and certain related adjustments effected to make them comparable with the current quarter. 6. 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 financial 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 Turnover, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below: | Rs. Lakhs | Quarter Ended 30th September 2008 | Quarter Ended 30th September 2007 | Half Year Ended 30th September 2008 | Half Year Ended 30th September 2007 | | Total Operating Income | 32432 | 28372 | 63929 | 56433 | | Profit after Tax | 4379 | 3690 | 8150 | 7813 | | Earnings per Share - Rs (Not Annualised) | 7.08 | 5.97 | 13.18 | 12.73 | 7. The aforementioned results were reviewed by the Audit Committee of the Board and taken on record by the Board of Directors at its Meeting's held on October 27,2008. Limited review of the results has been completed by the auditors. | Mumbai: October 27, 2008 | R K Krishna Kumar (Vice Chairman) |
| | Unaudited Consolidated Financial Results for the three months ended September 30, 2008 | | Rs in Lakhs | | | Three months ended September 30 | Six months ended September 30 | Year ended March 31 | | | 2008 | 2007 | 2008 | 2007 | 2008 | | Net Sales / Income from Operations | 120032 | 105481 | 233085 | 205778 | 436569 | | Other Income from Operations | 619 | 633 | 1035 | 1410 | 2662 | | Total Operating Income | 120651 | 106114 | 234120 | 207188 | 439231 | | (a) (Increase)/Decrease in stock in trade and work in progress | (2762) | 2884 | 2186 | 1753 | 3061 | | (b) Consumption of Raw Materials | 40266 | 30049 | 74679 | 59859 | 121257 | | (c) Purchase of Traded Goods | 5639 | 2972 | 9648 | 6348 | 17267 | | (d) Employees Cost | 13431 | 12711 | 26086 | 24420 | 48902 | | (e) Advertisement & Sales Charges | 24742 | 20968 | 48284 | 42327 | 93779 | | (f) Depreciation & Amortization (net of amount drawn from Revaluation Reserve) | 2210 | 2165 | 4432 | 4525 | 9415 | | (g) Other Expenditure | 24368 | 19962 | 47264 | 39855 | 83695 | | Total Expenditure | 107894 | 91711 | 208207 | 179087 | 377376 | | Profit from Operations before Other Income, Interest & Exceptional Items | 12757 | 14403 | 25913 | 28101 | 61855 | | Other Income - Income from Investments(Net) | 2193 | 2043 | 2931 | 2907 | 3970 | | Profit Before Interest & Exceptional Items | 14950 | 16446 | 28844 | 31008 | 65825 | | Interest Expense / (Income) (Net) | 199 | 2672 | 30 | 5294 | 6086 | | Interest on Loans for acquisition | 1337 | 3646 | 2596 | 10207 | 16050 | | Profit after Interest but before exceptional items | 13414 | 10128 | 26218 | 15507 | 43689 | | Exchange gain on restatement of foreign currency deposits / loans | 20463 | 962 | 20463 | 2206 | 5618 | | Other Exceptional Income / (Expenditure) (Net) | (627) | (1295) | (488) | (1682) | 156620 | | Profit before Tax | 33250 | 9795 | 46193 | 16031 | 205927 | | Provision for Taxation | | | | | | | (a) Current Tax | 10236 | 3188 | 14602 | 3980 | 14233 | | (b) Deferred Tax | (1) | (279) | (39) | 197 | 816 | | (c) Fringe Benefit Tax | 70 | 71 | 146 | 146 | 291 | | Profit after Tax | 22945 | 6815 | 31484 | 11708 | 190587 | | Share of Profit from Associates | 3223 | 2498 | 3327 | 2162 | 2887 | | Minority Interest in Consolidated Profit | (4392) | (1179) | (5466) | (1346) | (39220) | | Group Consolidated Net Profit | 21776 | 8134 | 29345 | 12524 | 154254 | | Paid up Equity Share Capital (face value of Rs 10 each) | 6184 | 6184 | 6184 | 6184 | 6184 | | Reserves excluding Revaluation Reserve | - | - | - | - | 341872 | | Earnings per share(Basic & diluted)(Not annualised)-Rs | 35.21 | 13.15 | 47.45 | 20.41 | 250.41 | | Aggregate of Public Shareholding (excludes shares held against GDRs) | | | | | | | - Number of Shares | 3,99,98,634 | 399,19,634 | 3,99,98,634 | 399,19,634 | 399,78,634 | | - Percentage of Share holding | 64.68% | 64.55% | 64.68% | 64.55% | 64.65% | | | | | | | | | | | |
