16 Nov 2017 07:00
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Standalone Financial Results for the quarter and six months ended September 30, 2017
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | |||
Sep 30 2017 | June 30 2017 | Sep 30 2016 | Sep 30 2017 | Sep 30 2016 | March 31 2017 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 794.80 |
859.44 |
759.12 | 1654.24 | 1580.89 |
3063.89 |
Other Income | 52.17 | 45.02 | 50.99 | 97.19 | 63.73 | 96.34 |
Total Income | 846.97 | 904.46 | 810.11 | 1751.43 | 1644.62 | 3160.23 |
Cost of materials consumed | 452.38 | 455.02 | 458.51 | 907.40 | 923.24 | 1867.72 |
Purchase of stock-in-trade | 7.62 | 8.70 | 5.25 | 16.32 | 6.56 | 23.03 |
Changes in inventories of finished goods, work-in-progress & stock-in-trade | 20.55 | 47.73 | 3.31 | 68.28 | 69.67 | (1.79) |
Employees benefits expense | 50.48 | 51.00 | 47.48 | 101.48 | 93.58 | 187.82 |
Finance costs | 3.50 | 3.12 | 14.79 | 6.62 | 26.97 | 49.10 |
Depreciation and amortisation expense | 6.61 | 6.28 | 5.83 | 12.89 | 11.39 | 23.70 |
Advertisement and sales charges | 54.18 | 47.93 | 56.33 | 102.11 | 92.64 | 221.37 |
Other expenses | 87.09 | 88.85 | 103.42 | 175.94 | 194.29 | 403.09 |
Total Expenses | 682.41 | 708.63 | 694.92 | 1391.04 | 1418.34 | 2774.04 |
Profit before Exceptional Items and Tax | 164.56 | 195.83 | 115.19 | 360.39 | 226.28 | 386.19 |
Exceptional Items (Net) | - | 18.77 | - | 18.77 | - | - |
Profit before Tax | 164.56 | 214.60 | 115.19 | 379.16 | 226.28 | 386.19 |
Tax Expense | (44.31) | (62.12) | (28.87) | (106.43) | (66.70) | (110.19) |
Net Profit after Tax (A) | 120.25 | 152.48 | 86.32 | 272.73 | 159.58 | 276.00 |
Other Comprehensive Income | ||||||
i) Items that will not be reclassified to profit or loss | ||||||
Remeasurement of defined benefit plans | (0.90) | - | (9.02) | (0.90) | (9.91) | (17.58) |
Changes in fair valuation of equity instruments | 42.51 | 8.92 | 105.69 | 51.43 | 171.12 | 255.55 |
41.61 | 8.92 | 96.67 | 50.53 | 161.21 | 237.97 | |
ii) Items that will be reclassified to profit or loss | ||||||
Gains/(loss) on effective portion of cash flow hedges | (1.07) | (0.54) | (0.92) | (1.61) | (1.45) | 2.21 |
Other Comprehensive Income (Net of tax) (B) | 40.54 | 8.38 | 95.75 | 48.92 | 159.76 | 240.18 |
Total Comprehensive Income (A+B) | 160.79 | 160.86 | 182.07 | 321.65 | 319.34 | 516.18 |
Paid-up equity share capital (Face value of Re. 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserves | 3699.58 | |||||
Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs. | 1.90 | 2.42 | 1.37 | 4.32 | 2.53 | 4.37 |
Notes:
1. For the quarter, Revenue from operations at Rs 795 crores increased over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit before exceptional items at Rs 165 crores is higher by 43% as compared to corresponding quarter of previous year reflecting improved operating performance and lower finance costs. Resultantly, Profit after tax at Rs 120 crores is higher by 39%.
2. During the quarter, the Company had sold a significant portion of its holding in Tata Chemicals Limited. Realised gain arising on the transaction amounting to Rs 625 crores has been directly accounted under retained earnings.
3. The Company has organized its business into Branded Segment and Non Branded Segment. Branded Segment is further categorized as Branded Tea, Branded Coffee and the residual as Branded Others. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting", the Company's activity falls within a single reportable business segment and hence, the segment disclosure requirements are not applicable.
4. Statement of Assets and Liabilities as at September 30, 2017 is annexed.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on November 13, 2017 and subsequently taken on record by the Board of Directors at its meeting held on November 14, 2017. The Statutory Auditors of the Company have conducted limited review on these results.
Ajoy Misra
Mumbai: November 14, 2017 (Managing Director and CEO)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Statement of Assets and Liabilities as at September 30, 2017
Rs. In Crores
Particulars | As at September 30, 2017 | As at March 31, 2017 |
ASSETS |
|
|
Non-Current Assets | ||
Property, Plant and Equipment | 202.66 | 197.76 |
Capital work-in-progress | 6.20 | 7.38 |
Investment Property | 0.69 | 0.69 |
Intangible Assets | 19.58 | 16.03 |
Intangible Assets under development | 0.72 | 4.12 |
Financial Assets | ||
Investments | 2285.87 | 2903.97 |
Loans | 21.01 | 24.73 |
Other Financial Assets | 21.04 | 21.07 |
Deferred Tax Assets (Net) | 98.94 | 38.86 |
Non-Current Tax Assets (Net) | 62.89 | 62.89 |
Other Non-Current Assets | 73.94 | 76.69 |
2793.54 | 3354.19 | |
Current assets | ||
Inventories | 694.39 | 764.19 |
Financial Assets | ||
Investments | 659.61 | 67.70 |
Trade Receivables | 282.83 | 99.62 |
Cash and Cash Equivalents | 133.89 | 13.76 |
Other Bank Balances | 57.97 | 7.02 |
Loans | 9.85 | 11.97 |
Other Financial Assets | 37.34 | 26.80 |
Other Current Assets | 63.65 | 53.23 |
1939.53 | 1044.29 | |
TOTAL ASSETS | 4733.07 | 4398.48 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 63.11 | 63.11 |
Other Equity | 3873.44 | 3721.44 |
TOTAL EQUITY | 3936.55 | 3784.55 |
Non-Current Liabilities | ||
Provisions | 138.69 | 130.87 |
138.69 | 130.87 | |
Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 57.89 | 32.26 |
Trade Payables | 310.24 | 244.33 |
Other Financial Liabilities | 77.41 | 88.06 |
Other Current Liabilities | 63.58 | 72.32 |
Provisions | 34.49 | 46.09 |
Current Tax Liabilities (Net) | 114.22 | - |
657.83 | 483.06 | |
TOTAL EQUITY AND LIABILITIES | 4733.07 | 4398.48 |
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Consolidated Financial Results
for the quarter and six months ended September 30, 2017
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | |||
Sep 30 2017 | June 30 2017 | Sep 30 2016 | Sep 30 2017 | Sep 30 2016 | March 31 2017 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Revenue from Operations | 1692.14 | 1704.42 | 1621.64 | 3396.56 | 3356.76 | 6779.55 |
Other Income | 33.54 | 14.34 | 34.70 | 47.88 | 56.02 | 83.10 |
Total Income | 1725.68 | 1718.76 | 1656.34 | 3444.44 | 3412.78 | 6862.65 |
Cost of materials consumed | 777.08 | 791.66 | 783.86 | 1568.74 | 1565.83 | 3205.82 |
Purchase of stock in trade | 105.93 | 127.98 | 57.12 | 233.91 | 125.00 | 356.44 |
Changes in inventories of finished goods, work in progress and stock in trade | 39.50 | (10.13) | 2.97 | 29.37 | 104.94 | (0.69) |
Employee benefits expense | 200.74 | 203.22 | 208.71 | 403.96 | 417.41 | 834.95 |
Finance costs | 9.62 | 11.06 | 23.15 | 20.68 | 45.19 | 91.53 |
Depreciation and amortisation expense | 29.47 | 29.05 | 27.51 | 58.52 | 63.76 | 126.04 |
Advertisement and sales charges | 128.76 | 118.19 | 135.75 | 246.95 | 239.69 | 584.65 |
Other expenses | 226.17 | 229.33 | 247.25 | 455.50 | 479.70 | 1007.25 |
Total Expenses | 1517.27 | 1500.36 | 1486.32 | 3017.63 | 3041.52 | 6205.99 |
Profit before Exceptional Items and Tax | 208.41 | 218.40 | 170.02 | 426.81 | 371.26 | 656.66 |
Exceptional Items (Net) | (12.18) | 5.11 | - | (7.07) | (1.74) | 5.30 |
Profit before Tax | 196.23 | 223.51 | 170.02 | 419.74 | 369.52 | 661.96 |
Tax Expense | (72.75) | (80.54) | (61.88) | (153.29) | (135.09) | (198.31) |
Net Profit after Tax | 123.48 | 142.97 | 108.14 | 266.45 | 234.43 | 463.65 |
Share of net profit/(loss) in Associates and Joint Ventures using equity method | 31.01 | (1.16) | 31.48 | 29.85 | 24.71 | (8.85) |
Group Consolidated Net Profit (A) | 154.49 | 141.81 | 139.62 | 296.30 | 259.14 | 454.80 |
Attributable to : | ||||||
Owners of the Parent | 143.80 | 124.44 | 126.75 | 268.24 | 230.40 | 389.44 |
Non Controlling Interest | 10.69 | 17.37 | 12.87 | 28.06 | 28.74 | 65.36 |
Other Comprehensive Income | ||||||
i) Items that will not be reclassified to profit or loss | ||||||
Remeasurement of the defined benefit plan | 6.28 | 17.02 | (23.94) | 23.30 | (36.24) | 10.24 |
Changes in fair valuation of equity instruments | 43.10 | 8.98 | 106.40 | 52.08 | 173.53 | 259.37 |
49.38 | 26.00 | 82.46 | 75.38 | 137.29 | 269.61 | |
ii) Items that will be reclassified to profit or loss | ||||||
Ex Exchange differences on translation of foreign operations | 163.62 | 111.23 | (244.82) | 274.85 | (488.50) | (567.36) |
Gains/(loss) on Effective portion of cash flow hedges | (4.27) | (11.33) | (9.84) | (15.60) | 30.12 | 19.78 |
159.35 | 99.90 | (254.66) | 259.25 | (458.38) | (547.58) | |
Total Other Comprehensive Income, net of tax (B) | 208.73 | 125.90 | (172.20) | 334.63 | (321.09) | (277.97) |
Attributable to : | ||||||
Owners of the Parent | 181.49 | 109.88 | (138.67) | 291.37 | (261.64) | (198.83) |
Non Controlling Interest | 27.24 | 16.02 | (33.53) | 43.26 | (59.45) | (79.14) |
Total Comprehensive Income (A+B) | 363.22 | 267.71 | (32.58) | 630.93 | (61.95) | 176.83 |
Attributable to : | ||||||
Owners of the Parent | 325.29 | 234.32 | (11.92) | 559.61 | (31.24) | 190.61 |
Non Controlling Interest | 37.93 | 33.39 | (20.66) | 71.32 | (30.71) | (13.78) |
Paid-up equity share capital (Face value of Re 1 each) | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 | 63.11 |
Reserves excluding Revaluation Reserve | 6180.53 | |||||
Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs | 2.28 | 1.97 | 2.01 | 4.25 | 3.65 | 6.17 |
Notes:
1. For the quarter, Revenue from operations at Rs 1692 Crores grew by 6% in underlying terms. Profit before exceptional items at Rs 208 Crores is higher by 23% as compared to the corresponding quarter of the previous year due to improved operating performance, good cost management and lower finance costs. Group Consolidated net profit for the quarter at Rs 154 crores is higher by 11% as compared to the corresponding quarter of the previous year reflecting higher profit before exceptional items partly offset by exceptional expenditure.
2. Exceptional item for the current quarter represents cost relating to restructuring of operating model in certain markets.
3. During the quarter, the holding company has sold a significant portion of its holding in Tata Chemicals Limited. Realised gains arising from the transaction amounting to Rs 625 Crores has been directly accounted in retained earnings.
4. The significant 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 Total Income, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below :
Rs In Crores |
Three months ended |
Year to date ended |
Year ended | |||
Sep 30, 2017 | June 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | March 31, 2017 | |
Total Income | 846.97 | 904.46 | 810.11 | 1751.43 | 1644.62 | 3160.23 |
Profit before Tax | 164.56 | 214.60 | 115.19 | 379.16 | 226.28 | 386.19 |
Profit after Tax | 120.25 | 152.48 | 86.32 | 272.73 | 159.58 | 276.00 |
Total Comprehensive Income | 160.79 | 160.86 | 182.07 | 321.65 | 319.34 | 516.18 |
Earnings per share - Rs (not annualised for the quarter and year to date) | 1.90 | 2.42 | 1.37 | 4.32 | 2.53 | 4.37 |
5. The Group has completed the restructuring of it's Russia operations, resulting in the sale of two of the company's overseas subsidiaries (Sunty LLC and Tea Trade LLC), as at November 3, 2017. The said operation has been disclosed as assets held for sale in the Consolidated Statement of Assets and Liabilities.
6. The Consolidated Statement of Assets and Liabilities as at September 30, 2017 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 13, 2017 and subsequently taken on record by the Board of Directors at its Meeting held on November 14, 2017. The Statutory Auditors of the Company have conducted limited review of these results.
9. The Consolidated and Standalone result for the quarter and six months ended September 30, 2017 are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataglobalbeverages.com).
Ajoy Misra
Mumbai: November 14, 2017 (Managing Director and CEO)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter and six months ended September 30, 2017
Rs. In Crores
Particulars | Three months ended | Year to date ended | Year ended | |||
Sep 30 2017 | June 30 2017 | Sep 30 2016 | Sep 30 2017 | Sep 30 2016 | March 31 2017 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Segment Revenue |
|
|
|
|
|
|
Branded Business | ||||||
(a) Tea | 1208.42 | 1245.66 | 1166.37 | 2454.08 | 2381.15 | 4803.48 |
(b) Coffee | 290.00 | 249.85 | 260.75 | 539.85 | 557.38 | 1117.84 |
(c) Others | 8.97 | 8.87 | 7.61 | 17.84 | 14.38 | 35.96 |
Total Branded Business | 1507.39 | 1504.38 | 1434.73 | 3011.77 | 2952.91 | 5957.28 |
Non Branded Business | 197.37 | 209.36 | 204.07 | 406.73 | 435.42 | 890.05 |
Total Segment Revenue | 1704.76 | 1713.74 | 1638.80 | 3418.50 | 3388.33 | 6847.33 |
Less: Inter segment Sales | (12.62) | (9.32) | (17.16) | (21.94) | (31.57) | (67.78) |
Revenue from Operations | 1692.14 | 1704.42 | 1621.64 | 3396.56 | 3356.76 | 6779.55 |
Segment Results | ||||||
Branded Business | ||||||
(a) Tea | 166.22 | 183.12 | 157.14 | 349.34 | 321.21 | 577.72 |
(b) Coffee | 51.12 | 40.10 | 43.89 | 91.22 | 99.11 | 178.92 |
(c) Others | (2.31) | (3.17) | (4.80) | (5.48) | (8.20) | (22.11) |
Total Branded Business | 215.03 | 220.05 | 196.23 | 435.08 | 412.12 | 734.53 |
Non Branded Business | 15.26 | 30.73 | 19.16 | 45.99 | 58.18 | 136.97 |
Total Segment Results | 230.29 | 250.78 | 215.39 | 481.07 | 470.30 | 871.50 |
Add/Less | ||||||
Finance Cost | (9.62) | (11.06) | (23.15) | (20.68) | (45.19) | (91.53) |
Other Unallocable items, Other Income & Exceptional Items | (24.44) | (16.21) | (22.22) | (40.65) | (55.59) | (118.01) |
Profit Before Tax | 196.23 | 223.51 | 170.02 | 419.74 | 369.52 | 661.96 |
Segment Assets | ||||||
Branded Business | ||||||
(a) Tea | 4468.09 | 4172.69 | 4137.54 | 4468.09 | 4137.54 | 4145.91 |
(b) Coffee | 1778.84 | 1764.16 | 1853.53 | 1778.84 | 1853.53 | 1763.13 |
(c) Others | 39.39 | 40.56 | 30.33 | 39.39 | 30.33 | 44.81 |
Total Branded Business | 6286.32 | 5977.41 | 6021.40 | 6286.32 | 6021.40 | 5953.85 |
Non Branded Business | 1075.01 | 1021.10 | 865.92 | 1075.01 | 865.92 | 965.55 |
Total Segment Assets | 7361.33 | 6998.51 | 6887.32 | 7361.33 | 6887.32 | 6919.40 |
Unallocable Corporate Assets | 2777.18 | 2857.08 | 3126.99 | 2777.18 | 3126.99 | 2676.58 |
Total Assets | 10138.51 | 9855.59 | 10014.31 | 10138.51 | 10014.31 | 9595.98 |
Segment Liabilities | ||||||
Branded Business | ||||||
(a) Tea | 826.90 | 792.87 | 829.33 | 826.90 | 829.33 | 795.74 |
(b) Coffee | 165.46 | 165.31 | 160.50 | 165.46 | 160.50 | 178.62 |
(c) Others | 12.26 | 14.65 | 13.90 | 12.26 | 13.90 | 40.42 |
Total Branded Business | 1004.62 | 972.83 | 1003.73 | 1004.62 | 1003.73 | 1014.78 |
Non Branded Business | 125.09 | 130.38 | 118.16 | 125.09 | 118.16 | 111.25 |
Total Segment Liabilities | 1129.71 | 1103.21 | 1121.89 | 1129.71 | 1121.89 | 1126.03 |
Unallocable Corporate Liabilities | 1401.28 | 1315.20 | 2030.05 | 1401.28 | 2030.05 | 1284.95 |
Total Liabilities | 2530.99 | 2418.41 | 3151.94 | 2530.99 | 3151.94 | 2410.98 |
Notes:
a. The group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as Branded Tea, Branded Coffee and the residual as Branded Others. Accordingly, the group has reported its segment results for these segments.
b. Business Segments: The internal business segmentation and the activities encompassed therein are as follows:
i. Branded Business -
Branded Tea : Sale of branded tea and various value added forms
Branded Coffee : Sale of coffee in various value added forms
Branded Others : Sale of water products
ii. Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce.
c. The segment wise revenue, results, assets and liabilities figures relate to the respective amounts directly identifiable to each of the segments. Unallocable items includes expenses incurred on common services at the corporate level, other income and exceptional items.
Ajoy Misra
Mumbai: November 14, 2017 (Managing Director and CEO)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Consolidated Statement of Assets and Liabilities as at September 30, 2017
Rs. In Crores
Particulars | As at September 30, 2017 | As at March 31, 2017 |
ASSETS |
|
|
Non-Current Assets | ||
Property Plant and Equipment | 693.75 | 698.17 |
Capital Work in Progress | 72.27 | 56.24 |
Investment Property | 67.96 | 68.66 |
Goodwill | 3666.44 | 3497.91 |
Other Intangible Assets | 299.79 | 307.85 |
Intangible Assets under Development | 4.61 | 6.95 |
Investments accounted for using Equity method | 374.32 | 345.36 |
Financial Assets | ||
Investments | 322.52 | 939.33 |
Loans | 21.65 | 58.70 |
Other Financial Assets | 37.54 | 37.67 |
Deferred Tax Assets (Net) | 112.40 | 61.98 |
Non-current Tax Assets (Net) | 73.68 | 73.99 |
Other Non Current Assets | 171.80 | 81.69 |
5918.73 | 6234.50 | |
Current Assets | ||
Inventories | 1385.58 | 1452.96 |
Financial Assets | ||
Investments | 699.49 | 166.35 |
Trade Receivables | 750.54 | 592.45 |
Cash and Cash Equivalent | 636.18 | 565.72 |
Other Bank balances | 60.15 | 9.10 |
Loans | 274.22 | 277.57 |
Other Financial Assets | 101.93 | 81.08 |
Current Tax Assets (Net) | 23.58 | 13.98 |
Other Current Assets | 154.57 | 150.44 |
4086.24 | 3309.65 | |
Assets of disposal group | 133.54 | 51.83 |
TOTAL ASSETS | 10138.51 | 9595.98 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity Share Capital | 63.11 | 63.11 |
Other Equity | 6587.90 | 6202.39 |
Equity attributable to the equity holders of the company | 6651.01 | 6265.50 |
Non Controlling Interest | 956.51 | 919.50 |
Total Equity | 7607.52 | 7185.00 |
Non-Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 439.89 | 450.10 |
Other Financial Liabilities | 7.12 | 6.71 |
Provisions | 175.45 | 208.97 |
Deferred Tax Liabilities (Net) | 204.39 | 207.36 |
826.85 | 873.14 | |
Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 428.07 | 320.23 |
Trade Payables | 703.26 | 737.76 |
Other Financial Liabilities | 250.09 | 244.08 |
Other Current Liabilities | 69.90 | 78.57 |
Provisions | 77.62 | 115.85 |
Current Tax Liabilities (net) | 117.02 | 15.60 |
1645.96 | 1512.09 | |
Liabilities of disposal group | 58.18 | 25.75 |
TOTAL EQUITY AND LIABILITIES | 10138.51 | 9595.98 |
Ajoy Misra
Mumbai: November 14, 2017 (Managing Director and CEO)