REG - Tata Consumer Prod. - 1st Quarter Results
16/08/2022 10:15
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RNS Number : 1681W Tata Consumer Products Limited 16 August 2022
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com,
Website : www.tataconsumer.com
Unaudited Consolidated Financial Results for the quarter ended June 30, 2022
Rs. in Crores
Particulars Three months ended Year ended
June 30, 2022 March 31, 2022 June 30, 2021 March 31, 2022
Unaudited Refer Note 5 Unaudited Audited
Revenue from Operations 3326.83 3175.41 3008.46 12425.37
Other Income 35.34 47.39 28.01 140.06
Total Income 3362.17 3222.80 3036.47 12565.43
Cost of Materials Consumed 1360.48 1201.12 1313.64 4908.36
Purchase of stock in trade 693.47 635.92 542.68 2215.39
Changes in inventories of finished goods, work in progress and stock in trade (144.87) (78.35) (73.91) (39.78)
Employee Benefits Expense 277.44 268.04 265.41 1048.00
Finance Costs 16.27 16.41 20.43 72.78
Depreciation and Amortisation Expense 72.92 72.11 66.79 278.01
Advertisement and Sales charges 211.60 225.56 158.21 840.99
Other Expenses 471.41 478.79 402.94 1733.63
Total Expenses 2958.72 2819.60 2696.19 11057.38
Profit before Exceptional Items and Tax 403.45 403.20 340.28 1508.05
Exceptional Items (Net) (23.97) (18.65) (3.92) (52.06)
Profit before Tax 379.48 384.55 336.36 1455.99
Tax Expense
Current tax (82.65) (46.10) (61.16) (220.24)
Deferred tax (20.32) (49.22) (34.55) (156.80)
Total Tax Expense (Net) (102.97) (95.32) (95.71) (377.04)
Net Profit after Tax 276.51 289.23 240.65 1078.95
Share of net profit/(loss) in Associates and Joint Ventures using equity 0.21 (50.18) (40.41) (63.79)
method
Group Consolidated Net Profit (A) 276.72 239.05 200.24 1015.16
Attributable to :
Owners of the Parent 255.46 217.54 185.15 935.78
Non Controlling Interest 21.26 21.51 15.09 79.38
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit plans (3.26) 40.38 (1.39) 55.91
Changes in fair valuation of equity instruments (0.25) (0.02) 1.39 4.67
(3.51) 40.36 - 60.58
Tax impact on above items 0.28 (8.27) (12.25) (25.61)
(3.23) 32.09 (12.25) 34.97
ii) Items that will be reclassified to profit or loss
Exchange differences on translation of foreign operations (76.78) 13.05 123.03 12.74
Gains/(loss) on Effective portion of cash flow hedges (9.74) (31.17) 34.04 10.63
(86.52) (18.12) 157.07 23.37
Tax impact on above items 3.65 13.80 (11.11) 0.90
(82.87) (4.32) 145.96 24.27
Total Other Comprehensive Income (B) (86.10) 27.77 133.71 59.24
Attributable to :
Owners of the Parent (78.99) 28.38 112.42 50.78
Non Controlling Interest (7.11) (0.61) 21.29 8.46
Total Comprehensive Income (A+B) 190.62 266.82 333.95 1074.40
Attributable to :
Owners of the Parent 176.47 245.92 297.57 986.56
Non Controlling Interest 14.15 20.90 36.38 87.84
Paid-up equity share capital (Face value of Re 1 each) 92.16 92.16 92.16 92.16
Reserves excluding Revaluation Reserve 2.77 2.36 2.01 10.15
Earnings per share (Basic & Diluted) (not annualised for the quarter) - 2.77 2.36 2.01 10.15
Rs
Notes:
1. For the quarter, Revenue from operations increased by 11% (10% in
constant currency) as compared to corresponding quarter of the previous year,
mainly driven by underlying growth of 9% in India Business, 8% in
International Business and 25% in Non-Branded Business. Profit before
exceptional items and tax at Rs 403 Crores is higher by 19% despite higher
investments behind brands. Group Consolidated Net Profit at Rs 277 Crores is
higher by 38% mainly aided by growth in underlying profitability and improved
performance of Joint ventures and Associates partly offset by higher
exceptional costs.
2. The Board of Directors of the Holding Company in its meeting held on
March 29, 2022, had approved the composite scheme of arrangement (the Scheme),
amongst the Holding Company and its subsidiaries, Tata Coffee Limited (TCL)
and TCPL Beverages & Foods Limited (TBFL), in terms of Section 230-232 and
other applicable provisions of Companies Act, 2013. The Scheme inter alia
provides for the demerger of the Plantation Business (as defined in the
Scheme) of TCL into TBFL and as consideration, issue equity shares of the
Holding Company to all the shareholders of TCL (other than to itself) in
accordance with the Share Entitlement Ratio mentioned in the Scheme. This
would be followed immediately by the amalgamation of the TCL comprising of the
Remaining Business (as defined in the Scheme) with the Holding Company and as
consideration, issue equity shares of the Holding Company to all the
shareholders of TCL (other than to itself) in accordance with the Share
Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as
mentioned in the Scheme. Pending receipt of necessary approvals, no effect of
the Scheme has been given in the financial results for the quarter ended June
30, 2022.
3. Exceptional item for the current quarter mainly represent costs
relating to the business restructure & reorganisation of Rs 23 Crores and
cost relating to scheme of arrangement of Rs 1 Crore. Exceptional item for
the corresponding quarter of the previous year represents costs relating to
the business restructure of Rs 4 Crores.
4. Share of profit/(loss) in Associates and Joint Ventures include the
profit/(loss) of an Associate operating in North India plantations, which are
seasonal in nature.
5. Figures of the quarter ended March 31, 2022 are the balancing figures
between audited figures in respect of the full financial year and year to date
figures up to the third quarter of the relevant financial year.
6. Previous period's figures have been regrouped / rearranged, to the
extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of the
Board on August 09, 2022 and subsequently taken on record by the Board of
Directors at its Meeting held on August 10, 2022. The Statutory Auditors of
the Company have conducted limited review on these results.
8. The Consolidated and Standalone result for the quarter ended June 30,
2022 are available on the BSE Limited's website (URL: www.bseindia.com
(http://www.bseindia.com) ), the National Stock Exchange of India Limited's
website (URL: www.nseindia.com (http://www.nseindia.com) ) and on the
Company's website (URL: www.tataconsumer.com (http://www.tataconsumer.com) ).
Sunil D'Souza
Managing Director and CEO
Mumbai: August 10, 2022
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com,
Website : www.tataconsumer.com
Consolidated Segment wise Revenue, Results, Assets and Liabilities for the
quarter ended June 30, 2022
Rs. in Crores
Particulars Three months ended Year ended
June 30, 2022 March 31, 2022 June 30, 2021 March 31, 2022
Unaudited Refer Note 5 Unaudited Audited
Segment Revenue
Branded Business
India - Business 2145.20 1953.66 1971.76 7913.54
International - Business 836.62 890.19 767.58 3335.66
Total Branded Business 2981.82 2843.85 2739.34 11249.20
Non Branded Business 351.70 344.64 277.64 1214.44
Total Segment Revenue 3333.52 3188.49 3016.98 12463.64
Others 7.41 0.27 2.73 13.78
Less: Inter segment Sales (14.10) (13.35) (11.25) (52.05)
Revenue from Operations 3326.83 3175.41 3008.46 12425.37
Segment Results
Branded Business
India - Business 273.15 257.53 246.73 1011.67
International - Business 104.46 128.47 96.00 478.37
Total Branded Business 377.61 386.00 342.73 1490.04
Non Branded Business 39.41 29.31 18.63 92.65
Total Segment Results 417.02 415.31 361.36 1582.69
Add/Less
Other Income 33.13 33.75 24.54 109.94
Finance Cost (16.27) (16.41) (20.43) (72.78)
Unallocable items (30.43) (29.45) (25.19) (111.80)
Exceptional Items (23.97) (18.65) (3.92) (52.06)
Profit Before Tax 379.48 384.55 336.36 1455.99
Segment Assets
Branded Business
India - Business 8631.72 9099.75 8430.96 9099.75
International - Business 5410.88 5384.58 5375.41 5384.58
Total Branded Business 14042.60 14484.33 13806.37 14484.33
Non Branded Business 1796.75 1752.27 1594.30 1752.27
Total Segment Assets 15839.35 16236.60 15400.67 16236.60
Unallocable Corporate Assets 4428.12 4880.99 4404.29 4880.99
Total Assets 20267.47 21117.59 19804.96 21117.59
Segment Liabilities
Branded Business
India - Business 1278.53 1756.03 1337.09 1756.03
International - Business 680.26 785.88 718.26 785.88
Total Branded Business 1958.79 2541.91 2055.35 2541.91
Non Branded Business 199.96 178.91 183.01 178.91
Total Segment Liabilities 2158.75 2720.82 2238.36 2720.82
Unallocable Corporate Liabilities 2197.18 2103.21 2004.13 2103.21
Total Liabilities 4355.93 4824.03 4242.49 4824.03
Notes:
a) The Group has organised business into Branded Segment and Non Branded
Segment. Branded Segment is further sub-categorised as India Business and
International Business. 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 -
India Business : Sale of branded Tea, Coffee & Water and sale of food
products in various value added forms
International Business : Sale of branded Tea, Coffee & Water and sale of
food products in various value added forms
ii) Non Branded Business - Plantation and Extraction business
for Tea, Coffee and other produce.
c) The segment wiser evenue, 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 excludes allocable income to segment
results.
Tata Consumer Products Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com,
Website : www.tataconsumer.com
Unaudited Standalone Financial Results for the quarter ended June 30, 2022
Rs. in Crores
Particulars Three months ended Year ended
June 30, 2022 March 31, 2022 June 30, 2021 March 31, 2022
Unaudited Refer note 5 Unaudited Audited
Revenue from Operations 2076.88 1948.42 1965.89 7932.29
Other Income 53.90 37.88 146.23 238.96
Total Income 2130.78 1986.30 2112.12 8171.25
Cost of materials consumed 747.94 735.95 886.85 3195.72
Purchase of stock-in-trade 551.55 441.18 416.94 1701.63
Changes in inventories of finished goods, work-in-progress & (10.26) (10.18) (20.11) 46.40
stock-in-trade
Employees benefits expense 97.86 80.27 88.36 348.41
Finance costs 7.14 7.19 7.66 29.78
Depreciation and amortisation expense 35.09 35.05 34.88 141.75
Advertisement and sales charges 127.48 142.07 86.14 511.25
Other expenses 255.48 271.51 233.79 1017.99
Total Expenses 1812.28 1703.04 1734.51 6992.93
Profit before Exceptional Items and Tax 318.50 283.26 377.61 1178.32
Exceptional Items (Net) (11.10) (10.63) - (27.23)
Profit before Tax 307.40 272.63 377.61 1151.09
Tax Expense
Current Tax (61.82) (28.70) (42.44) (130.09)
Deferred Tax (12.75) (37.74) (31.43) (135.25)
Total Tax Expense (net of reversals) (74.57) (66.44) (73.87) (265.34)
Net Profit after Tax (A) 232.83 206.19 303.74 885.75
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans 9.91 31.46 (4.74) 30.15
Changes in fair valuation of equity instruments (0.26) 0.29 1.39 4.98
9.65 31.75 (3.35) 35.13
Tax impact of above items (2.46) (8.51) 1.19 (9.06)
7.19 23.24 (2.16) 26.07
ii) Items that will be reclassified to profit or loss
Gains/(loss) on effective portion of cash flow hedges (0.22) (2.54) (0.05) (1.65)
Tax impact of above item 0.06 0.63 0.01 0.41
(0.16) (1.91) (0.04) (1.24)
Other Comprehensive Income (B) 7.03 21.33 (2.20) 24.83
Total Comprehensive Income (A+B) 239.86 227.52 301.54 910.58
Paid-up equity share capital (Face value of Re. 1 each) 92.16 92.16 92.16 92.16
Reserves excluding Revaluation Reserves 11647.89
Earnings per share not annualised for the quarter end)
Basic - Rs 2.53 2.24 3.30 9.61
Diluted - Rs 2.53 2.24 3.30 9.61
Notes:
1. For the quarter, Revenue from operations at Rs 2077 Crores
increased by 6% over corresponding quarter of the previous year driven by
growth in branded business. Profit before tax at Rs 307 Crores is lower by 19%
as compared to corresponding quarter of previous year mainly on account of
lower other income (previous year had higher dividend from subsidiaries) and
higher spends behind brands which has been partly offset by revenue growth and
improved gross margins. Consequently, Profit after tax is also lower over the
corresponding quarter of previous year.
2. The Board of Directors of the Company in its meeting held on March
29, 2022, have approved the composite scheme of arrangement (the Scheme) ,
amongst the Company and its subsidiaries, Tata Coffee Limited (TCL) and TCPL
Beverages & Foods Limited (TBFL), in terms of Section 230-232 and other
applicable provisions of Companies Act, 2013. The Scheme inter alia provides
for the demerger of the Plantation Business (as defined in the Scheme) of TCL
into TBFL and as consideration, issue equity shares of the Company to all the
shareholders of TCL (other than to itself) in accordance with the Share
Entitlement Ratio mentioned in the Scheme. This would be followed immediately
by the amalgamation of the TCL comprising of the Remaining Business (as
defined in the Scheme) with the Company and as consideration, issue equity
shares of the Company to all the shareholders of TCL (other than to itself) in
accordance with the Share Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as
mentioned in the Scheme. Pending receipt of necessary approvals, no effect of
the Scheme has been given in the financial results for the quarter ended June
30, 2022.
3. Exceptional item for the current quarter represent costs relating
to the business restructure and reorganisation of Rs 10 Crores and cost
pertaining to Scheme of arrangement of Rs 1 Crore.
4. In accordance with Ind AS 108 "Operating Segments", segment
information has been given in the consolidated financial results, and
therefore, no separate disclosure on segment information is given in these
standalone financial results.
5. Figures of the quarter ended March 31, 2022 is the balancing
figures between audited figures in respect of the full financial year and year
to date figures up to the third quarter of the relevant financial year.
6. Previous period's figures have been regrouped / rearranged, to the
extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of
the Board on August 9, 2022 and subsequently taken on record by the Board of
Directors at its meeting held on August 10, 2022. The Statutory Auditors of
the Company have conducted limited review on these results.
Sunil D'Souza
Managing Director and CEO
Mumbai: August 10, 2022
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