REG - Tata Consumer Prod. - 3rd Quarter Results

Tata Consumer ProductsAnnouncement

10/02/2021 12:55

RNS Number : 6528O
  
Tata Consumer Products Limited
  
10 February 2021
  
 

 
Tata Consumer Products Limited
(Formerly Tata Global Beverages 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 and nine months ended December 31, 2020
                 Rs. In Crores



Particulars


Three months ended


Year to date ended


Year ended




December 31,  2020


September 30,

 2020


December 31,  2019 *


December 31,  2020


December 31,  2019 *


March 31,

 2020




Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited 




 Revenue from Operations


3069.56 


2781.34 


2492.96 


8564.81 


7232.39 


9637.42 




 Other Income


19.49 


26.22 


28.54 


78.42 


89.66 


111.59 




 Total Income


3089.05 


2807.56 


2521.50 


8643.23 


7322.05 


9749.01 




 Cost of Materials Consumed


1392.56 


1208.11 


946.79 


3614.52 


2733.68 


3606.66 




 Purchase of stock in trade


528.40 


518.98 


466.31 


1580.70 


1312.68 


1796.24 




 Changes in inventories of finished goods, work in progress and stock in trade


(11.40)


(80.94)


(5.27)


(138.89)


52.38 


7.78 




 Employee Benefits Expense


241.23 


229.73 


219.42 


700.01 


653.23 


884.80 




 Finance Costs


18.09 


17.87 


20.12 


53.24 


59.16 


77.86 




 Depreciation and Amortisation Expense


64.40 


62.57 


61.44 


188.87 


177.67 


241.71 




 Advertisement and Sales charges


209.71 


166.38 


201.39 


509.85 


495.35 


676.72 




 Other Expenses


347.73 


339.50 


346.19 


1055.06 


1001.28 


1373.07 




 Total Expenses


2790.72 


2462.20 


2256.39 


7563.36 


6485.43 


8664.84 




 Profit before Exceptional Items and Tax


298.33 


345.36 


265.11 


1079.87 


836.62 


1084.17 




Exceptional Items (Net)


(6.13)


             (23.90)


(0.84)


33.28 


(10.40)


(274.79)




 Profit before Tax


292.20 


321.46 


264.27 


1113.15 


826.22 


809.38 




 Tax Expense




























 Current tax


(20.17)


(25.18)


(23.08)


(72.45)


(60.32)


(89.05)




 Deferred tax


(35.00)


(61.95)


(51.96)


(180.25)


(180.50)


(185.14)




 Total Tax Expense (Net)


(55.17)


(87.13)


(75.04)


(252.70)


(240.82)


(274.19)




 Net Profit after Tax


237.03 


234.33 


189.23 


860.45 


585.40 


535.19 




 Share of net profit/(loss) in Associates and Joint Ventures using equity method


0.35 


38.85 


(4.62)


(4.34)


(2.81)


(75.08)




 Group Consolidated Net Profit (A)


237.38 


273.18 


184.61 


856.11 


582.59 


460.11 




 Attributable to :




























 Owners of the Parent


218.17 


257.06 


169.35 


802.79 


536.25 


459.76 




 Non Controlling Interest


19.21 


16.12 


15.26 


53.32 


46.34 


0.35 




 Other Comprehensive Income




























 i) Items that will not be reclassified to profit or loss




























 Remeasurement of the defined benefit plans


(67.10)


(7.18)


(69.38)


(136.01)


(52.49)


31.18 




 Changes in fair valuation of equity instruments


2.27 


1.07 


6.63 


4.94 


6.42 


12.50 








(64.83)


(6.11)


(62.75)


(131.07)


(46.07)


43.68 




 Tax impact on above items


12.66 


0.72 


12.07 


20.52 


9.90 


(3.31)




  


(52.17)


(5.39)


(50.68)


(110.55)


(36.17)


40.37 




 ii) Items that will be reclassified to profit or loss




























 Exchange differences on translation of foreign operations


195.54 


29.91 


264.36 


215.23 


204.63 


225.69 




 Gains/(loss) on Effective portion of cash flow hedges


25.42 


30.84 


51.73 


17.99 


50.59 


13.48 




  


220.96 


60.75 


316.09 


233.22 


255.22 


239.17 




 Tax impact on above items


(6.45)


(6.60)


(12.46)


(4.80)


(13.50)


1.94 








214.51 


54.15 


303.63 


228.42 


241.72 


241.11 




 Total Other Comprehensive Income (B)


162.34 


48.76 


252.95 


117.87 


205.55 


281.48 




 Attributable to :




























 Owners of the Parent


137.91 


42.21 


204.58 


99.27 


168.18 


233.89 




 Non Controlling Interest


24.43 


6.55 


48.37 


18.60 


37.37 


47.59 




 Total Comprehensive Income (A+B)


399.72 


321.94 


437.56 


973.98 


788.14 


741.59 




 Attributable to :




























 Owners of the Parent


356.08 


299.27 


373.93 


902.06 


704.43 


693.65 




 Non Controlling Interest


43.64 


22.67 


63.63 


71.92 


83.71 


47.94 




 Paid-up equity share capital (Face value of Re 1 each)


92.16 


92.16 


92.16 


92.16 


92.16 


92.16 




 Reserves excluding Revaluation Reserve






















13700.84 




 Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs


2.37 


2.79 


1.84 


8.71 


5.82 


4.99 



 
* Restated (Refer Note 5)
Notes:
 
1.        For the quarter, Revenue from operations increased by 23% (21% in constant currency) as compared to corresponding quarter of the previous year, led by volume and value growth in the branded business. The Group's business segments catering to out of home consumption continue to be adversely impacted, with progressive recovery from the earlier lows. Profit before exceptional items and tax at Rs 298 Crores is higher by 13% as compared to corresponding quarter of the previous year, mainly on account of growth in revenue and good control over expenditure despite record tea cost inflation in India. Lower tax provision in the current quarter is on account of one time credits and profit mix. Group Consolidated Net Profit is higher by 29%.
2.        Exceptional item for the current quarter mainly represent costs relating to the business integration in India of Rs 6 Crores. Exceptional items for the corresponding quarter of the previous year represent costs relating to scheme of merger.
3.        The Indian Parliament has approved the Code on Social Security, 2020. Pending notification of the effective date and the relevant rules, the financial impact has not been quantified.
4.       Share of profits/(loss) in Associates and Joint Ventures include the profits/(loss) of an Associate operating in North India plantations, which are seasonal in nature.
5.       Figures of the quarter and year to date ended December 31, 2019 as reported have been restated consequent to the demerger and transfer of Consumer Product Business (foods business) of Tata Chemicals Limited with the Company as the 'Appointed date' of the Scheme was April 1, 2019.
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 February 01, 2021 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2021. The Statutory Auditors of the Company have conducted limited review on these results. 
8.       The Consolidated and Standalone result for the quarter and nine months ended December 31, 2020 are available on the BSE website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataconsumer.com).
 
 
Sunil D'Souza
Managing Director and CEO
Mumbai: February 2, 2021
 




 
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road  Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended December 31, 2020
                 Rs. In Crores



Particulars


  Three months ended 


 Year to date ended 


 Year ended 




As at December 31, 2020


As at September 30, 2020


As at December 31, 2019*


As at December 31, 2020


 As at December 31, 2019*


As at

March 31,

2020




Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited




Segment Revenue




























Branded Business




























India - Beverages


1275.43 


1120.00 


873.12 


3395.89 


2622.06 


3376.89 




India - Foods


630.64 


580.31 


           531.06


1800.01 


1539.30 


2063.74 




International - Beverages


926.16 


800.50 


851.64 


2594.04 


2351.63 


3226.04 




 Total Branded Business


2832.23 


2500.81 


2255.82 


7789.94 


6512.99 


8666.67 




  Non Branded Business


246.47 


287.64 


238.51 


798.53 


723.66 


974.94 




Total Segment Revenue


3078.70 


2788.45 


2494.33 


8588.47 


7236.65 


9641.61 




Others


8.39 


3.24 


8.20 


12.70 


20.21 


26.63 




Less: Inter segment Sales


(17.53)


(10.35)


(9.57)


(36.36)


(24.47)


(30.82)




Revenue from Operations


3069.56 


2781.34 


2492.96 


8564.81 


7232.39 


9637.42 




Segment Results




























 Branded Business 




























India - Beverages


79.31 


149.33 


127.56 


443.94 


377.99 


465.14 




India - Foods


93.36 


92.95 


66.21 


300.87 


           209.18 


           266.45 




International - Beverages


122.60 


100.72 


79.00 


348.81 


232.25 


360.76 




 Total Branded Business


295.27 


343.00 


272.77 


1093.62 


819.42 


1092.35 




 Non Branded Business


20.36 


18.11 


16.16 


52.42 


54.46 


55.65 




Total Segment Results


315.63 


361.11 


288.93 


1146.04 


873.88 


1148.00 




Add/(Less)




























Other Income


16.11 


23.97 


20.13 


69.37 


75.41 


93.35 




Finance Cost


(18.09)


(17.87)


(20.12)


(53.24)


(59.16)


(77.86)




Unallocable items


(15.32)


(21.85)


(23.83)


(82.30)


(53.51)


(79.32)




Exceptional Items


(6.13)


(23.90)


(0.84)


33.28 


(10.40)


(274.79)




Profit Before Tax


292.20 


321.46 


264.27 


1113.15 


826.22 


809.38 




Segment Assets




























 Branded Business 




























India - Beverages


2766.70 


2478.25 


1906.25 


2766.70 


1906.25 


1554.03 




India - Foods


6163.14 


6188.80 


6222.86 


6163.14 


6222.86 


6231.66 




International - Beverages


5434.89 


5304.98 


5511.71 


5434.89 


5511.71 


5352.99 




 Total Branded Business


14364.73 


13972.03 


13640.82 


14364.73 


13640.82 


13138.68 




  Non Branded Business


1521.20 


1515.36 


1532.26 


1521.20 


1532.26 


1599.93 




 Total Segment Assets


15885.93 


15487.39 


15173.08 


15885.93 


15173.08 


14738.61 




 Unallocable Corporate Assets


3981.94 


3916.82 


3199.57 


3981.94 


3199.57 


3763.99 




 Total Assets


19867.87 


19404.21 


18372.65 


19867.87 


18372.65 


18502.60 




 Segment Liabilities




























 Branded Business 




























India - Beverages


1106.58 


1036.99 


573.22 


1106.58 


573.22 


538.32 




India - Foods


257.62 


284.15 


           165.58


257.62 


           165.58


           240.72




International - Beverages


750.50 


711.69 


744.51 


750.50 


744.51 


759.99 




 Total Branded Business


2114.70 


2032.83 


1483.31 


2114.70 


1483.31 


1539.03 




 Non Branded Business


162.65 


178.36 


155.02 


162.65 


155.02 


186.98 




 Total Segment Liabilities


2277.35 


2211.19 


1638.33 


2277.35 


1638.33 


1726.01 




 Unallocable Corporate Liabilities


1970.17 


1972.15 


1776.55 


1970.17 


1776.55 


1869.26 




Total Liabilities


4247.52 


4183.34 


3414.88 


4247.52 


3414.88 


3595.27 



* Restated (Refer Note 5)
 
Notes:
a.   The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Beverages, India Foods and International Beverages. 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 Beverages : Sale of branded Tea, Coffee and Water in various value added forms
                     India Foods : Sale of food products in various value added forms
                     International Beverages : Sale of branded Tea, Coffee and Water in various value added forms
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 excludes allocable income to segment results.
 
 
 
 




 
Tata Consumer Products Limited
(Formerly Tata Global Beverages 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 and nine months ended December 31, 2020
                 Rs. In Crores



Particulars
 
 


Three months ended


Year to date ended


Year ended




 December 31 


September 30


 December 31 * 


 December 31 


 December 31* 


 March 31 




2020


2020


2019


2020


2019


2020








Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited




Revenue from Operations


1962.73


1736.14


1463.45


5304.30


4354.65


5690.24 




Other Income 


               25.02 


33.57


24.81


104.29


101.05


              117.75 




Total Income 


1987.75


1769.71


1488.26


5408.59


4455.70 


5807.99 




Cost of materials consumed


1061.64


863.14


                601.49 


2528.69


1777.96


2305.02 




Purchase of stock-in-trade


             367.97 


353.86


                309.21 


1061.98


                836.44 


1123.86




Changes in inventories of finished goods, work-in-progress & stock-in-trade


            (57.43)


             (87.74)


               (10.28)


          (139.55)


                  70.78 


               44.36 




Employees benefits expense


               80.18 


77.45


                  69.09 


             229.40 


                215.78 


              283.44 




Finance costs


                 7.22 


6.46


                   7.16 


               20.21 


                  18.94 


               25.73 




Depreciation and amortisation expense


               32.41 


30.84


                  29.40 


               92.84 


                  81.82 


              114.82 




Advertisement and sales charges


             126.64 


90.04


                107.69 


             273.17 


                276.99 


              384.91 




Other expenses


             186.62 


185.66


                179.36 


             574.09 


                533.06 


              744.63 




Total Expenses


1805.25


1519.71


1293.12


4640.83


3811.77 


5026.77 




Profit before Exceptional Items and Tax


             182.50 


250.00


195.14


767.76


                643.93 


              781.22 




Exceptional Items (Net)


              (6.37)


             (19.30)


                 (0.84)


            (46.67)


               (10.40)


             (51.81)




Profit before Tax


176.13 


             230.70 


194.30 


721.09 


633.53 


              729.41 




Tax Expense 




























Current Tax


                 5.11 


              (1.83)


                 (1.42)


                 2.15 


                 (1.50)


                 0.61 




Deferred Tax


            (45.12)


             (59.48)


               (49.89)


          (185.42)


             (179.42)


           (206.48)




Total Tax Expense (net of reversals)


            (40.01)


            (61.31)


              (51.31)


          (183.27)


            (180.92)


(205.87)




Net Profit after Tax (A)


           136.12 


           169.39 


               142.99 


             537.82 


              452.61 


            523.54 




Other Comprehensive Income




























i) Items that will not be reclassified to profit or loss 




























Remeasurement of defined benefit plans


              (3.49)


                 2.81 


                 (2.56)


            (15.11)


               (18.62)


             (28.18)




Changes in fair valuation of equity instruments 


                 2.27 


                 1.07 


                   5.38 


                 4.94 


                   5.17 


                 9.84 








              (1.22)


                 3.88 


                   2.82 


            (10.17)


               (13.45)


             (18.34)




Tax impact of above items


                 0.86 


              (0.69)


                   0.64 


                 3.80 


                   4.03 


                 7.47 








              (0.36)


                 3.19 


                   3.46 


              (6.37)


                 (9.42)


             (10.87)




ii) Items that will be reclassified to profit or loss 




























Gains/(loss) on effective portion of cash flow hedges


              (0.64)


                2.67 


                 (2.20)


                 1.19 


                 (4.86)


               (6.53)




Tax impact of above item


                 0.16 


              (0.67)


                   0.57 


              (0.30)


                   1.45 


                 2.13 








              (0.48)


                2.00 


                 (1.63)


                 0.89 


                 (3.41)


               (4.40)




Other Comprehensive Income (Net of tax) (B) 


              (0.84)


                5.19 


                   1.83 


              (5.48)


               (12.83)


             (15.27)




Total Comprehensive Income (A+B)


             135.28 


            174.58 


                144.82 


             532.34 


                439.78 


              508.27 




Paid-up equity share capital (Face value of Re. 1 each) 


               92.16 


92.16


                  92.16 


92.16


92.16


               92.16 




Reserves excluding Revaluation Reserves






















10735.99




Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs. 


                    1.48 


                  1.84 


                    1.55 


                    5.84 


                    4.91 


                5.68 



* Restated (Refer Note 5)
 
 




 
 
 
Notes:
 
1.  For the quarter, Revenue from operations at Rs 1963 crores increased by 34% over corresponding quarter of the previous year driven by growth in volume and value mainly in the branded business. Profit before exceptional items at Rs 183 crores is lower as compared to corresponding quarter of previous year mainly on account of the adverse impact of record tea cost inflation and higher investments behind brands, which has been partly offset by growth in revenue and control over expenditure. Tax provision for the current quarter is net of one time credits. Consequently, Profit after tax is marginally lower than corresponding quarter of previous year.
2.  Exceptional item for the current quarter represent costs relating to the integration of foods business of Rs 6 crores. Exceptional costs for the corresponding quarter of previous year represents costs relating to scheme of merger.
3.  The Indian Parliament has approved the Code on Social Security, 2020. Pending notification of the effective date and the relevant rules, the financial impact has not been quantified. 
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 quarter and year to date ended December 31, 2019 as reported has been restated consequent to the demerger and transfer of Consumer Product Business (foods business) of Tata Chemicals Limited with the Company as the 'Appointed date' of the Scheme was April 1, 2019.
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 February 1, 2021 and subsequently taken on record by the Board of Directors at its meeting held on February 2, 2021. The Statutory Auditors of the Company have conducted limited review on these results.
 
 
 
 
 
 
 
 
 
                                                                                                                                                                                                        Sunil D'Souza
 
Mumbai:  February 02, 2021                                                                                                                                                     (Managing Director and CEO)
 
 
 
 
 

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