REG - Tata Consumer Prod. - 3rd Quarter Results
08/02/2022 09:45
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RNS Number : 0210B Tata Consumer Products Limited 08 February 2022
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, 2021
Rs. In Crores
Particulars Three months ended Year to date ended Year ended
December 31, 2021 September 30, December 31, 2020 December 31, 2021 December 31, 2020 March 31,
2021
2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 3208.38 3033.12 3069.56 9249.96 8564.81 11602.03
Other Income 25.04 39.62 19.49 92.67 78.42 121.38
Total Income 3233.42 3072.74 3089.05 9342.63 8643.23 11723.41
Cost of Materials Consumed 1161.58 1232.02 1392.56 3707.24 3614.52 4937.45
Purchase of stock in trade 551.64 485.15 528.40 1579.47 1580.70 2114.40
Changes in inventories of finished goods, work in progress and stock in 93.36 19.12 (11.40) 38.57 (138.89) (149.54)
trade
Employee Benefits Expense 258.91 255.64 241.23 779.96 700.01 970.23
Finance Costs 16.16 19.78 18.09 56.37 53.24 68.69
Depreciation and Amortisation Expense 69.80 69.31 64.40 205.90 188.87 254.74
Advertisement and Sales charges 245.34 211.88 209.71 615.43 509.85 726.27
Other Expenses 435.89 416.01 347.73 1254.84 1055.06 1459.46
Total Expenses 2832.68 2708.91 2790.72 8237.78 7563.36 10381.70
Profit before Exceptional Items and Tax 400.74 363.83 298.33 1104.85 1079.87 1341.71
Exceptional Items (Net) (13.18) (16.31) (6.13) (33.41) 33.28 (30.65)
Profit before Tax 387.56 347.52 292.20 1071.44 1113.15 1311.06
Tax Expense
Current tax (62.95) (50.03) (20.17) (174.14) (72.45) (98.16)
Deferred tax (36.93) (36.10) (35.00) (107.58) (180.25) (219.11)
Total Tax Expense (Net) (99.88) (86.13) (55.17) (281.72) (252.70) (317.27)
Net Profit after Tax 287.68 261.39 237.03 789.72 860.45 993.79
Share of net profit/(loss) in Associates and Joint Ventures using equity 2.39 24.41 0.35 (13.61) (4.34) (63.33)
method
Group Consolidated Net Profit (A) 290.07 285.80 237.38 776.11 856.11 930.46
Attributable to :
Owners of the Parent 265.05 268.04 218.17 718.24 802.79 856.69
Non Controlling Interest 25.02 17.76 19.21 57.87 53.32 73.77
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss (net of Tax)
Remeasurement of the defined benefit plans 54.18 (37.26) (67.10) 15.53 (136.01) (145.58)
Changes in fair valuation of equity instruments (0.18) 3.48 2.27 4.69 4.94 5.88
54.00 (33.78) (64.83) 20.22 (131.07) (139.70)
Tax impact on above items (10.90) 5.81 12.66 (17.34) 20.52 22.06
43.10 (27.97) (52.17) 2.88 (110.55) (117.64)
ii) Items that will be reclassified to profit or loss (net of tax)
Exchange differences on translation of foreign operations 18.44 (141.78) 195.54 (0.31) 215.23 262.68
Gains/(loss) on Effective portion of cash flow hedges (14.01) 21.77 25.42 41.80 17.99 3.56
4.43 (120.01) 220.96 41.49 233.22 266.24
Tax impact on above items 2.74 (4.53) (6.45) (12.90) (4.80) 0.82
7.17 (124.54) 214.51 28.59 228.42 267.06
Total Other Comprehensive Income (B) 50.27 (152.51) 162.34 31.47 117.87 149.42
Attributable to :
Owners of the Parent 44.52 (134.54) 137.91 22.40 99.27 127.49
Non Controlling Interest 5.75 (17.97) 24.43 9.07 18.60 21.93
Total Comprehensive Income (A+B) 340.34 133.29 399.72 807.58 973.98 1079.88
Attributable to :
Owners of the Parent 309.57 133.50 356.08 740.64 902.06 984.18
Non Controlling Interest 30.77 (0.21) 43.64 66.94 71.92 95.70
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 14420.49
Earnings per share (Basic & Diluted) (not annualised for the quarter and 2.88 2.91 2.37 7.79 8.71 9.30
year to date) - Rs
Notes:
1. For the quarter, Revenue from operations increased by 5% (4% in
constant currency) as compared to corresponding quarter of the previous year.
Profit before exceptional items and tax at Rs 401 Crores is higher by 34%.
Group Consolidated Net Profit at Rs 290 Crores is higher by 22%.
2. Exceptional item for the current quarter of Rs 13 Crores mainly
represent costs relating to the business restructure and redundancy.
Exceptional item for the corresponding quarter of the previous year mainly
represent costs relating to the business integration in India of Rs 6 Crores.
3. During the quarter, the Parent Company has acquired:
(a) 100% equity of Tata SmartFoodz Limited, pursuant to a share purchase
agreement, on November 16, 2021. The acquisition will add Ready-to-Eat
packaged food products under the brand 'Tata Q' in its portfolio and a
manufacturing facility for expansion in food products;
(b) control of TRIL Constructions Limited, consequent to a revised
shareholder agreement which converted the associate into a subsidiary with
effect from November 17, 2021.
4. During the quarter ended December 31, 2021, Group's performance
experienced some adverse impact due to Covid pandemic. There can be future
business uncertainties depending on developments in relation to the pandemic,
particularly those arising from third wave in India, which could include
market closures, supply constraints and commodity cost volatility.
5. 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.
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 02, 2022 and subsequently taken on record by the Board of
Directors at its Meeting held on February 02, 2022. 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, 2021 are available on the BSE website (URL:
www.bseindia.com (http://www.bseindia.com) ), the National Stock Exchange
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: February 02, 2022
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, 2021
Rs. In Crores
Particulars Three months ended Year to date ended Year ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020 March 31, 2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue
Branded Business
India - Beverages 1277.68 1265.86 1264.83 3810.63 3361.41 4561.55
India - Foods 732.36 712.22 630.64 2149.25 1800.01 2441.69
International Business 896.62 781.27 936.76 2445.47 2628.52 3508.43
Total Branded Business 2906.66 2759.35 2832.23 8405.35 7789.94 10511.67
Non Branded Business 312.25 279.91 246.47 869.80 798.53 1122.17
Total Segment Revenue 3218.91 3039.26 3078.70 9275.15 8588.47 11633.84
Others 4.50 6.28 8.39 13.51 12.70 13.45
Less: Inter segment Sales (15.03) (12.42) (17.53) (38.70) (36.36) (45.26)
Revenue from Operations 3208.38 3033.12 3069.56 9249.96 8564.81 11602.03
Segment Results
Branded Business
India - Beverages 220.27 169.68 77.18 540.68 434.04 487.87
India - Foods 42.62 74.84 93.36 213.46 300.87 387.66
International Business 144.21 109.69 124.73 349.90 358.71 467.32
Total Branded Business
Non Branded Business 407.10 354.21 295.27 1104.04 1093.62 1342.85
Total Segment Results 23.17 21.54 20.36 63.34 52.42 90.89
Add/(Less) 430.27 375.75 315.63 1167.38 1146.04 1433.74
Other Income
Finance Cost 18.94 32.71 16.11 76.19 69.37 95.82
Unallocable items (16.16) (19.78) (18.09) (56.37) (53.24) (68.69)
Exceptional Items (32.31) (24.85) (15.32) (82.35) (82.30) (119.16)
Profit Before Tax (13.18) (16.31) (6.13) (33.41) 33.28 (30.65)
Segment Assets
Branded Business
India - Beverages 2422.92 2143.98 2753.21 2422.92 2753.21 2311.90
India - Foods 6968.67 6499.12 6163.14 6968.67 6163.14 6442.40
International Business 5338.40 5256.56 5448.38 5338.40 5448.38 5206.59
Total Branded Business 14729.99 13899.66 14364.73 14729.99 14364.73 13960.89
Non Branded Business 1646.85 1637.48 1521.20 1646.85 1521.20 1577.24
Total Segment Assets 16376.84 15537.14 15885.93 16376.84 15885.93 15538.13
Unallocable Corporate Assets 4072.81 4254.35 3981.94 4072.81 3981.94 4717.74
Total Assets 20449.65 19791.49 19867.87 20449.65 19867.87 20255.87
Segment Liabilities
Branded Business
India - Beverages 1290.97 1176.23 1098.76 1290.97 1098.76 1309.12
India - Foods 400.33 314.05 257.62 400.33 257.62 293.77
International Business 716.98 692.98 758.32 716.98 758.32 756.98
Total Branded Business 2408.28 2183.26 2114.70 2408.28 2114.70 2359.87
Non Branded Business 158.58 195.84 162.65 158.58 162.65 174.35
Total Segment Liabilities 2566.86 2379.10 2277.35 2566.86 2277.35 2534.22
Unallocable Corporate Liabilities 1809.38 1716.85 1970.17 1809.38 1970.17 2094.61
Total Liabilities 4376.24 4095.95 4247.52 4376.24 4247.52 4628.83
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 Business. Accordingly, the Group has
reported its segment results for these segments. A business unit has been
regrouped between the segments in the current year, the corresponding segment
information for the comparative periods have been restated as per the
requirements of Ind AS 108.
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 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 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, 2021
Rs. In Crores
Three months ended Year to date ended Year ended
Particulars
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020 March 31, 2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 2030.48 1987.50 1962.73 5983.87 5304.30 7154.36
Other Income 23.80 31.05 25.02 201.08 104.29 133.01
Total Income 2054.28 2018.55 1987.75 6184.95 5408.59 7287.37
Cost of materials consumed 746.38 826.54 1061.64 2459.77 2528.69 3421.65
Purchase of stock-in-trade 440.47 403.04 367.97 1260.45 1061.98 1425.63
Changes in inventories of finished goods, work-in-progress & 57.64 19.05 (57.43) 56.58 (139.55) (116.90)
stock-in-trade
Employees benefits expense 90.91 88.87 80.18 268.14 229.40 321.58
Finance costs 7.28 7.65 7.22 22.59 20.21 28.13
Depreciation and amortisation expense 35.73 36.09 32.41 106.70 92.84 126.21
Advertisement and sales charges 150.14 132.90 126.64 369.18 273.17 396.83
Other expenses 264.30 248.39 186.62 746.48 574.09 787.00
Total Expenses 1792.85 1762.53 1805.25 5289.89 4640.83 6390.13
Profit before Exceptional Items and Tax 261.43 256.02 182.50 895.06 767.76 897.24
Exceptional Items (Net) (9.41) (7.19) (6.37) (16.60) (46.67) (61.10)
Profit before Tax 252.02 248.83 176.13 878.46 721.09 836.14
Tax Expense
Current Tax (28.31) (30.64) 5.11 (101.39) 2.15 1.05
Deferred Tax (36.23) (29.85) (45.12) (97.51) (185.42) (217.68)
Total Tax Expense ( net of reversals) (64.54) (60.49) (40.01) (198.90) (183.27) (216.63)
Net Profit after Tax (A) 187.48 188.34 136.12 679.56 537.82 619.51
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans 2.62 0.81 (3.49) (1.31) (15.11) (4.44)
Changes in fair valuation of equity instruments (0.18) 3.48 2.27 4.69 4.94 5.87
2.44 4.29 (1.22) 3.38 (10.17) 1.43
Tax impact of above items (0.69) (1.05) 0.86 (0.55) 3.80 0.01
1.75 3.24 (0.36) 2.83 (6.37) 1.44
ii) Items that will be reclassified to profit or loss
Gains/(loss) on effective portion of cash flow hedges (0.61) 1.55 (0.64) 0.89 1.19 2.62
Tax impact of above item 0.16 (0.39) 0.16 (0.22) (0.30) (0.66)
(0.45) 1.16 (0.48) 0.67 0.89 1.96
Other Comprehensive Income (B) 1.30 4.40 (0.84) 3.50 (5.48) 3.40
Total Comprehensive Income (A+B) 188.78 192.74 135.28 683.06 532.34 622.91
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 11110.08
Earnings per share (Basic & Diluted) (not annualised for the quarter and 2.03 2.04 1.48 7.37 5.84 6.72
year to date end) - Rs.
Notes:
1. For the quarter, Revenue from operations at Rs 2030 Crores
increased by 3% over corresponding quarter of the previous year driven by
growth in branded business. Profit before tax at Rs 252 Crores is higher by
43% as compared to corresponding quarter of previous year mainly on account of
revenue growth and improved gross margin which has been partly offset by
higher spends behind brands. Profit after tax is higher by 38% over the
corresponding quarter of previous year.
2. Exceptional item for the current quarter primarily represents costs
relating to business restructure and redundancy cost of Rs 9 Crores.
Exceptional item for the corresponding quarter of previous year represents
costs relating to the business integration of foods business of Rs 6 Crores.
3. During the quarter, the Company has acquired:
(c) 100% equity of Tata SmartFoodz Limited, pursuant to a share purchase
agreement, on November 16, 2021. The acquisition will add Ready-to-Eat
packaged food products under the brand 'Tata Q' in its portfolio and
manufacturing facilities for expansion of the foods business;
(d) control of TRIL Constructions Limited, consequent to a revised
shareholder agreement which converted the associate into a subsidiary with
effect from November 17, 2021.
4. During the quarter ended December 31, 2021, Company's performance
experienced some adverse impact due to Covid pandemic. There can be future
business uncertainties depending on developments in relation to the pandemic,
particularly those arising from the third wave in India, which could include
market closures, supply constraints and commodity cost volatility.
5. 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.
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 02, 2022 and subsequently taken on record by the Board
of Directors at its meeting held on February 02, 2022. The Statutory Auditors
of the Company have conducted limited review on these results.
Sunil D'Souza
Managing Director and CEO
Mumbai: February 02, 2022
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