REG - Tata Consumer Prod. - 3rd Quarter Results
07/02/2023 10:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230207:nRSG1720Pa&default-theme=true
RNS Number : 1720P Tata Consumer Products Limited 07 February 2023
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 and nine months ended
December 31, 2022
Rs. In Crores
Particulars Three months ended Year to date ended Year ended
December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021 March 31,
2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 3474.55 3363.05 3208.38 10164.43 9249.96 12425.37
Other Income 48.93 29.31 25.04 113.58 92.67 140.06
Total Income 3532.48 3392.36 3233.42 10278.01 9342.63 12565.43
Cost of Materials Consumed 1350.50 1327.27 1161.58 4038.25 3707.24 4908.36
Purchase of stock in trade 705.50 677.49 551.64 2076.46 1579.47 2215.39
Changes in inventories of finished goods, work in progress and stock in (23.98) (45.55) 93.36 (214.40) 38.57 (39.78)
trade
Employee Benefits Expense 283.02 273.83 258.91 834.29 779.96 1048.00
Finance Costs 23.68 19.55 16.16 59.50 56.37 72.78
Depreciation and Amortisation Expense 75.16 73.14 69.80 221.22 205.90 278.01
Advertisement and Sales charges 228.41 216.90 245.34 656.91 615.43 840.99
Other Expenses 477.44 479.27 435.89 1428.12 1254.84 1733.63
Total Expenses 3119.73 3021.90 2832.68 9100.35 8237.78 11057.38
Profit before Exceptional Items and Tax 403.75 370.46 400.74 1177.66 1104.85 1508.05
Exceptional Items (Net) 78.57 111.22 (13.18) 165.82 (33.41) (52.06)
Profit before Tax 482.32 481.68 387.56 1343.48 1071.44 1455.99
Tax Expense
Current tax (96.11) (108.79) (62.95) (287.55) (174.14) (220.24)
Deferred tax (16.76) (17.91) (36.93) (54.99) (107.58) (156.80)
Total Tax Expense (Net) (112.87) (126.70) (99.88) (342.54) (281.72) (377.04)
Net Profit after Tax 369.45 354.98 287.68 1000.94 789.72 1078.95
Share of net profit/(loss) in Associates and Joint Ventures using equity (5.02) 34.45 2.39 29.64 (13.61) (63.79)
method
Group Consolidated Net Profit (A) 364.43 389.43 290.07 1030.58 776.11 1015.16
Attributable to :
Owners of the Parent 351.76 327.96 265.05 935.18 718.24 935.78
Non Controlling Interest 12.67 61.47 25.02 95.40 57.87 79.38
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit plans (33.82) (50.79) 54.18 (87.87) 15.53 55.91
Changes in fair valuation of equity instruments 2.86 14.18 (0.18) 16.79 4.69 4.67
(30.96) (36.61) 54.00 (71.08) 20.22 60.58
Tax impact on above items 7.37 9.71 (10.90) 17.36 (17.34) (25.61)
(23.59) (26.90) 43.10 (53.72) 2.88 34.97
ii) Items that will be reclassified to profit or loss
Exchange differences on translation of foreign operations 385.91 (188.33) 18.44 120.80 (0.31) 12.74
Gains/(loss) on Effective portion of cash flow hedges (26.01) (5.73) (14.01) (41.48) 41.80 10.63
359.90 (194.06) 4.43 79.32 41.49 23.37
Tax impact on above items 9.35 (0.91) 2.74 12.09 (12.90) 0.90
369.25 (194.97) 7.17 91.41 28.59 24.27
Total Other Comprehensive Income (B) 345.66 (221.87) 50.27 37.69 31.47 59.24
Attributable to :
Owners of the Parent 368.62 (198.12) 44.52 91.51 22.40 50.78
Non Controlling Interest (22.96) (23.75) 5.75 (53.82) 9.07 8.46
Total Comprehensive Income (A+B) 710.09 167.56 340.34 1068.27 807.58 1074.40
Attributable to :
Owners of the Parent 720.38 129.84 309.57 1026.69 740.64 986.56
Non Controlling Interest (10.29) 37.72 30.77 41.58 66.94 87.84
Paid-up equity share capital (Face value of Re 1 each) 92.90 92.16 92.16 92.90 92.16 92.16
Reserves excluding Revaluation Reserve 15027.92
Earnings per share (not annualised for the quarter and year to dateended)
Basic - Rs 3.79 3.56 2.88 10.12 7.79 10.15
Diluted - Rs 3.79 3.56 2.88 10.12 7.79 10.15
Notes:
1. For the quarter, Revenue from operations increased by 8% (7% in
constant currency) as compared to corresponding quarter of the previous year,
mainly driven by underlying growth of 8% in India Business, 2% in
International Business and 22% in Non-Branded Business. Profit before
exceptional items and tax at Rs 404 Crores is 1% higher as compared to
corresponding quarter of the previous year reflecting strong growth in the
domestic business partly offset by lower profits in the international business
due to inflationary pressures and weakness in currency. After considering
exceptional items, Group Consolidated Net Profit at Rs 364 Crores is higher by
26%.
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 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 and nine months ended December 31,
2022.
3. During the quarter, the Holding Company has acquired 10.15% additional
stake in Tata Consumer Products UK Group Limited, an overseas subsidiary from
Tata Enterprises (Overseas) AG (TEO) thereby making it a wholly owned
subsidiary of the Holding Company. This transaction was approved by the
Shareholder of the Company on April 29, 2022 and was consummated on October
21, 2022 through preferential issue of 74,59,935 equity shares of the Company
to TEO.
4. The Group has acquired control in an overseas joint venture, Joekels
Tea Packers Proprietary Limited, with effect from December 28, 2022, pursuant
to acquiring 23.3% additional stake and increasing its shareholding to 75%,
consequently Joekels Tea Packers Proprietary Limited has been accounted as a
subsidiary.
5. Exceptional items for the current quarter mainly represent a gain,
based on fair valuation, of Rs 88 Crores, determined as per Ind AS 103 -
Business Combinations, arising out of acquiring control of an overseas joint
venture (Refer Note 4 above) and costs relating to the business restructure
& reorganisation of Rs 7 Crores and cost relating to scheme of arrangement
of Rs 2 Crores. Exceptional item for the corresponding quarter of the previous
year of Rs 13 Crores represents costs relating to the business restructure and
redundancy.
6. 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.
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 February 02, 2023 and subsequently taken on record by the Board of
Directors at its Meeting held on February 02, 2023. The Statutory Auditors of
the Company have conducted limited review on these results.
9. The Consolidated and Standalone results for the quarter and nine months
ended December 31, 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: February 2, 2023
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 Segment wise Revenue, Results, Assets and Liabilities
for the quarter and nine months ended December 31, 2022
Rs. In Crores
Particulars Three months ended Year to date ended Year ended
December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021 March 31,
2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue
Branded Business
India Business 2165.34 2159.95 2010.04 6470.49 5959.88 7913.54
International Business 929.93 838.87 896.62 2605.42 2445.47 3335.66
Total Branded Business 3095.27 2998.82 2906.66 9075.91 8405.35 11249.20
Non Branded Business 391.30 371.80 312.25 1114.80 869.80 1214.44
Total Segment Revenue 3486.57 3370.62 3218.91 10190.71 9275.15 12463.64
Others 10.78 13.71 4.50 31.90 13.51 13.78
Less: Inter segment Sales (22.80) (21.28) (15.03) (58.18) (38.70) (52.05)
Revenue from Operations 3474.55 3363.05 3208.38 10164.43 9249.96 12425.37
Segment Results
Branded Business
India Business 300.40 307.68 262.89 881.23 754.14 1011.67
International Business 88.42 59.71 144.21 252.59 349.90 478.37
Total Branded Business 388.82 367.39 407.10 1133.82 1104.04 1490.04
Non Branded Business 27.18 29.98 23.17 96.57 63.34 92.65
Total Segment Results 416.00 397.37 430.27 1230.39 1167.38 1582.69
Add/(Less)
Other Income 44.28 25.41 18.94 102.82 76.19 109.94
Finance Cost (23.68) (19.55) (16.16) (59.50) (56.37) (72.78)
Unallocable items (32.85) (32.77) (32.31) (96.05) (82.35) (111.80)
Exceptional Items 78.57 111.22 (13.18) 165.82 (33.41) (52.06)
Profit Before Tax 482.32 481.68 387.56 1343.48 1071.44 1455.99
Segment Assets
Branded Business
India Business 9600.51 9197.90 9391.59 9600.51 9391.59 9099.75
International Business 6092.08 5420.05 5338.40 6092.08 5338.40 5384.58
Total Branded Business 15692.59 14617.95 14729.99 15692.59 14729.99 14484.33
Non Branded Business 1776.42 1831.69 1646.85 1776.42 1646.85 1752.27
Total Segment Assets 17469.01 16449.64 16376.84 17469.01 16376.84 16236.60
Unallocable Corporate Assets 4362.58 4361.56 4072.81 4362.58 4072.81 4880.99
Total Assets 21831.59 20811.20 20449.65 21831.59 20449.65 21117.59
Segment Liabilities
Branded Business
India Business 1922.02 1692.93 1691.30 1922.02 1691.30 1756.03
International Business 831.43 805.77 716.98 831.43 716.98 785.88
Total Branded Business 2753.45 2498.70 2408.28 2753.45 2408.28 2541.91
Non Branded Business 188.83 194.04 158.58 188.83 158.58 178.91
Total Segment Liabilities 2942.28 2692.74 2566.86 2942.28 2566.86 2720.82
Unallocable Corporate Liabilities 2095.08 2041.66 1809.38 2095.08 1809.38 2103.21
Total Liabilities 5037.36 4734.40 4376.24 5037.36 4376.24 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 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
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, 2022
Rs. In Crores
Three months ended Year to date ended Year ended
Particulars
December 31 September 30 December 31 December 31 December 31 March 31
2022 2022 2021 2022 2021 2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 2153.31 2130.78 2030.48 6360.97 5983.87 7932.29
Other Income 43.42 24.09 23.80 121.41 201.08 238.96
Total Income 2196.73 2154.87 2054.28 6482.38 6184.95 8171.25
Cost of materials consumed 779.59 791.57 746.38 2319.10 2459.77 3195.72
Purchase of stock-in-trade 602.03 551.73 440.47 1705.31 1260.45 1701.63
Changes in inventories of finished goods, work-in-progress & (66.49) (49.10) 57.64 (125.85) 56.58 46.40
stock-in-trade
Employees benefits expense 100.77 95.65 90.91 294.28 268.14 348.41
Finance costs 7.33 7.30 7.28 21.77 22.59 29.78
Depreciation and amortisation expense 36.55 36.19 35.73 107.83 106.70 141.75
Advertisement and sales charges 141.84 144.27 150.14 413.59 369.18 511.25
Other expenses 267.48 260.62 264.30 783.58 746.48 1017.99
Total Expenses 1869.10 1838.23 1792.85 5519.61 5289.89 6992.93
Profit before Exceptional Items and Tax 327.63 316.64 261.43 962.77 895.06 1178.32
Exceptional Items (Net) (8.00) (6.95) (9.41) (26.05) (16.60) (27.23)
Profit before Tax 319.63 309.69 252.02 936.72 878.46 1151.09
Tax Expense
Current Tax (68.75) (67.37) (28.31) (197.94) (101.39) (130.09)
Deferred Tax (13.62) (12.80) (36.23) (39.17) (97.51) (135.25)
Total Tax Expense ( net of reversals) (82.37) (80.17) (64.54) (237.11) (198.90) (265.34)
Net Profit after Tax (A) 237.26 229.52 187.48 699.61 679.56 885.75
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans 0.43 (0.22) 2.62 10.12 (1.31) 30.15
Changes in fair valuation of equity instruments 2.86 14.19 (0.18) 16.79 4.69 4.98
3.29 13.97 2.44 26.91 3.38 35.13
Tax impact of above items (0.45) (1.56) (0.69) (4.47) (0.55) (9.06)
2.84 12.41 1.75 22.44 2.83 26.07
ii) Items that will be reclassified to profit or loss
Gains/(loss) on effective portion of cash flow hedges (0.63) (0.54) (0.61) (1.39) 0.89 (1.65)
Tax impact of above item 0.16 0.13 0.16 0.35 (0.22) 0.41
(0.47) (0.41) (0.45) (1.04) 0.67 (1.24)
Other Comprehensive Income (Net of tax) (B) 2.37 12.00 1.30 21.40 3.50 24.83
Total Comprehensive Income (A+B) 239.63 241.52 188.78 721.01 683.06 910.58
Paid-up equity share capital (Face value of Re. 1 each) 92.90 92.16 92.16 92.90 92.16 92.16
Reserves excluding Revaluation Reserves 11647.89
Earnings per Shares ( not annualised for the quarter and year to date ended)
Basic - Rs 2.56 2.49 2.03 7.58 7.37 9.61
Diluted - Rs 2.56 2.49 2.03 7.58 7.37 9.61
Notes:
1. For the quarter, Revenue from operations at Rs 2153 Crores increased
by 6% over corresponding quarter of the previous year driven by growth in
branded business. Profit before tax at Rs 320 Crores is higher by 27% as
compared to corresponding quarter of previous year mainly on account of
revenue growth. Consequently, Profit after tax is higher by 27% 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 and nine
months ended December 31, 2022.
3. During the quarter, the Company has acquired 10.15% additional stake
in Tata Consumer Products UK Group Limited, an overseas subsidiary from Tata
Enterprises (Overseas) AG (TEO) thereby making it a wholly owned subsidiary of
the Company. This transaction was approved by the Shareholder of the Company
on April 29, 2022 and was consummated on October, 21, 2022 through
preferential issue of 74,59,935 equity shares of the Company to TEO.
4. Exceptional item for the current quarter primarily represents costs
relating to business restructure and reorganisation of Rs 6 Crores and cost
pertaining to Scheme of arrangement of Rs 2 Crore. Exceptional item for the
corresponding quarter of previous year represents costs relating to business
restructure and redundancy cost of Rs 9 Crores.
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 2, 2023 and subsequently taken on record by the Board of
Directors at its meeting held on February 2, 2023. The Statutory Auditors of
the Company have conducted limited review on these results.
Sunil D'Souza
Managing Director and CEO
Mumbai: February 2, 2023
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTUPUWAPUPWUBMRecent news on Tata Consumer Products
See all newsREG - Stock Exch Notice Tata Cnsmr Prod-TGBA - Cancellation - Tata Consumer Products Limited
AnnouncementREG - Tata Consumer Prod. - Intention to cancel listing from the official list
AnnouncementREG - Tata Consumer Prod. - Intention to cancel listing from the Official List
AnnouncementREG - Tata Consumer Prod. - Notice of AGM
AnnouncementREG - Tata Consumer Prod. - Grant of fourth tranche of PSU
Announcement