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Sector
Consumer Defensives
Size
Large Cap
Market Cap £4.43bn
Enterprise Value £4.43bn
Revenue £1.08bn
Position in Universe 168th / 1803

Tata Consumer Prod. - 1st Quarter Results

Fri 21st August, 2020 7:00am
RNS Number : 7622W
Tata Consumer Products Limited
20 August 2020
 

 

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 ended June 30, 2020

Rs. in Crores

Particulars

Three months ended

Year ended

June 30,
 2020

March 31,
 2020

June 30,
 2019 *

March 31,
 2020

Unaudited

Refer Note 7

Unaudited

Audited

 Revenue from Operations

2713.91

2405.03

2392.36

9637.42

 Other Income

32.71

21.93

33.09

111.59

 Total Income

2746.62

2426.96

2425.45

9749.01

 Cost of Materials Consumed

1013.85

872.98

879.21

3606.66

 Purchase of stock in trade

533.32

483.56

409.91

1796.24

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

(46.55)

(44.60)

75.79

7.78

 Employee Benefits Expense

229.05

231.57

213.76

884.80

 Finance Costs

17.28

18.70

18.63

77.86

 Depreciation and Amortisation Expense

61.90

64.04

57.57

241.71

 Advertisement and Sales charges

133.76

181.37

131.28

676.72

 Other Expenses

367.83

371.79

331.54

1373.07

 Total Expenses

2310.44

2179.41

2117.69

8664.84

 Profit before Exceptional Items and Tax

436.18

247.55

307.76

1084.17

 Exceptional Items (Net)

63.31

             (264.39)

(8.06)

(274.79)

 Profit before Tax

499.49

(16.84)

299.70

809.38

 Tax Expense

 

 

 

 

 Current tax

(27.10)

(28.73)

(18.27)

(89.05)

 Deferred tax

(83.30)

(4.64)

(83.91)

(185.14)

 Total Tax Expense (Net)

(110.40)

(33.37)

(102.18)

(274.19)

 Net Profit after Tax

389.09

(50.21)

197.52

535.19

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

(43.54)

(72.27)

(7.43)

(75.08)

 Group Consolidated Net Profit (A)

345.55

(122.48)

190.09

460.11

 Attributable to :

 

 

 

 

 Owners of the Parent

327.56

(76.49)

173.74

459.76

 Non Controlling Interest

17.99

(45.99)

16.35

0.35

 Other Comprehensive Income

 

 

 

 

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

 

 

 

 

 Remeasurement of the defined benefit plans

(61.73)

83.67

(3.86)

31.18

 Changes in fair valuation of equity instruments

1.60

6.08

4.04

12.50

 

 

(60.13)

89.75

0.18

43.68

 Tax impact on above items

7.14

(13.21)

2.61

(3.31)

  

(52.99)

76.54

2.79

40.37

 ii) Items that will be reclassified to profit or loss

 

 

 

 

 Exchange differences on translation of foreign operations

(10.22)

21.06

(90.61)

225.69

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

(38.27)

(37.11)

22.92

13.48

  

(48.49)

(16.05)

(67.69)

239.17

 Tax impact on above items

8.25

15.44

(5.67)

1.94

  

(40.24)

(0.61)

(73.36)

241.11

 Total Other Comprehensive Income (B)

(93.23)

75.93

(70.57)

281.48

 Attributable to :

 

 

 

 

 Owners of the Parent

(80.85)

65.71

(57.80)

233.89

 Non Controlling Interest

(12.38)

10.22

(12.77)

47.59

 Total Comprehensive Income (A+B)

252.32

(46.55)

119.52

741.59

 Attributable to :

 

 

 

 

 Owners of the Parent

246.71

(10.78)

115.94

693.65

 Non Controlling Interest

5.61

(35.77)

3.58

47.94

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

92.16

92.16

92.16

92.16

 Reserves excluding Revaluation Reserve

 

 

 

13700.84

 Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs

3.55

(0.83)

1.89

4.99

 

* Restated (Refer Note 6)

 

Notes:

1.  For the quarter, Revenue from operations is higher by 13% (11% in constant currency) as compared to corresponding quarter of the previous year led by volume and value growth in branded business both in India and International. Profit before exceptional items and tax at Rs 436 Crores is higher by 42% as compared to corresponding quarter of the previous year, mainly on account of higher revenue and lower level of expenditure including commodity costs. Group Consolidated Net Profit is higher as compared to corresponding quarter of the previous year on account of higher exceptional items partly offset by higher shares of losses in Associates & Joint Ventures.

2.  The Company along with its subsidiaries and affiliates continues to manufacture and supply essential food and beverage items in domestic and international markets in the current COVID environment. The demand for the Group's food and beverage products for in home consumption was buoyant, whereas business segments in out of home consumption were adversely impacted, with an overall favourable impact on the revenue from operations. Share of profit/(loss) from Associates/Joint Ventures were impacted due to the adverse impact of COVID on operations of Tata Starbucks. Lock down conditions will have adverse impact on out of home segments, may cause supply constraints and result in commodity cost volatility. Based on the trends observed, there is some tapering off of demand across geographies and significant hardening of commodity costs in India. Impact on future operations would to a large extent depend on how the pandemic develops.

3.  Exceptional item for the current quarter represent gain of Rs 84 Crores on conversion of a Joint Venture into a Subsidiary (Refer Note 4) and costs relating to the business integration of foods business Rs 21 Crores. Exceptional items for the corresponding quarter of the previous year represent costs relating to scheme of merger.

4.  The Parent Company has acquired 50% stake of PepsiCo India Holdings Pvt. Ltd. in NourishCo Beverages Limited, consequently converting the Joint Venture into a wholly owned subsidiary with effect from May 18, 2020.

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.  Figures of the quarter ended June 30, 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.

7.  Figures of the quarter ended March 31, 2020 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.

8.  Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

9.  The aforementioned results were reviewed by the Audit Committee of the Board on August 3, 2020 and subsequently taken on record by the Board of Directors at its Meeting held on August 4, 2020. The Statutory Auditors of the Company have conducted limited review on these results.

10. The Consolidated and Standalone result for the quarter ended June 30, 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).

 

 

 

 

 

 

 

 

 

Mumbai: August 4, 2020

                                                                                                                    Sunil D'Souza
                                                                                                             Managing Director and CEO

 

 

 

 

 

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

 

Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter ended June 30, 2020

Rs. in Crores

Particulars

  Three months ended

  Year ended

June 30,

2020

March 31, 2020

June 30, 2019 *

March 31, 2020

Unaudited

Refer Note 7

Unaudited

Audited

Segment Revenue

 

 

 

 

Branded Business

 

 

 

 

India - Beverages

1000.46

754.83

901.37

3376.89

India - Foods

589.06

524.44

          495.22

2063.74

International - Beverages

867.38

874.41

754.28

3226.04

Total Branded Business

2456.90

2153.68

2150.87

8666.67

Non Branded Business

264.42

251.28

242.92

974.94

Total Segment Revenue

2721.32

2404.96

2393.79

9641.61

Others

1.07

6.42

6.05

26.63

Less: Inter segment Sales

(8.48)

(6.35)

(7.48)

(30.82)

Revenue from Operations

2713.91

2405.03

2392.36

9637.42

Segment Results

 

 

 

 

Branded Business

 

 

 

 

India - Beverages

215.30

87.15

138.03

465.14

India - Foods

114.56

57.27

            74.49

           266.45

International - Beverages

125.49

128.51

79.24

360.76

Total Branded Business

455.35

272.93

291.76

1092.35

Non Branded Business

13.95

1.19

21.95

55.65

Total Segment Results

469.30

274.12

313.71

1148.00

Add/Less

 

 

 

 

Other Income

29.29

17.94

30.03

93.35

Finance Cost

(17.28)

(18.70)

(18.63)

(77.86)

Unallocable items

(45.13)

(25.81)

(17.35)

(79.32)

Exceptional Items

63.31

(264.39)

(8.06)

(274.79)

Profit Before Tax

499.49

(16.84)

299.70

809.38

Segment Assets

 

 

 

 

Branded Business

 

 

 

 

India - Beverages

1543.00

1554.03

1301.73

1554.03

India - Foods

6204.81

6231.66

6272.62

6231.66

International - Beverages

5355.44

5352.99

5248.25

5352.99

Total Branded Business

13103.25

13138.68

12822.60

13138.68

 Non Branded Business

1575.68

1599.93

1541.49

1599.93

Total Segment Assets

14678.93

14738.61

14364.09

14738.61

Unallocable Corporate Assets

4308.73

3763.99

3058.66

3763.99

Total Assets

18987.66

18502.60

17422.75

18502.60

Segment Liabilities

 

 

 

 

Branded Business

 

 

 

 

India - Beverages

715.00

538.32

521.06

538.32

India - Foods

243.15

240.72

          174.13

           240.72

International - Beverages

754.15

759.99

634.80

759.99

Total Branded Business

1712.30

1539.03

1329.99

1539.03

Non Branded Business

158.34

186.98

155.34

186.98

Total Segment Liabilities

1870.64

1726.01

1485.33

1726.01

Unallocable Corporate Liabilities

1976.10

1869.26

1637.41

1869.26

Total Liabilities

3846.74

3595.27

3122.74

3595.27

 

* Restated (Refer Note 6)

 

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 ended June 30, 2020

Rs. in Crores

Particulars

Three months ended

Year ended

 

June 30

2020

March 31

2020

June 30 *

2019

 March 31

2020

 

Unaudited

Refer note 7

Unaudited

Audited

Revenue from Operations

1605.43

1335.31

1464.04

5690.24

Other Income

                  45.70

16.70

40.94

             117.75

Total Income

1651.13

1352.01

1504.98

5807.99

Cost of materials consumed

                603.91

527.09

           578.87

2305.02

Purchase of stock-in-trade

                340.15

287.42

           252.29

1123.86

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

                    5.62

            (26.40)

             81.16

44.36

Employees benefits expense

                  71.77

74.35

             67.89

283.44

Finance costs

                    6.53

6.79

               5.88

25.73

Depreciation and amortisation expense

                  29.59

33.00

             25.25

114.82

Advertisement and sales charges

                  56.49

107.92

             72.65

384.91

Other expenses

                201.81

204.55

           178.22

744.63

Total Expenses

1315.87

1214.72

1262.21

5026.77

Profit before Exceptional Items and Tax

                335.26

137.29

242.77

             781.22

Exceptional Items (Net)

               (21.00)

            (41.41)

             (8.06)

  (51.81)

Profit before Tax

314.26

95.88

           234.71

729.41

Tax Expense

 

 

 

 

Current Tax

                 (1.13)

                2.11

                    -  

                 0.61

Deferred Tax

               (80.82)

            (27.06)

           (80.22)

           (206.48)

Total Tax Expense (net of reversals)

               (81.95)

           (24.95)

          (80.22)

           (205.87)

Net Profit after Tax (A)

              232.31

             70.93

           154.49

             523.54

Other Comprehensive Income

 

 

 

 

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

 

 

 

 

Remeasurement of defined benefit plans

               (14.43)

             (9.56)

           (10.59)

             (28.18)

Changes in fair valuation of equity instruments

                    1.60

                4.67

               3.48

                9.84

 

               (12.83)

             (4.89)

             (7.11)

             (18.34)

Tax impact of above items

                    3.63

                3.44

               3.70

                 7.47

 

                 (9.20)

             (1.45)

             (3.41)

             (10.87)

ii) Items that will be reclassified to profit or loss

 

 

 

 

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

                 (0.84)

            (1.67)

               0.12

              (6.53)

Tax impact of above item

                    0.21

                0.68

             (0.04)

                 2.13

 

                (0.63)

             (0.99)

               0.08

              (4.40)

Other Comprehensive Income (B)

                (9.83)

             (2.44)

             (3.33)

             (15.27)

Total Comprehensive Income (A+B)

               222.48

             68.49

           151.16

             508.27

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

                 92.16

92.16

             92.16

               92.16

Reserves excluding Revaluation Reserves

 

 

 

10735.99

Earnings per share (Basic & Diluted) (not annualised for the quarter end) - Rs.

                   2.52

               0.77

               1.68

                 5.68

 

*Restated (Refer Note 6)

 

Notes:

1.  For the quarter, Revenue from operations at Rs 1605 crores increased by 10% over corresponding quarter of the previous year due to improvements in volume and value realisation in both branded beverages and food business. Profit before exceptional items at Rs 335 crores is higher by 38% as compared to corresponding quarter of previous year due to growth in revenue coupled with lower commodity costs and lower spends on advertisement and sales charges. Profit after tax is also higher than corresponding quarter of previous year.

2.  The Company continues to manufacture and supply essential food and beverage items in the current COVID environment. The demand for the food and beverage products for in home consumption was buoyant, with favourable impact on revenue from the operations. Lock down conditions can cause supply constraints and result in commodity cost volatility. Based on the trends observed, there is some tapering off of demand and significant hardening of commodity costs. Impact on future operations would to a large extent depend on how the pandemic develops.

3.  Exceptional item for the current quarter represent business integration costs of foods business.

4.  During the quarter, the Company has acquired entire 50% stake of PepsiCo India Holdings Pvt. Ltd in NourishCo Beverages Limited (NCBL) consequently converting the Joint- Venture into a wholly-owned subsidiary of the Company with effect from May 18, 2020.

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.  Figures of the quarter ended June 30, 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.

7.  Figures of the quarter ended March 31, 2020 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.

8.  Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

9.  The aforementioned results were reviewed by the Audit Committee of the Board on August 3, 2020 and subsequently taken on record by the Board of Directors at its meeting held on August 4, 2020. The Statutory Auditors of the Company have conducted limited review on these results.

 

 

 

 

 

 

 

 

 

 

 

Mumbai: August 4, 2020

 

 

 

 

 

 

         Sunil D'Souza
Managing Director and CEO

 


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