REG - Tata Global Bev.Ltd - 1st Quarter Results <Origin Href="QuoteRef">TAGL.NS</Origin>

Tata Consumer ProductsAnnouncement

14/08/2017 07:05

RNS Number : 8473N
Tata Global Beverages Limited
12 August 2017
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, 
Website : www.tataglobalbeverages.com
Standalone Financial Results for the quarter ended June 30, 2017
Rs. in Crores
Particulars
Three months ended
Year Ended
June 30
2017
Unaudited
March 31
2017
Refer Note 4
June 30
2016
Unaudited
March 31
2017
Audited
Revenue from Operations
 859.44 
696.57
820.08
3063.89
Other Income 
 45.02 
14.37
12.74
96.34
Total Income 
 904.46 
710.94
832.82
3160.23
Cost of materials consumed
 455.02 
464.52
 463.04 
1867.72
Purchase of stock-in-trade
 8.70 
8.41
 1.31 
23.03
Changes in inventories of finished goods, work-in-progress & stock-in-trade
 47.73 
 (60.98)
 66.36 
 (1.79)
Employees benefits expense
 51.00 
45.41
 46.10 
187.82
Finance costs
 3.12 
9.70
 12.18 
49.10
Depreciation and amortisation expense
 6.28 
6.32
 5.56 
23.70
Advertisement and sales charges
 47.93 
66.43
 36.32 
221.37
Other expenses
 88.85 
107.98
 90.86 
403.09
Total Expenses
 708.63 
647.79
721.73
2774.04
Profit before Exceptional Items and Tax
 195.83 
63.15
111.09
386.19
Exceptional Items 
 18.77 
 - 
 - 
 - 
Profit before Tax
 214.60 
 63.15 
 111.09 
 386.19 
Tax Expense
 (62.12)
 (19.19)
 (37.83)
 (110.19)
Net Profit after Tax (A)
 152.48 
43.96 
73.26 
 276.00 
Other Comprehensive Income




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




Remeasurement of defined benefit plans
 - 
 (3.39)
 (0.89)
 (17.58)
Changes in fair valuation of equity instruments 
 8.92 
 110.57 
 65.43 
 255.55 

 8.92 
 107.18 
 64.54 
 237.97 
ii) Items that will be reclassified to profit or loss




Gains/(loss) on effective portion of cash flow hedges
 (0.54)
 0.81 
 (0.53)
 2.21 
Other Comprehensive Income (Net of tax) (B) 
 8.38 
 107.99 
 64.01 
 240.18 
Total Comprehensive Income (A+B)
 160.86 
 151.95 
 137.27 
516.18
Paid-up equity share capital (Face value of Re. 1 each) 
 63.11 
63.11
63.11
63.11
Reserves excluding Revaluation Reserves



3699.58
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. 
 2.42 
 0.70 
1.16
4.37 
Notes:
1. For the quarter, Revenue from operations at Rs 859 crores increased over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Sales growth in the quarter was muted due to the implementation of GST.Profit before exceptional items at Rs 196 crores is higher by 76% as compared to corresponding quarter of previous year reflecting improved operating performance, higher dividend income and lower finance costs. Total income for the quarter included Rs 40 crores of dividend from overseas subsidiaries (Previous year Nil). After exceptional items, profit after tax at Rs 152 crores was higher by 108%.
2. Exceptional item for the current quarter represents gain on disposal of stake in Zhejiang Tata Tea Extractions Company Limited.
3. The Company has organized its business into Branded Segment and Non Branded Segment. Branded Segment is further categorized as Branded Tea, Branded Coffee and the residual as Branded Others. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting", the Company's reportable activity falls within a single business segment and hence, the segment disclosure requirements are not applicable. 
4. Figures for the quarter ended March 31, 2017 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on August 10, 2017 and subsequently taken on record by the Board of Directors at its meeting held on August 11, 2017. The Statutory Auditors of the Company have conducted limited review on these results.

N Chandrasekaran
Mumbai, August 11, 2017
(Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, 
Website : www.tataglobalbeverages.com
Consolidated Financial Results for the quarter ended June 30, 2017
Rs. in Crores
Particulars
Three months ended
Year ended
June 30, 2017
Unaudited
March 31, 2017
Refer Note 6
June 30, 2016
Unaudited
March 31, 2017
Audited 
Revenue from Operations
1704.42 
1674.26 
1735.46 
6779.55 
Other Income
14.34 
16.82 
21.04 
83.10 
Total Income
1718.76 
1691.08 
1756.50 
6862.65 
Cost of Materials Consumed
791.66 
791.52 
781.97 
3205.82 
Purchase of stock in trade
127.98 
117.18 
67.88 
356.44 
Changes in inventories of finished goods, work in progress and stock in trade
(10.13)
(77.45)
101.97 
(0.69)
Employee Benefits Expense
203.22 
213.21 
208.70 
834.95 
Finance Costs
11.06 
24.77 
22.04 
91.53 
Depreciation and Amortisation Expenses
29.05 
31.20 
36.25 
126.04 
Advertisement and Sales charges
118.19 
165.86 
103.94 
584.65 
Other Expenses
229.33 
285.03 
232.51 
1007.25 
Total Expenses
1500.36 
1551.32 
1555.26 
6205.99 
Profit before Exceptional Items and Tax
218.40 
139.76 
201.24 
656.66 
Exceptional Items (Net)
 5.11 
(42.50)
(1.74)
5.30 
Profit before Tax
223.51 
97.26 
199.50 
661.96 
Tax Expense
(80.54)
(12.90)
(73.21)
(198.31)
Net Profit after Tax
142.97 
84.36 
126.29 
463.65 
Share of net profit/(loss) in Associates and Joint Ventures using equity method
(1.16)
(33.24)
(6.77)
(8.85)
Group Consolidated Net Profit (A)
141.81 
51.12 
119.52 
454.80 
Attributable to :




Owners of the Parent
124.44 
31.41 
103.65 
389.44 
Non Controlling Interest
17.37 
19.71 
15.87 
65.36 
Other Comprehensive Income




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




Remeasurement of the defined benefit plan
17.02 
30.96 
(12.30)
10.24 
Changes in fair valuation of equity instruments
8.98 
112.46 
67.13 
259.37 

26.00 
143.42 
54.83 
269.61 
ii) Items that will be reclassified to profit and loss




Exchange differences on translation of foreign operations
111.23 
(144.98)
(243.68)
(567.36)
Gains/(loss) on Effective portion of cash flow hedges
(11.33)
8.36 
39.96 
19.78 

99.90 
(136.62)
(203.72)
(547.58)
Total Other Comprehensive Income, net of tax (B)
125.90 
6.80 
(148.89)
(277.97)
Attributable to :




Owners of the Parent
109.88 
20.59 
(122.97)
(198.83)
Non Controlling Interest
16.02 
(13.79)
(25.92)
(79.14)
Total Comprehensive Income (A+B)
267.71 
57.92 
(29.37)
176.83 
Attributable to :




Owners of the Parent
234.32 
52.00 
(19.32)
190.61 
Non Controlling Interest
33.39 
5.92 
(10.05)
(13.78)
Paid-up equity share capital (Face value of Re 1 each)
63.11 
63.11 
63.11 
63.11 
Reserves excluding Revaluation Reserve



6180.53 
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs
1.97 
0.50 
1.64 
6.17 
Notes:
1. For the quarter, Revenue from operations at Rs 1704 Crores grew by 1% in underlying terms. However, the reported number reflects a decrease of 2% due to adverse translation impact. Sales growth during the quarter was muted due to introduction of GST in India and phasing of promotions in developed markets.
2. Profit before exceptional items at Rs 218 Crores is higher by 9% as compared to the corresponding quarter of the previous year reflecting good cost management, lower commodity and finance costs partially offset by higher advertising spends. The Groups Consolidated net profit for the quarter at Rs 142 Crores increased by 19% due to improved operating performance, higher exceptional income and lower losses from its Joint Ventures and Associates. The Company's Joint Ventures had a strong quarter with a turnover growth in excess of 20%.
3. Exceptional item for the current quarter represent a gain from disposal of stake in its Chinese Joint venture, Zhejiang Tata Tea Extraction Company Limited. Exceptional items for the corresponding quarter of the previous year represents cost relating to business restructuring.
4. The major part of the Holding Company's business arises from operations outside India and through its subsidiaries. In view of this the Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The Total Income, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below : 


 In Rs Crores
Particulars
Three months ended
Year ended
June 30, 2017
March 31, 2017
June 30, 2016
March 31, 2017
Total Income 
904.46
710.94
832.82
3160.23
Profit before Tax
214.60
63.15
111.09
386.19
Profit after Tax
152.48
43.96
73.26
276.00
Total Comprehensive Income
160.86
151.95
137.27
516.18
Earnings per share - Rs (not annualised for the quarter)
2.42
0.70
1.16
4.37
 
Total income for the quarter includes Rs 40 Crores of dividend from overseas subsidiaries (Previous year - Nil).
5. The Group has decided to restructure its operating model in Russia, by selling its business units along with all assets and operating liabilities for a consideration and to license the brand to the purchaser, Skhodnya Grand LLC and Coffee Pack LLC, Russia. The transaction is subject to completion of conditions precedent including regulatory approvals and expected to be closed over the next 3-4 months. 
6. Figures for the quarter ended March 31, 2017 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
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 August 10, 2017 and subsequently taken on record by the Board of Directors at its Meeting held on August 11 2017. The Statutory Auditors of the company have conducted limited review of these results.
9. The Consolidated and Standalone result for the quarter ended June 30, 2017 are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataglobalbeverages.com ).
 

N Chandrasekaran
Mumbai, August 11, 2017
(Chairman)


Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road Kolkata-700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, 
Website : www.tataglobalbeverages.com
Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter ended June 30, 2017
Rs. in Crores
Particulars
 Three months ended 
Year ended 
June 30, 2017
Unaudited
March 31, 2017
Refer Note 6
June 30, 2016
Unaudited
March 31, 2017
Audited
Segment Revenue




 Branded Business




(a) Tea
1245.66 
1185.27 
1214.78 
4803.48 
(b) Coffee
249.85 
270.34 
296.63 
1117.84 
(c) Others
8.87 
11.16 
6.77 
35.96 
Total Branded Business
1504.38 
1466.77 
1518.18 
5957.28 
Non Branded Business
209.36 
224.42 
231.69 
890.05 
Total Segment Revenue
1713.74 
1691.19 
1749.87 
6847.33 
Less: Inter segment Sales
(9.32)
(16.93)
(14.41)
(67.78)
Revenue from Operations
1704.42 
1674.26 
1735.46 
6779.55 
Segment Results




Branded Business 




(a) Tea
183.12 
112.96 
164.07 
577.72 
(b) Coffee
40.10 
48.54 
55.22 
178.92 
(c) Others
(3.17)
(7.26)
(3.40)
(22.11)
Total Branded Business
220.05 
154.24 
215.89 
734.53 
Non Branded Business
30.73 
46.09 
39.02 
136.97 
Total Segment Results
250.78 
200.33 
254.91 
871.50 
Add/Less




Finance Cost
(11.06)
(24.77)
(22.04)
(91.53)
Other Unallocable items, Other Income & Exceptional Items
(16.21)
(78.30)
(33.37)
(118.01)
Profit Before Tax
223.51 
97.26 
199.50 
661.96 
Segment Assets




Branded Business 




(a) Tea
4172.69 
4145.91 
4078.35 
4145.91 
(b) Coffee
1764.16 
1763.13 
1881.92 
1763.13 
(c) Others
40.56 
44.81 
30.33 
44.81 
Total Branded Business
5977.41 
5953.85 
5990.60 
5953.85 
Non Branded Business
1021.10 
965.55 
880.78 
965.55 
Total Segment Assets
6998.51 
6919.40 
6871.38 
6919.40 
Unallocable Corporate Assets
2857.08 
2665.48 
3115.84 
2665.48 
Total Assets
9855.59 
9584.88 
9987.22 
9584.88 
Segment Liabilities




Branded Business 




(a) Tea
792.87 
795.74 
740.94 
795.74 
(b) Coffee
165.31 
178.62 
147.63 
178.62 
(c) Others
14.65 
40.42 
11.95 
40.42 
Total Branded Business
972.83 
1014.78 
900.52 
1014.78 
Non Branded Business
130.38 
111.25 
116.79 
111.25 
Total Segment Liabilities
1103.21 
1126.03 
1017.31 
1126.03 
Unallocable Corporate Liabilities
1315.20 
1273.85 
1898.34 
1273.85 
Total Liabilities
2418.41 
2399.88 
2915.65 
2399.88 
Notes:
a. The group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as Branded Tea, Branded Coffee and the residual as Branded Others. 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 -
 Branded Tea : Sale of branded tea and various value added forms
 Branded Coffee : Sale of coffee in various value added forms
 Branded Others : Sale of water products
 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 and exceptional items.
 

N Chandrasekaran
Mumbai, August 11, 2017
(Chairman)

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The company news service from the London Stock Exchange
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