REG - Tata Global Bev.Ltd - 3rd Quarter Results

Tata Consumer ProductsAnnouncement

06/02/2019 07:25

RNS Number : 2187P
Tata Global Beverages Limited
06 February 2019
 


 
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2018
 
Rs. in Crores




Particulars
 
 
 


Three months ended


Year to date ended


Year ended




December 31, 2018


September

30, 2018


December

31, 2017


December 31, 2018


December

31, 2017


March 31, 2018




Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited




Revenue from Operations


 889.73


847.28


848.43


2645.61


2502.67


3217.32




Other Income


       21.85


74.15


26.29


          155.90


        123.48


147.58




Total Income


     911.58


921.43


874.72


2801.51


2626.15


3364.90




Cost of materials consumed


     562.67


535.67


             505.69


1555.11


1413.09


1871.55




Purchase of stock-in-trade


         4.81


4.68


                 9.03


            15.40


              25.35


33.00




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


     (27.59)


            (19.96)


            (20.02)


            31.01


              48.26


        (1.67)




Employees benefits expense


       55.99


56.14


               56.55


          167.18


            158.03


208.13




Finance costs


         3.56


2.69


                 3.51


              9.94


              10.13


13.65




Depreciation and amortisation expense


          7.91


7.72


                 6.99


            22.95


              19.88


27.20




Advertisement and sales charges


        54.62


67.73


               52.62


          163.70


            154.73


216.12




Other expenses


      125.25


104.74


               96.08


          334.00


            272.02


388.81




Total Expenses


      787.22


759.41


710.45


2299.29


2101.49


2756.79




Profit before Exceptional Items and Tax


      124.36


162.02


164.27


          502.22


            524.66


608.11




Exceptional Items (Net)


                -  


                   -  


             102.08


                    -  


            120.85


       115.36




Profit before Tax


     124.36


             162.02


           266.35


        502.22


            645.51


       723.47




Tax Expense (Net of reversal)


(34.70)


           (41.72)


            (57.92)


       (144.55)


         (164.35)


     (189.15)




Net Profit after Tax (A)


       89.66


             120.30


            208.43


          357.67


            481.16


       534.32




Other Comprehensive Income


 


 


 


 


 


 




i) Items that will not be reclassified to profit or loss (net of tax)


 


 


 


 


 


 




Remeasurement of defined benefit plans


       (8.75)


              (0.52)


                 7.89


           (3.96)


                6.99


         12.58




Changes in fair valuation of equity instruments


          3.92


              (2.02)


                 6.96


              4.63


              58.39


         53.31




 


      (4.83)


              (2.54)


               14.85


              0.67


              65.38


         65.89




ii) Items that will be reclassified to profit or loss (net of tax)


 


 


 


 


 


 




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


         5.28


              (1.94)


      0.70


              1.76


             (0.91)


        (1.76)




Other Comprehensive Income (Net of tax) (B)


         0.45


              (4.48)


               15.55


              2.43


              64.47


         64.13




Total Comprehensive Income (A+B)


       90.11


             115.82


             223.98


          360.10


            545.63


598.45




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


      63.11


63.11


63.11


            63.11


              63.11


63.11




Reserves excluding Revaluation Reserves


 


 


 


 


 


4128.38




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


                    1.42


                1.90


                  3.30


                5.67


                 7.62


               8.47




 
 
 
 
 
 
 
 
Notes:
 
 
1.  For the quarter, Revenue from operations at Rs 890 crores increased by 5% over corresponding quarter of the previous year. Profit before tax at Rs 124 crores is lower as compared to corresponding quarter of previous year on account of higher commodity costs and discretionary/one off items. Consequently Profit after tax at Rs 90 crores is lower. 
2.  Exceptional item for the corresponding quarter of the previous year mainly represents profit on divestment of stake in an Associate of Rs 105 crores.
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.  Effective April 1, 2018, the Company has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Company.
5.  Previous period's figures have been regrouped / rearranged, to the extent necessary, to confirm to current period's classifications.
6.  The aforementioned results were reviewed by the Audit Committee of the Board on February 4, 2019 and subsequently taken on record by the Board of Directors at its meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
 
 
In terms of our report attached




For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
Firm's Registration No. 117366W/W-100018
 
 
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: February 5, 2019


 
 
 
 
 
    
Ajoy Misra
Managing Director and CEO




 
 
 
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website : www.tataglobalbeverages.com
Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2018
                                                                                                                                                                                                                                                           Rs. in Crores




Particulars


Three months ended


Year to Date ended


Year Ended




December

31, 2018


September 30, 2018


December 31, 2017


December 31, 2018


December 31, 2017


March 31, 2018




Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited




 Revenue from Operations


1912.58


1760.87


1730.39


5476.04


5126.95


6815.35




 Other Income


22.59


70.79


20.55


121.90


68.43


94.15




 Total Income


1935.17


1831.66


1750.94


5597.94


5195.38


6909.50




 Cost of Materials Consumed


861.77


842.00


836.92


2481.13


2405.66


3203.22




 Purchase of stock in trade


148.69


174.86


110.63


538.24


344.54


542.89




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


46.47


(18.85)


(20.04)


15.93


9.33


(46.80)




 Employee Benefits Expense


205.14


194.95


206.71


603.29


610.67


821.37




 Finance Costs


12.95


11.47


8.50


36.99


29.18


42.76




 Depreciation and Amortisation Expense


29.62


30.48


29.05


89.59


87.57


116.04




 Advertisement and Sales charges


155.23


144.65


126.68


417.93


373.63


508.91




 Other Expenses


299.06


256.61


234.41


807.88


689.91


946.85




 Total Expenses


1758.93


1636.17


1532.86


4990.98


4550.49


6135.24




 Profit before Exceptional Items and Tax


176.24


195.49


218.08


606.96


644.89


774.26




 Exceptional Items (Net)


                -  


(6.72)


(12.41)


(24.90)


(19.48)


(21.13)




 Profit before Tax


176.24


188.77


205.67


582.06


625.41


753.13




 Tax Expense (Net of reversal)


(54.92)


(63.68)


(19.56)


(202.05)


(172.85)


(185.87)




 Net Profit after Tax


121.32


125.09


186.11


380.01


452.56


567.26




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


(12.43)


58.87


2.53


40.98


32.38


(10.76)




 Group Consolidated Net Profit (A)


108.89


183.96


188.64


420.99


484.94


556.50




 Attributable to :


 


 


 


 


 


 




 Owners of the Parent


99.32


169.73


167.87


385.29


436.11


495.56




 Non Controlling Interest


9.57


14.23


20.77


35.70


48.83


60.94




 Other Comprehensive Income


 


 


 


 


 


 




 i) Items that will not be reclassified to profit or loss (Net of tax)


 


 


 


 


 


 




 Remeasurement of the defined benefit plans


(13.19)


16.88


20.34


29.57


43.64


59.97




 Changes in fair valuation of equity instruments


4.15


(2.11)


8.31


5.10


60.39


59.40




  


(9.04)


14.77


28.65


34.67


104.03


119.37




 ii) Items that will be reclassified to profit or loss (Net of tax)


 


 


 


 


 


 




 Exchange differences on translation of foreign operations


(288.81)


267.83


(75.74)


(21.11)


199.11


407.80




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


7.02


(15.80)


2.75


(6.58)


(12.85)


(21.86)




  


(281.79)


252.03


(72.99)


(27.69)


186.26


385.94




 Total Other Comprehensive Income, net of tax (B)


(290.83)


266.80


(44.34)


6.98


290.29


505.31




 Attributable to :


 


 


 


 


 


 




 Owners of the Parent


(248.06)


227.33


(36.12)


10.90


255.25


436.30




 Non Controlling Interest


(42.77)


39.47


(8.22)


(3.92)


35.04


69.01




 Total Comprehensive Income (A+B)


(181.94)


450.76


144.30


427.97


775.23


1061.81




 Attributable to :


 


 


 


 


 


 




 Owners of the Parent


(148.74)


397.06


131.75


396.19


691.36


931.86




 Non Controlling Interest


(33.20)


53.70


12.55


31.78


83.87


129.95




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


63.11


63.11


63.11


63.11


63.11


63.11




 Reserves excluding Revaluation Reserve


 


 


 


 


 


6946.63




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


1.57


2.69


2.66


6.10


6.91


7.85




 
 
 
 
 
Notes:
1.       For the quarter, Revenue from operations increased by 12% after excluding the impact of business exit as compared to the corresponding quarter of the previous year. At constant currency revenue growth is 7%. Profit before tax at Rs 176 Crores is lower as compared to corresponding quarter of the previous year mainly due to higher commodity cost, increased spends behind brands and discretionary/one off items. The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 Crores recognised in corresponding quarter of the previous year arising on account of changes in US tax legislation reducing the tax rates, and lower share of profits from Associates and Joint Ventures.
2.       Exceptional items for the corresponding quarter of the previous year represents redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores.
3.       Share of profits in Associates and Joint Ventures include results of an Associate, operating in North India plantations which are seasonal in nature.
4.       Effective April 1, 2018, the Group has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Group.
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 February 4, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
7.       The Consolidated and Standalone result for the quarter and nine months ended December 31, 2018 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).
 
 
In terms of our report attached




For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
Firm's Registration No. 117366W/W-100018
 
 
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: February 5, 2019 


 
 
 
 
 
      Ajoy Misra
Managing Director and CEO




 
 
 
 
 
 
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 and nine months ended December 31, 2018
                 Rs. in Crores




Particulars


  Three months ended


  Year to Date ended


 Year ended




December 31, 2018


September 30, 2018


December 31, 2017


December 31, 2018


 December 31, 2017


 March 31, 2018




Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Audited




Segment Revenue


 


 


 


 


 


 




Branded Business


 


 


 


 


 


 




(a) Tea


1389.11


1248.22


1291.47


3951.64


3745.55


4922.79




(b) Coffee


326.25


303.47


253.23


921.38


793.08


1079.52




(c) Others


6.95


6.36


8.22


23.47


26.06


35.73




Total Branded Business


1722.31


1558.05


1552.92


4896.49


4564.69


6038.04




Non Branded Business


198.75


209.66


188.97


601.26


595.70


815.17




Total Segment Revenue


1921.06


1767.71


1741.89


5497.75


5160.39


6853.21




Less: Inter segment Sales


(8.48)


(6.84)


(11.50)


(21.71)


(33.44)


(37.86)




Revenue from Operations


1912.58


1760.87


1730.39


5476.04


5126.95


6815.35




Segment Results


 


 


 


 


 


 




Branded Business


 


 


 


 


 


 




(a) Tea


168.16


165.01


193.32


543.19


542.66


689.72




(b) Coffee


44.06


38.14


63.08


125.70


154.30


197.63




(c) Others


(4.74)


(6.51)


(5.89)


(15.00)


(11.37)


(18.24)




Total Branded Business


207.48


196.64


250.51


653.89


685.59


869.11




Non Branded Business


5.96


10.06


6.02


33.72


52.01


41.71




Total Segment Results


213.44


206.70


256.53


687.61


737.60


910.82




Add/Less


 


 


 


 


 


 




Finance Cost


(12.95)


(11.47)


(8.50)


(36.99)


(29.18)


(42.76)




Unallocable items


(24.25)


(6.46)


(42.36)


(68.56)


(83.01)


(114.93)




Profit Before Tax


176.24


188.77


205.67


582.06


625.41


753.13




Segment Assets


 


 


 


 


 


 




Branded Business


 


 


 


 


 


 




(a) Tea


5048.26


4965.22


4730.62


5048.26


4730.62


4420.96




(b) Coffee


1880.21


2022.07


1655.87


1880.21


1655.87


1772.84




(c) Others


41.61


41.39


41.09


41.61


41.09


47.41




Total Branded Business


6970.08


7028.68


6427.58


6970.08


6427.58


6241.21




Non Branded Business


1430.23


1426.49


1157.09


1430.23


1157.09


1255.68




Total Segment Assets


8400.31


8455.17


7584.67


8400.31


7584.67


7496.89




Unallocable Corporate Assets


2631.17


2890.27


2672.63


2631.17


2672.63


3095.32




Total Assets


11031.48


11345.44


10257.30


11031.48


10257.30


10592.21




Segment Liabilities


 


 


 


 


 


 




Branded Business


 


 


 


 


 


 




(a) Tea


783.79


811.48


852.30


783.79


852.30


794.52




(b) Coffee


212.63


216.17


129.77


212.63


129.77


163.78




(c) Others


17.63


11.05


7.96


17.63


7.96


18.18




Total Branded Business


1014.05


1038.70


990.03


1014.05


990.03


976.48




Non Branded Business


189.33


183.22


120.11


189.33


120.11


140.35




Total Segment Liabilities


1203.38


1221.92


1110.14


1203.38


1110.14


1116.83




Unallocable Corporate Liabilities


1580.42


1689.02


1390.57


1580.42


1390.57


1434.74




Total Liabilities


2783.80


2910.94


2500.71


2783.80


2500.71


2551.57




 
 
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, unallocable other income and exceptional items.
 
 
 
 
 
                                                      Ajoy Misra
 
Mumbai: February 5, 2019                                          (Managing Director and CEO)




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