REG - Tata Global Bev.Ltd - Annual Financial Report
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 and year ended March 31, 2019
Rs. in Crores
Particulars
Three months ended
Year Ended
March 31, 2019
December 31, 2018
March 31, 2018
March 31, 2019
March 31, 2018
Refer Note 5
Unaudited
Refer Note 5
Audited
Audited
Revenue from Operations
1775.46
1912.58
1688.40
7251.50
6815.35
Other Income
35.23
22.59
25.72
157.13
94.15
Total Income
1810.69
1935.17
1714.12
7408.63
6909.50
Cost of Materials Consumed
813.05
861.77
797.56
3294.18
3203.22
Purchase of stock in trade
189.63
148.69
198.35
727.87
542.89
Changes in inventories of finished goods, work in progress and stock in trade
(30.34)
46.47
(56.13)
(14.41)
(46.80)
Employee Benefits Expense
203.01
205.14
210.70
806.30
821.37
Finance Costs
15.48
12.95
13.58
52.47
42.76
Depreciation and Amortisation Expense
32.98
29.62
28.47
122.57
116.04
Advertisement and Sales charges
129.59
155.23
135.28
547.52
508.91
Other Expenses
296.25
299.06
256.94
1104.13
946.85
Total Expenses
1649.65
1758.93
1584.75
6640.63
6135.24
Profit before Exceptional Items and Tax
161.04
176.24
129.37
768.00
774.26
Exceptional Items (Net)
(8.39)
-
(1.65)
(33.29)
(21.13)
Profit before Tax
152.65
176.24
127.72
734.71
753.13
Tax Expense (Net of reversal)
(58.83)
(54.92)
(13.02)
(260.88)
(185.87)
Net Profit after Tax
93.82
121.32
114.70
473.83
567.26
Share of net profit/(loss) in Associates and Joint Ventures using equity method
(57.83)
(12.43)
(43.14)
(16.85)
(10.76)
Group Consolidated Net Profit (A)
35.99
108.89
71.56
456.98
556.50
Attributable to :
Owners of the Parent
22.90
99.32
59.45
408.19
495.56
Non Controlling Interest
13.09
9.57
12.11
48.79
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
43.80
(13.19)
16.33
73.37
59.97
Changes in fair valuation of equity instruments
(10.47)
4.15
(0.99)
(5.37)
59.40
33.33
(9.04)
15.34
68.00
119.37
ii) Items that will be reclassified to profit or loss (Net of tax)
Exchange differences on translation of foreign operations
38.15
(288.81)
208.69
17.04
407.80
Gains/(loss) on Effective portion of cash flow hedges
(4.60)
7.02
(9.01)
(11.18)
(21.86)
33.55
(281.79)
199.68
5.86
385.94
Total Other Comprehensive Income, net of tax (B)
66.88
(290.83)
215.02
73.86
505.31
Attributable to :
Owners of the Parent
59.68
(248.06)
181.05
70.58
436.30
Non Controlling Interest
7.20
(42.77)
33.97
3.28
69.01
Total Comprehensive Income (A+B)
102.87
(181.94)
286.58
530.84
1061.81
Attributable to :
Owners of the Parent
82.58
(148.74)
240.50
478.77
931.86
Non Controlling Interest
20.29
(33.20)
46.08
52.07
129.95
Paid-up equity share capital (Face value of Re 1 each)
63.11
63.11
63.11
63.11
63.11
Reserves excluding Revaluation Reserve
7246.72
6946.63
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs
0.36
1.57
0.94
6.47
7.85
Notes:
1. For the quarter, Revenue from operations increased by 5%. At constant currency revenue growth is 2%. Profit before exceptional items and tax at Rs 161 Crores is higher by 24% as compared to corresponding quarter of the previous year mainly due to higher sales, lower commodity cost in International markets and improved performance of non-branded business partly offset by higher tea cost in India and discretionary/one off items. Tax expense for the quarter is not comparable to that of the corresponding quarter of the previous year due to one time tax credits which significantly reduced the tax expense for the prior quarter and due to adjustments to deferred tax assets during the current quarter. Share of losses from JVs/ Associates increased primarily due to the impact of seasonal and one off items. Resultantly, Group net profit reported a decline during the quarter.
2. Exceptional item for the current quarter represent past service cost of Rs 8 Crores recognised for UK pension scheme based on recent judicial ruling in the UK. Exceptional items for the corresponding quarter of the previous year represent reorganisation and restructuring cost of Rs 12 Crores and gains on assets held for sale of Rs 10 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. Figures for the quarter ended March 31, 2019 and March 31, 2018 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.
6. Consolidated Statement of Asset and Liabilities as at March 31, 2019 along with comparatives is annexed.
7. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2019.
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 April 22, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on April 23, 2019. The Statutory Auditors of the Company have audited the annual results.
10. The Consolidated and Standalone result for the quarter and year ended March 31, 2019 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: April 23, 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 year ended March 31, 2019
Rs. in Crores
Particulars
Three months ended
Year to Date ended
March 31, 2019
December 31, 2018
March 31, 2018
March 31, 2019
March 31, 2018
Refer Note 5
Unaudited
Refer Note 5
Audited
Audited
Segment Revenue
Branded Business
(a) Tea
1250.95
1389.11
1177.24
5202.59
4922.79
(b) Coffee
281.46
326.25
286.44
1202.84
1079.52
(c) Others
7.30
6.95
9.67
30.77
35.73
Total Branded Business
1539.71
1722.31
1473.35
6436.20
6038.04
Non Branded Business
241.21
198.75
219.47
842.47
815.17
Total Segment Revenue
1780.92
1921.06
1692.82
7278.67
6853.21
Less: Inter segment Sales
(5.46)
(8.48)
(4.42)
(27.17)
(37.86)
Revenue from Operations
1775.46
1912.58
1688.40
7251.50
6815.35
Segment Results
Branded Business
(a) Tea
151.19
168.16
147.06
694.38
689.72
(b) Coffee
52.63
44.06
43.33
178.33
197.63
(c) Others
(6.22)
(4.74)
(6.87)
(21.22)
(18.24)
Total Branded Business
197.60
207.48
183.52
851.49
869.11
Non Branded Business
7.86
5.96
(10.30)
41.58
41.71
Total Segment Results
205.46
213.44
173.22
893.07
910.82
Add/Less
Finance Cost
(15.48)
(12.95)
(13.58)
(52.47)
(42.76)
Unallocable items
(37.33)
(24.25)
(31.92)
(105.89)
(114.93)
Profit Before Tax
152.65
176.24
127.72
734.71
753.13
Segment Assets
Branded Business
(a) Tea
4683.26
5048.26
4420.96
4683.26
4420.96
(b) Coffee
1846.10
1880.21
1772.84
1846.10
1772.84
(c) Others
30.31
41.61
47.41
30.31
47.41
Total Branded Business
6559.67
6970.08
6241.21
6559.67
6241.21
Non Branded Business
1483.92
1430.23
1255.68
1483.92
1255.68
Total Segment Assets
8043.59
8400.31
7496.89
8043.59
7496.89
Unallocable Corporate Assets
2895.13
2631.17
3095.32
2895.13
3095.32
Total Assets
10938.72
11031.48
10592.21
10938.72
10592.21
Segment Liabilities
Branded Business
(a) Tea
722.98
783.79
794.52
722.98
794.52
(b) Coffee
155.39
212.63
163.78
155.39
163.78
(c) Others
7.87
17.63
18.18
7.87
18.18
Total Branded Business
886.24
1014.05
976.48
886.24
976.48
Non Branded Business
169.88
189.33
140.35
169.88
140.35
Total Segment Liabilities
1056.12
1203.38
1116.83
1056.12
1116.83
Unallocable Corporate Liabilities
1523.23
1580.42
1434.74
1523.23
1434.74
Total Liabilities
2579.35
2783.80
2551.57
2579.35
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: April 23, 2019
(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
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2019
Rs. in Crores
2019
2018
ASSETS
Non-Current Assets
Property Plant and Equipment
808.80
739.71
Capital Work in Progress
413.30
129.52
Investment Property
51.60
50.33
Goodwill
3785.07
3723.50
Other Intangible Assets
267.84
284.64
Intangible Assets under Development
11.11
5.64
Investments accounted for using Equity method
287.60
262.84
Financial Assets
Investments
316.90
329.96
Loans
17.09
21.02
Other Financial Assets
28.62
40.22
Deferred Tax Assets (Net)
58.04
131.77
Non-current Tax Assets (net)
86.26
56.48
Other Non Current Assets
258.52
281.57
6390.75
6057.20
Current Assets
Inventories
1609.86
1448.31
Financial Assets
Investments
583.16
568.53
Trade Receivables
680.55
648.28
Cash and Cash Equivalent
967.02
933.49
Other Bank balances
66.59
304.65
Loans
245.01
272.25
Other Financial Assets
131.40
107.22
Current Tax Assets (net)
2.38
40.64
Other Current Assets
224.83
173.78
4510.80
4497.15
Assets of disposal group
37.17
37.86
TOTAL ASSETS
10938.72
10592.21
EQUITY AND LIABILITIES
Equity
Equity Share Capital
63.11
63.11
Other Equity
7268.58
6968.49
Equity attributable to the equity holders of the company
7331.69
7031.60
Non Controlling Interest
1027.68
1009.04
Total Equity
8359.37
8040.64
Non-Current Liabilities
Financial Liabilities
Borrowings
787.24
655.99
Other Financial Liabilities
7.61
6.37
Provisions
152.21
144.22
Deferred Tax Liabilities (Net)
145.45
131.45
Non Current Tax Liabilities
16.90
16.97
1109.41
955.00
Current Liabilities
Financial Liabilities
Borrowings
329.66
400.19
Trade Payables
Total outstanding dues of Micro enterprises and Small enterprises
4.23
4.75
Total outstanding dues of creditors other than Micro enterprises and Small enterprises
660.67
700.98
Other Financial Liabilities
304.77
261.75
Other Current Liabilities
81.38
88.98
Provisions
49.51
98.80
Current Tax Liabilities (net)
27.95
30.59
1458.17
1586.04
Liabilities of disposal group
11.77
10.53
TOTAL EQUITY AND LIABILITIES
10938.72
10592.21
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 and year ended March 31, 2019
Rs. in Crores
Particulars
Three months ended
Year ended
Year ended
March 31
2019
December 31
2018
March 31
2018
March 31
2019
March 31
2018
Refer Note 4
Unaudited
Refer Note 4
Audited
Audited
Revenue from Operations
784.05
889.73
714.65
3429.66
3217.32
Other Income
26.61
21.85
24.10
182.51
147.58
Total Income
810.66
911.58
738.75
3612.17
3364.90
Cost of materials consumed
500.86
562.67
458.46
2055.97
1871.55
Purchase of stock-in-trade
8.25
4.81
7.65
23.65
33.00
Changes in inventories of finished goods, work-in-progress & stock-in-trade
(30.85)
(27.59)
(49.93)
0.16
(1.67)
Employees benefits expense
49.67
55.99
50.10
216.85
208.13
Finance costs
3.24
3.56
3.52
13.18
13.65
Depreciation and amortisation expense
8.73
7.91
7.32
31.68
27.20
Advertisement and sales charges
62.85
54.62
61.39
226.55
216.12
Other expenses
134.21
125.25
116.79
468.21
388.81
Total Expenses
736.96
787.22
655.30
3036.25
2756.79
Profit before Exceptional Items and Tax
73.70
124.36
83.45
575.92
608.11
Exceptional Items (Net)
-
-
(5.49)
-
115.36
Profit before Tax
73.70
124.36
77.96
575.92
723.47
Tax Expense (Net of reversals)
(20.44)
(34.70)
(24.80)
(164.99)
(189.15)
Net Profit after Tax (A)
53.26
89.66
53.16
410.93
534.32
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss (net of tax)
Remeasurement of defined benefit plans
7.00
(8.75)
5.59
3.04
12.58
Changes in fair valuation of equity instruments
(8.57)
3.92
(5.08)
(3.94)
53.31
(1.57)
(4.83)
0.51
(0.90)
65.89
ii) Items that will be reclassified to profit or loss (net of tax)
Gains/(loss) on effective portion of cash flow hedges
0.99
5.28
(0.85)
2.75
(1.76)
Other Comprehensive Income (Net of tax) (B)
(0.58)
0.45
(0.34)
1.85
64.13
Total Comprehensive Income (A+B)
52.68
90.11
52.82
412.78
598.45
Paid-up equity share capital (Face value of Re. 1 each)
63.11
63.11
63.11
63.11
63.11
Reserves excluding Revaluation Reserves
4358.71
4128.38
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs.
0.84
1.42
0.84
6.51
8.47
Notes:
1. For the quarter, Revenue from operations at Rs. 784 crores increased by 10% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit after tax was impacted on account of higher commodity costs and discretionary/one off items.
2. 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.
3. 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.
4. Figures of the quarter ended March 31, 2019 and March 31, 2018 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. Statement of Assets and Liabilities as at March 31, 2019 along with comparatives is annexed.
6. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2019.
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 April 22, 2019 and subsequently taken on record by the Board of Directors at its meeting held on April 23, 2019. The Statutory Auditors of the Company have audited 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: April 23, 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
Audited Statement of Assets and Liabilities as at March 31, 2019
Rs. in Crores
As at March 31 2019
As at March 31 2018
ASSETS
Non-Current Assets
Property, Plant and Equipment
223.84
207.59
Capital work-in-progress
10.52
11.49
Investment Property
0.65
0.67
Intangible Assets
18.06
19.21
Intangible Assets under development
6.73
1.16
Financial Assets
Investments
2318.59
2284.28
Loans
16.77
20.44
Other Financial Assets
20.41
22.05
Deferred Tax Assets (Net)
33.86
99.01
Non-Current Tax Assets (Net)
63.38
42.90
Other Non-Current Assets
83.49
82.94
2796.30
2791.74
Current Assets
Inventories
846.91
744.40
Financial Assets
Investments
497.74
536.98
Trade Receivables
181.92
136.66
Cash and Cash Equivalents
408.96
232.80
Other Bank Balances
63.99
302.47
Loans
8.13
8.10
Other Financial Assets
37.42
34.09
Other Current Assets
163.08
104.93
2208.15
2100.43
TOTAL ASSETS
5004.45
4892.17
EQUITY AND LIABILITIES
Equity
Equity Share Capital
63.11
63.11
Other Equity
4380.57
4150.24
TOTAL EQUITY
4443.68
4213.35
Non-Current Liabilities
Provisions
115.25
109.65
115.25
109.65
Current Liabilities
Financial Liabilities
Borrowings
4.53
84.25
Trade Payables
Total outstanding dues of Micro enterprises
and Small enterprises3.50
4.17
Total outstanding dues of creditors other
than Micro enterprises and Small enterprises235.92
244.29
Other Financial Liabilities
99.17
91.33
Other Current Liabilities
65.31
71.88
Provisions
20.65
47.30
Current Tax Liabilities (Net)
16.44
25.95
445.52
569.17
TOTAL EQUITY AND LIABILITIES
5004.45
4892.17
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