REG - Tata Global Bev.Ltd - Half-year Results <Origin Href="QuoteRef">TAGL.NS</Origin>
RNS Number : 5194QTata Global Beverages Limited30 November 2016Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425Email : investor.relations@tgbl.com, Website: www.tataglobalbeverages.com
Unaudited Financial Results for the quarter and six month ended September 30, 2016
Rs. In Crores
Particulars
Unaudited Three Months Ended
Unaudited Year to date ended
September 30
2016
June 30
2016
September 30
2015
September 30
2016
September 30
2015
Income from Operations
Net Sales / Income from Operations
736.85
805.79
722.55
1542.64
1507.81
Other Operating Income
22.27
15.98
25.68
38.25
41.13
Total Income from Operations
759.12
821.77
748.23
1580.89
1548.94
a) Cost of materials consumed
458.51
464.73
468.72
923.24
945.81
b) Purchase of stock in trade
5.25
1.31
0.69
6.56
1.82
c) Charges in inventories of finished goods work in progress and stock in trade
3.31
66.36
8.06
69.67
49.50
d) Employee benefits expense
47.48
46.10
40.86
93.58
83.56
e) Depreciation & Amortization expense
5.83
5.56
5.75
11.39
11.16
f) Advertisement and Sales Charges
56.33
36.31
68.31
92.64
108.49
g) Other Expenses
103.42
90.87
88.54
194.29
173.10
Total Expenses
680.13
711.24
680.93
1391.37
1373.44
Profit from Operations before Other Income, Finance Cost & Exceptional Items
78.99
110.53
67.30
189.52
175.50
Other Income
50.99
12.74
77.83
63.73
81.67
Profit from ordinary activities before Finance cost & Exceptional Items
129.98
123.27
145.13
253.25
257.17
Finance Cost
(14.79)
(12.18)
(12.28)
(26.97)
(24.09)
Profit from ordinary activities after Finance cost but before Exceptional Items
115.19
111.09
132.85
226.28
233.08
Exceptional items (Net)
-
-
(3.00)
-
(3.00)
Profit from ordinary activities before Tax
115.19
111.09
129.85
226.28
230.08
Tax Expense
(28.87)
(37.83)
(24.21)
(66.70)
(59.00)
Net Profit after Tax (A)
86.32
73.26
105.64
159.58
171.08
Paid-up equity share capital (Face value of Re. 1 each)
63.11
63.11
63.11
63.11
63.11
Paid-up Debt Capital
325.00
325.00
Debenture Redemption Reserve
81.25
81.25
Earnings per share (Basic & Diluted) (not annualised) - Rs.
1.37
1.16
1.67
2.53
2.71
Debt Equity Ratio
0.17
0.17
Debt Service Coverage Ratio(DSCR)
9.39
10.68
Interest Service Coverage Ratio(ISCR)
9.39
10.68
Other Comprehensive Income (B)
95.75
64.01
(94.25)
159.76
(151.16)
Total Comprehensive Income (A+B)
182.07
137.27
11.39
319.34
19.92
Note:- DSCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest and Principal repayment of long term loan
ISCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest
Notes:
1. The Company has adopted, Indian Accounting Standards (Ind AS) from 1st April 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 - Interim Financials Reporting prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India. Financial results of all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.
2. For the quarter, Income from operations at Rs. 759 crores increased over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from operations is higher than corresponding quarter of previous year reflecting improved operating performance. Profit after tax at Rs. 86 crores is lower than corresponding quarter of previous year mainly on account of lower dividend income.
3. (a). Reconciliation between standalone financial results, as previously reported referred to as previous GAAP and Ind AS are as under:
Adjustments under Ind AS
For the Quarter
In Rs. Crores
Previous GAAP
Revenue
(Note i)
Amortised cost adjustment on Long term borrowings
(Note ii)
Others
(Note iii)
Ind AS
September 30,2015
September 30,2015
Total Income from Operations (Net)
775.09
(26.86)
-
-
748.23
Profit from Operations
63.86
-
-
3.44
67.30
Net Profit after Tax
108.31
-
(3.96)
1.29
105.64
Adjustments under Ind AS
For the Year to date
In Rs. Crores
Previous GAAP
Revenue
(Note i)
Amortised cost adjustment on Long term borrowings
(Note ii)
Others
(Note iii)
Ind AS
September 30,2015
September 30,2015
Total Income from Operations (Net)
1598.24
(49.30)
-
-
1548.94
Profit from Operations
170.16
-
-
5.34
175.50
Net Profit after Tax
176.15
-
(7.89)
2.82
171.08
Note i - Expenditure required to be offset from sales on account of measurement criteria for Revenue.
Note ii - Recognition of finance cost under effective interest rate method for redemption premium on debentures, which was adjusted to reserves under previous GAAP.
Note iii - Others mainly include agricultural produce required to be fair valued, impact of actuarial gain/ losses and impact of fair value measurement of financial instruments.
(b)Other comprehensive income comprises of income / (expenditure):
In Rs Crores
Three months ended
Year to date ended
Sep 30, 2016
June 30, 2016
Sep 30, 2015
Sep 30, 2016
Sep 30, 2015
Fair value changes in the carrying value of investments which under previous GAAP was accounted at cost
105.69
65.43
(92.74)
171.12
(146.70)
Amount accounted under hedging reserves which under previous GAAP were accounted directly into reserves
(0.92)
(0.53)
(0.18)
(1.45)
(2.70)
Actuarial gain/(loss) on employee benefits which, under the previous GAAP were accounted in the Statement of Profit and Loss.
(9.02)
(0.89)
(1.33)
(9.91)
(1.76)
Total Other Comprehensive Income
95.75
64.01
(94.25)
159.76
(151.16)
4. With effect from 1st April 2016, 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" prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India, the Company's reportable activity falls within a single business segment and hence the disclosure requirements are not applicable.
5. Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for period ended 30th September 2016
Particulars
As at 30th September 2016
Credit Rating
Credit rating by ICRA for the NCD programme is AA+
Asset Cover
1.79
Debt Equity Ratio
0.17
Previous due date for :
a) Payment of Interest
23rd October 2015
b) Principal
Not Applicable
Next due date for :
a) Payment of Interest
24th October 2016
b) Principal
24th October 2016
Debt Service Coverage Ratio
9.39
Interest Service Coverage Ratio
9.39
Outstanding Redeemable Preference Shares
Nil
Capital Redemption Reserves
Nil
Debenture Redemption Reserves
Rs 81.25 crores
Net Worth
Rs 3584.85 crores
Net Profit after tax
Rs 159.58 crores
Earnings per share (Rs)
2.53
Security on Outstanding Debentures of Rs 325 crores
Secured by way of a first mortgage on certain immovable assets of the company and partly by pledge of shares of certain companies held as investments.
6. Statement of Assets and Liabilities as at September 30, 2016 is annexed.
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 November 15, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on November 15, 2016. The statutory auditors of the company have conducted limited review on these results.
Cyrus P Mistry
(Chairman)
Mumbai: November 15, 2016
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425Email : investor.relations@tgbl.com, Website: www.tataglobalbeverages.com
Unaudited Statement of Assets and Liabilities as at September 30, 2016
Rs. In Crores
Particulars
As at
September 30 2016
ASSETS
1
Non-current assets
(a) Property, Plant and Equipment
185.95
(b) Capital work-in-progress
8.29
(c) Intangible Assets
14.38
(d) Financial assets
(i) Investments
2810.10
(ii) Loans
46.11
(e) Deferred tax assets
41.23
(f) Other non-current assets
74.38
Sub-total - Non-current Assets
3180.44
2
Current assets
(a) Inventories
810.20
(b) Financial assets
(i) Trade Receivables
266.81
(ii) Cash and Cash Equivalents
325.60
(iii) Bank balances other than (ii) above
106.57
(iv) Loans
37.72
(v) Other Financial assets
40.61
(c) Current tax assets (Net)
62.26
(d) Other current assets
61.67
Sub-total - Current Assets
1711.44
TOTAL - ASSETS
4891.88
EQUITY AND LIABILITIES
A
EQUITY
(a) Equity share capital
63.11
(b) Other equity
3521.74
Sub-total - Equity
3584.85
B
LIABILITIES
1
Non-current liabilities
(a) Provisions
121.46
Sub-total - Non-current liabilities
121.46
2
Current liabilities
(a) Financial liabilities
(i) Borrowings
277.00
(ii) Trade Payables
313.58
(iii) Other financial Liabilities
491.70
(b) Other current liabilities
67.78
(c) Provisions
35.51
Sub-total - Current liabilities
1185.57
TOTAL EQUITY AND LIABILITIES
4891.88
Cyrus P Mistry
(Chairman)
Mumbai: November 15, 2016
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR GRBDBRDXBGLG
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