REG - Tata Global Bev.Ltd - Half-year Results
07/11/2019 07:00
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RNS Number : 6117S
Tata Global Beverages Limited
07 November 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 Consolidated Financial Results for the quarter and six months ended
September 30, 2019
Rs. In Crores
Particulars Three months ended Year to Date ended Year Ended
September 30, 2019 June 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 March 31, 2019
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 1834.06 1897.13 1760.87 3731.19 3563.46 7251.50
Other Income 25.29 30.53 70.79 55.82 99.31 157.13
Total Income 1859.35 1927.66 1831.66 3787.01 3662.77 7408.63
Cost of Materials Consumed 857.27 832.48 842.00 1689.75 1619.36 3294.18
Purchase of stock in trade 174.62 164.13 174.86 338.75 389.55 727.87
Changes in inventories of finished goods, work in progress and stock in trade (21.63) 60.66 (18.85) 39.03 (30.54) (14.41)
Employee Benefits Expense 199.00 202.10 194.95 401.10 398.15 806.30
Finance Costs 20.07 18.24 11.47 38.31 24.04 52.47
Depreciation and Amortisation Expense 46.82 46.00 30.48 92.82 59.97 122.57
Advertisement and Sales charges 136.69 108.36 144.65 245.05 262.70 547.52
Other Expenses 253.46 264.60 256.61 518.06 508.82 1104.13
Total Expenses 1666.30 1696.57 1636.17 3362.87 3232.05 6640.63
Profit before Exceptional Items and Tax 193.05 231.09 195.49 424.14 430.72 768.00
Exceptional Items (Net) (1.50) (8.06) (6.72) (9.56) (24.90) (33.29)
Profit before Tax 191.55 223.03 188.77 414.58 405.82 734.71
Tax Expense
Current tax (32.17) (72.78) (54.56) (104.95) (134.82) (256.03)
Deferred tax (16.15) (1.14) (9.12) (17.29) (12.31) (4.85)
Total Tax Expense (Net) (48.32) (73.92) (63.68) (122.24) (147.13) (260.88)
Net Profit after Tax 143.23 149.11 125.09 292.34 258.69 473.83
Share of net profit/(loss) in Associates and Joint Ventures using equity 9.24 (7.43) 58.87 1.81 53.41 (16.85)
method
Group Consolidated Net Profit (A) 152.47 141.68 183.96 294.15 312.10 456.98
Attributable to :
Owners of the Parent 137.74 125.33 169.73 263.07 285.97 408.19
Non Controlling Interest 14.73 16.35 14.23 31.08 26.13 48.79
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit plans 20.75 (3.86) 20.00 16.89 52.80 86.47
Changes in fair valuation of equity instruments (4.25) 4.04 (2.11) (0.21) 0.95 (5.20)
16.50 0.18 17.89 16.68 53.75 81.27
Tax impact on above items (4.78) 2.61 (3.12) (2.17) (10.04) (13.27)
11.72 2.79 14.77 14.51 43.71 68.00
ii) Items that will be reclassified to profit or loss
Exchange differences on translation of foreign operations 30.88 (90.61) 267.83 (59.73) 267.70 17.04
Gains/(loss) on effective portion of cash flow hedges (24.06) 22.92 (21.81) (1.14) (20.98) (12.06)
6.82 (67.69) 246.02 (60.87) 246.72 4.98
Tax impact on above items 4.63 (5.67) 6.01 (1.04) 7.38 0.88
11.45 (73.36) 252.03 (61.91) 254.10 5.86
Total Other Comprehensive Income (B) 23.17 (70.57) 266.80 (47.40) 297.81 73.86
Attributable to :
Owners of the Parent 21.40 (57.80) 227.33 (36.40) 258.96 70.58
Non Controlling Interest 1.77 (12.77) 39.47 (11.00) 38.85 3.28
Total Comprehensive Income (A+B) 175.64 71.11 450.76 246.75 609.91 530.84
Attributable to :
Owners of the Parent 159.14 67.53 397.06 226.67 544.93 478.77
Non Controlling Interest 16.50 3.58 53.70 20.08 64.98 52.07
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 7246.72
Earnings per share (Basic & Diluted) (not annualised for the period) - 2.18 1.99 2.69 4.17 4.53 6.47
Rs
Notes:
1. (a) For the quarter, Revenue from operations increased by 4% driven by
improvements in both branded and non-branded business. At constant currency
revenue growth is 5%. Profit before taxes, excluding one-off items included
under Other Income in the prior year, is higher by 28%. Improvement is driven
by branded business, both India and International, coupled with stable
performance in non-branded businesses. Further, during the quarter, tax has
been provided for, wherever applicable, at the reduced rate in accordance with
the Taxation Laws (Amendment) Ordinance, 2019. The one time impact of the tax
rate change on the Group Consolidated Net Profit of the current quarter is a
charge of Rs 9 Crores, arising mainly on account of reversal of opening net
deferred tax assets (inclusive of impact referred to in note b below).
(b) Share of profits in Associates and JV's for the current quarter includes a
charge of Rs 14 Crores due to reversal of opening deferred tax assets as a
result of reduced tax rate whereas the quarter ended 30th September 2018 had a
credit of Rs 37 Crores on recognition of deferred tax assets in a Joint
Venture.
(c) Group Consolidation Net Profit, excluding the impact of one off items as
explained above, is higher by 45% as compared to corresponding quarter of the
previous year.
2. a) The Board of Directors of the Holding Company in its meeting held on
May 15, 2019, as a part of business reorganisation, had approved the scheme of
merger of consumer product business of Tata Chemicals Limited with the Company
in terms of a scheme of arrangement under Section 230-232 and other applicable
provisions of the Companies Act, 2013. The appointed date of the scheme is
April 1, 2019. The Scheme would become effective after receipt of all
requisite statutory and NCLT approvals, including shareholders' approval. The
results of the said business will be included in the consolidated results,
with effect from the appointed date, on receipt of all requisite approvals.
b) The Holding Company during the current quarter completed the acquisition
of the branded tea business of Dhunseri Tea and Industries Limited.
3. Exceptional item for the current quarter represent costs relating to the
proposed scheme of merger and acquisition (Refer Note 2). Exceptional items
for the corresponding quarter of the previous year represent redundancy costs
relating to internal restructure.
4. Share of profits/(loss) in Associates and Joint Ventures include the
profits of an Associate operating in North India plantations, which are
seasonal in nature.
5. Effective April 1, 2019, the Group has adopted Ind AS 116 - Leases and
applied the revised standard to all lease contracts thereby capitalising
assets taken on operating lease existing on April 1, 2019, using the modified
retrospective method, with the cumulative adjustment to retained earnings.
Accordingly, comparatives for the year ended March 31, 2019 have not been
restated. On transition, the cumulative effect of applying the standard
resulted in Rs 63 Crores being debited to retained earnings, net of taxes.
6. The Consolidated Statement of Assets and Liabilities as at September 30,
2019 and Consolidated Cash Flow Statement for the period ended September 30,
2019 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 October 29, 2019 and subsequently taken on record by the Board of
Directors at its Meeting held on October 30, 2019. The Statutory Auditors of
the Company have conducted limited review on these results.
9. The Consolidated and Standalone result for the quarter and six months ended
September 30, 2019 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.tataglobalbeverages.com
(http://www.tataglobalbeverages.com) ).
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Ajoy Misra
Firm's Registration No. 117366W/W-100018 Managing Director and CEO
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: October 30, 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 Consolidated Segment wise Revenue, Results, Assets and Liabilities
for the quarter and six months ended September 30, 2019
Rs. In Crores
Particulars Three months Year to Date Year
ended
ended ended
September 30, 2019 June 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 March 31, 2019
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue
Branded Business
(a) Tea 1299.72 1372.63 1248.22 2672.35 2562.53 5202.59
(b) Coffee 292.53 283.02 303.47 575.55 595.13 1202.84
(c) Others 7.00 6.04 6.36 13.04 16.52 30.77
Total Branded Business 1599.25 1661.69 1558.05 3260.94 3174.18 6436.20
Non Branded Business 242.23 242.92 209.66 485.15 402.51 842.47
Total Segment Revenue 1841.48 1904.61 1767.71 3746.09 3576.69 7278.67
Less: Inter segment Sales (7.42) (7.48) (6.84) (14.90) (13.23) (27.17)
Revenue from Operations 1834.06 1897.13 1760.87 3731.19 3563.46 7251.50
Segment Results
Branded Business
(a) Tea 163.52 197.63 165.01 361.15 375.03 694.38
(b) Coffee 57.81 50.89 38.14 108.70 81.64 178.33
(c) Others (3.61) (3.30) (6.51) (6.91) (10.26) (21.22)
Total Branded Business 217.72 245.22 196.64 462.94 446.41 851.49
Non Branded Business 15.18 20.55 10.06 35.73 27.76 41.58
Total Segment Results 232.90 265.77 206.70 498.67 474.17 893.07
Add/Less
Finance Cost (20.07) (18.24) (11.47) (38.31) (24.04) (52.47)
Unallocable items (21.28) (24.50) (6.46) (45.78) (44.31) (105.89)
Profit Before Tax 191.55 223.03 188.77 414.58 405.82 734.71
Segment Assets
Branded Business
(a) Tea 5013.36 4606.71 4965.22 5013.36 4965.22 4683.26
(b) Coffee 1948.23 1907.18 2022.07 1948.23 2022.07 1846.10
(c) Others 41.44 36.10 41.39 41.44 41.39 30.31
Total Branded Business 7003.03 6549.99 7028.68 7003.03 7028.68 6559.67
Non Branded Business 1540.06 1541.49 1426.49 1540.06 1426.49 1483.92
Total Segment Assets 8543.09 8091.48 8455.17 8543.09 8455.17 8043.59
Unallocable Corporate Assets 2851.39 2968.15 2890.27 2851.39 2890.27 2895.13
Total Assets 11394.48 11059.63 11345.44 11394.48 11345.44 10938.72
Segment Liabilities
Branded Business
(a) Tea 977.30 913.28 811.48 977.30 811.48 722.98
(b) Coffee 274.42 230.01 216.17 274.42 216.17 155.39
(c) Others 14.02 12.57 11.05 14.02 11.05 7.87
Total Branded Business 1265.74 1155.86 1038.70 1265.74 1038.70 886.24
Non Branded Business 161.29 155.34 183.22 161.29 183.22 169.88
Total Segment Liabilities 1427.03 1311.20 1221.92 1427.03 1221.92 1056.12
Unallocable Corporate Liabilities 1645.48 1595.83 1689.02 1645.48 1689.02 1523.23
Total Liabilities 3072.51 2907.03 2910.94 3072.51 2910.94 2579.35
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: October 30, 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
Unaudited Consolidated Statement of Assets and Liabilities as at September 30,
2019
Rs. In Crores
As at September 30, 2019 As at March 31, 2019
Unaudited Audited
ASSETS
Non-Current Assets
Property Plant and Equipment 1174.02 808.80
Capital Work in Progress 61.94 413.30
Investment Property 51.15 51.60
Right of Use Assets 253.98 -
Goodwill 3799.33 3785.07
Other Intangible Assets 350.74 267.84
Intangible Assets under Development 6.08 11.11
Investments accounted for using Equity method 307.93 287.60
Financial Assets
Investments 316.27 316.90
Loans 20.11 17.09
Other Financial Assets 28.46 28.62
Deferred Tax Assets (Net) 60.78 58.04
Non-current Tax Assets (net) 52.77 86.26
Other Non Current Assets 266.84 258.52
6750.40 6390.75
Current Assets
Inventories 1628.55 1609.86
Financial Assets
Investments 280.93 583.16
Trade Receivables 848.21 680.55
Cash and Cash Equivalent 934.89 967.02
Other Bank balances 355.28 66.59
Loans 162.06 245.01
Other Financial Assets 139.21 131.40
Current Tax Assets (net) 2.55 2.38
Other Current Assets 257.60 224.83
4609.28 4510.80
Assets of disposal group 34.80 37.17
TOTAL ASSETS 11394.48 10938.72
EQUITY AND LIABILITIES
Equity
Equity Share Capital 63.11 63.11
Other Equity 7241.75 7268.58
Equity attributable to the equity holders of the company 7304.86 7331.69
Non Controlling Interest 1017.11 1027.68
Total Equity 8321.97 8359.37
Non-Current Liabilities
Financial Liabilities
Borrowings 804.46 787.24
Lease Liability 233.46 -
Other Financial Liabilities 8.75 7.61
Provisions 163.32 152.21
Deferred Tax Liabilities (Net) 158.48 145.45
Non Current Tax Liabilities 15.52 16.90
1383.99 1109.41
Current Liabilities
Financial Liabilities
Borrowings 417.40 329.66
Lease Liability 47.60 -
Trade Payables
Total outstanding dues of Micro enterprises and Small enterprises 3.23 4.23
Total outstanding dues of creditors other than Micro enterprises and Small 757.39 660.67
enterprises
Other Financial Liabilities 287.31 304.77
Other Current Liabilities 85.74 81.38
Provisions 49.44 49.51
Current Tax Liabilities (net) 26.05 27.95
1674.16 1458.17
Liabilities of disposal group 14.36 11.77
TOTAL EQUITY AND LIABILITIES 11394.48 10938.72
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 Statement of Cash Flows for the six months ended
September 30, 2019
Rs. In Crores
Particulars September 30, September 30,
2019
2018
A. Cash Flow from Operating Activities
Net Profit before Tax 414.58 405.82
Adjusted for :
Depreciation and amortisation 92.82 59.97
Finance Cost 38.31 24.04
Dividend Income (3.24) (3.89)
Profit on sale of current investments (net) (18.06) (11.84)
Fair value movement in Financial instruments at fair value through profit (1.24) (11.40)
and loss
Interest Income (27.81) (27.13)
Unrealised foreign exchange (gain) / loss (1.83) (3.49)
Impairment loss recognised in trade receivables 0.12 0.44
Other non operating income (1.83) (25.21)
(Profit) / Loss on sale of Property, Plant & Equipment including 0.03 (13.96)
investment property (net)
Rental Income from Investment Property (1.21) (1.02)
Operating Profit before working capital changes 490.64 392.33
Adjustments for:
Trade Receivables & Other Assets (159.58) (274.77)
Inventories (21.96) (208.21)
Trade payables & Other Liabilities 22.37 42.21
Cash generated from /(used in) operations 331.47 (48.44)
Direct taxes paid (73.39) (55.68)
Net Cash from /(used in) Operating Activities 258.08 (104.12)
B. Cash Flow from Investing Activities
Payment for Property, Plant and Equipment including Intangibles (89.67) (164.09)
Sale of Property, Plant and Equipment 1.75 22.03
Acquisition of Business (101.01) -
Rental Income from Investment Property 1.21 1.02
Purchase of Non-Current Investments (0.16) -
Investments in Joint Ventures (53.00) (17.00)
(Purchase) / Sale of Current Investments (net) 321.27 258.78
Dividend Income received (including dividend from associates & 4.73 5.14
JVs)
Interest Income received 15.01 23.27
(Placement) / Redemption Fixed deposits (net) (288.00) 220.00
Inter Corporate Loans and Deposits (net) 86.04 (23.26)
Net cash from /(used in) Investing Activities (101.83) 325.89
C. Cash Flow from Financing Activities
Proceeds / (Repayment) from Long term borrowings (net) (2.24) 89.23
Availment / (Repayment) of short term borrowings (net) 76.24 (3.01)
Payment of Lease Liabilities (19.10) -
Dividend & Dividend Tax paid (216.06) (215.33)
Finance Cost paid (34.28) (20.44)
Net Cash used in Financing Activities (195.44) (149.55)
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (39.19) 72.22
Opening balance of Cash & Cash Equivalent 737.48 698.17
Exchange Gain/ (Loss) on translation of foreign currency cash/cash (8.13) 8.19
equivalents
Closing Cash & Cash Equivalent 690.16 778.58
Reconciliation with Balance Sheet
Cash and Cash Equivalents 690.16 778.58
Add : Bank Overdraft 244.73 242.27
Less : Cash and Cash Equivalents relating to disposal group - -
Balance at the end of the period 934.89 1020.85
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 six months ended
September 30, 2019
Rs. In Crores
Particulars Three months ended Year to date ended Year ended
September 30 June 30 September 30 September 30 September 30 March 31
2019 2019 2018 2019 2018 2019
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from Operations 914.14 968.82 847.28 1882.96 1755.88 3429.66
Other Income 32.53 38.40 74.15 70.93 134.05 182.51
Total Income 946.67 1007.22 921.43 1953.89 1889.93 3612.17
Cost of materials consumed 547.20 532.14 535.67 1079.34 992.44 2055.97
Purchase of stock-in-trade 13.10 6.50 4.68 19.60 10.59 23.65
Changes in inventories of finished goods, work-in-progress & (3.59) 66.03 (19.96) 62.44 58.60 0.16
stock-in-trade
Employees benefits expense 57.75 56.23 56.14 113.98 111.19 216.85
Finance costs 5.57 5.49 2.69 11.06 6.38 13.18
Depreciation and amortisation expense 15.34 13.68 7.72 29.02 15.04 31.68
Advertisement and sales charges 70.66 49.73 67.73 120.39 109.08 226.55
Other expenses 105.33 111.30 104.74 216.63 208.75 468.21
Total Expenses 811.36 841.10 759.41 1652.46 1512.07 3036.25
Profit before Exceptional Items and Tax 135.31 166.12 162.02 301.43 377.86 575.92
Exceptional Items (Net) (1.50) (8.06) - (9.56) - -
Profit before Tax 133.81 158.06 162.02 291.87 377.86 575.92
Tax Expense
Current Tax (13.28) (54.51) (33.65) (67.79) (101.91) (160.57)
Deferred Tax (20.83) 2.55 (8.07) (18.28) (7.94) (4.42)
Total Tax Expense ( net of reversals) (34.11) (51.96) (41.72) (86.07) (109.85) (164.99)
Net Profit after Tax (A) 99.70 106.10 120.30 205.80 268.01 410.93
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans (5.47) (10.59) (0.80) (16.06) 7.36 4.67
Changes in fair valuation of equity instruments (3.69) 3.48 (2.02) (0.21) 0.71 (3.77)
(9.16) (7.11) (2.82) (16.27) 8.07 0.90
Tax impact of above items (0.31) 3.70 0.28 3.39 (2.57) (1.80)
(9.47) (3.41) (2.54) (12.88) 5.50 (0.90)
ii) Items that will be reclassified to profit or loss
Gains/(loss) on effective portion of cash flow hedges (2.78) 0.12 (2.99) (2.66) (5.41) 4.23
Tax impact of above item 0.92 (0.04) 1.05 0.88 1.89 (1.48)
(1.86) 0.08 (1.94) (1.78) (3.52) 2.75
Other Comprehensive Income (B) (11.33) (3.33) (4.48) (14.66) 1.98 1.85
Total Comprehensive Income (A+B) 88.37 102.77 115.82 191.14 269.99 412.78
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 4358.71
Earnings per share (Basic & Diluted) (not annualised for the period) - Rs. 1.58 1.68 1.91 3.26 4.25 6.51
Notes:
1. For the quarter, Revenue from operations at Rs. 914 crores increased by
8% over corresponding quarter of the previous year mainly on account of
branded business. Profit before exceptional items at Rs. 135 crores is lower
as compared to corresponding quarter of previous year on account of phasing of
dividend Income and due to one-time credits in the corresponding quarter of
the previous year. Consequently Profit before tax is lower than corresponding
quarter of the previous year. Further, during the quarter, tax has been
provided for at the reduced rate in accordance with the Taxation Laws
(Amendment) Ordinance, 2019. The impact of the reduced rate has been
recognised in the current quarter.
2. a) The Board of Directors of the Company in its meeting held on May 15,
2019, as a part of business reorganisation, had approved the scheme of merger
of consumer product business of Tata Chemicals Limited with the Company in
terms of a scheme of arrangement under Section 230-232 and other applicable
provisions of the Companies Act, 2013. The appointed date of the scheme is
April 1, 2019. The Scheme would become effective after receipt of all
requisite statutory and NCLT approvals, including Shareholders approval. The
results of the said business will be included in the standalone results, with
effect from the appointed date, on receipt of all requisite approvals.
b) The Company during the current quarter completed the acquisition of the
branded tea business of Dhunseri Tea and Industries Limited.
3. Exceptional item for the quarter represents costs incurred in relation to
the proposed scheme of merger and acquisition (Refer note 2).
4. The Company has organised its business into Branded Segment and Non
Branded Segment. Branded Segment is further categorised 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.
5. Effective April 1, 2019, the Company has adopted Ind AS 116 - Leases and
applied the revised standard to all lease contracts thereby capitalising
assets taken on operating lease existing on April 1, 2019, using the modified
retrospective method, with the cumulative adjustments to retained earnings.
Accordingly, comparatives for the year ended March, 31 2019 have not been
restated. On transition, the cumulative effect of applying the standard
resulted in Rs 15 cores being debited to retained earnings, net of taxes.
6. Statement of Assets and Liabilities as at September 30, 2019 along with
Cash flow statement for the period ended September 30, 2019 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 October 29, 2019 and subsequently taken on record by the Board of
Directors at its meeting held on October 30, 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 Ajoy Misra
Firm's Registration No. 117366W/W-100018 Managing Director and CEO
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: October 30, 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 Statement of Assets and Liabilities as at September 30, 2019
Rs. In Crores
As at September 30, 2019 As at March 31, 2019
Unaudited Audited
ASSETS
Non-Current Assets
Property, Plant and Equipment 222.65 223.84
Capital work-in-progress 5.00 10.52
Investment Property 0.65 0.65
Right of Use Assets 80.08 -
Goodwill 16.10 -
Other Intangible Assets 106.61 18.06
Intangible Assets under development 3.75 6.73
Financial Assets
Investments 2343.30 2318.59
Loans 19.25 16.77
Other Financial Assets 47.92 20.41
Deferred Tax Assets (Net) 28.18 33.86
Non-Current Tax Assets (Net) 35.58 63.38
Other Non-Current Assets 80.76 83.49
2989.83 2796.30
Current assets
Inventories 850.30 846.91
Financial Assets
Investments 214.18 497.74
Trade Receivables 358.33 181.92
Cash and Cash Equivalents 240.04 408.96
Other Bank Balances 352.74 63.99
Loans 3.99 8.13
Other Financial Assets 45.62 37.42
0.00
Other Current Assets 178.73 163.08
2243.93 2208.15
TOTAL ASSETS 5233.76 5004.45
EQUITY AND LIABILITIES
Equity
Equity Share Capital 63.11 63.11
Other Equity 4369.95 4380.57
TOTAL EQUITY 4433.06 4443.68
Non-Current Liabilities
Financial Liabilities
Lease Liability 73.70 -
Provisions 124.51 115.25
198.21 115.25
Current Liabilities
Financial Liabilities
Borrowings 35.88 4.53
Lease Liability 28.39 -
Trade Payables
Total outstanding dues of Micro enterprises and Small enterprises 2.61 3.50
Total outstanding dues of creditors other than Micro enterprises and Small 338.89 235.92
enterprises
Other Financial Liabilities 84.37 99.17
Other Current Liabilities 61.69 65.31
Provisions 29.68 20.65
Current Tax Liabilities (Net) 20.98 16.44
602.49 445.52
TOTAL EQUITY AND LIABILITIES 5233.76 5004.45
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com, Website :
www.tataglobalbeverages.com
Unaudited Statement of Cash Flows for the six months ended September 30, 2019
Rs. In Crores
Particulars September 30, September 30,
2019
2018
A. Cash Flow from Operating Activities
Net Profit before Tax 291.87 377.86
Adjusted for :
Depreciation and Amortisation 29.02 15.04
Finance Cost 11.06 6.38
Dividend Income (32.89) (67.38)
Profit on sale of current investments (net) (17.26) (10.78)
Fair value movement in Financial instruments at fair value through profit (0.41) (10.35)
and loss
Interest Income (18.11) (20.38)
Unrealised Exchange (Gain) / Loss (0.02) (1.33)
Other Non Operating Income - (25.21)
(Profit) / Loss on sale of Property, Plant & Equipment (net) 0.01 0.12
Operating Profit before working capital changes 263.27 263.97
Adjustments for:
Trade Receivables & Other Assets (197.23) (229.68)
Inventories (3.39) (154.22)
Trade payables & Other Liabilities 80.58 66.44
Cash generated from/(used in) Operations 143.23 (53.49)
Direct Taxes paid (net) (35.45) (47.19)
Net Cash from/(used in) Operating Activities 107.78 (100.68)
B. Cash Flow from Investing Activities
Payment for Property, Plant and Equipment and Intangibles (9.83) (16.87)
Sale of Property, Plant and Equipment 0.01 0.05
Acquisition of Business (101.01) -
Investment in Joint Ventures (53.00) (17.00)
(Purchase) / Sale of Current Investments (net) 300.98 285.78
Dividend Income received 32.89 67.38
Interest Income received 12.80 20.33
(Placement) / Redemption Fixed deposits (net) (288.00) 220.00
Inter Corporate Deposits and Loans (net) 1.75 (48.25)
Net cash from / (used in) Investing Activities (103.41) 511.42
C. Cash Flow from Financing Activities
Availment/( Repayment) of short term borrowings (net) 35.88 (25.00)
Payment of Lease Liabilities (11.08) -
Dividend & Dividend Tax paid (186.90) (182.45)
Finance Cost paid (6.66) (2.56)
Net Cash from / (used in) Financing Activities (168.76) (210.01)
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (164.39) 200.73
Opening balance of Cash & Cash equivalent 404.43 208.55
Closing Cash & Cash Equivalent 240.04 409.28
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