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Sector
Consumer Defensives
Size
Large Cap
Market Cap £4.08bn
Enterprise Value £4.09bn
Revenue £982.9m
Position in Universe 75th / 2996

Tata Consumer Prod. - Final Results

Tue 26th May, 2020 7:00am
RNS Number : 8274N
Tata Consumer Products Limited
26 May 2020
 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

  Rs. in Crores

Particulars

Three months ended

Year ended

March 31, 2020

December 31, 2019 *

March 31, 2019

March 31, 2020

March 31, 2019

Refer Note 6

Unaudited

Refer Note 6

Audited

Audited

 Revenue from Operations

2405.03

2492.96

1775.46

9637.42

7251.5

 Other Income

21.93

28.54

35.23

111.59

157.13

 Total Income

2426.96

2521.50

1810.69

9749.01

7408.63

 Cost of Materials Consumed

872.98

946.79

813.05

3606.66

3294.18

 Purchase of stock in trade

483.56

466.31

189.63

1796.24

727.87

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

(44.60)

(5.27)

(30.34)

7.78

(14.41)

 Employee Benefits Expense

231.57

219.42

203.01

884.80

806.30

 Finance Costs

18.70

20.12

15.48

77.86

52.47

 Depreciation and Amortisation Expense

64.04

61.44

32.98

241.71

122.57

 Advertisement and Sales charges

181.37

201.39

129.59

676.72

547.52

 Other Expenses

371.79

346.19

296.25

1373.07

1104.13

 Total Expenses

2179.41

2256.39

1649.65

8664.84

6640.63

 Profit before Exceptional Items and Tax

247.55

265.11

161.04

1084.17

768.00

 Exceptional Items (Net)

(264.39)

          (0.84)

(8.39)

(274.79)

(33.29)

 Profit before Tax

(16.84)

264.27

152.65

809.38

734.71

 Tax Expense

 

 

 

 

 

 Current tax

(28.73)

(23.08)

(78.42)

(89.05)

(256.03)

 Deferred tax

(4.64)

(51.96)

19.59

(185.14)

(4.85)

 Total Tax Expense (Net)

(33.37)

(75.04)

(58.83)

(274.19)

(260.88)

 Net Profit after Tax

(50.21)

189.23

93.82

535.19

473.83

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

(72.27)

(4.62)

(57.83)

(75.08)

(16.85)

 Group Consolidated Net Profit (A)

(122.48)

184.61

35.99

460.11

456.98

 Attributable to :

 

 

 

 

 

 Owners of the Parent

(76.49)

169.35

22.90

459.76

408.19

 Non Controlling Interest

(45.99)

15.26

13.09

0.35

48.79

 Other Comprehensive Income

 

 

 

 

 

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

 

 

 

 

 

 Remeasurement of the defined benefit plans

83.67

(69.38)

52.86

31.18

86.47

 Changes in fair valuation of equity instruments

6.08

6.63

(10.30)

12.50

(5.20)

  

89.75

(62.75)

42.56

43.68

81.27

 Tax impact on above items

(13.21)

12.07

(9.23)

(3.31)

(13.27)

  

76.54

(50.68)

33.33

40.37

68.00

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

 

 

 

 

 

 Exchange differences on translation of foreign operations

21.06

264.36

38.15

225.69

17.04

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

(37.11)

51.73

(4.93)

13.48

(12.06)

  

(16.05)

316.09

33.22

239.17

4.98

 Tax impact on above items

15.44

(12.46)

0.33

1.94

0.88

  

(0.61)

303.63

33.55

241.11

5.86

 Total Other Comprehensive Income, Net of Tax (B)

75.93

252.95

66.88

281.48

73.86

 Attributable to :

 

 

 

 

 

 Owners of the Parent

65.71

204.58

59.68

233.89

70.58

 Non Controlling Interest

10.22

48.37

7.20

47.59

3.28

 Total Comprehensive Income (A+B)

(46.55)

437.56

102.87

741.59

530.84

 Attributable to :

 

 

 

 

 

 Owners of the Parent

(10.78)

373.93

82.58

693.65

478.77

 Non Controlling Interest

(35.77)

63.63

20.29

47.94

52.07

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

92.16

92.16

63.11

92.16

63.11

 Reserves excluding Revaluation Reserve

 

 

 

13700.84

7246.72

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

(0.83)

1.84

0.36

4.99

6.47

* Restated (Refer Note 1)

 

Notes:

 

1.  In accordance with the Scheme of arrangement (Scheme) between the Company and Tata Chemicals Limited (TCL) as approved by Hon'ble National Company Law Tribunal, Kolkata Bench, the Consumer Product Business (foods business) of TCL was demerged and transferred to the Company with effect from the Appointed date of April 1, 2019, in consideration of 114 equity shares of the Company of Re.1 each fully paid up for every 100 equity shares held in TCL of Rs 10 each fully paid up. The effective date of the Scheme was February 7, 2020. Upon the Scheme becoming effective, the results of the foods business have been accounted in the books of the Company but with effect from April 1, 2019, and the reported numbers of the earlier quarters' have been restated. The Foods business contributed revenue from operations of Rs 2064 Crores (Q4: Rs 524 Crores) and profit before tax of Rs 264 Crores (Q4: Rs 56 Crores).

 

Pursuant to the Scheme, the name of the Company was also changed to Tata Consumer Products Limited with effect from February 10, 2020.

 

2.  For the quarter, Revenue from operations increased by 35% as compared to corresponding quarter of the previous year of which increase of 29% is on account of inclusion of foods business and 6% improvement is from beverages business driven by volume and value growth both in India and International markets. Profit before exceptional items and tax at Rs 248 Crores is higher by 54% as compared to corresponding quarter of the previous year, of which increase of 35% is on account of inclusion of foods business, and 19% improvement is from beverages business mainly on account of higher revenue and lower commodity costs partly offset by increased spends behind brands. Group Consolidated Net Profit is lower as compared to corresponding quarter of the previous year on account of higher exceptional items and higher shares of losses in Associates & Joint Ventures.

 

3.  The financial results includes following under Exceptional items:

Particulars (Rs in Crores)

Quarter ended

Year ended

March 31 2020

March 31 2019

March 31 2020

March 31 2019

Impairment of Goodwill*

(223)

-

(223)

-

Scheme Costs and Business Integration Costs in relation to foods business

(41)

-

(52)

-

Reorganisation and Business Restructuring costs

(10)

-

(10)

(25)

Past service cost relating to UK Defined Benefits pension scheme

-

(8)

-

(8)

Gain on disposal of Czech business

10

-

10

-

Income / (Expenditure) (net)

(264)

(8)

(275)

(33)

* Represents non-cash impairment loss on goodwill relating to the business in Australia and tea business in the US. The accounting impairment has been recognised due to a combination of factors like COVID related impact on specific out of home business segments, changes to discount rates due to market conditions and revision in business plan sensitivities. 

4.  Share of profits/(loss) in Associates and Joint Ventures include the profits/(loss) 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. The effect of this adoption is insignificant on the profit for the year.

 

6.  Figures of the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and year to date figures up to the third quarter of the relevant financial year.

 

7.  The Company along with its subsidiaries and affiliates continues to manufacture and supply essential food and beverage items in domestic and international markets even in the current COVID environment. The demand for the group's food and beverage products for in home consumption continues with some short term stocking up.  However, extended lock down conditions have caused some adverse impact on sales due to disruptions in  the market openings and supply chain with the impact being more pronounced in out of home sectors. Impact on future operations would to a large extent depend on how the pandemic develops and the resultant impact on businesses.

 

8.  The Board of Directors has recommended a dividend payment of Rs 2.70 per share (Face value Re. 1 each) for the year ended March 31, 2020.

 

9.  The Consolidated Statement of Assets and Liabilities as at March 31, 2020 and Consolidated Cash Flow Statement for the year ended March 31, 2020 is annexed.

 

10. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

11. The aforementioned results were reviewed by the Audit Committee of the Board on May 14, 2020 and subsequently taken on record by the Board of Directors at its Meeting held on May 14, 2020. The Statutory Auditors of the Company have audited the annual results.

 

12. The Consolidated and Standalone result for the quarter and year ended March 31, 2020 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.tataconsumer.com).

 

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

 

 

 

 

Sanjiv V. Pilgaonkar                                                                               Sunil D'Souza

Partner                                                                                                  Managing Director and CEO

Membership No. 039826

Mumbai: May 14, 2020

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Consolidated Segment wise Revenue, Results, Assets and Liabilities for the year ended March 31, 2020

Rs. in Crores

Particulars

  Three months ended

  Year ended

March 31, 2020

December 31, 2019 *

March 31, 2019

March 31, 2020

 March 31, 2019

Refer Note 6

Unaudited

Refer Note 6

Audited

Audited

 Segment Revenue

 

 

 

 

 

 Branded Business

 

 

 

 

 

 India - Beverages

754.83

873.12

712.49

3376.89

3167.66

 India - Foods

524.44

531.06

                 -  

2063.74

                 -  

 International - Beverages

874.41

851.64

821.00

3226.04

3238.38

 Total Branded Business

2153.68

2255.82

1533.49

8666.67

6406.04

 Non Branded Business

251.28

238.51

241.21

974.94

842.47

Total Segment Revenue

2404.96

2494.33

1774.70

9641.61

7248.51

Others

6.42

8.20

6.22

26.63

30.16

Less: Inter segment Sales

(6.35)

(9.57)

(5.46)

(30.82)

(27.17)

Revenue from Operations

2405.03

2492.96

1775.46

9637.42

7251.50

Segment Results

 

 

 

 

 

 Branded Business

 

 

 

 

 

India - Beverages

87.15

127.56

57.04

465.14

457.42

India - Foods

57.27

66.21

                 -  

266.45

                 -  

International - Beverages

128.51

79.00

101.25

360.76

276.73

 Total Branded Business

272.93

272.77

158.29

1092.35

734.15

 Non Branded Business

1.19

16.16

9.62

55.65

66.64

 Total Segment Results

274.12

288.93

167.91

1148.00

800.79

 Add/Less

 

 

 

 

 

Other Income

17.94

20.13

33.41

93.35

105.58

 Finance Cost

(18.70)

(20.12)

(15.48)

(77.86)

(52.47)

 Unallocable items

(25.81)

(23.83)

(24.80)

(79.32)

(85.90)

Exceptional Items

(264.39)

(0.84)

(8.39)

(274.79)

(33.29)

 Profit Before Tax

(16.84)

264.27

152.65

809.38

734.71

Segment Assets

 

 

 

 

 

 Branded Business

 

 

 

 

 

India - Beverages

1554.03

1906.25

1322.45

1554.03

1322.45

India - Foods

6231.66

6222.86

                 -  

6231.66

                 -  

International - Beverages

5352.99

5511.71

5237.22

5352.99

5237.22

 Total Branded Business

13138.68

13640.82

6559.67

13138.68

6559.67

 Non Branded Business

1599.93

1532.26

1483.92

1599.93

1483.92

 Total Segment Assets

14738.61

15173.08

8043.59

14738.61

8043.59

 Unallocable Corporate Assets

3763.99

3199.57

2895.13

3763.99

2895.13

 Total Assets

18502.60

18372.65

10938.72

18502.60

10938.72

 Segment Liabilities

 

 

 

 

 

 Branded Business

 

 

 

 

 

India - Beverages

538.32

573.22

366.03

538.32

366.03

India - Foods

240.72

165.58

                 -  

240.72

                 -  

International - Beverages

759.99

744.51

520.21

759.99

520.21

 Total Branded Business

1539.03

1483.31

886.24

1539.03

886.24

 Non Branded Business

186.98

155.02

169.88

186.98

169.88

 Total Segment Liabilities

1726.01

1638.33

1056.12

1726.01

1056.12

 Unallocable Corporate Liabilities

1869.26

1776.55

1523.23

1869.26

1523.23

 Total Liabilities

3595.27

3414.88

2579.35

3595.27

2579.35

* Restated (Refer Note 1)

 

Notes:

 

a)  The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Beverages, India Foods and International Beverages. 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 -

India Beverages : Sale of branded Tea, Coffee and Water in various value added forms

India Foods : Sale of food products in various value added forms

International Beverages : Sale of branded Tea, Coffee and Water in various value added forms

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 excludes allocable income to segment results.

d)   The Group has revised the composition of its reportable segments to align with the changes in the manner in which the Group's CODM allocates resource and reviews performance. The corresponding segment information for the earlier periods has been restated as per the requirements of Ind AS 108.

 

 

                                                                                                                                                                                                        Sunil D'Souza

Mumbai: May 14, 2020                                                        Managing Director and CEO

 

 

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Audited Consolidated Statement of Assets and Liabilities as at March 31, 2020

Rs in Crores

 

March 31, 2020

March 31, 2019

 ASSETS

 

 

Non-Current Assets

 

 

Property Plant and Equipment

1207.50

808.80

Capital Work in Progress

87.56

413.30

Investment Property

50.04

51.60

Right of Use Assets

293.46

                    -  

Goodwill

7333.83

3785.07

Other Intangible Assets

2771.21

267.84

Intangible Assets under Development

7.79

11.11

Investments accounted for using Equity method

228.19

287.60

Financial Assets

 

 

Investments

261.11

316.90

Loans

22.50

17.09

Other Financial Assets

32.17

28.62

Deferred Tax Assets (Net)

29.56

58.04

Non-current Tax Assets (net)

146.06

86.26

Other Non Current Assets

349.56

258.52

 

12820.54

6390.75

Current Assets

 

 

Inventories

1712.03

1609.86

Financial Assets

 

 

Investments

833.55

583.16

Trade Receivables

922.41

680.55

Cash and Cash Equivalent

1121.67

967.02

Other Bank balances

499.79

66.59

Loans

116.54

245.01

Other Financial Assets

173.24

131.40

Current Tax Assets (net)

1.17

2.38

Other Current Assets

301.66

224.83

 

5682.06

4510.80

Assets of disposal group

                    -  

37.17

TOTAL ASSETS

18502.60

10938.72

EQUITY AND LIABILITIES

 

 

Equity

 

 

Equity Share Capital

92.16

63.11

Other Equity

13722.70

7268.58

Equity attributable to the equity holders of the company

13814.86

7331.69

Non Controlling Interest

1092.47

1027.68

Total Equity

14907.33

8359.37

Non-Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

794.67

787.24

Lease Liability

291.96

                    -  

Other Financial Liabilities

13.93

7.61

Provisions

183.22

152.21

Deferred Tax Liabilities (Net)

316.03

145.45

Non Current Tax Liabilities

16.86

               16.90

 

1616.67

1109.41

Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

387.81

329.66

Lease Liability

37.97

                    -  

Trade Payables

943.99

664.90

Other Financial Liabilities

382.55

304.77

Other Current Liabilities

100.25

81.38

Provisions

92.41

49.51

Current Tax Liabilities (net)

33.62

27.95

 

1978.60

1458.17

Liabilities of disposal group

                    -  

11.77

TOTAL EQUITY AND LIABILITIES

18502.60

10938.72

  

 

As at April 1, 2019, net assets of Rs 2536 Crores and goodwill of Rs 3562 Crores was  recognised in the Balance sheet with credit to Equity, on account of the Scheme of Arrangement (Refer Note 1).

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Audited Consolidated Statement of Cash Flows for the year ended March 31, 2020

Rs. In Crores

 Particulars

March 31,
2020

March 31,
2019

A.   Cash Flow from Operating Activities

 

 

     Net Profit before Tax

809.38

734.71

      Adjusted  for  :

 

 

 Depreciation and amortisation

241.71

122.57

 Finance Cost

77.86

52.47

 Dividend Income

(3.47)

(3.65)

 Profit on sale of current investments (net)

(25.50)

(33.36)

 Fair value movement in Financial instruments at fair value through profit and loss

(2.57)

(5.95)

 Interest Income

(61.81)

(62.63)

 Unrealised foreign exchange (gain) / loss

(7.18)

2.17

 Impairment loss recognised in trade receivables and advances ( net of reversal)

(3.41)

2.04

 Other non operating income

                     -  

(25.21)

 (Profit) / Loss on sale of Property, Plant & Equipment including investment property (net)

(4.03)

(15.26)

 Rental Income from Investment Property

(3.14)

(2.40)

Gain on disposal of a Subsidiary

(10.38)

                     -  

Impairment of Goodwill

222.94

                     -  

Other Exceptional Items

62.23

33.29

 Operating Profit before working capital changes

1292.63

798.79

     Adjustments for:

 

 

     Trade Receivables & Other Assets

(177.30)

(132.69)

     Inventories

81.46

(155.54)

Trade payables & Other Liabilities

13.82

(133.31)

 Cash generated from operations

1210.61

377.25

     Direct taxes paid

(128.38)

(167.38)

 Net Cash from Operating Activities

1082.23

209.87

B.  Cash Flow from Investing Activities

 

 

     Payment for  Property, Plant and Equipment including Intangibles

(159.58)

(282.28)

     Sale of Property, Plant and Equipment

8.82

25.70

     Acquisition of Business

(101.01)

                     -  

     Rental Income from Investment Property

3.14

2.40

 Sale of Non Current Investments carried at Fair value through OCI

65.27

1.15

Proceeds from disposal of a Subsidiary

30.38

                     -  

     Investments in Joint Ventures

(53.00)

(35.80)

Purchase of Non-Current Investments

(0.16)

                     -  

     (Purchase) / Sale of Current Investments (net)

(222.00)

24.69

     Dividend Income received (including dividend from associates & Joint Ventures)

5.31

5.22

     Interest Income received

51.13

48.70

     (Placement) / Redemption Fixed deposits (net)

(433.53)

240.00

     Inter Corporate Loans and Deposits (net)

132.46

43.50

 Net cash from /(used in) Investing Activities

(672.77)

73.28

C.   Cash Flow from Financing Activities

 

 

     Proceeds from / (Repayment of) Long term borrowings (net)

(18.14)

101.14

     Proceeds from  / (Repayment of) short term borrowings (net)

50.25

(65.31)

     Payment of Lease Liabilities

(48.56)

                     -  

     Dividend & Dividend Tax paid

(221.62)

(215.82)

     Finance Cost paid

(70.26)

(43.74)

 Net Cash used in Financing Activities

(308.33)

(223.73)

 Net increase in Cash and Cash Equivalents  (A+B+C)

101.13

59.42

 Opening balance of Cash & Cash Equivalent

737.48

698.17

      Exchange Gain/ (Loss) on translation of foreign currency cash/cash equivalents

50.73

(20.11)

 Closing Cash & Cash Equivalent

889.34

737.48

 Reconciliation with Balance Sheet

 

 

     Cash  and  Cash  Equivalents

889.34

737.48

     Add : Bank Overdraft

232.33

229.55

     Less : Cash  and  Cash  Equivalents relating to disposal group

-

(0.01)

 Balance at the end of the year

1121.67

967.02

 

 

 

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Standalone Financial Results for the quarter and year ended March 31, 2020

Particulars

Three months ended

Year ended

 

March 31, 2020

December 31, 2019*

March 31, 2019

March 31, 2020

March 31, 2019

 

Refer Note 5

Unaudited

Refer Note 5

Audited

Audited

Revenue from Operations

1335.31

1463.45

784.05

5690.24

3429.66

Other Income

16.70

24.81

26.61

117.75

182.51

Total Income

1352.01

1488.26

810.66

5807.99

3612.17

Cost of materials consumed

527.09

601.49

500.86

2305.02

2055.97

Purchase of stock-in-trade

287.42

309.21

8.25

1123.86

23.65

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

(26.40)

(10.28)

(30.85)

44.36

0.16

Employees benefits expense

74.35

69.09

49.67

283.44

216.85

Finance costs

6.79

7.16

3.24

25.73

13.18

Depreciation and amortisation expense

33.00

29.40

8.73

114.82

31.68

Advertisement and sales charges

107.92

107.69

62.85

384.91

226.55

Other expenses

204.55

179.36

134.21

744.63

468.21

Total Expenses

1214.72

1293.12

736.96

5026.77

3036.25

Profit before Exceptional Items and Tax

137.29

195.14

73.70

781.22

575.92

Exceptional Items (Net)

(41.41)

(0.84)

-

(51.81)

-

Profit before Tax

95.88

194.30

73.70

729.41

575.92

Tax Expense

 

 

 

 

 

Current Tax

2.11

(1.42)

(23.54)

0.61

(160.57)

Deferred Tax

(27.06)

(49.89)

3.10

(206.48)

(4.42)

Total Tax Expense (net of reversals)

(24.95)

(51.31)

(20.44)

(205.87)

(164.99)

 Net Profit after Tax (A)

 

70.93

 

142.99

 

53.26

 

523.54

 

410.93

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

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

 

 

 

 

 

Remeasurement of defined benefit plans

(9.56)

(2.56)

10.76

(28.18)

4.67

Changes in fair valuation of equity instruments

4.67

5.38

(8.40)

9.84

(3.77)

 

(4.89)

2.82

2.36

(18.34)

0.90

Tax impact of above items

3.44

0.64

(3.93)

7.47

(1.80)

 

(1.45)

3.46

(1.57)

(10.87)

(0.90)

ii) Items that will be reclassified to profit or loss

 

 

 

 

 

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

(1.67)

(2.20)

1.53

(6.53)

4.23

Tax impact of above item

0.68

0.57

(0.54)

2.13

(1.48)

 

(0.99)

(1.63)

0.99

(4.40)

2.75

Other Comprehensive Income (B)

(2.44)

1.83

(0.58)

(15.27)

1.85

Total Comprehensive Income (A+B)

68.49

144.82

52.68

508.27

412.78

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

92.16

92.16

63.11

92.16

63.11

Reserves excluding Revaluation Reserves

 

 

 

10735.99

4358.71

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

0.77

1.55

0.84

5.68

6.51

* Restated(Refer Note 1)

 

Notes:

 

1.     In accordance with the Scheme of arrangement (Scheme) between the Company and Tata Chemicals Limited (TCL) as approved by Hon'ble National Company Law Tribunal, Kolkata Bench, the Consumer Product Business (foods business) of TCL was demerged and transferred to the Company with effect from the Appointed date of April 1, 2019, in consideration of 114 equity shares of the Company of Re.1 each fully paid up for every 100 equity shares held in TCL of Rs 10 each fully paid up. The effective date of the Scheme was February 7, 2020. Upon the Scheme becoming effective, the results of the foods business have been accounted in the books of the Company but with effect from April 1, 2019, and the reported numbers of the earlier quarters' have been restated. The Foods business contributed revenue from operations of Rs 2064 Crores (Q4: Rs 524 Crores) and profit before tax of Rs 264 Crores (Q4: Rs 56 Crores).

Pursuant to the Scheme, the name of the Company was also changed to Tata Consumer Products Limited with effect from February 10, 2020.

 

2.     For the quarter, Revenue from operations increased by 70% as compared to corresponding quarter of the previous year of which increase of 67% is on account of inclusion of foods business, branded beverages business has improved by 6 % due to growth in volume and value offset by 3% reduction in income from other businesses. Profit before exceptional item and tax at Rs. 137 crores is higher by 86% as compared to corresponding quarter of the previous year of which increase of 76% is on account of inclusion of foods business, and 10% improvement is from beverages business. Consequently, Profit after Tax at Rs 71 crs is higher as compared to corresponding quarter of the previous year on account of inclusion of food business partly offset by higher exceptional items.

 

3.     Exceptional item for the current quarter represent Scheme Costs and Business Integration Costs in relation to foods business

 

4.     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.

 

5.     Figures of the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and year to date figures up to the third quarter of the relevant financial year.

 

6.     In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated financial results, and therefore, no separate disclosure on segment information is given in these Standalone financial results.

 

7.     Statement of Assets and Liabilities as at March 31, 2020 along with comparatives is annexed.

 

8.     The company continues to manufacture and supply essential food and beverage items even in the current COVID environment. Extended lock down conditions have had some adverse impact  on sales due to disruptions in  the market openings and  supply chain primarily where there is reliance on traditional channels. Impact on future operations would to a large extent depend on how the pandemic develops and the resultant impact on businesses.

 

9.     The Board of Directors has recommended a dividend payment of Rs 2.70 per share (Face value Re. 1 each) for the year ended March 31, 2020.

 

10.  Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

11.  The aforementioned results were reviewed by the Audit Committee of the Board on May 14, 2020 and subsequently taken on record by the Board of Directors at its meeting held on May 14, 2020. 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: May 14, 2020

 

 

 

 

 

 

 

Sunil D'Souza

Managing Director and CEO

 

 

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Audited Statement of Assets and Liabilities as at March 31, 2020

Rs. In Crores

 

 

March 31, 2020

March 31, 2019

ASSETS

 

 

Non-Current Assets

 

 

Property, Plant and Equipment

225.32

223.84

Capital work-in-progress

22.16

10.52

Investment Property

-

0.65

Right of Use Assets

124.88

-

Goodwill

3578.51

-

Other Intangible Assets

2523.83

18.06

Intangible Assets under development

5.99

6.73

Financial Assets

 

 

Investments

2324.91

2318.59

Loans

22.35

16.77

Other Financial Assets

24.68

20.41

Deferred Tax Assets (Net)

-

33.86

Non-Current Tax Assets (Net)

123.06

63.38

Other Non-Current Assets

87.64

83.49

 

9063.33

2796.30

Current assets

 

 

Inventories

919.95

846.91

Financial Assets

 

 

Investments

724.51

497.74

Trade Receivables

314.17

181.92

Cash and Cash Equivalents

243.24

408.96

Other Bank Balances

494.53

63.99

Loans

0.66

8.13

Other Financial Assets

75.20

37.42

 Other Current Assets

214.84

163.08

 

2987.10

2208.15

TOTAL ASSETS

12050.43

5004.45

EQUITY AND LIABILITIES

 

 

Equity

 

 

Equity Share Capital

92.16

63.11

Other Equity

10757.85

4380.57

TOTAL EQUITY

10850.01

4443.68

Non-Current Liabilities

 

 

Financial Liabilities

 

 

Lease Liability

121.82

-

Provisions

137.52

115.25

 Deferred Tax Liabilities

149.22

 

 

408.56

115.25

Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

35.00

4.53

Lease Liability

23.69

-

Trade Payables

 

 

Total outstanding dues of Micro enterprises and Small enterprises

4.31

3.50

Total outstanding dues of creditors other than Micro enterprises and Small enterprises

442.73

235.92

Other Financial Liabilities

120.11

99.17

Other Current Liabilities

75.91

65.31

Provisions

73.96

20.65

Current Tax Liabilities (Net)

16.15

16.44

 

791.86

445.52

TOTAL EQUITY AND LIABILITIES

12050.43

5004.45

As at April 1, 2019, net assets of Rs 2536 crs and goodwill of Rs 3562 crs was recognised in the Balance sheet with Credit to Equity, on account of the Scheme of Arrangement (Refer Note1).

 

 

 

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com

Audited Statement of Cash Flows for the year ended March 31, 2020

Rs. In Crores

Particulars

March 31, 2020

March 31, 2019

A.        Cash  Flow  from  Operating  Activities

 

 

 Net Profit before Tax

729.41

575.92

 Adjusted  for  :

 

 

 Depreciation and Amortisation

114.82

31.68

Dividend Income

(47.15)

(81.25)

 Unrealised Exchange (Gain) / Loss

(1.69)

0.17

 Finance Cost

25.73

13.18

 Fair value movement in Financial instruments at fair value through profit and loss

3.31

(4.14)

 Interest Income

(46.57)

(38.31

Profit on sale of current investments (net)

(24.88)

(33.45)

 Impairment loss recognised in trade receivables (net of reversal)

(1.11)

0.51

 (Profit) / Loss on sale of Property, Plant & Equipment (net)

1.33

0.40

Exceptional Items

51.81

-

Other Non Operating Income

-

(25.21)

 Operating Profit before working capital changes

805.01

439.50

 Adjustments for:

 

 

    Trade Receivables & Other Assets

(118.96)

(102.51)

 Inventories

80.96

(102.51)

 Trade payables & Other Liabilities

37.05

(9.18)

 Cash generated from Operations

804.06

225.30

 Direct Taxes paid (net)

(59.03)

(127.83)

 Net  Cash  from/(used in)  Operating  Activities

745.03

97.47

B.   Cash  Flow  from  Investing  Activities

 

 

 Payment for  Property, Plant and Equipment and Intangibles

(65.28)

(53.52)

 Sale of Property, Plant and Equipment

0.11

0.17

 Sale of Non Current Investments carried at Fair value through OCI

53.20

1.16

Acquisition of Business

(101.01)

-

 Investment in Joint Ventures

(53.00)

(35.80)

 (Purchase) / Sale of Current Investments (net)

(201.89)

73.39

 (Placement) / Redemption Fixed deposits (net)

(430.65)

240.00

 Dividend Income received

47.15

81.25

 Interest Income received

41.38

35.42

 Inter Corporate Deposits and Loans (net)

1.75

3.50

 Net  cash from / (used in) Investing  Activities

(708.24)

345.57

C.   Cash  Flow  from  Financing  Activities

 

 

Working Capital facilities (net)

35.00

(60.00)

 Payment of Lease Liabilities

(28.97)

-

 Dividend

(157.78)

(157.78)

Dividend Tax paid

(29.12)

(24.67)

 Finance Cost paid

(17.11)

(4.71)

 Net Cash from / (used in) Financing  Activities

(197.98)

(247.16)

 Net increase / (decrease) in  Cash and Cash Equivalents  (A+B+C)

(161.19)

195.88

 Opening balance of Cash & Cash equivalent

404.43

208.55

 Closing Cash & Cash Equivalent

243.24

404.43

 

 

 

Reconciliation with Balance Sheet

 

 

Cash and Cash Equivalents

243.24

404.43

Add : Bank Overdraft

 

4.53

Balance at the end of the year

243.24

408.96

 


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