REG - Tata Consumer Prod. - Final Results

Tata Consumer ProductsAnnouncement

26/05/2020 07:04

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
Consolidated Financial Results for the quarter and 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




 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
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 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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