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Consumer Defensives
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Market Cap £5.10bn
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Position in Universe 57th / 2999

Tata Global Bev.. - 1st Quarter Results

Tue 29th July, 2014 7:12am
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RNS Number : 5757N
Tata Global Beverages Limited.
29 July 2014 
 
Tata Global Beverages Limited 
 
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020 
 
Audited Financial Results 
 
for three months ended June 30, 2014 
 
Rs. In Lakhs 
 
 Particulars                                                                                              Three Months Ended  Year Ended   
 June 302014                                                                                              March 312014        June 302013  March 312014  
 Net Sales / Income from Operations (Net of excise duty)                                                  70753               60553        66665         260990     
 Other Operating Income                                                                                   1852                2722         1294          7305       
 Total Income from Operations (Net)                                                                       72605               63275        67959         268295     
 a) Cost of materials consumed                                                                            42251               44086        38556         173011     
 b) Purchase of stock-in-trade                                                                            30                  200          45            344        
 c) Charges in inventories of finished goods and stock-in-trade                                           5216                (5118)       5497          (510)      
 d) Employee benefits expense                                                                             3600                2724         3417          13157      
 e) Depreciation & Amortization expense                                                                   451                 397          404           1635       
 f) Other Expenses                                                                                        12989               14758        12008         53899      
 Total Expenses                                                                                           64537               57047        59927         241536     
 Profit from Operations before Other Income, Finance Cost & Exceptional Items                             8068                6228         8032          26759      
 Other Income                                                                                             755                 7330         1330          18489      
 Profit from ordinary activities before Finance cost & Exceptional Items                                  8823                13558        9362          45248      
 Finance Cost                                                                                             (427)               (940)        (499)         (3920)     
 Profit from ordinary activities after Finance cost but before Exceptional Items                          8396                12618        8863          41328      
 Exceptional items (Net)                                                                                  (95)                (370)        2498          17221      
 Profit from ordinary activities before Tax                                                               8301                12248        11361         58549      
 Tax Expense                                                                                              (2375)              (2112)       (2904)        (13852)    
 Net Profit for the period                                                                                5926                10136        8457          44697      
 Paid up Equity Share Capital (face value of Rs. 1 each)                                                  6184                6184         6184          6184       
 Reserves excluding Revaluation Reserve                                                                                                                  248955     
 Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs                               0.96                1.64         1.37          7.23       
 PARTICULARS OF SHAREHOLDING                                                                                                                                        
 Public Shareholding                                                                                                                                                
 - Number of Shares                                                                                       401315380           401315380    400715380     401315380  
 - Percentage of Shareholding                                                                             64.90%              64.90%       64.80%        64.90%     
 Promoters and Promoters Group Shareholding                                                                                                                         
 (a) Pledged / Encumbered                                                                                                                                           
 - Number of Shares                                                                                       11500000            11500000     40800000      11500000   
 - Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )  5.30%               5.30%        18.74%        5.30%      
 - Percentage of shares ( as a percentage of the total share capital of the company)                      1.86%               1.86%        6.60%         1.86%      
 (b) Non Encumbered                                                                                                                                                 
 - Number of Shares                                                                                       205583190           205583190    176883190     205583190  
 - Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )  94.70%              94.70%       81.26%        94.70%     
 - Percentage of shares ( as a percentage of the total share capital of the company)                      33.24%              33.24%       28.60%        33.24%     
 
 
Notes: 
 
1.  For the quarter, Income from operations at Rs 726 crores increased by 7%
over corresponding quarter of previous year reflecting improved performance in
the branded tea operations. Profit from Operations at Rs 81 crores is
marginally ahead of the corresponding quarter of the previous year.  Profit
after tax at Rs 59 crores is lower compared to the corresponding quarter of
previous year due to impact of exceptional items in the previous year. 
 
2.  Exceptional item during the quarter of Rs. 1 crore represents expenditure
on restructuring activities. Exceptional items for the corresponding quarter
of previous year represents profit from sale of Non current Investment Rs 36 
crores partly offset by expenditure on new product development and long term
initiatives in joint ventures aggregating to Rs 7 crores and expenditure on
revision of post retirement pension obligations of Rs 4 crores. 
 
3.  Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional
items (basic and diluted) for the quarter and the year are given below: 
 
 In Rs                                                             Three months ended  Year Ended   
 June 302014                                                       March 312014        June 302013  March 312014  
 Earnings Per Share - Rs *                                         0.96                1.64         1.37          7.23  
 Earnings Per Share - Rs* (excluding impact of exceptional items)  0.97                1.68         1.01          5.07  
 
 
*Not annualized for the quarter end. 
 
4.  Depreciation for the quarter has been computed applying the rates that
were applicable for the previous financial year, pending assessment of useful
lives/clarifications expected on the matter under the new Companies Act, 2013.
Had the Company adopted the useful life as per Schedule II of the Companies
Act 2013, the impact of the same is not expected to be material on the
results. 
 
5.  The Board of Directors of the Company in its meeting held on November 12,
2013 had approved the scheme of merger of its subsidiary, Mount Everest
Mineral Water Limited (MEMW), with the Company in terms of a scheme of
amalgamation under Section 391-394 and other applicable provisions of the
Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI
have been obtained. Further, the scheme was approved by the shareholders at
the court convened meeting held on June 4, 2014 and also by non-promoter
shareholders through postal ballot. The appointed date of the scheme is April
1, 2013. The scheme would be effective on the receipt of necessary approvals
and completion of formalities as laid down there under. Accordingly, the
operating results of MEMW would be reflected by the Company from the appointed
date of April 1, 2013 after the scheme becomes effective post obtaining all
the requisite approvals. In terms of the scheme, till such date the scheme
becomes effective, the merging entity's business operations are being carried
out in trust on behalf of the Company. 
 
6.  As the Company's activity falls within a single business segment, viz
"Buying / Blending and Sale of tea in bulk and value added form" the
disclosure requirements of Accounting Standard (AS-17) on "Segment Reporting"
notified by the Companies (Accounting Standard) Rules 2006, are not
applicable. 
 
7.  Investor complaints : 
 
 Pending at the beginning of the Quarter  Received during the Quarter  Disposed of during the Quarter  Remaining unresolved at the end of the Quarter*  
 2                                        5                            4                               3                                                
 
 
*Received during last week of the quarter and were since resolved. 
 
8.  Previous period's figures have been rearranged/ regrouped to the extent
necessary, to conform to the current period's figures. 
 
9.  The aforementioned results were reviewed by the Audit Committee of the
Board on July 28, 2014 and subsequently taken on record by the Board of
Directors at its Meeting held on July 28, 2014. The statutory auditors of the
company have audited these results. 
 
Mumbai, July 28, 2014                                                         
                              Cyrus P Mistry 
 
(Chairman) 
 
Tata Global Beverages Limited 
 
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020 
 
Unaudited Consolidated Financial Results 
 
for the three months ended June 30, 2014 
 
Rs. In Lakhs 
 
 Particulars                                                                                              Three Months Ended  Audited Year Ended  
 June 302014                                                                                              March 31 2014       June 30 2013        March 312014  
 Net Sales / Income from Operations (Net of excise duty)                                                  188395              186569              179615        762198     
 Other Operating Income                                                                                   2916                4424                1731          11563      
 Total Income from Operations (Net)                                                                       191311              190993              181346        773761     
 a) Cost of materials consumed                                                                            81727               83162               83504         352809     
 b) Purchase of stock-in-trade                                                                            7710                7360                5846          26356      
 c) Charges in inventories of finished goods and stock-in-trade                                           4044                (2235)              (628)         (11419)    
 d) Employee benefits expense                                                                             20888               19520               18668         78799      
 e) Depreciation & Amortization (Net of amount drawn from Revaluation Reserve)                            3500                3664                2878          12906      
 f) Advertisement and Sales Charges                                                                       28580               34751               28767         140226     
 g) Other Expenses                                                                                        28232               29370               24477         111801     
 Total Expenses                                                                                           174681              175592              163512        711478     
 Profit from Operations before Other Income, Finance Cost & Exceptional Items                             16630               15401               17834         62283      
 Other Income                                                                                             1799                1622                1834          8180       
 Profit from ordinary activities before Finance cost & Exceptional Items                                  18429               17023               19668         70463      
 Finance Cost                                                                                             (1511)              (2024)              (2037)        (8653)     
 Profit from ordinary activities after Finance cost but before Exceptional Items                          16918               14999               17631         61810      
 Exceptional items (Net)                                                                                  (269)               (1172)              2163          8876       
 Profit from ordinary activities before Tax                                                               16649               13827               19794         70686      
 Tax Expense                                                                                              (5406)              (3902)              (6205)        (18449)    
 Profit after Tax                                                                                         11243               9925                13589         52237      
 Share of Profit/(Loss) from Associates                                                                   2                   (1953)              (926)         (1287)     
 Minority Interest in Consolidated Profit                                                                 (1522)              (1042)              (1500)        (2899)     
 Group Consolidated Net Profit                                                                            9723                6930                11163         48051      
 Paid-up equity share capital (Face value of Re 1 each)                                                   6184                6184                6184          6184       
 Reserve excluding Revaluation Reserves                                                                                                                         574493     
 Earnings per share (Basic & Diluted) (not annulised for quarter end) - Rs                                1.57                1.12                1.81          7.77       
 PARTICULARS OF SHAREHOLDING                                                                                                                                               
 Public Shareholding                                                                                                                                                       
 - Number of Shares                                                                                       401315380           401315380           400715380     401315380  
 - Percentage of Shareholding                                                                             64.90%              64.90%              64.80%        64.90%     
 Promoters and Promoters Group Shareholding                                                                                                                                
 (a) Pledged / Encumbered                                                                                                                                                  
 - Number of Shares                                                                                       11500000            11500000            40800000      11500000   
 - Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )  5.30%               5.30%               18.74%        5.30%      
 - Percentage of shares ( as a percentage of the total share capital of the company)                      1.86%               1.86%               6.60%         1.86%      
 (b) Non Encumbered                                                                                                                                                        
 - Number of Shares                                                                                       205583190           205583190           176883190     205583190  
 - Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )  94.70%              94.70%              81.26%        94.70%     
 - Percentage of shares ( as a percentage of the total share capital of the company)                      33.24%              33.24%              28.60%        33.24%     
 
 
Notes: 
 
1.  For the quarter, Income from operations at Rs 1913 crores increased by 5%
as compared to the corresponding quarter of the previous year. Profit before
exceptional items at Rs 169 crores is 4% lower than the corresponding quarter
of the previous year. While branded business performed well, profitability was
impacted by lower crop available for sale in the plantation business and
investment in new ventures. Post the impact of exceptional items, the Group
Consolidated Net Profit is Rs 97 crores, lower by 13% as compared to the
corresponding quarter of the previous year. 
 
2.  The financial results includes following under Exceptional items: 
 
In Rs crores 
 
 Particulars                                                                                                                                                                                                 Quarter ended  
 June 30 2014                                                                                                                                                                                                June 30 2013   
 Profit on sale of non-current investmentProfit on sale of landBusiness Restructuring costsExpenditure on revision of post retirement pension obligationsProduct development cost and long term initiatives  --(3)--        322(3)(4)(5)  
 Income / (Expenditure)(net)                                                                                                                                                                                 (3)            22            
 
 
3.  Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of
exceptional items (basic and diluted) for the quarter and the year are given
below: 
 
 In Rs                                                             Three months ended  Year Ended   
 June 302014                                                       March 312014        June 302013  March 312014  
 Earnings Per Share - Rs *                                         1.57                1.12         1.81          7.77  
 Earnings Per Share - Rs* (excluding impact of exceptional items)  1.60                1.21         1.49          5.46  
 
 
**not annualised for the quarter end 
 
EPS, excluding the impact of exceptional items, for the year is higher by 7%
as compared to the previous year due to improved performance of Associates. 
 
4.  (a) Depreciation for the quarter has been computed applying the rates that
were applicable for the previous financial year, pending assessment of useful
lives/ clarifications expected on the matter under the new Companies Act,
2013. 
 
(b)The auditors of one of our Indian subsidiary Companies have invited
attention to the above matter in their limited review report, without
qualifying their opinion. Further, the auditors of this subsidiary have
invited attention, without qualifying their opinion, to a change in the method
of accounting relating to valuation of wind fallen/ extracted timber in their
limited review report, which has no material impact on the results. 
 
5.  Actuarial gain (net of tax and minority interest) of Rs 0.69 crores for
the quarter, relating to defined benefit pension scheme of overseas
subsidiaries have been accounted in Reserves in the Consolidated Financial
Statement applying the principles of Accounting Standard 21 and in line with
the policy followed by the overseas subsidiaries and other companies in
compliance with the relevant overseas accounting framework. Had the accounting
policy of recognising the actuarial gains and losses of pension scheme of the
overseas subsidiaries in the Statement of Profit and Loss been followed, the
Consolidated Net profit for the Group would have been higher by Rs 0.69 crores
for the quarter. 
 
The Statutory Auditors have invited attention to this in their Limited Review
Report. 
 
6.  The Board of Directors of the Holding Company in its meeting held on
November 12, 2013 had approved the scheme of merger of its subsidiary, Mount
Everest Mineral Water Limited (MEMW), with the Holding Company in terms of a
scheme of amalgamation under Section 391-394 and other applicable provisions
of the Companies Act, 1956. The necessary approvals from the Stock exchanges
and SEBI have been obtained. Further, the scheme was approved by the
shareholders at the court convened meeting held on June 4, 2014 and also by
non-promoter shareholders through postal ballot. The appointed date of the
scheme is April 1, 2013. The scheme would be effective on the receipt of
necessary approvals and completion of formalities as laid down there under.
Accordingly, the operating results of MEMW would be reflected by the Holding
Company from the appointed date of April 1, 2013 after the scheme becomes
effective post obtaining all the requisite approvals. In terms of the scheme,
till such date the scheme becomes effective, the merging entity's business
operations are being carried out in trust on behalf of the Holding Company. 
 
7.  During the previous year, Tata Coffee Limited (TCL), Indian subsidiary of
the Holding Company, had filed for merger of its wholly owned subsidiary
Alliance Coffee Limited (ACL) with the Honorable High Court of Karnataka. The
operating results of ACL would be reflected by TCL from the appointed date of
April 1, 2013 on approval of the said scheme which is pending with Honorable
High Court of Karnataka. In terms of the scheme, till such date the scheme
becomes effective, the merging entity's business operations are being carried
out in trust on behalf of TCL. 
 
8.  During the month of May'2014, an overseas subsidiary of the Holding
Company acquired a 100% stake in the equity capital of Earth Rules Pty Ltd.,
Australia, engaged in coffee business under the 'MAP' brand, with presence in
Roast & Ground coffee and coffee in Pods (single serve portions) segment in
Australia. 
 
9.  The major part of the Holding Company's business arises from operations
outside India and through its subsidiaries. In view of this the Company has
opted to publish only consolidated results for the year as permitted under
SEBI guidelines. The standalone results shall be available on the Company's
website as well as on the website of the stock exchanges where the Company's
shares are listed. The Total Income from Operations, Net Profit for the period
and Earnings per share of the Holding Company's standalone financial results
are given below: 
 
 In Rs                                                             Three months ended  Year Ended   
 June 302014                                                       March 312014        June 302013  March 312014  
 Total Income from Operations (Net)                                726                 633          680           2683  
 Net Profit for the period                                         59                  101          85            447   
 Earnings per share - Rs*                                          0.96                1.64         1.37          7.23  
 Earnings per share - Rs* (excluding impact of exceptional items)  0.97                1.68         1.01          5.07  
 
 
*not annualised for the quarter end 
 
Profits for the quarters ended March 31, 2014 and June 30, 2013 were higher
mainly because of higher dividend income and profit on sale of non-current
investments respectively. 
 
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 July 28, 2014 and subsequently taken on record by the Board of
Directors at its Meeting held on July 28, 2014. The Statutory Auditors of the
company have conducted limited review of these results. 
 
Mumbai, July 28, 2014                                                         
                              Cyrus P Mistry 
 
(Chairman) 
 
Tata Global Beverages Limited 
 
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020 
 
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed, 
 
under Clause 41, of the Listing Agreement for the three months ended June 30,
2014 
 
Rs. In Lakhs 
 
 Particulars                                                       Three Months Ended  Audited Year ended  
 June 30 2014                                                      March 312014        June 302013         March 31 2014  
 1. Segment Revenue                                                                                                               
 (a)  Tea                                                          145110              144052              131740         570120  
 (b)  Coffee & Other Produce                                       43024               44784               46855          194749  
 (c)  Others                                                       3177                2157                2751           8892    
 Total Income from Operations (Net)                                191311              190993              181346         773761  
 2. Segment Results                                                                                                               
 (a)  Tea                                                          16858               16836               15170          63020   
 (b)  Coffee & Other Produce                                       5655                3255                8399           21458   
 (c)  Others                                                       (548)               (367)               (1280)         (3223)  
 Total                                                             21965               19724               22289          81255   
 Add/(Less)                                                                                                                       
 i)  Finance Cost                                                  (1511)              (2024)              (2037)         (8653)  
 ii) Other Un-allocable items, Other Income and Exceptional Items  (3805)              (3873)              (458)          (1916)  
 Profit from ordinary activities before Tax                        16649               13827               19794          70686   
 3. Capital Employed                                                                                                              
 (a)  Tea                                                          397621              404457              371256         404457  
 (b)  Coffee & Other Produce                                       249429              231727              231874         231727  
 (c)  Others                                                       25351               26018               22880          26018   
 (d)  Unallocated including Investments                            30856               15090               (1043)         15090   
 Total                                                             703257              677292              624967         677292  
 
 
Notes: 
 
a.  Business Segments: The internal business segmentation and the activities
encompassed therein are as follows: 
 
Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or
value added forms. 
 
Coffee and Other Produce : Cultivation, manufacture of coffee and related
plantation crops and sale of coffee in various value added forms. 
 
Others : Sale of water products and other businesses 
 
b.  The segment wise revenue, results, capital employed figures relate to the
respective amounts directly identifiable to each of the segments. 
 
Unallocable expenditure includes expenses incurred on common services at the
corporate level and exceptional items. 
 
Unallocable income includes income from investments and exceptional items. 
 
c.  Previous periods figures have been regrouped/rearranged to the extent
necessary, to conform to current period classifications. 
 
Mumbai, July 28, 2014                                                         
                                                                         
Cyrus P Mistry 
 
(Chairman) 
 
Rs. In Crores 
 
 Particulars                                                          Three Months Ended  Year ended    
 June 30 2013                                                         March 312013        June 30 2012  March 31 2013  
 Total Income from Operations (Net)                                   1913.11             1909.93       1813.46        7737.61   
 Profit before Exceptionals                                           169.18              149.99        176.31         618.10    
 Exceptionals Items (Net)                                             (2.69)              (11.72)       21.63          88.76     
 Net Profit before Tax                                                166.49              138.27        197.94         706.86    
 Net Profit after Tax                                                 112.43              99.25         135.89         522.37    
 Earnings per Share - Rs*                                             1.57                1.12          1.81           7.77      
 Earnings per Share (Before Exceptionals)- on Core Operations - Rs *  1.60                1.21          1.49           5.46      
 Dividend - Rs per share (Face Value Re 1 per Share)                                                                   Rs. 2.25  
 
 
* Not annualised for the quarter end. 
 
This information is provided by RNS
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