REG - Tata Global Bev.. - Half Yearly Report <Origin Href="QuoteRef">TAGL.NS</Origin>

Tata Consumer ProductsAnnouncement

06/11/2014 08:40

RNS Number : 2922W
Tata Global Beverages Limited.
06 November 2014
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Audited Financial Results
for three months ended September 30, 2014
 Rs. In Lakhs
Particulars
Three Months Ended 
Year to date ended
Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Net Sales / Income from Operations (Net of excise duty)
68190
70753
63452
138943
130117
260990
Other Operating Income
3047
1852
1750
4899
3044
7305
Total Income from Operations (Net) 
71237
72605
65202
143842
133161
268295
a) Cost of materials consumed 
49066
42251
45200
91317
83756
173011
b) Purchase of stock-in-trade 
50
30
38
80
83
344
c) Charges in inventories of finished goods and stock-in-trade 
(1694)
5216
(1460)
3522
4037
(510)
d) Employees benefits expense 
3738
3600
3444
7338
6861
13157
e) Depreciation & Amortization expense 
483
451
415
934
819
1635
f) Other Expense
14201
12989
13603
27190
25611
53899
Total Expenses 
65844
64537
61240
130381
121167
241536
Profit from Operations before Other Income, Finance Cost & Exceptional Items 
5393
8068
3962
13461
11994
26759
Other Income 
11923
755
4798
12678
6128
18489
Profit from ordinary activities before Finance cost & Exceptional Items
17316
8823
8760
26139
18122
45248
Finance Cost
(625)
(427)
(910)
(1052)
(1409)
(3920)
Profit from ordinary activities after Finance cost but before Exceptional Items
16691
8396
7850
25087
16713
41328
Exceptional items (Net) 
(35)
(95)
15789
(130)
18287
17221
Profit from ordinary activities before Tax
16656
8301
23639
24957
35000
58549
Tax Expense 
(3534)
(2375)
(6331)
(5909)
(9235)
(13852)
Net Profit for the period 
13122
5926
17308
19048
25765
44697
Paid up Equity Share Capital
(face value of Rs. 1 each)
6184
6184
6184
6184
6184
6184
Reserves excluding Revaluation Reserve





248955
Earnings per share (Basic & Diluted) (not annualised) - Rs
2.12
0.96
2.80
3.08
4.17
7.23
Debt Service Coverage Ratio (DSCR)



0.78
12.86
1.24
Interest Service Coverage Ration (ISCR)



24.85
12.86
11.54
PARTICULARS OF SHAREHOLDING






Public Shareholding






- Number of Shares
401315380
401315380
401315380
401315380
401315380
401315380
- Percentage of Shareholding
64.90%
64.90%
64.90%
64.90%
64.90%
64.90%
Promoters and Promoters Group Shareholding 






(a) Pledged / Encumbered 






Number of Shares
11500000
11500000
-
11500000
-
11500000
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
5.30%
5.30%
-
5.30%
-
5.30%
- Percentage of shares ( as a percentage of the total share capital of the company)
1.86%
1.86%
-
1.86%
-
1.86%
(b) Non Encumbered 






- Number of Shares
205583190
205583190
217083190
205583190
217083190
205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
94.70%
94.70%
100.00%
94.70%
100.00%
94.70%
- Percentage of shares ( as a percentage of the total share capital of the company)
33.24%
33.24%
35.10%
33.24%
35.10%
33.24%
Note:- DSCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest and Principal repayment of long term loan
 ISCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest
Notes:
1. For the quarter, Income from operations at Rs 712 crores increased by 9% overcorresponding quarter of previous year driven by higher volume and value realisations in thebranded tea operations. Profit from Operations at Rs 54 crores is 36% ahead of thecorresponding quarter of the previous year on account of improvement in branded teaoperations. Profit after tax at Rs 131 crores is lower compared to the corresponding quarterof previous year due to impact of exceptional items in corresponding quarter of previousyear partly offset by higher other income in current quarter. Effective tax rate for thequarter is lower due to lower rate of tax on overseas dividend income.
2. Exceptional tem during the quarter of Rs. 0.35 crore represents expenditure on restructuringactivities. Exceptional items for the corresponding quarter of previous year represent profitfrom sale of property in Bangalore Rs 192 crores net of expenditure on new productdevelopment Rs 3 crores, expenditure on revision of post retirement pension obligations ofRs 11 crores and provision against long term Investment Rs 20 crores pertaining to anoverseas Joint Venture company engaged in non-branded business.
3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic anddiluted) for the three months and the year to date ended are given below:

Three Months Ended 
Year to date ended
Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Earnings Per Share - Rs*
2.12
0.96
2.80
3.08
4.17
7.23
Earnings per share - Rs*
(excluding impact of exceptional items)
2.13
0.97
0.91
3.09
1.92
5.07
 * not annualised for the quarter end
EPS, excluding the impact of exceptional items, for the current quarter is higher as comparedto the corresponding quarter of previous year due to improved results from operation andhigher other income.
4. During the quarter, the Company has adopted estimated useful life of fixed assets asstipulated by Schedule II to the Companies Act 2013, applicable for accounting periodscommencing 1st April 2014 or re-assessed useful life based on technical evaluation.Accordingly, depreciation of Rs 0.66 crore (net of deferred tax of Rs 0.34 crore) on accountof assets whose useful life is already exhausted as on 1st April 2014 has been adjustedagainst Retained earnings. Depreciation expense for the quarter is higher by an amount ofRs 0.08 crore consequent to the revision in useful life effective 1st April 2014.
5. The Board of Directors of the Company in its meeting held on November 12, 2013 hadapproved the scheme of merger of its subsidiary, Mount Everest Mineral Water Limited(MEMWL), with the Company in terms of a scheme of amalgamation under Section 391-394and other applicable provisions of the Companies Act, 1956. The necessary approvals fromthe Stock exchanges and SEBI have been obtained. Further, the scheme was approved by theshareholders at the court convened meeting held on June 4, 2014 and also by non-promotershareholders through postal ballot. The appointed date of the scheme is April 1, 2013. Thescheme would be effective on the receipt of necessary approvals and completion of formalities as laid down thereunder. Accordingly, the operating results of MEMWL would bereflected by the Company from the appointed date of April 1, 2013 after the schemebecomes effective post obtaining all the requisite approvals. In terms of the scheme, till suchdate the scheme becomes effective, the merging entity's business operations are beingcarried out in trust on behalf of the Company.
6. As the Company's activity falls within a single business segment, viz "Buying / Blending andSale of tea in bulk and value added form" the disclosure requirements of AccountingStandard (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 off during the Quarter
Remaining unresolved at the
end of the Quarter
3
1
2
2
8. Statement of Assets and Liabilities as at September 30, 2014 is annexed.
9. Previous periods' figures have been regrouped / rearranged, to the extent necessary, toconform to current period's classification.
10. The aforementioned results were reviewed by the Audit Committee of the Board onNovember 5, 2014 and subsequently taken on record by the Board of Directors at itsMeeting held on November 5, 2014. The statutory auditors of the company have auditedthese results.
 
  Cyrus P Mistry
Mumbai, November 5, 2014  (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Audited Statement of Assets and Liabilities as at September 30, 2014
 Rs. In Lakhs
Particulars
As at 
Sep 30 
2014
As at 
March 31 2014
A
EQUITY AND LIABILITIES


1
SHAREHOLDERS' FUNDS



(a) Share Capital
6184
6184

(b) Reserves and Surplus
271135
251141

Sub-total - Shareholders' funds
277319
257325
2
Non-current liabilities



(a) Long-term borrowings
32500
32500

(b) Other long-term liabilities
7254
7254

(c) Long-term provisions
8923
8882

Sub-total - Non-current liabilities
48677
48636
3
Current Liabilities



(a) Short term borrowings
39024
13151

(b) Trade Payables
28029
14929

(c) Other Current liabilities
14380
15452

(d) Short-term provisions
6423
19912

Sub-total - Current Liabilities
87856
63444

TOTAL - EQUITY AND LIABILITIES
413852
369405
B
ASSETS


1
Non-current assets



(a) Fixed Assets
16951
16195

(b) Non-current investments
246775
240567

(c) Deferred tax Assets
4775
4955

(d) Long-term loans and advances
5735
4681

(e) Other Non Current Assets
7050
7050

Sub-total - Non-current assets
281286
273448
2
Current assets



(a) Inventories
94837
63592

(b) Trade Receivables
21261
11487

(c) Cash & Bank balance
4460
788

(d) Short-term loans and advances
10717
18992

(e) Other current assets
1291
1098

Sub-total - Current assets
132566
95957

TOTAL ASSETS
413852
369405

Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Financial Results for the three months ended September 30, 2014
 Rs. In Lakhs
Particulars
Unaudited Three Months Ended 
Unaudited Year to date ended
Audited Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Net Sales / Income from Operations (Net of excise duty)
196441
188395
190623
384836
370238
762198
Other Operating Income
5729
2916
2725
8645
4456
11563
Total Income from Operations (Net) 
202170
191311
193348
393481
374694
773761
a) Cost of materials consumed 
92492
82087
92063
174679
175567
352809
b) Purchase of stock in trade 
6288
7350
6519
13638
12365
26356
c) Charges in inventories of finished goods work in progress and stock in trade 
(731)
4044
(4222)
3313
(4850)
(11419)
d) Employee benefits expense 
21570
20888
20072
42458
38740
78799
e) Depreciation & Amortization expenses (net of amount drawn from Revaluation Reserve)
3441
3500
3148
6941
6026
12906
f) Advertisement and Sales Charges
35480
28580
36667
64060
65404
140226
g) Other Expense
28473
28232
26493
56705
50970
111801
Total Expenses 
187013
174681
180710
361694
344222
711478
Profit from Operations before Other Income, Finance Cost & Exceptional Items 
15157
16630
12638
31787
30472
62283
Other Income 
3191
1799
3229
4990
5063
8180
Profit from ordinary activities before Finance cost & Exceptional Items
18348
18429
15867
36777
35535
70463
Finance Cost
(2160)
(1511)
(1813)
(3671)
(3850)
(8653)
Profit from ordinary activities after Finance cost but before Exceptional Items
16188
16918
14054
33106
31685
61810
Exceptional items (Net) 
(2478)
(269)
9205
(2747)
11368
8876
Profit from ordinary activities before Tax
13710
16649
23259
30359
43053
70685
Tax Expense 
(6813)
(5406)
(7203)
(12219)
(13408)
(18449)
Profit after Tax
6897
11243
16056
18140
29645
52237
Share of Profit / (Loss) from Associates 
651
2
408
653
(518)
(1287)
Minority interest in Consolidated Profit
(1303)
(1522)
1539
(2825)
39
(2899)
Group Consolidated Net Profit
6245
9723
18003
15968
29166
48051
Paid-up equity share capital (face value of Rs. 1 each)
6184
6184
6184
6184
6184
6184
Reserves excluding revaluation Reserves





574493
Earnings per share (basic & diluted) (not annulised) - Rs.
1.01
1.57
2.91
2.58
4.72
7.77
PARTICULARS OF SHAREHOLDING






Public Shareholding






- Number of Shares
401315380
401315380
401315380
401315380
401315380
401315380
- Percentage of Shareholding
64.90%
64.90%
64.90%
64.90%
64.90%
64.90%
Promoters and Promoters Group Shareholding 






(a) Pledged / Encumbered 






- Number of Shares
11500000
11500000
-
11500000
-
11500000
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
5.30%
5.30%
-
5.30%
-
5.30%
- Percentage of shares ( as a percentage of the total share capital of the company)
1.86%
1.86%
-
1.86%
-
1.86%
(b) Non Encumbered 






- Number of Shares
205583190
205583190
217083190
205583190
217083190
205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
94.70%
94.70%
100.00%
94.70%
100.00%
94.70%
- Percentage of shares ( as a percentage of the total share capital of the company)
33.24%
33.24%
35.10%
33.24%
35.10%
33.24%
Notes:
1. For the quarter, Income from operations at Rs 2022 crores increased by 5% as compared to thecorresponding quarter of the previous year. Profit from operations at Rs 152 crores is 20% higherthan the corresponding quarter of the previous year with improvements in both tea and coffeesegments. The increase in Profit from Operations is attributable to improved performance in thebranded business and notwithstanding the impact of lower crop available for sale in the plantationbusiness and spends in new ventures. Post the impact of exceptional items and tax, the GroupConsolidated Net Profit is Rs 62 crores. Tax charge is high mainly due to tax on higher quantumof dividend received from overseas subsidiaries a substantial part of which can be offset againstdividend distribution tax which is not a charge against profits but a subsequent appropriation.
2. The financial results includes following under Exceptional items:
Particulars
Three months ended
Sep 30 2014
Sep 30 2013
Profit on Sale of Property
-
192
Realised profit - earlier unrecognized
-
86
Loss on investments in a US based functional beverage company
-
(107)
Diminution in the value of long term investments
(17)
-
Reorganisation and restructuring cost
(8)
(41)
Expenditure on revision of post retirement pension obligations
-
(11)
Product development and long term initiatives
-
(9)
Other Exceptional Cost (net)
-
(18)
Income / (Expenditure) (net)
(25)
(92)
3. Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of exceptional items (basicand diluted) for the three months and the year to date ended are given below:
In Rs.
Three Months Ended 
Year to date 
ended
Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Earnings Per Share - Rs*
1.01
1.57
2.91
2.58
4.72
7.77
Earnings per share - Rs*
excluding impact of exceptional items
1.34
1.60
1.32
2.94
2.81
5.46
*not annualised for the three months ended and year to date ended
EPS, excluding the impact of exceptional items, for the quarter is higher by 2% as compared tothe corresponding quarter of the previous year due to improved operating performance partlyoffset by higher tax impact.
4. During the quarter, the group has, with effect from 1st April 2014, reassessed the estimateduseful life of fixed assets as stipulated by Schedule II of Companies Act 2013 or as appropriatebased on technical evaluation. The consequential impact (after considering the transitionprovision specified in Part C of Schedule II to Companies Act 2013) on the depreciation chargedand on the results for the quarter is not material.
5. Actuarial loss (net of tax and minority interest) of Rs 37.94 crores for the quarter, relating todefined benefit pension scheme of overseas subsidiaries have been accounted in Reserves in theConsolidated Financial Statement applying the principles of Accounting Standard 21 and in linewith the policy followed by the overseas subsidiaries and other companies in compliance with therelevant overseas accounting framework. Had the accounting policy of recognising the actuarialgains and losses of pension scheme of the overseas subsidiaries in the Statement of Profit andLoss been followed, the Consolidated Net profit for the Group would have been lower by Rs 37.94crores and Rs 37.25 crores for the quarter and year to date respectively.
 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 hadapproved 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 andother applicable provisions of the Companies Act, 1956. The necessary approvals from the Stockexchanges and SEBI have been obtained. Further, the scheme was approved by theshareholders at the court convened meeting held on June 4, 2014 and also by non-promotershareholders through postal ballot. The appointed date of the scheme is April 1, 2013. Thescheme would be effective on the receipt of necessary approvals and completion of formalities aslaid down there under. Accordingly, the operating results of MEMW would be reflected by theHolding Company from the appointed date of April 1, 2013 after the scheme becomes effectivepost obtaining all the requisite approvals. In terms of the scheme, till such date the schemebecomes effective, the merging entity's business operations are being carried out in trust onbehalf 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 theHonorable High Court of Karnataka. The operating results of ACL would be reflected by TCL fromthe appointed date of April 1, 2013 on approval of the said scheme which is pending withHonorable High Court of Karnataka. In terms of the scheme, till such date the scheme becomeseffective, the merging entity's business operations are being carried out in trust on behalf of TCL. 
 
8. The major part of the Holding Company's business arises from operations outside India andthrough its subsidiaries. In view of this the Company has opted to publish only consolidatedresults for the year as permitted under SEBI guidelines. The standalone results shall be availableon the Company's website as well as on the website of the stock exchanges where theCompany's shares are listed. The Total Income from Operations, Net Profit for the period andEarnings per share of the Holding Company's standalone financial results are given below:
In Rs. Crores
Three Months Ended 
Year to date ended
Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Total Income from Operations (Net)
712
726
652
1438
1332
2683
Net Profit for the period
131
59
173
190
258
447
Earnings per share - Rs*
2.12
0.96
2.80
3.08
4.17
7.23
Earnings per share - Rs*
excluding impact of exceptional items
2.13
0.97
0.91
3.09
1.92
5.07
*not annualised for the three months ended and year to date ended
Profit for the quarter ended September 30, 2013 was higher mainly due to the impact ofexceptional items.
9. Statement of Asset and Liabilities as at September 30, 2014 is annexed.
10. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conformto current period's classifications. 
11. The aforementioned results were reviewed by the Audit Committee of the Board on November 5,2014 and subsequently taken on record by the Board of Directors at its Meeting held onNovember 5, 2014. The Statutory Auditors of the company have conducted limited review ofthese results.
  Cyrus P Mistry
Mumbai, November 5, 2014  (Chairman)
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2014
 Rs. In Lakhs
Particulars
As at 
Sep 30 
2014
Audited
March 31 2014
A
EQUITY AND LIABILITIES


1
Shareholders' Funds



(a) Share Capital
6184
6184

(b) Reserves and Surplus
595594
578701

Sub-total - Shareholders' funds
601778
584885
2
Minority Interest
94120
92407
3
Non-current liabilities



(a) Long-term borrowings
91522
105375

(b) Deferred tax liabilities (net)
5210
4625

(c) Other long-term liabilities
7864
8055

(d) Long-term provisions
24649
21851

Sub-total - Non-current liabilities
129245
139906
4
Current liabilities



(a) Short-term borrowings
64834
34759

(b) Trade payables
89811
76888

(c) Other current liabilities
35800
36803

(d) Short-term provisions
12716
25499

Sub-total - current liabilities
233161
173949

TOTAL - EQUITY AND LIABLITIES
1028304
991147
B
ASSETS


1
Non-current assets



(a) Fixed Assets
107529
105233

(b) Goodwill on Consolidation
429041
418824

(c) Non-current investments
59506
60787

(d) Long-term loans and advances
17238
13579

(e) Other non-current assets
7050
7050

Sub-total - Non-current assets
620364
605473
2
Current assets



(a) Current investments
350
310

(b) Inventories
175612
151846

(c) Trade Receivables
81024
65435

(s) Cash & Bank balance
65080
72524

(e) Short-term loans and advances
82873
92789

(f) Other current assets
3001
2770

Sub-total - Current assets
407940
385674

TOTAL ASSETS
1028304
991147
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Unaudited Consolidated Segment wise Revenue, Results and Capital Employed,
under Clause 41, of the Listing Agreement for the three months ended September 30, 2014
 Rs. In Lakhs
Particulars
Unaudited Three Months Ended 
Unaudited Year to date ended
Audited
Year Ended

Sep 30
2014
Jun 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
1. Segment Revenue






(a) Tea
146584
145110
137024
291694
268764
570120
(b) Coffee & Other Produce
52987
43024
53974
96011
100829
194749
(c) Others
2599
3177
2350
5776
5101
8892
Total Income from Operations (Net)
202170
191311
193348
393481
374694
773761
2. Segment Results






(a) Tea
12437
16858
11593
29295
26763
63020
(b) Coffee & Other Produce
7474
5655
6017
13129
14416
21458
(c) Others
(1033)
(548)
(639)
(1581)
(1781)
(3223)
Total
18878
21965
16971
40843
39398
81255
Add/(Less)






i) Finance Cost
(2160)
(1511)
(1813)
(3671)
(3850)
(8653)
ii) Other Un-allocable items, Other Income and Exceptional Items
(3008)
(3805)
8101
(6813)
7505
(1916)
Profit from ordinary activities before Tax
13710
16649
23259
30359
43053
70686
3. Capital Employed






(a) Tea
431571
397621
424758
431571
424758
404457
(b) Coffee & Other Produce
253728
249429
242993
253728
242993
231727
(c) Others
24855
25351
24359
24855
24359
26018
(d) Unallocated including Investments
(14256)
30856
(2462)
(14256)
(2462)
15090
Total
695898
703257
689648
695898
689648
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 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.
  Cyrus P Mistry
Mumbai, November 5, 2014  (Chairman)
Rs. In Crores
Particulars
Three Months Ended 
Year to date ended
Year Ended

Sep 30
2014
June 30
2014
Sep 30
2013
Sep 30
2014
Sep 30
2013
Mar 31 2014
Total Income from Operations (Net)
2021.70
1913.11
1933.48
3934.81
3746.94
7737.61
Profit before Exceptionals
161.88
169.18
140.54
331.06
316.85
618.10
Exceptionals Items (Net)
(24.78)
(2.69)
92.05
(27.47)
113.68
88.76
Net Profit before Tax
137.10
166.49
232.59
303.59
430.53
706.86
Net Profit after Tax
68.97
112.43
160.56
181.40
296.45
522.37
Earnings per Share - Rs*
1.01
1.57
2.91
2.58
4.72
7.77
Earnings per Share (Before Exceptionals)- on Core Operations - Rs *
1.34
1.60
1.32
2.94
2.81
5.46
Dividend - Rs per share (Face Value Re 1 per Share)





Rs. 2.25
* Not annualised for the three months ended and year to date ended

This information is provided by RNS
The company news service from the London Stock Exchange
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