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

Tata Consumer ProductsAnnouncement

05/01/2016 13:26

RNS Number : 8838E
Tata Global Beverages Limited.
06 November 2015
Tata Global Beverages Limited
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425
Audited Financial Results
for three months ended September 30, 2015
 Rs. In Lakhs
Particulars
Three Months Ended 
 Six Months Ended
Year Ended

Sep 30
2015
Jun 30
2015
Sep 30
2014
Sep 30
2015
Sep 30
2014
Mar 31 2015
Net Sales / Income from Operations (Net of excise duty)
74538
80465
68190
155003
138943
279771
Other Operating Income
2971
1850
3047
4821
4899
8681
Total Income from Operations (Net) 
77509
82315
71237
159824
143842
288452
a) Cost of materials consumed 
47116
47771
49066
94887
91317
187287
b) Purchase of stock-in-trade 
69
113
50
182
80
153
c) Changes in inventories of finished goods and stock-in-trade 
808
4125
(1694)
4933
3522
(2799)
d) Employees benefits expense 
4462
4509
3738
8971
7338
16192
e) Depreciation & Amortization expense 
575
541
483
1116
934
1994
f) Advertisement and sales charges
9064
5873
5318
14937
10206
20766
g) Other Expense
9029
8753
8883
17782
16984
35159
Total Expenses 
71123
71685
65844
142808
130381
258752
Profit from Operations before Other Income, Finance Cost & Exceptional Items 
6386
10630
5393
17016
13461
29700
Other Income 
7752
234
11923
7986
12678
15516
Profit from ordinary activities before Finance cost & Exceptional Items
14138
10864
17316
25002
26139
45216
Finance Cost
(448)
(408)
(625)
(856)
(1052)
(3419)
Profit from ordinary activities after Finance cost but before Exceptional Items
13690
10456
16691
24146
25087
41797
Exceptional Items (Net) 
(300)

(35)
(300)
(130)
(6892)
Profit from ordinary activities before Tax
13390
10456
16656
23846
24957
34905
Tax Expense 
(2559)
(3672)
(3534)
(6231)
(5909)
(6005)
Net Profit for the period 
10831
6784
13122
17615
19048
28900
Paid up Equity Share Capital
(face value of Re. 1 each)(*)
6311
6311
6184
6311
6184
6311
Reserves excluding Revaluation Reserve





241667
Earnings per share (Basic & Diluted) (not annualised) - Rs
1.72
1.07
2.12
2.79
3.08
4.58
Debt Service Coverage Ratio (DSCR)



29.21
0.78
13.23
Interest Service Coverage Ratio (ISCR)



29.21
24.85
13.23
PARTICULARS OF SHAREHOLDING






Public Shareholding






- Number of Shares
413494490
401315380
401315380
413494490
401315380
401315380
- Percentage of Shareholding
65.57%
64.90%
64.90%
65.57%
64.90%
64.90%
Promoters and Promoters Group Shareholding 






(a) Pledged / Encumbered 






Number of Shares
11500000
11500000
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%
5.30%
5.30%
- Percentage of shares ( as a percentage of the total share capital of the company)
1.82%
1.86%
1.86%
1.82%
1.86%
1.86%
(b) Non Encumbered 






- Number of Shares
205628190
205583190
205583190
205628190
205583190
205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
94.70%
94.70%
94.70%
94.70%
94.70%
94.70%
- Percentage of shares ( as a percentage of the total share capital of the company)
32.61%
33.24%
33.24%
32.61%
33.24%
33.24%
(*) - Includes 127.31 Lakh shares to be issued consequent to the amalgamation between Mount Everest Mineral Water Ltd. out of which 122.24 Lakh shares have been allotted on 2nd July 2015 and 5.07 Lakh shares have been allotted on 13th October 2015.
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 775 crores increased by 9% overcorresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from Operations during the quarter at Rs 64 crores is higher by 18% than corresponding quarter of previous year reflecting improved operating performance. Profit after tax Rs 108 crores is lower as compared to corresponding quarterof previous year on account lower dividend income. 
2. Exceptional Items during the quarter of Rs. 3 crore represent levy relating to a past demerged business. 
3. Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic anddiluted) for the quarter, six months ended and the year are given below:
In Rupees
Three Months Ended 
Six Months ended
Year Ended

Sep 30
2015
Jun 30
2015
Sep 30
2014
Sep 30
2015
Sep 30
2014
Mar 31 
2015
Earnings Per Share - Rs*
1.72
1.07
2.12
2.79
3.08
4.58
Earnings per share - Rs*
(excluding impact of exceptional items)
1.75
1.07
2.13
2.82
3.09
5.63
 * not annualised for the quarter ended and six month ended.
4. As per the threshold limits prescribed under Accounting Standard (AS-17) on "Segment Reporting" specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, the company's reportable activity falls within a single business segment, viz "Buying / Blending and Sale of tea in bulk and value added form", hence the disclosure requirements are not applicable. 
5. 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
4
6
1
6. Statement of Assets and liabilities as at September 30, 2015 is annexed.
7. Previous periods' figures have been rearranged / regrouped, to the extent necessary, toconform to the current period's figures. Consequent to a scheme of amalgamation, figures for current periods include the results of erstwhile Mount Everest Mineral Water Limited and hence are not strictly comparable with the periods of the last financial year.
8. The aforementioned results were reviewed by the Audit Committee of the Board onNovember 5, 2015 and subsequently taken on record by the Board of Directors at itsMeeting held on November 5, 2015. The statutory auditors of the company have auditedthese results.
 
  Cyrus P Mistry
Mumbai, November 5, 2015  (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, 2015
 Rs. In Lakhs
Particulars
As at 
Sep 30, 2015
Audited
As at 
March 31, 2015
Audited
A
EQUITY AND LIABILITIES


1
SHAREHOLDERS' FUNDS



(a) Share Capital
6306
6184

(b) Reserves and Surplus
261943
243854

(c) Shares Suspense Account
5
127

Sub-total - Shareholders' funds
268254
250165
2
Non-current liabilities



(a) Long-term borrowings
32500
32500

(b) Other long-term liabilities
7254
7254

(c) Long-term provisions
11726
11402

Sub-total - Non-current liabilities
51480
51156
3
Current Liabilities



(a) Short term borrowings
25762
15250

(b) Trade Payables
33588
14388

(c) Other Current liabilities
15620
15348

(d) Short-term provisions
3287
19261

Sub-total - Current Liabilities
78257
64247

TOTAL - EQUITY AND LIABILITIES
397991
365568
B
ASSETS


1
Non-current assets



(a) Fixed Assets
20679
20461

(b) Non-current investments
223884
223186

(c) Deferred tax Assets
4379
4575

(d) Long-term loans and advances
6639
7179

(e) Other Non Current Assets
7056
7050

Sub-total - Non-current assets
262637
262451
2
Current assets



(a) Current Investments
2233
-

(b) Inventories
96867
81927

(c) Trade Receivables
24193
9362

(d) Cash & Bank balance
1264
2101

(e) Short-term loans and advances
10501
9336

(f) Other current assets
296
391

Sub-total - Current assets
135354
103117

TOTAL ASSETS
397991
365568

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, 2015
 Rs. In Lakhs
Particulars
Unaudited Three Months Ended 
Unaudited Year to date ended
Audited Year Ended

Sep 30
2015
Jun 30
2015
Sep 30
2014
Sep 30
2015
Sep 30
2014
Mar 31 2015
Net Sales / Income from Operations (Net of excise duty)
199909
200399
196441
400308
384836
783267
Other Operating Income
3539
2500
5467
6039
8138
16072
Total Income from Operations (Net) 
203448
202899
201908
406347
392974
799339
a) Cost of materials consumed 
95140
90492
92492
185632
174579
362512
b) Purchase of stock in trade 
9126
7133
6288
16259
13638
26347
c) Changes in inventories of finished goods work in progress and stock in trade 
(3057)
3651
(731)
594
3313
(5125)
d) Employee benefits expense 
22188
21227
21449
43415
42351
85767
e) Depreciation & Amortization expenses (net of amount drawn from Revaluation Reserve)
3591
3513
3441
7104
6941
13311
f) Advertisement and Sales Charges
34611
32609
35480
67220
64060
132557
g) Other Expenses
30624
28953
28332
59577
56305
119795
Total Expenses 
192223
187578
186751
379801
361187
735164
Profit from Operations before Other Income, Finance Cost & Exceptional Items 
11225
15321
15157
26546
31787
64175
Other Income 
3377
1164
3191
4541
4990
6998
Profit from ordinary activities before Finance cost & Exceptional Items
14602
16485
18348
31087
36777
71173
Finance Cost
(1375)
(1419)
(2160)
(2794)
(3671)
(8186)
Profit from ordinary activities after Finance Cost but before Exceptional Items
13227
15066
16188
28293
33106
62987
Exceptional items (Net) 
(488)
(278)
(2478)
(766)
(2747)
(12999)
Profit from ordinary activities before Tax
12739
14788
13710
27527
30359
49988
Tax Expense 
(5044)
(5992)
(6813)
(11036)
(12219)
(21552)
Profit after Tax
7695
8796
6897
16491
18140
28436
Share of Profit / (Loss) from Associates 
1209
310
651
1519
653
(1088)
Minority Interest in Consolidated Profit
(1112)
(875)
(1303)
(1987)
(2825)
(2566)
Group Consolidated Net Profit
7792
8231
6245
16023
15968
24782
Paid-up equity share capital (face value of Re. 1 each)*
6311
6311
6184
6311
6184
6311
Reserves excluding Revaluation Reserves





538845
Earnings per share (basic & diluted) (not annualised) - Rs.
1.24
1.30
1.01
2.54
2.58
3.93
PARTICULARS OF SHAREHOLDING






Public Shareholding






- Number of Shares
413494490
401315380
401315380
413494490
401315380
401315380
- Percentage of Shareholding
65.57%
64.90%
64.90%
65.57%
64.90%
64.90%
Promoters and Promoters Group Shareholding 






(a) Pledged / Encumbered 






- Number of Shares
11500000
11500000
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%
5.30%
5.30%
- Percentage of shares ( as a percentage of the total share capital of the company)
1.82%
1.86%
1.86%
1.82%
1.86%
1.86%
(b) Non Encumbered 






- Number of Shares
205628190
205583190
205583190
205628190
205583190
205583190
- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group ) 
94.70%
94.70%
94.70%
94.70%
94.70%
94.70%
- Percentage of shares ( as a percentage of the total share capital of the company)
32.61%
33.24%
33.24%
32.61%
33.24%
33.24%
(*) includes 127.31 lakh shares to be issued consequent to the amalgamation between Mount Everest Mineral Water Ltd. and the Holding Company, out of which 122.24 lakh shares have been allotted on 2nd July 2015 and 5.07 lakh shares have been allotted on 13th October 2015.

Notes:
1. For the quarter, Income from operations at Rs 2034 crores increased by 1% as compared to corresponding quarter of the previous year. At previous year exchange rate the increase is 3%. Profit from operations at Rs 112 crores is lower than the comparative quarter of the previous year mainly due to higher coffee commodity cost, lower non-recurring income and higher spends on new initiatives. Post the impact of exceptional items, the Group Consolidated Net Profit at Rs 78 crores reflects an increase of 25%.
2. Exceptional items for the current quarter represents cost relating to business restructuring of Rs 2 crores and levy relating to a past demerged business of Rs 3 crores. In the corresponding quarter of the previous year exceptional items consisted of cost relating to business restructuring of Rs 8 crores and diminution in the value of long term investments of Rs 17 crores.
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 to date ended
Year ended
Sep 30
Jun 30
Sep 30
Sep30
Sep 30
Mar31

2015
2015
2014
2015
2014
2015
Earnings Per Share - Rs*
1.24
1.30
1.01
2.54
2.58
3.93
Earnings Per Share - Rs* 
excluding the impact of exceptional items
1.29
1.34
1.34
2.63
2.94
5.52
*not annualised for the quarter end
 
4. Actuarial loss (net of tax and minority interest) of Rs 27.98 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. Further, the current policy is consistent with IND-AS 19 - Employee Benefits (mandatorily applicable from April 1, 2016) wherein, the actuarial gains and losses on defined benefit plans are not required to be recognised in the Statement of Profit and Loss. 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 for the quarter and six months ended September 2015 would have been lower by Rs 27.98 crores and Rs 24.53 crores respectively.
The Statutory Auditors have invited attention to this in their Limited Review Report.
5. 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 to date ended
Year ended
Sep 30#
Jun 30#
Sep 30
Sep30#
Sep 30
Mar31#

2015
2015
2014
2015
2014
2015
Total Income from Operations (Net)
775
823
712
1598
1438
2885
Net Profit for the period
108
68
131
176
190
289
Earnings per share - Rs*
1.72
1.07
2.12
2.79
3.08
4.58
Earnings per share - Rs*
excluding impact of exceptional items
1.75
1.07
2.13
2.82
3.09
5.63
*not annualised for the quarter end
# reported numbers include impact of amalgamation of Mount Everest Mineral Water Ltd with the Holding Company, which is not material. 
Lower profit for the current quarter as compared to corresponding quarter of the previous year, is mainly due to lower dividend from investments.
6. Statement of Asset and Liabilities as at September 30, 2015 is annexed.
7. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications. 
8. The aforementioned results were reviewed by the Audit Committee of the Board on November 5, 2015 and subsequently taken on record by the Board of Directors at its Meeting held on November 5, 2015. The Statutory Auditors of the company have conducted limited review of these results. 
  Cyrus P Mistry
  (Chairman)
Mumbai: November 5, 2015  
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, 2015
 Rs. In Lakhs
Particulars
Unaudited Three Months Ended 
Unaudited Year to date ended
Audited
Year Ended

Sep 30
2015
Jun 30
2015
Sep 30
2014
Sep 30
2015
Sep 30
2014
Mar 31 2015
1. Segment Revenue






(a) Tea
147131
152487
146584
299618
291694
588024
(b) Coffee & Other Produce
53398
46876
52725
100274
95504
201033
(c) Others
2919
3536
2599
6455
5776
10282
Total Income from Operations (Net)
203448
202899
201908
406347
392974
799339
2. Segment Results






(a) Tea
12961
16962
12437
29943
29295
61497
(b) Coffee & Other Produce
5365
4350
7474
9715
13129
26438
(c) Others
(912)
(966)
(1033)
(1878)
(1581)
(4426)
Total
17414
20366
18878
37780
40843
83509
Add/(Less)






i) Finance Cost
(1375)
(1419)
(2160)
(2794)
(3671)
(8186)
ii) Other Un-allocable items, Other Income and Exceptional Items
(3300)
(4159)
(3008)
(7459)
(6813)
(25335)
Profit from ordinary activities before Tax
12739
14788
13710
27527
30359
49988
3. Capital Employed






(a) Tea
429271
394307
431571
429271
431571
396443
(b) Coffee & Other Produce
246991
241279
253728
246991
253728
236868
(c) Others
4736
5748
24855
4736
24855
5465
(d) Unallocated including Investments
(3299)
35539
(14256)
(3299)
(14256)
(1876)
Total
677699
676873
695898
677699
695898
536900
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 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.
  Cyrus P Mistry
Mumbai, November 5, 2015   (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, 2015
 Rs. In Lakhs
Particulars
As at 
Sep 30 
2015
Audited
March 31 2015
A
EQUITY AND LIABILITIES


1
Shareholders' Funds



(a) Share Capital
6306
6184

(b) Reserves and Surplus
579782
542968

(c) Share Suspense Account
5
127

Sub-total - Shareholders' funds
586093
549279
2
Minority Interest
91606
87622
3
Non-current liabilities



(a) Long-term borrowings
88110
88394

(b) Deferred tax liabilities (net)
16472
15642

(c) Other long-term liabilities
7907
7957

(d) Long-term provisions
25818
22499

Sub-total - Non-current liabilities
138307
134492
4
Current liabilities



(a) Short-term borrowings
50896
38203

(b) Trade payables
88570
75937

(c) Other current liabilities
36324
38732

(d) Short-term provisions
9050
26918

Sub-total - current liabilities
184840
179790

TOTAL - EQUITY AND LIABLITIES
1000846
951183
B
ASSETS


1
Non-current assets



(a) Fixed Assets
109835
107674

(b) Goodwill on Consolidation
406616
389212

(c) Non-current investments
60874
61776

(d) Deferred tax assets (Net)
5088
5425

(e) Long-term loans and advances
20269
18932

(f) Other non-current assets
7056
7050

Sub-total - Non-current assets
609738
590069
2
Current assets



(a) Current investments
3068
426

(b) Inventories
185107
162530

(c) Trade Receivables
73369
61609

(s) Cash & Bank balance
40689
54424

(e) Short-term loans and advances
85780
79159

(f) Other current assets
3095
2966

Sub-total - Current assets
391108
361114

TOTAL ASSETS
1000846
951183

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