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Consumer Defensives
Size
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Market Cap £4.85bn
Enterprise Value £4.85bn
Revenue £1.06bn
Position in Universe 61st / 3003

Tata Global Bev.. - Half Yearly Report

Wed 11th November, 2015 11:15am
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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